not use ai please Using the accounting equation to analyze business transactions (Learning Objective 4)Indicate the effects of the following business transactions on the accounting equation for Yummy Snack Foods, a supplier of snack foods. Transaction (a) is answered as a guide.1-411. Yummy Snack Foods received cash from issuance of common stock to stockholders.Answer: Increase asset (Cash): Increase equity (Common Stock)2. Cash purchase of land for a building site.Assets stay same3. Paid cash on accounts payable.Assets decrease, Liabilities decrease4. Purchased equipment; signed a note payable.Assets increase, Liabilities increase5. Performed service for a customer on account.6. Employees worked for the week but will be paid next Tuesday.7. Received cash from a customer on accounts receivable.8. Borrowed money from the bank.9. Cash dividends paid to stockholders.10. Incurred utilities expense on account.

1. Yummy Snack Foods received cash from the issuance of common stock to stockholders.This…

Answered: Using the accounting equation to…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter2: Analyzing Transactions: The Accounting Equation

Section: Chapter Questions

Problem 1CP: CHALLENGE PROBLEM In this chapter, you learned about three important financial statements: the...

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Subject: principle of accounting Question No 2 Assume that you are going to start a Business after graduation. Describe 10 transactions that the business might undertake by using your own idea with the following assumptions: Started business with cash Goods purchase for cash Goods purchased on credit Any asset purchased and paid cash  Any asset purchase on credit Sold goods for cash Sold goods on credit Paid any bill Paid salary to staff Cash withdraw from business for personal use Cash withdraw from business for personal use Based on your own 10 transactions, prepare: 1: Accounting Equation 2. Trail Balance 3. Financial statement
Financial Statements Activity Title: Learning Target: Demonstrate an understanding in preparing financial statement. Differentiate income statement from balance sheet. Prepare income statements and balance sheet. 1. Acer Computer Services is owned by Pepito Manoloto. Prepare the Balance Sheet of the business. The following are provided as of December 31, 2017. Cash Php 40,000.00 Service Vehicle Accounts Payable 50,000.00 66,350.00 Furniture & fixtures 25, 200,⁰⁰ 28,500,00 Office Equipment Accounts Receivable Notes Payable 45,000,00 10,000.00 2. Looking Glass Photography is owned by Cymon Ken. Prepare the Income Statement of the business based on the following data provided as of December 31, 2017. Advertising Expense Php 5,000.00 Miscellaneous Expenses Rent Expense 999.00 17,525.00 Salaries Expense 20, 200,00 Supplies Expense 25,300.00 Utilities Expense 4,500.00 Service Income 95, 850.00⁰
(Learning Objective 3: Analyze the impact of business transactions on accounts)Fourth Investments, Inc., began by issuing common stock for cash of $200,000. The companyimmediately purchased computer equipment on account for $56,000.1. Set up the following T-accounts of Fourth Investments, Inc.: Cash, Computer Equipment,Accounts Payable, and Common Stock.2. Record the first two transactions of the business directly in the T-accounts without using ajournal.3. Show that total debits equal total credits.
CHALLENGE PROBLEM In this chapter, you learned about three important financial statements: the income statement, statement of owners equity, and balance sheet. As mentioned in the margin note on page 34, most firms also prepare a statement of cash flows. Part of this statement reports the cash received from customers and cash paid for goods and services. REQUIRED Take another look at the Demonstration Problem for Kenny Youngs Home and Away Inspections. Note that when revenues are measured based on the amount earned, and expenses are measured based on the amount incurred, net income for the period was 4,165. Now, compute the difference between cash received from customers and cash paid to suppliers of goods and services by completing the form provided below. Are these measures different? Which provides a better measure of profitability?
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
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(Learning Objective 3: Analyze the impact of business transactions on accounts)Set up the following T-accounts: Cash, Accounts Receivable, Office Supplies, Office Furniture,Accounts Payable, Common Stock, Dividends, Service Revenue, Salary Expense, and RentExpense. Record the following transactions directly in the T-accounts without using a journal.Use the letters to identify the transactions. Determine the ending balance in each account.a. Michael Dover opened a law firm by investing $23,500 cash and office furniture with afair value of $8,600. Organized as a professional corporation, the business issued common stock to Dover.b. Paid monthly rent of $1,100.c. Purchased office supplies on account, $800.d. Paid employee salaries of $2,800.e. Paid $200 of the account payable created in transaction c.f. Performed legal service on account, $10,700.g. Declared and paid dividends of $2,900.
Kindly answer please. Badly needed. Thank you
(Learning Objective 3: Analyze the impact of business transactions on accounts)Set up the following T-accounts: Cash, Accounts Receivable, Office Supplies, Office Furniture,Accounts Payable, Common Stock, Dividends, Service Revenue, Salary Expense, and RentExpense. Record the following transactions directly in the T-accounts without using a journal.Use the letters to identify the transactions. Determine the ending balance in each account.a. Brian Durham opened a law firm by investing $25,500 cash and office furniture with afair value of $9,400. Organized as a professional corporation, the business issued common stock to Durham.b. Paid monthly rent of $1,500.c. Purchased office supplies on account, $700.d. Paid employees’ salaries of $2,900.e. Paid $250 of the account payable created in transaction c.f. Performed legal service on account, $11,000.g. Declared and paid dividends of $2,000.
Make a business sheet and read the following question and answer it correctly
What's classified as assets, liabilities, and shareholders when the problem speaks of accounts payable/ receivable, equipment, supplies, unearned rent, dividends, fees earned, retained earnings, and common stock?

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