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Using the following categories, indicate the effects of the following transactions. Note: Enter negative amounts with a minus sign. a. Sales on account were $760 and related cost of goods sold was $430. b. Issued 5,000 shares of $1 par value stock for $70,000 cash. Event a. b. b. Assets Accounts receivable Accrued expenses payable Accounts payable Liabilities Elements of Financial Statements (1) Expenses (2) Cash from operating activities (3) Losses (4) Assets (5) Revenues (6) Cash from financing activities (7) Gains 8) Owners' equity 9) Liabilities 10) Assets personally owned by a stockholder Select the appropriate financial statements that matches with the items. Cost of goods sold Financial Statements Income statement Cash flow statement None of the above Balance sheet Income statement Stockholders' Equity Cash flow statement Cash flow statement Cash flow statement Cash flow statement None of the above

Using the following categories, indicate the effects of the following transactions. Note: Enter negative amounts with a minus sign. a. Sales on account were $760 and related cost of goods sold was $430. b. Issued 5,000 shares of $1 par value stock for $70,000 cash. Event a. b. b. Assets Accounts receivable Accrued expenses payable Accounts payable Liabilities Elements of Financial Statements (1) Expenses (2) Cash from operating activities (3) Losses (4) Assets (5) Revenues (6) Cash from financing activities (7) Gains 8) Owners' equity 9) Liabilities 10) Assets personally owned by a stockholder Select the appropriate financial statements that matches with the items. Cost of goods sold Financial Statements Income statement Cash flow statement None of the above Balance sheet Income statement Stockholders' Equity Cash flow statement Cash flow statement Cash flow statement Cash flow statement None of the above

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Using the following categories, indicate the effects of the following transactions. Note: Enter negative amounts with a minus sign. a. Sales on account were $760 and related cost of goods sold was $430. b. Issued 5,000 shares of $1 par value stock for $70,000 cash. Event a. b. b. Assets Accounts receivable Accrued expenses payable Accounts payable Liabilities Elements of Financial Statements (1) Expenses (2) Cash from operating activities (3) Losses (4) Assets (5) Revenues (6) Cash from financing activities (7) Gains (8) Owners' equity (9) Liabilities (10) Assets personally owned by a stockholder +Cost of goods sold + + + Select the appropriate financial statements that matches with the items. Financial Statements Income statement Cash flow statement None of the above Stockholders' Equity Balance sheet Income statement Cash flow statement Cash flow statement Cash flow statement Cash flow statement None of the above
Transcribed Image Text:Using the following categories, indicate the effects of the following transactions. Note: Enter negative amounts with a minus sign. a. Sales on account were $760 and related cost of goods sold was $430. b. Issued 5,000 shares of $1 par value stock for $70,000 cash. Event a. b. b. Assets Accounts receivable Accrued expenses payable Accounts payable Liabilities Elements of Financial Statements (1) Expenses (2) Cash from operating activities (3) Losses (4) Assets (5) Revenues (6) Cash from financing activities (7) Gains (8) Owners' equity (9) Liabilities (10) Assets personally owned by a stockholder +Cost of goods sold + + + Select the appropriate financial statements that matches with the items. Financial Statements Income statement Cash flow statement None of the above Stockholders' Equity Balance sheet Income statement Cash flow statement Cash flow statement Cash flow statement Cash flow statement None of the above
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