Which of the following accounts would appear in each section of the statement of cash flows below given the following accounts I dont need amounts, just which accounts Current Assets Cash Notes Receivable Accounts Receivable Candy Store Grocery Store Shelbyville Allowance for Doubtful Accounts Interest Receivable Inventory Office Supplies Plant Supplies Prepaid Insurance Prepaid Rent Plant/Equip/Intangible Assets Land Equipment (10 Years) Accumulated Depreciation Equipment Machinery (5 Years) Accumulated Depreciation Machinery Truck Accumulated Depreciation Truck Patent Total Plant/Equip/Intangibles Total Assets Liabilities Current Liabilities Notes Payable Accounts Payable Unearned Revenue Salary Payable Wages Payable Pension Payable Health Insurance Payable Professional Fees Payable Warranties Payable Income Tax Payable Long-Term Liabilities Notes-Payable (5 Year Note)-In Year 2 Mortgage Payable Bonds Payable #1 Discount Bonds Payable #2 Premium Stockholders' Equity Income Summary Retained Earnings Preferred Stock Additional Paid in Capital-Preferred Stock Common Stock Additional Paid in Capital-Common Stock Treasury Stock Cash Dividends Total Liabilities & Capital Revenue Sales Revenue Cost of Merchandise/Goods Sold Expenses Selling Expenses Sales Salary Expense Advertising Expense Delivery Expenses Warranties Expense Administration Expenses Office Salaries Expense Wages Expense Rent Expense Utility Expense Professional Fees Depreciation Expense Insurance Expense Office Supplies Expense Plant Supplies Expense Income Tax Expense Pension Expense Bad Debt Expense Health Insurance Expense Amortization Expense Other Revenues Interest Revenue Rent Revenue Other Expenses Interest Expense Cash Flows From Operating Activities: Net Income (Loss) (176,509) Add: - Deduct: - Net Cash Flows Used For Operating Activity (176,509) Cash Flows From Investing Activities: Net Cash Used for Investing Activities - Cash Flows From Financing Activities Net Cash Flows From Financing Activities - Increase in Cash (176,509) Beginning Cash Ending Cash (176,509)
Reporting Cash Flows
Reporting of cash flows means a statement of cash flow which is a financial statement. A cash flow statement is prepared by gathering all the data regarding inflows and outflows of a company. The cash flow statement includes cash inflows and outflows from various activities such as operating, financing, and investment. Reporting this statement is important because it is the main financial statement of the company.
Balance Sheet
A balance sheet is an integral part of the set of financial statements of an organization that reports the assets, liabilities, equity (shareholding) capital, other short and long-term debts, along with other related items. A balance sheet is one of the most critical measures of the financial performance and position of the company, and as the name suggests, the statement must balance the assets against the liabilities and equity. The assets are what the company owns, and the liabilities represent what the company owes. Equity represents the amount invested in the business, either by the promoters of the company or by external shareholders. The total assets must match total liabilities plus equity.
Financial Statements
Financial statements are written records of an organization which provide a true and real picture of business activities. It shows the financial position and the operating performance of the company. It is prepared at the end of every financial cycle. It includes three main components that are balance sheet, income statement and cash flow statement.
Owner's Capital
Before we begin to understand what Owner’s capital is and what Equity financing is to an organization, it is important to understand some basic accounting terminologies. A double-entry bookkeeping system Normal account balances are those which are expected to have either a debit balance or a credit balance, depending on the nature of the account. An asset account will have a debit balance as normal balance because an asset is a debit account. Similarly, a liability account will have the normal balance as a credit balance because it is amount owed, representing a credit account. Equity is also said to have a credit balance as its normal balance. However, sometimes the normal balances may be reversed, often due to incorrect journal or posting entries or other accounting/ clerical errors.
Which of the following accounts would appear in each section of the statement of
| Current Assets |
| Cash |
| Notes Receivable |
| |
| Candy Store |
| Grocery Store |
| Shelbyville |
| Allowance for Doubtful Accounts |
| Interest Receivable |
| Inventory |
| Office Supplies |
| Plant Supplies |
| Prepaid Insurance |
| Prepaid Rent |
| Plant/Equip/Intangible Assets |
| Land |
| Equipment (10 Years) |
| |
| Machinery (5 Years) |
| Accumulated Depreciation Machinery |
| Truck |
| Accumulated Depreciation Truck |
| Patent |
| Total Plant/Equip/Intangibles |
| Total Assets |
| Liabilities |
| Current Liabilities |
| Notes Payable |
| Accounts Payable |
| Unearned Revenue |
| Salary Payable |
| Wages Payable |
| Pension Payable |
| Health Insurance Payable |
| Professional Fees Payable |
| Warranties Payable |
| Income Tax Payable |
| Long-Term Liabilities |
| Notes-Payable (5 Year Note)-In Year 2 |
| Mortgage Payable |
| Bonds Payable #1 |
| Discount |
| Bonds Payable #2 |
| Premium |
| |
| Income Summary |
| |
| |
| Additional Paid in Capital-Preferred Stock |
| Common Stock |
| Additional Paid in Capital-Common Stock |
| |
| Cash Dividends |
| Total Liabilities & Capital |
| Revenue |
| Sales Revenue |
| Cost of Merchandise/Goods Sold |
| Expenses |
| Selling Expenses |
| Sales Salary Expense |
| Advertising Expense |
| Delivery Expenses |
| Warranties Expense |
| Administration Expenses |
| Office Salaries Expense |
| Wages Expense |
| Rent Expense |
| Utility Expense |
| Professional Fees |
| Depreciation Expense |
| Insurance Expense |
| Office Supplies Expense |
| Plant Supplies Expense |
| Income Tax Expense |
| Pension Expense |
| |
| Health Insurance Expense |
| Amortization Expense |
| Other Revenues |
| Interest Revenue |
| Rent Revenue |
| Other Expenses |
| Interest Expense |
| Cash Flows From Operating Activities: | |||
| Net Income (Loss) | (176,509) | ||
| Add: | |||
| - | |||
| Deduct: | |||
| - | |||
| Net Cash Flows Used For Operating Activity | (176,509) | ||
| Cash Flows From Investing Activities: | |||
| Net Cash Used for Investing Activities | - | ||
| Cash Flows From Financing Activities | |||
| Net Cash Flows From Financing Activities | - | ||
| Increase in Cash | (176,509) | ||
| Beginning Cash | |||
| Ending Cash | (176,509) |
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