acct301 week 1 homework (Identify the financial statement)

$11.00

Description

Problem
1
Required: Identify the financial statement on which
each of the following items appears by making an
X
in the appropriate column. The first one is done
for you!
(15
points total, 1 point each)
Income Balance Statement of
Item Statement Sheet Cash Flows
Accounts
Payable
X
Accounts
Receivable
Advertising
Expense
Common Stock
Dividends
Equipment
Financing
Activities
Investing
Activities
Land
Operating
Activities
Rent Expense
Retained
Earnings
Revenue
Salaries
Payable
Utility
Expense

Problem 2
Required:Show
the effects on the financial statements using a horizontal statement model as
outlined below. The first one is done
for you!
(35
points total, 5 points each)
1 Sold $30,000 in merchandise for cash
2 Paid $5,000 for rent with cash
3 Paid $10,000 in salaries to
employees with cash
4 Sold $25,000 in merchandise and
customer paid on credit
5 Collected $10,000 cash for
transaction #4
6 Purchased a building for $100,000
and took out a loan for the money
7 Paid $1,200 for insurance
Balance Sheet Income
Statement
Owner’s Net
Event No. Assets = Liabilities + Equity Revenue Expenses = Income
1 30,000 = + 30,000 30,000 = 30,000
2 = + =
3 = + =
4 = + =
5 = + =
6 = + =
7 = + =

Reviews

There are no reviews yet.

Be the first to review “acct301 week 1 homework (Identify the financial statement)”

Your email address will not be published. Required fields are marked *