Identify how each of the following transactions affects the company's financial statements. For the balance sheet, Identify how eachtransaction affects total assets, total llabilities, and equity. For the Income statement, Identify how each transaction affects profit. Ifthere is an Increase, select a *+" In the column or columns. If there is a decrease, select a "-" In the column or columns. If there is bothan Increase and a decrease, select a *+/-" In the column or columns. The Iline for the first transaction Is completed as an example.IncomeStatementBalance SheetTotalTotalTransactionEquityProfitAssetsLiabilities1 Owner invests cash2 Seli services for cash3 Acquire services on credit4 Pay wages with cash5 Owner withdraws cash6 Borrow cash with note payable7 Sell services on credit8 Buy office equipment for cash9 Collect receivable from (7)10 Buy asset with note payable

Financial statements contains all the economic activities of the firm, which shows detailed…

Answered: Identify how each of the following…

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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Identify how each of the following separate transactions 1 through 10 affects financial statements. For increases, place a "+" and the dollar amount in the column or columns. For decreases, place a "-" and the dollar amount in the column or columns. Some cells may contain both an increase (+) and a decrease (-) along with dollar amounts. The first transaction is completed as an example. Required: a. For the balance sheet, identify how each transaction affects total assets, total liabilities, and total equity. For the income statement, identify how each transaction affects net income. b. For the statement of cash flows, identify how each transaction affects cash flows from operating activities, cash flows from investing activities, and cash flows from financing activities. Transaction 1. Owner invests $900 cash in business in exchange for stock 2. Receives $700 cash for services provided 3. Pays $500 cash for employee wages 4. Buys $100 of equipment on credit 5. Purchases $200 of…
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