FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

it says its incomplete so I was just wondering what I missed

Identify how each of the following separate transactions 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 $525 cash in business in exchange for stock 2. Receives $325 cash for services provided 3. Pays $445 cash for employee wages 4. Buys $575 of equipment on credit 5. Purchases $675 of supplies on credit 6. Buys equipment for $775 cash 7. Pays $615 on accounts payable 8. Provides $815 of services on credit 9. Pays $465 cash in dividends 10. Collects $840 cash on accounts receivable Total Assets +525 +325 -445 +575 +675 +/-775 -615 +815 -465 +/-840 Balance Sheet Total Liabilities +575 +675 -615 Total Equity +525 +325 -445 +815 465 Income Statement Net Income +325 -445 +815 b. Statement of Cash Flows Operating Investing Financing Activities Activities Activities +525 +325 -445 +840 -775 -615 -465
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Transcribed Image Text:Identify how each of the following separate transactions 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 $525 cash in business in exchange for stock 2. Receives $325 cash for services provided 3. Pays $445 cash for employee wages 4. Buys $575 of equipment on credit 5. Purchases $675 of supplies on credit 6. Buys equipment for $775 cash 7. Pays $615 on accounts payable 8. Provides $815 of services on credit 9. Pays $465 cash in dividends 10. Collects $840 cash on accounts receivable Total Assets +525 +325 -445 +575 +675 +/-775 -615 +815 -465 +/-840 Balance Sheet Total Liabilities +575 +675 -615 Total Equity +525 +325 -445 +815 465 Income Statement Net Income +325 -445 +815 b. Statement of Cash Flows Operating Investing Financing Activities Activities Activities +525 +325 -445 +840 -775 -615 -465
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