QS 1-11 Identifying effects of transactions using accounting equation-Assets and Liabilities LO P1 The following transactions were completed by the company. a. The owner invested $16,000 cash in the company in exchange for its common stock. b. The company purchased supplies for $750 cash. c. The owner invested $10,500 of equipment in the company in exchange for more common stock. d. The company purchased $250 of additional supplies on credit. e. The company purchased land for $9,500 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.)

Problem 14-21A (Algo) Using financial statements to prepare a statement of cash flows-direct method LO 14-2, 14-3, 14-4 The following financial statements were drawn from the records of Vernon Shoes: Balance Sheets As of December 31 Assets Cash Accounts receivable Merchandise inventory Notes receivable Equipment Accumulated depreciation- equipment Land Total assets Liabilities Accounts payable Salaries payable Utilities payable Interest payable Notes payable (long-term) Common stock Retained earnings Cost of goods sold Gross margin Year 2 $128,740 57, 846 125, 182 $ 27,060 66,980 113,260 29,700 257,800 (81,469) (143,060) 78,500 50,000 $460, 899 $ 401,740 0 152, 100 1,325 2,410 64,000 242, 600 17,085 Total liabilities and equity $460,899 $ 401,740 $ 41,335 33, 113 663 Cash Flows From Operating Activities: Cash receipts from customers Cash Payments for: Operating expenses Salaries expense Depreciation expense Utilities expense Operating income Nonoperating items Interest expense Loss on…

Problem 19-1 Analyzing Stockholders' Equity Accounts 1. An investment of $60,000 by Kevin Cleary in his sole proprietorship is recorded as a credit to which account?

Subject: acounting

Q. 6 You are examining a company’s balance sheet and find that it has a total assets of $@0,572, a cash balance of $2,208, inventory of $4,913, current liabilities of $5,829 and accounts receivable of $2,727. What is the company’s net working capital? A. $894 B. $1,811 C. $5,807 D. $14,743 E. $4,019

Question 12 of 16 View Policies Current Attempt in Progress Accounts payable Accounts receivable Cash The following is a list of accounts, in alphabetical order, for Cullumber Ltd. at December 31, 2024. All accounts have a normal balance. Accumulated depreciation-equipment Common shares. Deferred revenue Depreciation expense Balance, January 31, 2024 $4,000 9,000 6,500 25,000 10,000 4,700 4,500 7,000 15,000 Income tax expense Office expense Rent expense Retained earnings Salaries expense Salaries payable Service revenue Supplies Supplies expense Prepare a statement of income for the year ended December 31, 2024. CULLUMBER LTD. Statement of Income $ $1,250 6,900. 4,500 26,750 11,600 5,500 37,000 V 6,000 3,700 - /20 $ ⠀

EXERCISE 16-2 Effect of transactions on cash flows State the effect (cash receipt or payment and amount) of each of the following tres actions, considered individually, on cash flows: a. Sold 5,000 shares of $30 par common stock for $45 per share. b. Sold equipment with a book value of $42,500 for $41,000. c. Purchased land for $120,000 cash. d. Purchased 5,000 shares of $30 par common stock as treasury stock at $50 per share. e. Sold a new issue of $100,000 of bonds at 101. f. Paid dividends of $1.50 per share. There were 30,000 shares issued and 5,000 shares of treasury stock. g. Retired $500,000 of bonds, on which there was $2,500 of unamortized discount for $501,000. h. Purchased a building by paying $30,000 cash and issuing a $90,000 mortgage note payable. Objective 1 /b. Cash receipt, $41,000

Problem 4-15 Lloyd Inc. has sales of $200,000, a net income of $15,000, and the following balance sheet: ASSETS Cash Receivables Inventories Total Current assets Net fixed assets Total assets AMOUNT LIABILITIES & EQUITY $10,000 Accounts Payables 50,000 Notes Payable to bank 150,000 Total current liabilities $210,000 Long-term debt 90,000 Common Equity $300,000 Total Liabilities and Equity AMOUNT $30,000 20,000 $50,000 50,000 200,000 $300,000 The new owner thinks that inventories are excessive and can be lowered to the point where the current ratio is equal to the industry average, 2.53, without affecting sales or net income. If inventories are sold and not replaced (thus reducing the current ratio to 2.53), if the funds generated are used to reduce common equity (stock can be repurchased at book value), and if no other changes occur, by how much will the ROE change? What will be the firm's new quick ratio? Problem 4-1 Baxley Brothers has a DSO of 23 days, and its annual sales are…

Question 1 of 13 Current Attempt in Progress Suppose the following selected condensed data are taken from a recent balance sheet of Bob Evans Farms (in millions of dollars Cash Accounts receivable Inventory Other current assets Total current assets Total current liabilities Working capital Compute working capital and the current ratio. (For working capital, enter answer in millions of dollars. If answer is negative enter it with a negative sign preceding the number e.g.-15.2 or in parentheses eg. (15.2). Round current ratio to 2 decimal places, e.g. 0.78:1) Current ratio $ $31.2 21.1 28.2 25.9 eTextbook and Media $106.4 $190.0

QUESTION 13 Assets Liabilities Reserves $200 Deposits $800 Loans $ 700 Debt S100 Securities S 100 Capital $100 Refer to the same T-account. By how much do the assets need to cepreciate for the bank to go insolvent? a.more than 5%% b.more than 1OPE c.more than 8%6 d more tinan 26