The following transactions were completed by the company. a. The owner (Alex Carr) invested $15,200 cash in the company. b. The company purchased supplies for $550 cash. c. The owner (Alex Carr) invested $10,100 of equipment in the company. d. The company purchased $210 of additional supplies on credit. e. The company purchased land for $9,100 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) Assets Equity Liabilities + Accounts + Payable Cash A. Carr, Capital Supplies + Equipment + Land A. Carr, Withdrawals + - Revenue Expenses + a. + + b. + + Bal. + C. + + Bal. d. Bal. e. Bal. ++ ++ ++++ ++ + +++++ + + + + ++ + + + = = = = = = = = + + + + ++++ + + + + +

The following transactions were completed by the company. a. The owner (Alex Carr) invested $15,200 cash in the company. b. The company purchased supplies for $550 cash. c. The owner (Alex Carr) invested $10,100 of equipment in the company. d. The company purchased $210 of additional supplies on credit. e. The company purchased land for $9,100 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) Assets Equity Liabilities + Accounts + Payable Cash A. Carr, Capital Supplies + Equipment + Land A. Carr, Withdrawals + - Revenue Expenses + a. + + b. + + Bal. + C. + + Bal. d. Bal. e. Bal. ++ ++ ++++ ++ + +++++ + + + + ++ + + + = = = = = = = = + + + + ++++ + + + + +

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Description: The following transactions were completed by the company.a. The owner (Alex Carr) invested $15,200 cash in the company.b. The company purchased supplies for $550 cash.c. The owner (Alex Carr) invested $10,100 of equipment in the company.d. The compa

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 38E: Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on...

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The following transactions were completed by the company: a. The owner invested $17,600 cash in the company. b. The company purchased supplies for $1,150 cash. c. The owner invested $11,300 of equipment in the company in exchange for more common stock. d. The company purchased $330 of additional supplies on credit. e. The company purchased land for $10,300 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. Note: Enter decreases to account balances with a minus sign. a. b. Balance after a and b C. Transactions Number Balance after c d. Balance after d e. Balance after e Cash 0 0 + 0 + + + + + + 0 + + Assets Supplies 0 0 + Equipment + 0 + + + 0 + + + + + + 0 0 + 0 + + + + 0 + + + Land 0 0 = II 0 11 11 11 0 = 11 || 11 || Liabilities + Accounts Payable 0 + + 0 + + + 0 + + 0 + + + Common Stock 0 0 0 0 I - - 1 I 1 Equity Dividends 0 + 0 + + + + 0 + + + + 0 + Revenue 0 0 0 0 - T - I I F Expenses 0 0 0 0
The following transactions were completed by the company. a. The owner (Alex Carr) invested $16,600 cash in the company. b. The company purchased supplies for $900 cash. c. The owner (Alex Carr) invested $10,800 of equipment in the company. d. The company purchased $280 of additional supplies on credit. e. The company purchased land for $9,800 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) Assets Liabilities Equity %3D + A. Carr, A. Carr, Capital Accounts Cash Supplies + Equipment + Land Revenue Expenses + + Payable + Withdrawals а. + + + + b. + + + + Bal. + + + + %3D С. + + + + Bal. + + + + %3D d. + + + %3D Bal. + + + + + %3D е. + + + %3D + + Bal. + + + + %3D II IL| || +
The following transactions were completed by the company. a. The owner invested $16,800 cash in the company. b. The company purchased supplies for $950 cash. c. The owner invested $10,900 of equipment in the company. d. The company purchased $290 of additional supplies on credit. e. The company purchased land for $9,900 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. Note: Enter decreases to account balances with a minus sign. Transactions Number b. Balance after a and b C Balance after c d. Balance after d e. Balance after e Cash 0 + 0 + 0 0 + + + Assets Supplies + Equipment + 0 0 0 0 + + + + + + + + 0 0 0 0 + + + + + + + + + Land 0 0 0 0 = W = W = = = = Liabilities Accounts Payable 0 0 0 0 + + + + + + +++ Owner, Capital 0 0 0 0 III - II Equity Owner, Withdrawals 0 + + + + 0 + + + 0 + 0 + Revenue 0 0 0 0 11 Expenses 0 0 0 0
Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.
Sanchez Company engaged in the following transactions during Year 1: 1) Started the business by issuing $13,100 of common stock for cash. 2) The company paid cash to purchase $7,900 of inventory. 3) The company sold inventory that cost $5,300 for $10,900 cash. 4) Operating expenses incurred and paid during the year, $4,800. Sanchez Company engaged in the following transactions during Year 2: 1) The company paid cash to purchase $11,400 of inventory. 2) The company sold inventory that cost $9,500 for $17,500 cash. 3) Operating expenses incurred and paid during the year, $5,800. Note: Sanchez uses the perpetual inventory system. What is Sanchez's gross margin for Year 2? Multiple Choice $9,500 $2,200 $6,100 $8,000
Sanchez Company engaged in the following transactions during Year 1: 1) Started the business by issuing $45,200 of common stock for cash. 2) The company paid cash to purchase $28,000 of Inventory. 3) The company sold inventory that cost $17,600 for $34,600 cash. 4) Operating expenses incurred and paid during the year, $15,600. Sanchez Company engaged in the following transactions during Year 2: 1) The company paid cash to purchase $38,400 of inventory. 2) The company sold inventory that cost $34,400 for $61,000 cash. 3) Operating expenses incurred and paid during the year, $19,600. Note: Sanchez uses the perpetual inventory system. What is the amount of retained earnings that will be shown on the balance sheet at December 31, Year 2? Multiple Choice $7,000
The following transactions were completed by the company. a. The owner (Alex Carr) invested $15,400 cash in the company. b. The company purchased supplies for $600 cash. c. The owner (Alex Carr) invested $10,200 of equipment in the company. d. The company purchased $220 of additional supplies on credit. e. The company purchased land for $9,200 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) Assets Liabilities Equity %3D + A. Carr, Capital Accounts A. Carr, Cash Supplies + Equipment + Land Revenue Expenses + Payable + Withdrawals а. + + + %3D b. + + + + %3D Bal. + + + + + %3D C. + + + %3D Bal. + + d. + %3D Bal. + + е. + + + + %3D Bal. + + + + + + + + II II +
The following transactions were completed by the company. a. The owner invested $17,400 cash in the company. b. The company purchased supplies for $1,100 cash. c. The owner invested $11,200 of equipment in the company. d. The company purchased $320 of additional supplies on credit. e. The company purchased land for $10,200 cash. Required: Enter the impact of each transaction on individual items of the accounting equation Note: Enter decreases to account balances with a minus sign. Assets = Liabilities + Equity Transactions Number Cash Supplies + Equipment + Land = Accounts Payable + Owner, Capital Owner, Withdrawals + Revenue Expenses a. + + + = + b. + + + + + Balance after a and b 0+ 0 + 0 + 0 = 0 + 0 - 0 + 0 - 0 C. + + + = + + Balance after c 0 + 0 + 0 + 0 = 0 + 0 0 + 0 0 d. + + + = + - + Balance after d 0 + 0+ 0 + 0 = 0 + 0 - 0 + 0 - 0 e. + + + = + - + Balance after e 0 + 0 + 0 + 0 = 0 + 0 - 0 + 0 0
The following transactions were completed by the company. a. The owner (Alex Carr) invested $15,400 cash in the company. b. The company purchased supplies for $600 cash. c. The owner (Alex Carr) invested $10,200 of equipment in the company. d. The company purchased $220 of additional supplies on credit. e. The company purchased land for $9,200 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with minus sign.) Assets Liabilities Equity + A. Carr, Capital A. Carr, + Equipment + Accounts + Payable Cash + Supplies Land + Revenue Expenses Withdrawals а. + + + + b. + + + + %3D Bal. + + + + %D С. + + + + %D Bal. + + + + %3D d. + + + + %D Bal. + + + + + %3D е. + + + %3D + + Bal. + II II II
The following transactions were completed by the company. a. The owner invested $17,200 cash in the company in exchange for its common stock. b. The company purchased supplies for $1,050 cash. c. The owner invested $11,100 of equipment in the company in exchange for more common stock. d. The company purchased $310 of additional supplies on credit. e. The company purchased land for $10,100 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. Note: Enter decreases to account balances with a minus sign. Transactions Number Balance after a and b C Balance after c d Balance after d Balance after e Cash 0. 0 0 . . . . . 0 . Assets Supplies 0 0 0 . . + . 0. Equipment. 4 0 0 0 0 • . * . . . Land + 0 0 0 . . W W N Liabilities Accounts Payable 0 + 0 . 0 • + + 0. Common Stock 0 0 0- Equity Dividends 0 0 0 0 • . . . . Revenue 0 ** - 0- Expenses 0 0 0 0
The following transactions pertain to year 1, the first-year operations of Munoz Company. All inventory was started and completed during year 1. Assume that all transactions are cash transactions. 1. Acquired $4,100 cash by issuing common stock. 2. Paid $720 for materials used to produce inventory. 3. Paid $1,930 to production workers. 4. Paid $1,568 rental fee for production equipment. 5. Paid $90 to administrative employees. 6. Paid $119 rental fee for administrative office equipment. 7. Produced 380 units of inventory of which 230 units were sold at a price of $13 each. Required Prepare an Income Statement me statement and a balance sheet in accordance with AP. Complete this question by entering your answer in the tabs below. Assets Balance Sheet Prepare a balance sheet in accordance with GAAP. Note: Do not round your intermediate calculations. X Answer is complete but not entirely correct. MUNOZ COMPANY Balance Sheet as of 12/31/Year 1 Cash Finished goods inventory Total assets…
On October 17, Nickle Company purchased a building and a plot of land for $582,300. The building was valued at $302,796 while the land carried a value of $279,504. Nickle paid $56,300 down in cash and signed a note payable for the balance. Required: Provide the journal entry for this transaction. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSNickle CompanyGeneral Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Land 16 Office Equipment 17 Building 18 Truck LIABILITIES 21 Notes Payable 22 Accounts Payable 23 Unearned Revenue EQUITY 31 Marlene Nickle, Capital 32 Marlene Nickle, Drawing REVENUE 41 Fees Earned EXPENSES 51 Wages Expense 53 Rent Expense 54 Utilities Expense 55 Maintenance Expense 59 Miscellaneous Expense