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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 eq- A1 P1 uity. For the income statement, identify how each transaction affects net income. 0 b. For the statement of cash flows, identify how each transaction affects cash flows from operating ac- tivities, cash flows from investing activities, and cash flows from financing activities. 2 3 4 5 6 7 Transaction Owner invests $800 cash in business in exchange for stock Purchases $100 of supplies on credit Buys equipment for $400 cash Provides services for $900 cash Pays $400 cash for rent incurred Buys $200 of equipment on credit Pays $300 cash for wages incurred Total Assets +800 Balance Sheet Total Liab Total Equity Income Statement Net Income PROBLEM SET B Problem 1-18 Identifying effects of transactions on financial statements Operating Activities Statement of Cash Flows Investing Activities Financing Activities

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 eq- A1 P1 uity. For the income statement, identify how each transaction affects net income. 0 b. For the statement of cash flows, identify how each transaction affects cash flows from operating ac- tivities, cash flows from investing activities, and cash flows from financing activities. 2 3 4 5 6 7 Transaction Owner invests $800 cash in business in exchange for stock Purchases $100 of supplies on credit Buys equipment for $400 cash Provides services for $900 cash Pays $400 cash for rent incurred Buys $200 of equipment on credit Pays $300 cash for wages incurred Total Assets +800 Balance Sheet Total Liab Total Equity Income Statement Net Income PROBLEM SET B Problem 1-18 Identifying effects of transactions on financial statements Operating Activities Statement of Cash Flows Investing Activities Financing Activities

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 2EA: Consider the following accounts, and determine if the account is an asset (A), a liability (L), or...
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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 cq- A1 P1 uity. 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 ac- tivities, cash flows from investing activities, and cash flows from financing activities. 2 3 4 5 6 7 8 9 10 Transaction Owner invests $800 cash in business in exchange for stock Purchases $100 of supplies on credit Buys equipment for $400 cash Provides services for $900 cash Pays $400 cash for rent incurred Buys $200 of equipment on credit Pays $300 cash for wages incurred Pays $50 cash in dividends Provides $600 services on credit Collects $600 cash on accounts receivable Total Assets +800 Balance Sheet Total Liab. Total Equity +-800 Income Statement Net Income PROBLEM SET B Problem 1-18 Identifying effects of transactions on financial statements Operating Activities Statement of Cash Flows Investing Activities Financing Activities +-800
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 cq- A1 P1 uity. 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 ac- tivities, cash flows from investing activities, and cash flows from financing activities. 2 3 4 5 6 7 8 9 10 Transaction Owner invests $800 cash in business in exchange for stock Purchases $100 of supplies on credit Buys equipment for $400 cash Provides services for $900 cash Pays $400 cash for rent incurred Buys $200 of equipment on credit Pays $300 cash for wages incurred Pays $50 cash in dividends Provides $600 services on credit Collects $600 cash on accounts receivable Total Assets +800 Balance Sheet Total Liab. Total Equity +-800 Income Statement Net Income PROBLEM SET B Problem 1-18 Identifying effects of transactions on financial statements Operating Activities Statement of Cash Flows Investing Activities Financing Activities +-800
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