21)Identify the effects of the following transactions on the asset, liability and owner's equity(Capital): eg: increase asset, increase liability, decrease capital....)itemTransactionEffecta.Purchase a machine on creditbSold vehicle by chequeC.Paid supplier by cashd.Withdraw cash by owner for personal usee.Received loan of cash from Alexf.Owner paid a creditor from his private fundsCustomer paid us by chequeg.h.Took $520 from bank and put in cash tilli.Purchase lorry by cashj.Started business with $40,000 in bank accountBought van by chequeSold some office equipment by cashPurchase inventory by creditSold motor vehicle by creditOwner took inventory for own useBought building $200,000 and paid cash $10,000 asdeposit, balance by creditPaid loan by chequePurchase computer terminals from DE on creditReceived cash from customerOwner put in additional $10,000 cash into businessOwner brought in a computer for office usek.1.m.n.0.P.9.r.S.t.u.

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Description: 21)Identify the effects of the following transactions on the asset, liability and owner's equity(Capital): eg: increase asset, increase liability, decrease capital....)itemTransactionEffecta.Purchase a machine on creditbSold vehicle by chequeC.Paid

ASSETS. ASSETS IS ANYTHING THAT CAN BE OWNED OR CONTROL AND GENERATES OR WILL GENERATES AN…

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Business

Accounting

increase asset, increase liability, decrease capital....)

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter23: Statement Of Cash Flows

Section: Chapter Questions

Problem 1CE

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Multiple choice: 1. If you sell on credit, your cash inflow depends very much on the A. Cash sales B. Agreements or unsecured accounts C. Collection of AR D. Age of receivables 2. Initial investment of the owner A. Fixed capital B. Working capital C. Capital structure D. Equity capital
The purchase of equipment financed by a long-term notes payable is an example of ________. A non-cash investing and financing activity B investing activity C operating activity D financing activity
Identify which of the following items is a noncash investing and financing activity that must be reported in a note to the statement of cash flows. (Check all that apply.) O Retirement of debt by issuing stock O Lease of an asset in a long-term lease transaction O Repayment of a note with cash O Purchase of a plant asset with cash
Please answer with reason 59..........is the withdrawal of cash and goods by the owner of the business for his/her personal use A.Depreciation B.Drawings c.Outflow of cash D.Appreciation
1. which of the following transactions will result in the increase and decrease in liability? a. payment of loan by installmentb. borrowed money from the bankc. issued a promissory note in payment of a liabilityd. request for an extension of the date of payment 2. a statement which shows where the money of the business is obtained and used? a. statement of financial positionb. statement of cash flowsc. cash budgetd. statement of revenues and expenses
1. Which financial statement will reflect the balance of accounts receivables? a. Cash Flow Statement b. Income Statement c. Balance Sheet d. Staternent of Retained Earnings 2. Which of the following is not an asset? a. Work in Process b. invertory c. Accounts Payable d. Land 3. The statement of cash flows would disclose the withdrawal of cash by the owners? a. In the Financing Activities Section b. In the Financing Activities Section c.In the Operating Activities Section d.In the Notes to the Financial Statements
1. Identifying assets, liabilities and capital. Here is a list of assets and liabilities and references to capital. Read through the list, and then identify which items are assets, liabilities, capital. • Vehicle • Shop fittings • Cash at bank • Bank loan • Owners investment in the business Inventory • Trade receivables • Bank overdraft • Trade payables Machinery • Cash in hand ● Equipment • Amounts owing to suppliers • Furniture ● Land • Loan from a friend • Value of owner's stake in the business • Amounts owed by customers • Cash at bank ● • Fittings
Which of the following would be classified as a cash outflow from an operating activity? a. Purchase of an investment b. Payment of dividends c. Purchase of equipment d. Payment of goods purchased from suppliers
Which of the following would be considered a cash outflow for investing activities? a. cash paid to purchase product for inventory b. cash paid to reacquire common stock c. cash paid to repay debt d. cash paid to purchase equipment
Which of the following is a cash outflow from operating activities? * Payment for interest expense Payment to acquire property and equipment Payment to settle notes payable Payment to owners in the form of withdrawals
Which of the following transactions will increase an asset and increase a liability?a. Purchasing office equipment for cashb. Buying equipment on accountc. Paying an account payabled. Issuing stock
QB) Choose the correct answer: 5. Temporary accounts would not include: Select one: a. Depreciation expense. b. Salaries payable. c. Cost of goods sold. d. Supplies expense. 6. Operating cash outflows would include: Select one: a. Purchases of inventory b. Purchase of equipment. c. Purchase of investments. d. Repayment of bank loan.