Changes in the Elements of Financial Statements The Bob Stoops Bar & Grill You do accounting for the Bob Stoops Bar and Grill Put "I" for Increase, "D" for decrease, and "NE" for No Effect TOTAL Revenue Expenses Net Equipment is purchased with cash Dr NE NE wt Equipment Cash Cash Flow INVESTING OWNERS EQUITY Cash Flow OPERATING Cash Flow FINANCING TOTAL ASSETS TOTAL LIABILITIES TOTAL (1200) Income & Losses & Gains NE WE NE WE WE 1200 1200 Cr The Bar and Grill sells eighty cases of beer to Zeke for cash. Zeke gets a super low price because Zeke saw the Sooners play in 2010 in Cincinnati Dr 1000 Cr Sales Revenue 1000 WE wt NE +000 I Cash +100 I -20 +1000 D 1 -30 D 1030 -30 D Cost of Goods Sold Beer Inventory Dr Cr 1030 WE WE Wages owed to Katherine Heigl are paid in cash. Dr Wages Payable 1200 Cr Cash 1200 NE WE NE -200 - 1200 D NU 1700 D An asset is sold for scrap after the end of it's useful life 10 Dr Cash Dr Accum. Depreciation 666 Cr Equipment 666 Cr Gain on Sale 10 +10 I 10 I NG + NE +10 I +10 I NE NO