Identify how each of the following separate transactions 1 through 10 affects financial statements. For increases,...

 

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Identify how each of the following separate transactions 1 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 equity. 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 activities, cash flows from investing activities, and cash flows from financing activities. Answer is not complete. Return to question a. b. Transaction Balance Sheet Income Statement Statement of Cash Flows Total Total Total Assets Liabilities Equity Net Income Operating Activities 1. Owner invests $900 cash in business in exchange for stock +900 +900 Investing Activities Financing Activities +900 2. Receives $700 cash for services provided +700 +700 +700 +700 3. Pays $500 cash for employee wages -500 -500 -500 -500 4. Buys $100 of equipment on credit +100 +100 5. Purchases $200 of supplies on credit +200 +200 6. Buys equipment for $300 cash +/-300 -300 7. Pays $200 on accounts payable -200 -200 8. Provides $400 of services on credit +400 +400 +400 9. Pays $50 cash in dividends -50 -50 -50 10. Collects $400 cash on accounts receivable +/-400 +400 Identify how each of the following separate transactions 1 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 equity. 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 activities, cash flows from investing activities, and cash flows from financing activities. Answer is not complete. Return to question a. b. Transaction Balance Sheet Income Statement Statement of Cash Flows Total Total Total Assets Liabilities Equity Net Income Operating Activities 1. Owner invests $900 cash in business in exchange for stock +900 +900 Investing Activities Financing Activities +900 2. Receives $700 cash for services provided +700 +700 +700 +700 3. Pays $500 cash for employee wages -500 -500 -500 -500 4. Buys $100 of equipment on credit +100 +100 5. Purchases $200 of supplies on credit +200 +200 6. Buys equipment for $300 cash +/-300 -300 7. Pays $200 on accounts payable -200 -200 8. Provides $400 of services on credit +400 +400 +400 9. Pays $50 cash in dividends -50 -50 -50 10. Collects $400 cash on accounts receivable +/-400 +400