Analyzing Transactions using the Financial Statement Effects Template Report the effects for each of the following...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Analyzing Transactions using the Financial Statement Effects Template Report the effects for each of the following independent transactions using the financial statement effects template. If no entry should be made, leave answer fields blank. Remember to use negative signs with your answers, when appropriate. Record the net increase (decrease) for a transaction category, when needed. Balance Sheet Transaction (a) Receive merchandise inventory costing $21,600, purchased with cash. (b) Sell half of inventory in (a) for $18,000 on credit. (c) Place order for $12,000 of additional merchandise inventory to be delivered next month. (d) Pay employee $9,600 for compensation earned during the month. (e) Pay $16,800 rent for use of premises during the month. (f) Receive full payment from customer in part (b). Check Cash Asset + (21,600)✓ + 0✔+ 0✓ + (9,600) + (16,800)✓ + 18,000 ✓ + Noncash Assets = Liabilities + 23,400 x = 7,200 ✓ = 0✓= 0✔= 0✓ = (18,000) = 05- 0+ 0+ 0✓ + 0✔+ 0+ Contributed Capital + 0✔+ 0✓ + 0✓ + 0✔+ 0✓ + 0+ Earned Capital 0✔ 7,200 ✓ 0✓ (9,600)✓ (16,800)✓ 0✓ Revenue Income Statement 0✓ 18,000 ✓- 0✓- 0✓- 0✓ 0✓ Expenses = Net Income 0✔ (10,800) * = 0✓ = (9,600) * - (16,800) x = 0= 0✔ |< < < < < < 7,200 ✓ 0 (9,600) (16,800)✓ Analyzing Transactions using the Financial Statement Effects Template Report the effects for each of the following independent transactions using the financial statement effects template. If no entry should be made, leave answer fields blank. Remember to use negative signs with your answers, when appropriate. Record the net increase (decrease) for a transaction category, when needed. Balance Sheet Transaction (a) Receive merchandise inventory costing $21,600, purchased with cash. (b) Sell half of inventory in (a) for $18,000 on credit. (c) Place order for $12,000 of additional merchandise inventory to be delivered next month. (d) Pay employee $9,600 for compensation earned during the month. (e) Pay $16,800 rent for use of premises during the month. (f) Receive full payment from customer in part (b). Check Cash Asset + (21,600)✓ + 0✔+ 0✓ + (9,600) + (16,800)✓ + 18,000 ✓ + Noncash Assets = Liabilities + 23,400 x = 7,200 ✓ = 0✓= 0✔= 0✓ = (18,000) = 05- 0+ 0+ 0✓ + 0✔+ 0+ Contributed Capital + 0✔+ 0✓ + 0✓ + 0✔+ 0✓ + 0+ Earned Capital 0✔ 7,200 ✓ 0✓ (9,600)✓ (16,800)✓ 0✓ Revenue Income Statement 0✓ 18,000 ✓- 0✓- 0✓- 0✓ 0✓ Expenses = Net Income 0✔ (10,800) * = 0✓ = (9,600) * - (16,800) x = 0= 0✔ |< < < < < < 7,200 ✓ 0 (9,600) (16,800)✓
Expert Answer:
Answer rating: 100% (QA)
When choosing between relativism and normativism we like to emphasize ... View the full answer
Related Book For
Posted Date:
Students also viewed these economics questions
-
Zedan received a telephone call from a Saudi Arabian organization offering him an engineering position at a construction project in Saudi Arabia. The Ministry of Communications, an agency of the...
-
Question 1 The figure shows a parallel plate capacitor, where the top plate is positively charged and the bottom plate is negatively charged. There are three different dielectrics, with thickness t,...
-
In mid-2010, Saudi Arabia and Venezuela (both members of OPEC) produced an average of 8 million and 3 million barrels of oil a day, respectively. Production costs were about $20 per barrel, and the...
-
Hybrid Corporation began operations in 2018 and during that year purchased equity investments. It owns less than 20% of the voting shares for all companies whose stock it purchased. The year-end cost...
-
In the city of Metropolis, there are 100 residents, each of whom lives until age 75. Residents of Metropolis have the following incomes over their lifetime: Through age 14, they earn nothing. From...
-
Suppose you are using a drill that is incorrectly wired as in Fig. 18.22a, and you make electrical contact with an ungrounded metal case. (a) Explain why this is a dangerous situation for you. (b)...
-
Identify some control procedures for fixed asset additions and disposals.
-
Skylar and Walter Black have been married for 25 years. They live at 883 Scrub Brush Street, Apt. 52B, Las Vegas, NV 89125. Skylar is a stay-at-home parent and Walt is a high school teacher. His W-2...
-
What strategies can organizations employ to foster a culture of inclusion and diversity, and what are the potential challenges and benefits associated with such initiatives ?
-
1. A typical tube-style incandescent light bulb lasts for 1,000 hours and is available to consumers for $3.00 per bulb. A manufacturer has produced a tube-style halogen light bulb that gives the same...
-
The HR manager meets with the director of sales to discuss a significant decline in sales over the past three months. During the meeting, the sales director suggests that the performance drop is...
-
You wanttohedgetheinterestrateriskin$100billionofpensionliabilitiesbybuying$100billionworthofbonds.Supposetheseliabilitieshaveadurationof15 years. In pension immunization, you would generally have to...
-
For a student loan of $10,000 with a 6% APR, you need to make monthly payments of $111.02 to pay off your loan in 10 years. How much of the payment will go toward the principal, and how much will go...
-
What was the APR on a payday loan of $1,000 taken out for 30 days if your repayment on the loan cost you $1,050?
-
Consider a portfolio that contains two stocks. Stock "A" has an expected return of 12% and a standard deviation of 28%. Stock "B" has an expected return of 4% and a standard deviation of 13%. The...
-
Farns Corp.'s bonds currently sell for $1,302.40 and have a $1,000 par value. They have a 6.25% annual coupon rate and a 10-year maturity. What is the bond's yield to maturity?
-
Why does seasonality of sales pose particular problems for companies preparing interim reports?
-
At the beginning of its fiscal year, Lakeside Inc. leased office space to LTT Corporation under a seven-year operating lease agreement. The contract calls for quarterly rent payments of $25,000 each....
-
In 2013, Megan Thode, a former graduate student, sought $1.3 million in damages from Lehigh University for receiving a C+ in a class in which a B or above was needed to enroll in the next required...
-
1. Do you believe the Wall Street banking industry operates by different ethical rules from those practiced by your hometown bankers? Explain. 2. Does the extraordinary size of the big banks (the...
-
Peremptory challenges may not constitutionally be used to exclude a potential juror from a trial on racial or gender grounds. a. Must a criminal jury reflect the ethnic or racial diversity of the...
-
Identify three conditions that must exist before either difference or ratio estimation can be applied.
-
Under what condition is difference estimation more appropriate than ratio estimation?
-
Define tolerable error.
Study smarter with the SolutionInn App