Question: Chapter $2$ Homework

Question Not yet answered Marked out of 3.33 Flag question Analyzing Transactions using the Financial Statement Effects Template (FSET) Record the effect of each of the following independent transactions using the financial statement effects template provided. Confirm that Assets = Liabilities + Equity. Remember to use negative signs with your answers, when appropriate. Balance Sheet Income Statement Traruaction I. Receive 580,000 cash in exchange for co.-nn-ion s:ock. 2. Purchase $8,000 of inventory on credit. 3. Sell inventory for 512,000 on credit. 4. Record $8,000 for cost of inventory sold in 3. 5. Collect 512,000 cash from transaction 3. 6. Acquire 520,000 of equipment by signing a note. 7. Pay wages of 54,000 in cash. 8. Pay 520,000 on a note payable that came due. g. Pay 58,000 cash dividend. TOTALS Confirm Assets = Liabilities + Stockholders' Equity Liabilities + Equity 8000 + Cash Asset 80000 12000 -20000 60000 Assets 12000 -12000 20000 20000 Liabilities 8000 * Contrib. Capital * Earned Capital 80000 + -8000 12000 12000 - Expenses = Net Income 12000 -