work-Lhapter1 5eved Help Save & Exi Problem 1-1A Identifying effects of transactions on financlal statements LO A1, P1 Identify how each of the follawing separate transactions 1through 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 labilities, 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 aperating activities, cash flows from investing activities, and cash flows from financing activities Income Statement Balance Sheet Statoment of Cash Flows Total Operating Ievasting Financing Activities Total Total Net Transaction Assets Liabilities Equity Activities Activities Income 1 Owner imvests $475 cash in business in exchange for stock +475 +475 +475 2. Receives S275 cash for services provided 3 Pays $395 cash for employee wages 4 Buys $525 of equipment on credit b. al Income Balance Sheet Statement of Cash Flows Statement Total Liabilities Financing Activities Total Operating Activities Investing Activities +475 Total Net Transaction Assets Equity Income 1 Owner invests $475 cash in business in exchange for stock +475 +475 2. Receives $275 cash for services provided 3. Pays $395 cash for employee wages 4 Buys $525 of equipment on credit 5 Purchases $625 of supplies on credit 61 Buys equipment for $725 cash 7. Pays $565 on accounts payable 8. Provides $765 services on credit 9 Pays $415 cash for dividends 10 Collects $790 cash on accounts receivable ework -Chapter 1 Save Help Saved Problem 1-1A Identifying effects of transactions on financial statements LO A1, P1 Identify how each of the following separate transactions 1through 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. b a. Income Statement of Cash Flows Balance Sheet Statement Operating Investing Financing Activities Total Equity Net Total Total Activities Activities Transaction Income Liabilities Assets +475 +475 +475 1 Owner invests $475 cash in business in exchange for stock 2 Receives $275 cash for services provided 3. Pays $395 cash for employee wages Buys $525 of equipment on credit 4. Duteboror $635 ef eunpline en ernd Next> 3 of 6