Question
In: Accounting
The financial statements report the cumulative impact of all transactions recorded as of the financial statement...
The financial statements report the cumulative impact of all transactions recorded as of the financial statement date. Input the cumulative amount of a) Net Income (Loss), b) Total Assets, c) Total Liabilities, and d) Total Equity that would be reported on the financial statements immediately after each transaction is recorded. (Hint: You can check your work by selecting the date on the trial balance tab.) The first 2 transactions are completed for you! Show less Transaction: Net Income Total Assets Total Liabilities Total Equity Where can you go to find each of your answers? Income statement Balance sheet Balance sheet Balance sheet Jan. 1 - Edward Lee, owner, invested $106,750 cash in the company. $0 $106,750 $0 $106,750 Jan. 2 - The company purchased office supplies for $1,450 cash. 0 106,750 0 106,750 Jan. 3 - The company purchased $14,050 of office equipment on credit. 0 120,800 14,050 106,750 Jan. 4 - The company received $15,900 cash as fees for services provided to a customer. 15,900 14,050 Jan. 5 - The company paid $14,050 cash to settle the payable for the office equipment purchased on January 3. Jan. 6 - The company billed a customer $2,900 as fees for services provided. Jan. 7 - The company paid $1,425 cash for the monthly rent. Jan. 8 - The company collected $1,275 cash as partial payment for the account receivable created on January 6. Jan. 9 - Edward Lee withdrew $10,200 cash from the company for personal use.
Solutions
Expert Solution
| Date | Total assets | = | Total Liabilities | + | Total equity | Net income(loss) | |
| Bal | - | - | - | - | |||
| 1 | 1,06,750 | 1,06,750 | |||||
| Bal | 1,06,750 | - | 1,06,750 | - | |||
| 2 | - | - | - | - | |||
| Bal | 1,06,750 | - | 1,06,750 | - | |||
| 3 | 14,050 | 14,050 | |||||
| Bal | 1,20,800 | 14,050 | 1,06,750 | - | |||
| 4 | 15,900 | 15,900 | 15,900 | ||||
| Bal | 1,36,700 | 14,050 | 1,22,650 | 15,900 | |||
| 5 | -14,050 | -14,050 | - | - | |||
| Bal | 1,22,650 | - | 1,22,650 | 15,900 | |||
| 6 | 2,900 | - | 2,900 | 2,900 | |||
| Bal | 1,25,550 | - | 1,25,550 | 18,800 | |||
| 7 | -1,425 | -1,425 | -1,425 | ||||
| Bal | 1,24,125 | - | 1,24,125 | 17,375 | |||
| 8 | - | ||||||
| Bal | 1,24,125 | - | 1,24,125 | 17,375 | |||
| 9 | -10,200 | -10,200 | |||||
| Bal | 1,13,925 | - | 1,13,925 | 17,375 |
ekkarill92 answered 1 year agoRelated Solutions
The financial statements report the cumulative impact of all transactions recorded as of the financial statement...
The financial statements report the cumulative impact of all
transactions recorded as of the financial statement date. Input the
cumulative amount of a) Net Income (Loss), b)
Total Assets, c) Total Liabilities, and d) Total Equity that would
be reported on the financial statements immediately after each
transaction is recorded. (Hint: You
can check your work by selecting the date on the trial balance
tab.) The first 2 transactions
are completed for you!
Show less
Transaction:
Net Income
Total Assets
Total Liabilities...
For each of the following transactions indicate how they impact the following Financial Statements • Income...
For each of the following transactions indicate how they
impact the following Financial Statements
• Income statement
A.Owner contributes cash to finance the company’s growth
B. Company closes on a bank loan to purchase new equipment
C. Company pays rent expense to landlord
D. Company bills client for work in progress
E. Company collects outstanding accounts receivable
F. Company records invoices for materials delivered to
jobsite
G. Company pays accounts payable balance to material
supplier
H. Company allocates insurance expenses...
For each of the following transactions indicate how they impact the following Financial Statements • Balance...
For each of the following transactions indicate how they
impact the following Financial Statements
• Balance sheet
• Income statement
A.Owner contributes cash to finance the company’s growth
B. Company closes on a bank loan to purchase new equipment
C. Company pays rent expense to landlord
D. Company bills client for work in progress
E. Company collects outstanding accounts receivable
F. Company records invoices for materials delivered to
jobsite
G. Company pays accounts payable balance to material
supplier
H. Company...
Financial Accounting Journal Entry Cumulative Study Guide Find out all the journal entries for the transactions...
Financial Accounting Journal Entry Cumulative Study
Guide
Find out all the journal entries for the transactions listed
below.
1.The company issued shares of common stock in exchange for
cash
2. Purchased office supplies on credit.
3. Purchased office equipment paying part in cash and signed a
30-day, note payable for the remiander.
4. Performed services and received cash from customer.
5 Paid cash in cash for the current month's rent.
6 Paid cash on account for office supplies purchased prior....
X Company prepares monthly financial statements. Its accountant recorded the following October 1 transactions and the...
X Company prepares monthly financial statements. Its accountant
recorded the following October 1 transactions and the appropriate
adjusting entries on October 31:
On October 1, the company paid rent for the final three months
of the year. Rent was $1,575 per month.
On October 1, the company purchased equipment that cost
$20,000, borrowing the full amount from a bank. The equipment has a
life of four years and a salvage value at that time of $2,000. The
company will repay...
Illustrative Example: Retailer Ltd: Preparation of financial statements Retailer Ltd, recorded the following transactions during the...
Illustrative Example: Retailer Ltd: Preparation of financial
statements
Retailer Ltd, recorded the following transactions during the
year:
Rm
Sales :57,959
Other non-current assets : 6,304
Cost of sales :55,033
Trade and other receivables: 1,607
Trade and other payables: 8,568
Administration expenses :1,860
Loans (due after one year) :10,711
Loans (due within one year): 2,826
Other current liabilities :7,901
Property, plant and equipment: 17,978
Goodwill :2,874
Finance income :29
Other current assets: 4,246
Cash :3,082
Share capital and premium :5,502
Pension...
Financial Statements The transactions and integrated financial statement framework for Terry Mason for February 20Y4 appear...
Financial Statements
The transactions and integrated financial statement framework
for Terry Mason for February 20Y4 appear below:
Terry Mason organized The Fifth Season at the beginning of
February 20Y4. During February, The Fifth Season entered into the
following transactions:
Terry Mason invested $32,375 in The Fifth Season in exchange for
capital stock.
Paid $4,620 on February 1 for an insurance premium on a 1-year
policy.
Purchased supplies on account, $3,900.
Received fees of $58,970 during February.
Paid expenses as follows:...
Financial Statements The transactions and integrated financial statement framework for Terry Mason for February 20Y4 appear...
Financial Statements The transactions and integrated financial
statement framework for Terry Mason for February 20Y4 appear below:
Terry Mason organized The Fifth Season at the beginning of February
20Y4. During February, The Fifth Season entered into the following
transactions: Terry Mason invested $27,750 in The Fifth Season in
exchange for capital stock. Paid $6,300 on February 1 for an
insurance premium on a 1-year policy. Purchased supplies on
account, $2,460. Received fees of $61,110 during February. Paid
expenses as follows:...
The financial statements report the financial health and progress of a company. Select a financial report...
The financial statements report the financial health and
progress of a company. Select a financial report from online and
explain what information it provides for decision making.
Analyzing Transactions Using the Financial Statement Effects Template and Preparing Financial Statements Schrand Aerobics, Inc., rents...
Analyzing Transactions Using the Financial Statement
Effects Template and Preparing Financial Statements
Schrand Aerobics, Inc., rents studio space (including a sound
system) and specializes in offering aerobics classes. On January 1,
2013, its beginning account balances are as follows: Cash, $5,000;
Accounts Receivable, $5,200; Equipment, $0; Notes Payable, $2,500;
Accounts Payable, $1,000; Common Stock, $5,500; Retained Earnings,
$1,200; Services Revenue, $0; Rent Expense, $0; Advertising
Expense, $0; Wages Expense, $0; Utilities Expense, $0; Interest
Expense, $0.
The following transactions occurred...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- You must evaluate a proposal to buy a new milling machine. The base price is $175,000,...
- “Triangle Guessing” game in Python The program accepts the lengths of three (3) sides of a...
- THIS PROGRAM HAS TO BE WRITTEN IN C Single function to perform the parity computation on...
- Consider a buffer system consisting of Benzoic acid (pKa = 4.20) and sodium benzoate, a) Would...
- Decision Variables S T Minimize 1.8S + 2.20T Subject to: Potassium 5S + 8T >= 200...
- A neurologist needs to counsel a stroke victim and her husband about possible outcomes, treatment options,...
- Case Study: Personal Beliefs in the Workplace Don Shakow was a prominent professional who worked in...
ADVERTISEMENT