problem 1 required identify the financial statement on which each of the following i 4527123

Problem
1

Required: Identify the financial statement on which
each of the following items appears by making anX
in the appropriate column. The first one is done
for you!

(15
points total, 1 point each)

Income
Balance
Statement of

Item
Statement
Sheet
Cash Flows

Accounts
Payable

X

Accounts
Receivable

Advertising
Expense

Common Stock

Dividends

Equipment

Financing
Activities

Investing
Activities

Land

Operating
Activities

Rent Expense

Retained
Earnings

Revenue

Salaries
Payable

Utility
Expense

Problem 2

Required:Show
the effects on the financial statements using a horizontal statement model as
outlined below. The first one is done
for you!

(35
points total, 5 points each)

1
Sold $30,000 in merchandise for cash

2
Paid $5,000 for rent with cash

3
Paid $10,000 in salaries to
employees with cash

4
Sold $25,000 in merchandise and
customer paid on credit

5
Collected $10,000 cash for
transaction #4

6
Purchased a building for $100,000
and took out a loan for the money

7
Paid $1,200 for insurance

Balance Sheet

Income
Statement

Owner’s

Net

Event No.

Assets
=
Liabilities
+
Equity

Revenue

Expenses
=
Income

1

30,000
=

+
30,000

30,000


=
30,000

2

=

+

=

3

=

+

=

4

=

+

=

5

=

+

=

6

=

+

=

7

=

+

=

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