1 2 3 5 50 Statement of Stockholders' Equity (Label) Common Stock Retained Earnings Total
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- Effects of transactions on stockholders’ equity Indicate whether each of the following types of transactions will (a) increase stockholders’ equity or (b) decrease stockholders’ equity. a. Issued common stock for cash. l. Received cash for fees earned. c. Paid cash for utilities expense. d. Paid cash for rent expense. e. Paid cash dividends.Effects of transactions on stockholders’ equity For Target Corporation (TGT), indicate whether the following transactions would (1) increase, (2) decrease, or (3) have no effect on stockholders’ equity. a. Borrowed money front the bank. b. Paid creditors. c. Made cash sales to customers. d. Purchased store equipment. e. Paid dividends. f. Paid store rent. g. Paid interest expense. h. Sold store equipment at a gain. i. Received interest revenue. j. Paid taxes.Jesse and Mason Fabricating, Inc. general ledger has the following account balances at the end of the year: What is the total ending balance as reported on the companys Statement of Stockholders Equity?
- Statement of stockholders’ equity Using the financial data shown in Exercise 2-17 for Big Mountain Realty Inc., prepare a statement of stockholders’ equity for the month ending June 30. 20Y9.Seth Feye established Reliance Financial Services on July 1, 2016. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow: Instructions 1. Prepare an income statement for the month ended July 31, 2016. 2. Prepare a statement of owners equity for the month ended July 31, 2016. 3. Prepare a balance sheet as of July 31, 2016. 4. (Optional) Prepare a statement of cash flows for the month ending July 31, 2016.Balance sheet Using the following data for Paradise Travel Service as well as the statement of stockholders equity from Basic Exercise 1-5, prepare a balance sheet as of May 31, 20Y6:
- Transactions Interstate Delivery Service is owned and operated by Katie Wyer. The following selected transactions were completed by Interstate Delivery during May: 1. Received cash in exchange for common stock, 18,000. 2. Paid advertising expense, 4,850. 3. Purchased supplies on account, 2,100. 4. Billed customers for delivery services on account, 14,700. 5. Received cash from customers on account, 8,200. Indicate the effect of each transaction on the following accounting equation elements: Assets, Liabilities, Common Stock, Dividends, Revenue, and Expense. To illustrate, the answer to (1) follows: (1) Asset (Cash) increases by 18,000; Common Stock increases by 18,000.Financial statements Seth Feye established Reliance Financial Services on July 1, 20Y2. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow: Instructions 1. Prepare an income statement for the month ended July 31, 20Y2. 2. Prepare a statement of stockholders equity for the month ended July 31, 20Y2. 3. Prepare a balance sheet as of July 31, 20Y2. 4. (Optional) Prepare a statement of cash flows for the month ending July 31, 20Y2.Accrual basis of accounting Margie Van Epps established Health Services, P.C., a professional corporation, in March of the current year, Health Services offers healthy living advice to its clients. The effect of each transaction on the balance sheet and the balances after each transaction for March are as follows. Each increase or decrease in stockholders’ equity, except transaction (h), affects net income. a. Describe each transaction. b. What is the amount of the net income for March?
- Multiple-step income statement and report form of balance sheet The following selected accounts and their current balances appear in the ledger of Prescott Inc. for the fiscal year ended September 30. 20Y8: Instructions Prepare a statement of stockholders’ equity. No common stock was issued during the year.Jose Loder established Bronco Consulting on August 1, 2016. The effect of each transaction and the balances after each transaction for August follow: Instructions 1. Prepare an income statement for the month ended August 31, 2016. 2. Prepare a statement of owners equity for the month ended August 31, 2016. 3. Prepare a balance sheet as of August 31, 2016. 4. (Optional) Prepare a statement of cash flows for the month ending August 31, 2016.Discuss how each of the following transactions for Watson, International, will affect assets, liabilities, and stockholders equity, and prove the companys accounts will still be in balance. A. An investor invests an additional $25,000 into a company receiving stock in exchange. B. Services are performed for customers for a total of $4,500. Sixty percent was paid in cash, and the remaining customers asked to be billed. C. An electric bill was received for $35. Payment is due in thirty days. D. Part-time workers earned $750 and were paid. E. The electric bill in C is paid.