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D Edit View History Bookmarks Profiles Tab Window Help arch x Financial Statements x iConnect - Home x M Question 13 - Chapter 1 Hom x + education.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%252Fwe... ☆ work i Saved 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. Help S Transaction Balance Sheet Total Assets Total Liabilities 1. Owner invests $800 cash in business +800 Income Statement Total Net Equity Income +800 Statement of Cash Flows Operating Investing Financing Activities Activities Activities +800 2. Receives $600 cash for services provided +600 +600 3. Pays $400 cash for employee wages 4. Buys $530 of equipment on credit 5. Purchases $630 of supplies on credit 6. Buys equipment for $730 cash 7. Pays $570 on accounts payable 8. Provides $770 services on credit 9. Owner withdraws $420 cash 10. Collects $795 cash on accounts receivable 21 < Prev 13 of 22 Next > tv Aa

D Edit View History Bookmarks Profiles Tab Window Help arch x Financial Statements x iConnect - Home x M Question 13 - Chapter 1 Hom x + education.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%252Fwe... ☆ work i Saved 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. Help S Transaction Balance Sheet Total Assets Total Liabilities 1. Owner invests $800 cash in business +800 Income Statement Total Net Equity Income +800 Statement of Cash Flows Operating Investing Financing Activities Activities Activities +800 2. Receives $600 cash for services provided +600 +600 3. Pays $400 cash for employee wages 4. Buys $530 of equipment on credit 5. Purchases $630 of supplies on credit 6. Buys equipment for $730 cash 7. Pays $570 on accounts payable 8. Provides $770 services on credit 9. Owner withdraws $420 cash 10. Collects $795 cash on accounts receivable 21 < Prev 13 of 22 Next > tv Aa

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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D Edit View History Bookmarks Profiles Tab Window Help arch x Financial Statements x iConnect - Home x M Question 13 - Chapter 1 Hom x + education.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%252Fwe... ☆ work i Saved 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. Help S Transaction Balance Sheet Total Assets Total Liabilities 1. Owner invests $800 cash in business +800 Income Statement Total Net Equity Income +800 Statement of Cash Flows Operating Investing Financing Activities Activities Activities +800 2. Receives $600 cash for services provided +600 +600 3. Pays $400 cash for employee wages 4. Buys $530 of equipment on credit 5. Purchases $630 of supplies on credit 6. Buys equipment for $730 cash 7. Pays $570 on accounts payable 8. Provides $770 services on credit 9. Owner withdraws $420 cash 10. Collects $795 cash on accounts receivable 21 < Prev 13 of 22 Next > tv Aa
Transcribed Image Text:D Edit View History Bookmarks Profiles Tab Window Help arch x Financial Statements x iConnect - Home x M Question 13 - Chapter 1 Hom x + education.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%252Fwe... ☆ work i Saved 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. Help S Transaction Balance Sheet Total Assets Total Liabilities 1. Owner invests $800 cash in business +800 Income Statement Total Net Equity Income +800 Statement of Cash Flows Operating Investing Financing Activities Activities Activities +800 2. Receives $600 cash for services provided +600 +600 3. Pays $400 cash for employee wages 4. Buys $530 of equipment on credit 5. Purchases $630 of supplies on credit 6. Buys equipment for $730 cash 7. Pays $570 on accounts payable 8. Provides $770 services on credit 9. Owner withdraws $420 cash 10. Collects $795 cash on accounts receivable 21 < Prev 13 of 22 Next > tv Aa
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