For each of the following independent transactions, indicate whether there was an increase, a decrease, or no impact for each financial statement element. Transaction Assets Liabilities Owners’ Equity Paid cash for expenses Sold common stock for cash Owe vendor for purchase of asset Paid owners for dividends Paid vendor for amount previously owed

For each of the following independent transactions, indicate whether there was an increase, a decrease, or no impact for each financial statement element. Transaction Assets Liabilities Owners’ Equity Paid cash for expenses Sold common stock for cash Owe vendor for purchase of asset Paid owners for dividends Paid vendor for amount previously owed

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 4MC: Which of these transactions would be part of the financing section? A. inventory purchased for cash...

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In which section of the statement of cash flows would each of the following transactions be included? For each, identify the appropriate section of the statement of cash flows as operating (O), investing (I), financing (F), or none (N). (Note: some transactions might involve two sections.) A. paid advertising expense B. paid dividends to shareholders C. purchased business equipment D. sold merchandise to customers E. purchased plant assets
Identify whether each of the following accounts would be considered a permanent account (yes/no) and which financial statement it would be reported on (Balance Sheet, Income Statement, or Retained Earnings Statement). A. Common Stock B. Dividends C. Dividends Payable D. Equipment E. Income Tax Expense F. Income Tax Payable G. Service Revenue H. Unearned Service Revenue I. Net Income
Which of these transactions would be part of the financing section? A. inventory purchased for cash B. sales of product, for cash C. cash paid for purchase of equipment D. dividend payments to shareholders, paid in cash
Which of these statements is not one of the financial statements? A. income statement B. balance sheet C. statement of cash flows D. statement of owner investments
In which section of the statement of cash flows would each of the following transactions be included? For each, identify the appropriate section of the statement of cash flows as operating (O), investing (I), financing (F), or none (N). (Note: some transactions might involve two sections.) A. collected accounts receivable from customers B. issued common stock for cash C. declared and paid dividends D. paid accounts payable balance E. sold a long-term asset for the same amount as purchased
Which of these transactions would be part of the investing section? A. land purchased, with note payable B. sales of product, for cash C. cash paid for purchase of equipment D. dividend payments to shareholders, paid in cash
On which two financial statements would the Retained Earnings account appear? A. Balance Sheet B. Income Statement C. Retained Earnings Statement D. Statement of Cash Flows
What are the effects of the following transactions on the accounting equation? Indicate an increase (+) or decrease () under the affected asset, liability, and owners equity headings.
In which section of the statement of cash flows would each of the following transactions be included? For each, identify the appropriate section of the statement of cash flows as operating (O), investing (I), financing (F), or none (N). (Note: some transactions might involve two sections.) A. purchased stock in Xerox Corporation B. purchased office supplies C. issued common stock D. sold plant assets for cash E. sold equipment for cash
Which of these transactions would be part of the operating section? A. land purchased, with note payable B. sales of product, for cash C. cash paid for purchase of equipment D. dividend payments to shareholders, paid in cash
Which of the following statements is true? Under cash-basis accounting, revenues are recorded when a company satisfies its performance obligations and expenses are recorded when incurred. Accrual-basis accounting records both cash and noncash transactions when they occur. Generally accepted accounting principles require companies to use cash-basis accounting. The key elements of accrual-basis accounting are the revenue recognition principle, the expense recognition principle, and the historical cost principle.
On which financial statement would the Dividends account appear? A. Balance Sheet B. Income Statement C. Retained Earnings Statement D. Statement of Cash Flows

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Transaction	Assets	Liabilities	Owners’ Equity
Paid cash for expenses
Sold common stock for cash
Owe vendor for purchase of asset
Paid owners for dividends
Paid vendor for amount previously owed