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Pizza Express Inc. began the Year 2 accounting perlod with $2,500 cash, $1,400 of common stock, and $1,100 of retalned earnings. Pizza Express was affected by the following accounting events during Year 2 1. Purchased $3,600 of supplies on account 2 Earned and collected $12,300 of cash revenue. 3. Pald $2700 cash on accounts payable. 4. Adjusted the records to reflect the use of supplies. A physical count Indicated that $250 of suppliles was still on hand on December 31, Year 2 Required a. Show the effects of the events on the financlal statements using a horizontal statements model glven below. In the Cash Flows column, use OA to designate operating activity, FA for financing activity, IA for Investing activity, or NC for net change In cash. If the element Is not affected by the event, leave the cell blank. The beginning balances have been entered as an example. (Enter any decreases to account balances and cash outflows with a minus sign. Not all cells will require entry.) PIZZA EXPRESS INC. Effect of Events on Financial Statements for Year 2 Assets Liabilities + Stockholders' Equity Income Statement Event No. Statement of Cash Flows Accounts Common Retained Cash Supplies Revenue Expense = Net Income Payable Stock Earnings Beg. bal. 2,500 + 1,400 + 1,100 1. 3,600 3,800 + 12,300 + (2.700) + 2. 12,300 12,300 OA (2.700) (2.700)

Pizza Express Inc. began the Year 2 accounting perlod with $2,500 cash, $1,400 of common stock, and $1,100 of retalned earnings. Pizza Express was affected by the following accounting events during Year 2 1. Purchased $3,600 of supplies on account 2 Earned and collected $12,300 of cash revenue. 3. Pald $2700 cash on accounts payable. 4. Adjusted the records to reflect the use of supplies. A physical count Indicated that $250 of suppliles was still on hand on December 31, Year 2 Required a. Show the effects of the events on the financlal statements using a horizontal statements model glven below. In the Cash Flows column, use OA to designate operating activity, FA for financing activity, IA for Investing activity, or NC for net change In cash. If the element Is not affected by the event, leave the cell blank. The beginning balances have been entered as an example. (Enter any decreases to account balances and cash outflows with a minus sign. Not all cells will require entry.) PIZZA EXPRESS INC. Effect of Events on Financial Statements for Year 2 Assets Liabilities + Stockholders' Equity Income Statement Event No. Statement of Cash Flows Accounts Common Retained Cash Supplies Revenue Expense = Net Income Payable Stock Earnings Beg. bal. 2,500 + 1,400 + 1,100 1. 3,600 3,800 + 12,300 + (2.700) + 2. 12,300 12,300 OA (2.700) (2.700)

Financial And Managerial Accounting
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter1: Introduction To Accounting And Business
Section: Chapter Questions
Problem 3BE: Transactions Interstate Delivery Service is owned and operated by Katie Wyer. The following selected...
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vork (LOs 5-9) Seved Pizza Express Inc. began the Year 2 accounting perlod with $2,500 cash, $1.400 of common stock, and $1,100 of retalned earnings. Pizza Express was affected by the following accounting events during Year 2: 1. Purchased $3,600 of supplies on account 2 Earned and collected $12,300 of cash revenue. 3. Pald $2700 cash on accounts payable. 4. Adjusted the records to reflect the use of supplies. A physical count Indicated that $250 of supplles was still on hand on December 31, Year 2 Required a. Show the effects of the events on the financlal statements using a horlzontal statements model glven below. In the Cash Flows column, use OA to designate operating activity, FA for financing activity, IA for Investing activity, or NC for net change In cash. If the element Is not affected by the event, leave the cell blank. The beginning balances have been entered as an example. (Enter any decreases to account balances and cash outflows with a minus sign. Not all cells will require entry.) PIZZA EXPRESS INC. Effect of Events on Financial Statements for Year 2 Assets Liabilities+ Stockholders' Equity Income Statement Event Statement of Cash Flows Accounts Common Stock Retained Earnings No. Cash Supplies Revenue Expense = Net Income Payable Beg. bal. 2,500 + 1,400 + 1,100 1. 3,600 3,800 + 2. 12.300 + 12,300 12,300 OA 3. (2,700) + (2,700) (2,700) OA (3,350) = 250 = (3,350) 3,350 = 3,350 = 4 Totals 12.100 + 900 1.400 + 10,050 9,600
Transcribed Image Text:vork (LOs 5-9) Seved Pizza Express Inc. began the Year 2 accounting perlod with $2,500 cash, $1.400 of common stock, and $1,100 of retalned earnings. Pizza Express was affected by the following accounting events during Year 2: 1. Purchased $3,600 of supplies on account 2 Earned and collected $12,300 of cash revenue. 3. Pald $2700 cash on accounts payable. 4. Adjusted the records to reflect the use of supplies. A physical count Indicated that $250 of supplles was still on hand on December 31, Year 2 Required a. Show the effects of the events on the financlal statements using a horlzontal statements model glven below. In the Cash Flows column, use OA to designate operating activity, FA for financing activity, IA for Investing activity, or NC for net change In cash. If the element Is not affected by the event, leave the cell blank. The beginning balances have been entered as an example. (Enter any decreases to account balances and cash outflows with a minus sign. Not all cells will require entry.) PIZZA EXPRESS INC. Effect of Events on Financial Statements for Year 2 Assets Liabilities+ Stockholders' Equity Income Statement Event Statement of Cash Flows Accounts Common Stock Retained Earnings No. Cash Supplies Revenue Expense = Net Income Payable Beg. bal. 2,500 + 1,400 + 1,100 1. 3,600 3,800 + 2. 12.300 + 12,300 12,300 OA 3. (2,700) + (2,700) (2,700) OA (3,350) = 250 = (3,350) 3,350 = 3,350 = 4 Totals 12.100 + 900 1.400 + 10,050 9,600
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