The ending owner's equity amount is shown on the O balance sheet only. owner's equity statement only. Ostatement of cash flows only. O both the balance sheet and the owner's equity statement.
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- Which of the following is the correct order of preparing the financial statements? A. income statement, statement of cash flows, balance sheet, statement of owners equity B. income statement, statement of owners equity, balance sheet, statement of cash flows C. income statement, balance sheet, statement of owners equity, statement of cash flows D. income statement, balance sheet, statement of cash flows, statement of owners equityOn which financial statement would the Supplies account appear? A. Balance Sheet B. Income Statement C. Retained Earnings Statement D. Statement of Cash FlowsIn 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
- 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 purchasedWhich 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 investmentsWhich financial statement shows the financial performance of the company on a cash basis? A. balance sheet B. statement of owners equity C. statement of cash flows D. income statement
- What is the effect on the fundamental accounting equation if supplies are purchased on account? How will the fundamental accounting equation change if supplies are purchased with cash? Explain how this purchase will or will not change the owners equity.Note: the answer in no. 1 was already given. Answer only the following financial statements: -Income Statement -Statement of changes in Owner’s Equity -Statement of Cash Flows -Statement of Financial Position or Balance SheetA statement of owner's equity shows everything that affects the: a.Cash balance. b.liability account balances. c.Capital balance. d.asset account balances.
- Directions: Fill in the following table using the equation: ∆Cash = - ∆Noncash Assets + ∆Liabilities + ∆Stockholders Equity. Indicate the name of the noncash asset, liability, or equity account affected by the transaction and if change in cash is classified as operating (O), investing (I), financing (F), or noncash (NC). The first line has been completed for you as an exampleItem∆Cash = - ∆Noncash Assets + ∆Liabilities + ∆Stockholders Equity1. Prepaid office rent for cash -O = - + Prepaid Rent + + 2. Sale of land held for cash = - + + 3. Cash payment of taxes payable = - + + 4. Issue preferred stock to investors for cash = - + + 5. Purchase equipment that is financed directly by the seller = - + + 6. Paid cash dividend = - + + 7. Pay notes payable = - + + 8. Pay interest payable = - + +Title What particular item of financial or operating data appears on both the income statement and the statement of owner's equity? Description What particular item of financial or operating data appears on both the income statement and the statement of owner's equity? What item appears on both the balance sheet and the statement of owner's equity? What item appears on both the balance sheet and the statement of cash flows?For each of the following items (A-L) indicate on which financial statement you would expect to find it. Some items may appear on more than one statement. Income Statement Statement of owners’ equity Balance sheet Statement of cash flows __________ A. Cash, ending balance __________ B. Sales to customers __________ C. Accounts receivable __________ D. Cash received from customers __________ E. Cost of goods sold during the period __________ F. Office supplies on hand __________ G. Office supplies used during the period __________ H. Ending retained earnings __________ I. Taxes payable __________ J. Dividends paid during the period __________ K. Wages payable __________ L. Cash paid for merchandise inventory