Domestic RequirementGeneralJournalGeneralLedgerTransaction:Where can you go to find each of your answers?January 1 - T. Turner, owner, invested $166,750 cash inthe company in exchange for common stock.January 2- The company purchased supplies for$3,450 cash.Trial BalanceJanuary 3 - The company purchased $14,050 ofequipment on credit.The financial statements report the cumulative impact of all transactions recorded as of the financial statement date. Input thecumulative amount of a) Net Income (Loss), b) Total Assets, c) Total Liabilities, and d) Total Equity that would be reported on thefinancial statements immediately after each transaction is recorded. (Hint: You can check your work by selecting the date on thetrial balance tab.) The first 2 transactions are completed for you!Show lessJanuary 4- The company received $19,900 cash forservices provided to a customer.January 5 - The company paid $14,050 cash to settlethe payable for the equipment purchased on January 3.January 6- The company billed a customer $4,900 forservices provided.Jan. 7- The company paid $3,425 cash for the monthlyrent.January 8- The company collected $2,775 cash aspartial payment for the account receivable created onJanuary 6.January 9 - The company paid $13,300 cash individends to the owner (sole shareholder).IncomeStatementNet IncomeIncome statementS0St RetainedEarningsTotal AssetsBalance sheet0 S 166,750 S166,75014,0500Balance Sheet19,900Total LiabilitiesBalance sheetTotal EquityBalance sheet0 $FS Impact014,050166,750166,75019,900

The cumulative effect of transactions over the financial statements is the effect on which at every…

The financial statements report the cumulative impact of all transactions recorded as of the financial statement date. Input the cumulative amount of a) Net Income (Loss), b) Total Assets, c) Total Liabilities, and d) Total Equity that would be reported on the financial statements immediately after each transaction is recorded. (Hint: You can check your work by selecting the date on the trial balance tab.) The first 2 transactions are completed for you! Transaction: Where can you go to find each of your answers? January 1-T. Turner, owner, invested $166,750 cash in the company in exchange for common stock. January 2- The company purchased supplies for $3,450 cash. January 3- The company purchased $14,050 of equipment on credit. January 4- The company received $19,900 cash for services provided to a customer. January 5- The company paid $14,050 cash to settle the payable for the equipment purchased on January 3. January 6- The company billed a customer $4,900 for services provided. Jan. 7- The company paid $3,425 cash for the monthly rent. January 8- The company collected $2,775 cash as partial payment for the account receivable created on January 6. January 9- The company paid $13,300 cash in dividends to the owner (sole shareholder). Net Income Income statement S Total Assets Balance sheet 0 $ 166,750 S 166,750 0 O 19,900 Total Liabilities Balance sheet 14,050 Total Equity Balance sheet 0 S 이 14,050 166,750 166,750 19,900 Show less

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 38E: Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on...