for Michelle K ONLY Problem set 2
ylang
Problemset2.docxa.
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Life, Inc. Effect of Events on the Accounting Equation |
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Assets |
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Stockholders’ Equity |
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Event |
Cash |
Prepaid Rent |
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Retained Earnings |
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1. Performed Services |
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2. Prepaid Rent |
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3. Used Rent |
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Totals |
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b.
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Life, Inc. Income Statement For the Year Ended December 31, 2016 |
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Life, Inc. Balance Sheet As of December 31, 2016 |
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EXERCISE 2-15A b. (cont.)
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Life, Inc. Statement of Cash Flows For the Year Ended December 31, 2016 |
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c.
EXERCISE 2-19A
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Hart Attorney At Law Effect of Transactions on the Financial Statements for 2016 |
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Balance Sheet |
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Income Statement |
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Statement of |
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Assets |
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Liabilities |
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S. Equity |
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Rev |
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Exp. |
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Net Inc. |
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Cash Flows |
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No. |
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Cash |
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Supplies |
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Accts. Payable |
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Unearn. Rev. |
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Retained Earnings |
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1. |
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NA |
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36,000 OA |
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2. |
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54,000 |
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54,000 OA |
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3. |
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NA |
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NA |
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4. |
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NA |
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(2,400) OA |
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5. |
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NA |
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(5,000) FA |
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6. |
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(31,000) |
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(31,000) OA |
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7. |
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(2,600) |
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NA |
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8. |
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27,000 |
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NA |
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Totals |
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47,400 |
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51,600 NC |
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EXERCISE 2-27A
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Net Income |
Cash Flow from Operating Activities |
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Event/Adj. |
Direction of Change |
Amount of Change |
Direction of Change |
Amount of Change |
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a. Event Adj. |
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b. Event Adj. |
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b. Event No adj. |
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d. Event Adj. |
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e. Event No adj. |
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f. Event No adj. |
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f. Event No adj. |
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g. Event No adj. |
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h. Event No adj. |
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EXERCISE 2-29A
a.
b.
c.
d.
e.
f.
g.
h.
i.
j.
EXERCISE 2-30A
a.
b.
c.
d.
e.
