Financial Accounting Problem Solving
thibbi2001
TemplatesWeek2.docxEXERCISE 2-15A
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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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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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Revenue |
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Expense |
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Net Income |
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Life, Inc. Balance Sheet As of December 31, 2016 |
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Assets |
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Cash |
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Prepaid Rent |
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Total Assets |
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Liabilities |
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Stockholders’ Equity |
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Retained Earnings |
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Total Stockholders’ Equity |
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Total Liab. and Stockholders’ Equity |
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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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Cash Flows From Operating Activities: |
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Cash Receipt from Revenue |
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Cash Payment for Rent |
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Net Cash Flow from Operating Activities |
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Cash Flows From Investing Activities |
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Cash Flows From Financing Activities: |
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Net Change in Cash |
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Plus: Beginning Cash Balance |
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Ending Cash Balance |
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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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2. |
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3. |
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4. |
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5. |
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6. |
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7. |
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8. |
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Totals |
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51,600 |
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200 |
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400 |
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9,000 |
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42,400 |
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81,000 |
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33,600 |
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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.
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d.
e.
f.
g.
h.
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j.
EXERCISE 2-30A
a.
b.
c.
d.
