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identify the effect on each component of the income statement
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identify the effect on each component of the income statement. and balance sheet
1. a new computer was purchased for 2000 cash.
2. a one-year insurance policy costing $12000 was purchased today.
3. purchased $45 of fuel for the van- paid cash.
4. collected 900 from a client for work performed today.
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Required 1. Indicate whether each account listed is a(n) asset (A), liability (L), owner's equity (OE), revenue (R), or expense (E) account. 2. Indicate whether each account listed appears on the balance sheet (B), income statement (1), statement of owner's equity (SOE), or the cash flow statement (CF). Some accounts can appear on more than one statement. the cash flow statement (CF). Some accounts can appear on more than one statement. Type of Account E Statement 1 A B OE B, SOE ? B R 1 1. Supplies Expense 2. Accounts Receivable 3. J. Chiang, Capital 4. Computer Equipment 5. Consulting Service Revenue 6. Accounts Payable 7. Rent Expense 8. Cash 9. J. Chiang, Withdrawals 10. Supplies 11. Note Payable L B E ? B, CF B, SOE OE ? B L B Choose from any drop-down list and then click Check Answer.
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What is the optimal solution for the following problem? Nacimize P = subject to 4x + 12y 3x + 5y s 12 6x + 2y s 10 x 20, 20 and Multiple Choice IX. y) - (1670). (7) - (024) (x, y) = (0,0) xy)-(24,0)
Expert Solution
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Income Statement Balance Sheet Debit Credit Debit Credit 1 Equipment Cash (Increase) (Decrease) 2 Prepaid Insurance Cash (Increase) (Decrease) 3 Fuel Expense Cash (Decrease) 4 Service Revenue Cash (Increase) -
9. Owner withdrawals appear on the Balance sheet, they do not appear on Income Statement, and they also appear on the Cash flow statement and statement of equity
Effects: Equity will get reduced, Cash will get reduced
Statements: Balance sheet, Statement of Equity, Cash flow statement
10. Note payable will appear as Liability on Balance Sheet and as cash outflow in Cash flow statement
Statements: Balance sheet, Cash flow statement
11. Supplies is an Asset and appear on Balance sheet and when we purchase the Supplies and pay cash then it will be reflected as cash outflow on Cashflow statements
Statements: Balance sheet, Cash flow statement
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