Business, 20.10.2020 01:01 michelize1999

The Candle Shop experienced the following events during its first year of operations, Year1 1. Acquired cash by issuing common stock
2. Paid a cash dividend to the stockholders.
3. Paid cash for operating expenses.
4. Borrowed cash from a bank.
5. Provided services and collected cash.
6. Purchased land with cash.
7. Determined that the market value of the land is higher than the historical cost.
Required
a. Indicate whether each event is an asset source, use, or exchange transaction. (Select "NA" if there is no effect on the "Activity classification") Event Activity classification 2. 3. 4. 5. 6. 7
b. Use a horizontal statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. Indicate whether the event increases (), decreases (D), or does not affect (NA) each element of the financial statements. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), financing activities (FA), or not applicable (NA). The first transaction is shown as an example
THE CANDLE SHOP Horizontal Statements Model for Year 1 Balance Sheet Income Statement Statement of Cash Flows Event O. Assets Liabilities+Stockholders' Equity Effect onType CommonRetained RevenueExpense Net Income Cash LandNotes Cash Activity Earnin +NA Payable +NA = | NA NA - NA -INA FA 2 4 5. 7

Answers: 1

Show answers

Another question on Business

Business, 21.06.2019 18:50

Which of the following is not a potential problem with beta and its estimation? sometimes, during a period when the company is undergoing a change such as toward more leverage or riskier assets, the calculated beta will be drastically different than the "true" or "expected future" beta. the beta of "the market," can change over time, sometimes drastically.

Answers: 3

Answer

Business, 22.06.2019 13:50

Which one of the following statements is true? ddt does not prevent disease from passing from agricultural animals to humans. cost was a major factor in the united states government's decision to ban ddt. many african governments concluded that the potential long-term health effects of ddt were not as serious as the immediate problem of insect control. ddt cannot accumulate in the fat of animals. the ddt ban in the united states has made it very difficult to control agricultural insect pests.

Answers: 3

Answer

Business, 22.06.2019 17:40

Croy inc. has the following projected sales for the next five months: month sales in units april 3,850 may 3,875 june 4,260 july 4,135 august 3,590 croy’s finished goods inventory policy is to have 60 percent of the next month’s sales on hand at the end of each month. direct material costs $2.50 per pound, and each unit requires 2 pounds. raw materials inventory policy is to have 50 percent of the next month’s production needs on hand at the end of each month. raw materials on hand at march 31 totaled 3,741 pounds. 1. determine budgeted production for april, may, and june. 2. determine the budgeted cost of materials purchased for april, may, and june. (round your answers to 2 decimal places.)

Answers: 3

Answer

Business, 22.06.2019 21:00

Mr. beautiful, an organization that sells weight training sets, has an ordering cost of $40 for the bb-1 set. (bb-1 stands for body beautiful number 1.) the carrying cost for bb-1 is $5 per set per year. to meet demand, mr. beautiful orders large quantities of bb-1 seven times a year. the stockout cost for bb-1 is estimated to be $50 per set. over the past several years, mr. beautiful has observed the following demand during the lead time for bb-1: demand during lead time probability40 0.150 0.260 0.270 0.280 0.290 0.1total 1.0the reorder point for bb-1 is 60 sets. what level of safety stock should be maintained for bb-1?

Answers: 3

Answer

You know the right answer?

The Candle Shop experienced the following events during its first year of operations, Year1 1. Acqu...

Questions