Survey of Accounting (Accounting I)
8th Edition
ISBN: 9781305961883
Author: Carl Warren
Publisher: Cengage Learning
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Textbook Question
Chapter 2, Problem 2.9E
Effects of transactions on
Indicate whether each of the following types of transactions will (a) increase stockholders’ equity or (b) decrease stockholders’ equity.
a. Issued common stock for cash.
l. Received cash for fees earned.
c. Paid cash for utilities expense.
d. Paid cash for rent expense.
e. Paid cash dividends.
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How would the issuance of common stock for cash affect the accounting equation?a. Increase assets and increase stockholders’ equityb. Increase liabilities and decrease stockholders’ equityc. Increase assets and increase liabilitiesd. Decrease assets and decrease liabilities
Indicate the effect of each of the following transactions on total assets, total liabilities, and total stockholders' equity. Select + for
increase, for decrease, or No Effect. The first transaction is provided as an illustration.
-
a. Borrowed cash on a bank loan
b. Paid an account payable
c. Sold common stock
d. Purchased merchandise inventory on account
e. Declared and paid dividends
f. Collected an account receivable
g. Sold merchandise inventory on account at a profit
h. Paid operating expenses in cash
i. Repaid principal and interest on a bank loan
Assets
+
Liabilities
+
Stockholders'
Equity
No Effect
Which of the following describes the information reported in the statement of stockholders’ equity? a. Net income for the period calculated as revenues minus expenses.b. Total assets equal total liabilities plus stockholders’ equity.c. Change in stockholders’ equity through changes in common stock and retained earnings.d. Net cash flows from operating, investing, and financing activities.
Chapter 2 Solutions
Survey of Accounting (Accounting I)
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- Cash dividends declared out of current earnings were distributed to an investor. How will the investors investment account be affected by those dividends under each of the following accounting methods?arrow_forwardOn which financial statement would the Dividends account appear? A. Balance Sheet B. Income Statement C. Retained Earnings Statement D. Statement of Cash Flowsarrow_forwardWhich financial statement shows the financial performance of the company on a cash basis? A. balance sheet B. statement of owners equity C. statement of cash flows D. income statementarrow_forward
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Stockholders Equity: How to Calculate?; Author: Accounting University;https://www.youtube.com/watch?v=2jZk1T5GIlw;License: Standard Youtube License