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Quiz 1 - Accounting #6: Instructions: Write The Number of Each Item in The Appropriate Section(s) of The Appropriate

The document provides information about various business transactions for a signature gathering business and instructs the reader to indicate where each transaction would be recorded on the income statement, balance sheet, and statement of cash flows. Transactions include increasing wages, purchasing supplies, borrowing from a line of credit, increased sales, purchasing long-term assets, an investment from a partner, collecting invoices, and selling old equipment. The reader is told the financial statements must balance and cash flows should echo the balance sheet changes.

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Jamie Woods
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87 views1 page

Quiz 1 - Accounting #6: Instructions: Write The Number of Each Item in The Appropriate Section(s) of The Appropriate

The document provides information about various business transactions for a signature gathering business and instructs the reader to indicate where each transaction would be recorded on the income statement, balance sheet, and statement of cash flows. Transactions include increasing wages, purchasing supplies, borrowing from a line of credit, increased sales, purchasing long-term assets, an investment from a partner, collecting invoices, and selling old equipment. The reader is told the financial statements must balance and cash flows should echo the balance sheet changes.

Uploaded by

Jamie Woods
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Pass No Pass Name: 5

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Quiz 1 - Accounting #6
Instructions: Write the number of each item in the appropriate section(s) of the appropriate financial statements below and indicate whether it is an increase or decrease. Income Statement Operating Revenue: 4 up Balance Sheet Assets: 2 up, 3 up, 5 up and down, 6 up, 7 up and down, 8 up and down Cash Flow Operations: 1 down, 4up

Operating Expenses: 1 up, 4 up Liabilities: 2 up, 3 up Taxable Income:

Investment: 2 down, 5 down, 8 up

Finance: 2 up, 3 up, 6 up, 7 up Owner Equity: 6 up

Net Income:

Net Cash Flow:

You own a for-profit signature gathering business. Time to get initiatives on the ballot. 1. You increase the hourly wage of your signature gatherers. You know they are paid hourly and not by signature? 2. You get a pallet of Monster Energy Drinks to fuel the troops. You will pay the invoice at the end of the month. 3. You borrow $30,000 from a line of credit. There are a lot of signatures to gather and you need cash. 4. You are doing work for twice as many clients as usual -- extra sales. 5. You buy a bunch of new clipboards for the troops. Those usually last longer than a year. 6. Your partner invests and extra $30,000 in the business. 7. Your clients all paid their monthly invoices. 8. You sold some of your old computer equipment.

New Revenue Asset Definitions

Balance Sheet MUST balance!

Sign Conventions

Cash Flow Echo

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