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  • Key Eq 106 Fall 2012

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    Jamie Woods
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    You are an organic basil farmer who took out a loan for cash (1), sold a tractor for cash (2), hired employees (3), received fertilizer on invoice (4), paid back the loan (5), accepted a business partner who invested $50,000 (6), raised prices but saw sales decrease (7), and expanded storage using cash (8). These transactions would affect the income statement, balance sheet, and cash flow statement as increases or decreases to various line items such as assets, liabilities, equity, revenue, and expenses.

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    You are an organic basil farmer who took out a loan for cash (1), sold a tractor for cash (2), hired employees (3), received fertilizer on invoice (4), paid back the loan (5), accepted a business partner who invested $50,000 (6), raised prices but saw sales decrease (7), and expanded storage using cash (8). These transactions would affect the income statement, balance sheet, and cash flow statement as increases or decreases to various line items such as assets, liabilities, equity, revenue, and expenses.

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    Attribution Non-Commercial (BY-NC)
    Скачайте в формате PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    87 просмотров1 страница

    Key Eq 106 Fall 2012

    Загружено:

    Jamie Woods
    You are an organic basil farmer who took out a loan for cash (1), sold a tractor for cash (2), hired employees (3), received fertilizer on invoice (4), paid back the loan (5), accepted a business partner who invested $50,000 (6), raised prices but saw sales decrease (7), and expanded storage using cash (8). These transactions would affect the income statement, balance sheet, and cash flow statement as increases or decreases to various line items such as assets, liabilities, equity, revenue, and expenses.

    Авторское право:

    Attribution Non-Commercial (BY-NC)
    Скачайте в формате PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    из 1

    Pass No Pass Name: 5

    1 6

    2 7

    3 8

    Quiz 1 - Accounting
    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 Balance Sheet Cash Flow Operating Revenue: Assets: Operations: 7 up 1 up, 2 up and down, 4 3 down, 7 up up, 5 down, 6 up, 8 up and down Investment: 2 up, 4 down, 8 down Operating Expenses: 3 up Liabilities: 1 up, 4 up, 5 down Finance: 1 up, 4 down, 5 down, 6 up Taxable Income:

    Owner Equity: 6 up Net Income:

    Net Cash Flow:

    You are an Organic Basil Farmer. 1. You take out a loan to have extra cash on hand (zero interest) 2. You sell one of your older tractors for cash. 3. You hire two new employees to package the basil. 4. Some organic fertilizer shows up with an invoice. 5. You make a payment on your loan. 6. An old friend from your yoga class approaches you with an offer to become your business partner for $50,000, and you accept. 7. You raise your prices, and as a result, your sales decrease slightly. 8. You expand your basil storage facility using cash.

    New Revenue Asset Definitions

    Balance Sheet MUST balance!

    Sign Conventions

    Cash Flow Echo

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