22200 - Financial Statement Relationships[22200 For each of...

Info icon This preview shows page 1. Sign up to view the full content.

Financial Statement Relationships : [22200] For each of the independent fact situations below determine the effects on each of the financial statement elements shown in the following grid. Show increases with a '+' and decreases with a '-'. 1. The firm received cash for work that will be performed next year. 2. The firm signed a lease on office space for a one-year period starting today. Half of the cash for the entire year was paid today. The remainder will be paid at the end of the lease term. 3. The firm leased a computer for one-year starting next month and will not have to pay any cash until the computer has been in use for three months. 4. One month of the one-year office rental has expired. 5. The owners invested some cash and other assets in the firm. 6. The firm invested some of its surplus cash in office supplies for later use. 7. The firm’s employees were paid for one month’s work except for one employee who specifically requested that the month’s salary be paid to him at a later date.
Image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 8. The firm repaid money to its bank. For simplicity, assume there was no interest. 9. The firm performed consulting services for a client and collected 75% of the cash immediately. The remainder will be received at a later date as agreed upon. Balance Sheet Income Statement Assets Liabilities Owners’ Equity Revenues Expenses Income 1.___________________________ _______________________ 2.___________________________ ______________________ 3.___________________________ _______________________ 4.___________________________ ________________________ 5. __________________________ ________________________ 6.___________________________ _______________________ 7.___________________________ ________________________ 8.____________________________ ________________________ 9.___________________________ ________________________...
View Full Document

  • Summer '06
  • 10:00-10:50
  • Accounting, Balance Sheet, independent fact situations, financial statement relationships, one-year office rental

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern