For each Financial Transaction for Zorus Company below, identify the effect on the Balance Sheet, Income...
For each Financial Transaction for Zorus Company below, identify the effect on the Balance Sheet, Income Statement and Statement of Cash Flows. If a transaction does not effect a statement(s), then answer “N/A.” (1/2 point for each of the three statements.) Identify if the transaction on the statement of cash flows is an Operating activity (OA), Investing activity (IA) or a Financing Activity (FA) 1. A company borrows money and issues a note payable on Feb. 5 in the amount of $125,000.
- A company borrows money and issues a note payable on Feb. 5 in the amount of $125,000.
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Assets |
= |
Liabilities |
+ |
Stockholders' Equity |
Statement of Cash Flow |
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= |
+ |
Common Stock |
+ |
Retained Earnings |
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REV |
- |
EXP |
- |
DIV |
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= |
+ |
+ |
- |
- |
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Assets
=
Liabilities
+
Stockholders' Equity
Statement of Cash Flow
=
+
Common Stock
+
Retained Earnings
REV
-
EXP
-
DIV
Homework Answers
| Assets | = | Liabilities | + | Stockholder's Equity | Statement of Cash flows | ||||||||||||||||
| Cash | = | Note payable | + | Common Stock | + | Retained earnings | |||||||||||||||
| Rev | - | Exp | - | Div | |||||||||||||||||
| 125,000 | = | 125,000 | - | - | 125,000 Financing activities | ||||||||||||||||
| = | |||||||||||||||||||||
$125,000 borrowed by issuing note payable will have the following affects :
--- Assets will increase in the form of cash by $125,000.
--- Liabilities will increase in the form of note payable by $125,000
--- Note payable will be shown as cash inflow in the financing activities section of statement of cash flows.
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