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Brief Exercise 1-3
Indicate in which part of the statement of cash flows each item would appear: operating activities, investing activities, or financing activities.
| (a) | Cash received from customers. | |
| (b) | Cash paid to stockholders (dividends). | |
| (c) | Cash received from issuing new common stock. | |
| (d) | Cash paid to suppliers. | |
| (e) | Cash paid to purchase a new office building. |
Brief Exercise 1-4
Presented below are a number of transactions. Determine whether each transaction affects common stock, dividends, revenue, expense, or does not affect stockholders’ equity. Provide titles for the revenues and expenses. Select Not applicable for account title if neither a revenue nor an expense.
| Transaction | Affects | Account Title | |
| (a) | Costs incurred for advertising. | ||
| (b) | Cash received for services performed. | ||
| (c) | Costs incurred for insurance. | ||
| (d) | Amounts paid to employees. | ||
| (e) | Cash distributed to stockholders. | ||
| (f) | Cash received in exchange for allowing the use of the company’s building. | ||
| (g) | Costs incurred for utilities used. | ||
| (h) | Cash purchase of equipment. | ||
| (i) | Cash received from investors. |
Brief Exercise 1-5
In alphabetical order below are balance sheet items for Kingbird, Inc. at December 31, 2017.
| Accounts payable | $89,700 |
| Accounts receivable | 97,980 |
| Cash | 30,360 |
| Common stock | 24,840 |
| Retained earnings | 13,800 |
Prepare a balance sheet.
Brief Exercise 1-6
Eskimo Pie Corporation markets a broad range of frozen treats, including its famous Eskimo Pie ice cream bars. The following items were taken from a recent income statement and balance sheet.
In each case, identify whether the item would appear on the balance sheet or income statement.
| (a) | Income tax expense. | |
| (b) | Inventory. | |
| (c) | Accounts payable. | |
| (d) | Retained earnings. | |
| (e) | Equipment. | |
| (f) | Sales revenue. | |
| (g) | Cost of goods sold. | |
| (h) | Common stock. | |
| (i) | Accounts receivable. | |
| (j) | Interest expense. |
Brief Exercise 1-7
Indicate which statement you would examine to find each of the following items: income statement, balance sheet, retained earnings statement, or statement of cash flows.
| (a) | Revenue during the period. | |
| (b) | Supplies on hand at the end of the year. | |
| (c) | Cash received from issuing new bonds during the period. | |
| (d) | Total debts outstanding at the end of the period. |
Brief Exercise 1-8
Use the basic accounting equation to answer these questions.
- The liabilities of Lantz Company are $95,300 and the stockholders’ equity is $261,000. What is the amount of Lantz Company’s total assets?
- The total assets of Salley Company are $195,000 and its stockholders’ equity is $87,000. What is the amount of its total liabilities?
- The total assets of Brandon Co. are $810,000 and its liabilities are equal to one-fourth of its total assets. What is the amount of Brandon Co.’s stockholders’ equity?
Exercise 1-3
The Bonita Vista Golf & Country Club details the following accounts in its financial statements. Classify each of the following accounts as an asset, liability, stockholders’ equity, revenue, or expense item.
- Accounts payable
- Accounts receivable
- Equipment
- Sales revenue
- Service revenue
- Inventory
- Mortgage payable
- Supplies expense
- Rent expense
- Salaries and wages expense
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