ACCT 200 Lecture 5 Outline of Last Lecture I Controls II Some reminders III Ch 2 homework Outline of Current Lecture A review of Chapter 2 homework I Problem E2 6 II Problem E2 7 III Problem E 2 17 IV Problem E2 19 V Problem E2 20 Current Lecture I II Problem E 2 6 a No effect increase cash increase liabilities b No effect decrease cash decrease liabilities c Increase increase cash increase revenues d No effect increase equipment asset decrease cash asset e Decrease decrease cash increase dividends f Decrease decrease cash increase expense g Decrease decrease cash increase expense h Increase i Increase decrease cash increase expense j Decrease decrease cash increase expense Problem E2 7 a Increase assets increase stockholders equity b Decrease assets decrease owners equity c Increase assets increase liabilities d Increase assets owners equity These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute III IV V VI e Increase assets land decrease assets cash Income Statement Problem E2 17 a Interest expense 2000 b Misc expense 3000 c Rent expense 5000 d Salary expense 75000 e Commissions 145000 f Utility expense 15000 g Total Expense 100000 h Net Income 45000 RE Statement Problem 2 18 a Beginning RE 0 b net income 45000 c available RE 45000 d dividends 10000 e ending RE 35000 Balance Sheet Problem E2 19 a Assets i Cash 53000 ii Land 42000 iii Total 95000 b Liabilities i Notes payable 35000 c Owners Equity i Capital stock 25000 ii RE 35000 d Total Liability and Owners Equity 95000 Statement of Cash Flows Problem E2 20 a Operating cash 45000 b Investing 42000 c Financing 50000 d Ending cash 53000
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