Find what is the amount of total assets at the end of period

Reference no: EM131893107

Problem

Justin Swords started a small merchandising business in 2014. The business experienced the following events during its first year of operation. Assume that Swords uses the perpetual inventory system.

1. Acquired $55,000 cash from the issue of common stock.
2. Purchased inventory for $33,000 cash.
3. Sold inventory costing $23,000 for $35,000 cash.

Required

a. Record the events in a statements model like the one shown below. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, NC for net change in cash and NA to indicate the element is not affected by the event. The first event is recorded as an example.(Enter any decreases to account balances and cash outflows with a minus sign.)

b. Prepare an income statement for 2014 (use the multistep format).

c. What is the amount of total assets at the end of the period?

Reference no: EM131893107

Questions Cloud

How can the assignment of overhead costs affect : Discuss the method you have chosen and include some advantages and disadvantages of this method.

How do you think that this is a threat to the resturant : Panera Bread has very limited resturants within the US and Canada. How do you think that this is a threat to the resturant?

Identify the driving forces behind each identified use : Identify four distinct uses of information technology in the healthcare industry. Identify the driving forces behind each identified use of technology.

Explain the different aspects of management : Below are three different aspects of management, all of which require the role of an agent of change. Human Resource Management, Sustainability.

Find what is the amount of total assets at the end of period : Prepare an income statement for 2014 (use the multistep format). What is the amount of total assets at the end of the period?

What types of security issues might ups encounter : Why do you think UPS is embracing sustainable technologies? What types of security issues might UPS encounter with the tracking technology it has placed.

Design a continuous process for mass producing paper : Design a continuous process for mass producing paper. Assume pulp has already been made. Draw the process flow diagram.

What is kabuo and melindas year one gross income : Kabuo and Melinda got married on December 15, year 1. If Kabuo and Melinda choose to file jointly, what is their year 1 gross income?

Explain how you would lobby your legislators for funds : Explain how you would lobby your legislators or local government for funds to support your issue or trend .

User Account

All Pages