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  • Quiz 1 - Accounting: Instructions: Write The Number of Each Item in The Appropriate Section(s) of The Appropriate

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    Jamie Woods
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    The document provides a quiz with instructions to categorize 8 items related to a free-range earthworm farm business into the appropriate sections of the 3 main financial statements: income statement, balance sheet, and cash flow statement. The items include taking out a loan, firing employees, issuing stock, making a loan payment, purchasing equipment, increased sales from publicity, renting additional land, and lowering prices. The summary must be completed by indicating if each item increases or decreases the relevant section and writing the number in the appropriate place.

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    EC314-AccountingQ1-04302012

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    The document provides a quiz with instructions to categorize 8 items related to a free-range earthworm farm business into the appropriate sections of the 3 main financial statements: income statement, balance sheet, and cash flow statement. The items include taking out a loan, firing employees, issuing stock, making a loan payment, purchasing equipment, increased sales from publicity, renting additional land, and lowering prices. The summary must be completed by indicating if each item increases or decreases the relevant section and writing the number in the appropriate place.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    25 views1 page

    Quiz 1 - Accounting: Instructions: Write The Number of Each Item in The Appropriate Section(s) of The Appropriate

    Uploaded by

    Jamie Woods
    The document provides a quiz with instructions to categorize 8 items related to a free-range earthworm farm business into the appropriate sections of the 3 main financial statements: income statement, balance sheet, and cash flow statement. The items include taking out a loan, firing employees, issuing stock, making a loan payment, purchasing equipment, increased sales from publicity, renting additional land, and lowering prices. The summary must be completed by indicating if each item increases or decreases the relevant section and writing the number in the appropriate place.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
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    Quiz 1 - Accounting
    Instructions: Write the number of each item in the appropriate section(s) of the appropriate financial statements below and indicate whether it is an increase or decrease. Income Statement Balance Sheet Cash Flow Operating Revenue: Assets: Operations:

    Investment: Liabilities: Operating Expenses:

    Finance: Taxable Income: Owner Equity:

    Net Cash Flow: Net Income:

    You own a free-range earthworm farm that produces and sells organic fertilizer and earthworms. 1. You decide to take out a loan in order to have extra cash on hand (interest free) 2. You fire two of the earthworm farmers on your payroll; they weren't doing anything productive anyway. 3. Your company issues 5,500 shares of stock. 4. You make a payment on your loan (interest free) 5. You purchase a new hybrid-electric tractor for the company with a credit card. 6. The Oregonian features your company in editorial on environmentally conscious businesses, and sales of your fertilizer and earthworms increase as a result! 7. You decide to expand your operation so you rent out the empty lot next door to your current location (month-to-month agreement, no lease). 8. Competitive pressure forces you to lower your fertilizer prices to keep sales volume constant.

    New Revenue Asset Definitions

    Balance Sheet MUST balance!

    Sign Conventions

    Cash Flow Echo

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