The following is a set of transactions for Hoosier corporation for the month of oct 20x1. For each of the following indicate the impact is the transaction on the Balance sheet, income statement, and statement of cash flows for oct 20x1. The first transaction is provided as examples and is correct. Place parenthesis around amount to indicate negative numbers if there is no effect leave the cell blank.
The following is a set of transactions for Hoosier corporation for the month of oct 20x1. For each of the following indicate the impact is the transaction on the Balance sheet, income statement, and statement of cash flows for oct 20x1. The first transaction is provided as examples and is correct. Place parenthesis around amount to indicate negative numbers if there is no effect leave the cell blank.
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter17: Business Tax Credits And The Alternative Minimum Tax
Section: Chapter Questions
Problem 4CE
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The following is a set of transactions for Hoosier corporation for the month of oct 20x1. For each of the following indicate the impact is the transaction on the
Transcribed Image Text:Transaction
Owner invests
$162,000 cash in the
business
Borrowed $10,000
due in five years
Paid October's rent,
$1000
Received cash for
October's services
performed for
customers, $3000
Purchased supplies
on credit in October,
$500
Paid for the supplies
purchased above in
October
Received payments
from customers for
services performed in
January, $1200
Billed customers for
services performed in
October, $7000
Bought land paying
$10,000 cash
Received a bill for
October's utilities,
$250
Accessibility: Investigate
Total
Assets
162,000
}
W
7
Joe collected less than $50 000 cash
Balance Sheet
D
Owners'
Total
Liabilities Equity
162,000
Income
Statement
Net
Income
C
Statement of Cash Flows
Operating Financing Investing
162,000
wwwwww
Focus
9,782
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