Exercise 01.01 – Matching (Business Activities)
Financial Accounting
Spiceland, Thomas, and Herrman
05th Edition and 06th Edition
Match the transaction with the business activity.
Match the transaction with the business activity.
Find whether Falcon would report the account as a balance sheet or income statement. Whether it would be an asset, liability, or stockholders’ equity. Whether it would be a revenue or an expense. Whether the transactions are classified as operating, investing, or financing activity.
Find whether Wildcat would report the account as a balance sheet or income statement. Whether it would be an asset, liability, or stockholders’ equity. Whether it would be a revenue or an expense. Whether the transactions are classified as operating, investing, or financing activity.
Calculating net income and stockholders’ equity
Your numbers will vary.
Calculate net loss and stockholder’s equity for Cougar’s Accounting Services.
Your numbers will vary.
Prepare an income statement.
Your numbers will vary.
Prepare the statement of stockholders’ equity.
Your numbers will vary.
Prepare a balance sheet.
Your numbers will vary.
From a list of accounts, prepare a balance sheet.
Your numbers will vary.
Calculate the ending balance of cash, then prepare a statement of cash flows
Your numbers will vary.