M MHE Reader × Rainey Enterprises Loaned $21 https://newconnect.mheducation.com/

Question

M MHE Reader × Rainey Enterprises Loaned $21 https://newconnect.mheducation.com/flow/con X + 1 d Geiting Started nnect.htm O ECON 2100 (Principles. a Amazon Connect-Sign In *Login. Kennesaw Stat. e Acct Project Saved Help Check my work mode : This shows what is correct or incorrect for the work you have completed so far. it does not indicate completion Save & Exit 3 Show the effects of the following transactions in a horizontal staterments. In the Cash Flow column, indicate whether the item is an operating activity (OA), an investing activity (IA), or a financing activity (FA). The letters NA indicate that an element is not affected by the event. Do not round intermediote calculetions. Enter any decreases to account balances and cash outflows with a minus sign) Return to q (1) The loan to Small Co. (2) The adjusting entry at December 31, 2018. (3) The adjusting entry and collection of the note on June 1, 2019 Answer is complete but not entirely correct RAINEY ENTERPRISES Horizontal Statements Model Assets eivable 20,000- Equity Income Statement Date Statement of Cash Flow Interest eceiva Notes Net Cash RevenueExpen vableRetained (20,000)A r00 O o@NA01 16/1/18(20,000) 700 01 700 (700) 212/31/18 rooo! 36//19 500500 500 0500 IA 500 3 20,000 20,000 IA (20,000) Next >

Explanation / Answer

Solution:

Rainey Enterprises Horizontal Statement Model Event Date Assets = Equity Income Statement Statement of cash flows Cash + Notes Receivables + Interest Receivables Retained Earnings Revenue - Expenses = Net Income 1 1-Jun-18 -$20,000.00 $20,000.00 -$20,000.00 IA 2 31-Dec-18 $700.00 $700.00 $700.00 $700.00 $0.00 NA 3 1-Jun-19 $1,200.00 -$700.00 $500.00 $500.00 $500.00 $1,200.00 OA 3 1-Jun-19 $20,000.00 -$20,000.00 $20,000.00 IA

Related Questions

Navigate

• Browse (All)
• Browse M
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.