Accouting 5205 Survey of Accounting, Fifth edition by Edmonds ISBN: 978130707847

Question

Accouting 5205

Survey of Accounting, Fifth edition by Edmonds ISBN: 9781307078473

After completing Chapter 5, identify the following Events 1-4 based on Exercise 5-5. Identify the impact on the accouting equation, if and how it affects net income and if and how it affects cash. With your answers, you need to explain your reasoning and how you solved the problem. This is especially important for Events 3 and 4 because they involve contra-asset accounting. Do NOT follow the instructions in the texbook. Complete the question based on the example above.

Explanation / Answer

Event No Assets = Liab. + Equity Rev. - Exp. = Net Inc. Cash Flow 1 + NA + + NA + NA 2 NA NA NA NA NA NA OA 3 - NA - NA + - NA 4 NA + - NA + - NA

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