[The following information applies to the questions displayed below.] rev: 03-01

Question

[The following information applies to the questions displayed below.]

rev: 03-01-2011

1.

value:
15.00 points

Required information

Show the effects of the above transactions in a horizontal statements model like the one shown below. When you record amounts in the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), financing activity (FA), or Net Cash (NC). The letters NA indicate that an element is not affected by the event. (Round your final answers to the nearest dollar amount. Negative amounts should be indicated with a minus sign. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)

  

  

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WorksheetLearning Objective: 05-2

Difficulty: HardLearning Objective: 05-4

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2.

value:
15.00 points

Required information

Prepare the income statement, balance sheet, and statement of cash flows for 2010. (Round your final answers to the nearest dollar amount. Amounts in parentheses do not require a minus sign in front of them. Be sure to list the expenses on the income statement in order of their magnitude. Be sure to list the assets and liabilities in order of their liquidity. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)

      

  

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[The following information applies to the questions displayed below.]

Explanation / Answer

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Baker Co. Horizontal Statement Model Balance Sheet Income Statement Statement of Cash Flows Event Assets = Equity Rev. – Exp. = Net Inc. Cash Accts. Rec. Allow Notes Rec. Int. Rec. = Com. Stock Ret. Earn.     1. 180000 180000 64327 0 FA     2. 102000 102000 102000 NA     3. 88000 -88000 0 OA     4. -13000 13000 0 IA     5. -34000 34000 -34000    OA     6. -3000    3000 -3000 FA     7.1 347 347 347 NA     8.2 -1020 1020 -1020 NA    Tot. 218000 12980 0 13000 347 = 180000 64327 102347 – 38020 = 64327 NC

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