value 0.00 points Poole Enterprises loaned $40,000 to Boyd Co. on September 1, 2

Question

value 0.00 points Poole Enterprises loaned $40,000 to Boyd Co. on September 1, 2014, for one year at 7 percent interest. Required Show the effects of the following transactions in a horizontal statements. 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 intermediate calculations and round final answers to nearest dollar amount. Enter any decreases to account balances and cash outflows with a minus sign.) (1) The loan to Boyd Co (2) The adjusting entry at December 31, 2014 (3) The adjusting entry, the collection of the principal balance, and the collection of interest on September 1, 2015 POOLE ENTERPRISES Horizontal Statements Model Assets -Equity Income Statement Statement of Cash Flow Date Interest Receivable RetainedRevenue Earnings Cash +Notes ExpenseNet Income Receivable 2. 1231/14

Explanation / Answer

Pool Enterprises Horizental statement Model Assets Equity Income statement Statement of cash flows Date Cash + Notes Receivable + Interest Receivable = Retained earnings Revenue - Expenses = Net Income 9/1/14 -40000 + +40000 + = - = -40000 IA 12/31/14 + + +933.333 = +933.333 - = +933.333 NA NA 9/1/15 + + -933.333 = -933.333 - = -933.333 NA NA 9/1/15 +40000 + -40000 + = - = +40000 IA 9/1/15 +2800 + + = +2800 - = +2800 +2800 IA

Related Questions

Navigate

• Browse (All)
• Browse V
• Subjects

---

---

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