If possible, please try to keep the format of the answer sheet when answering. I

Question

If possible, please try to keep the format of the answer sheet when answering. It will help me learn the way my professor wants me to. Thank you

Requirement 1. Prepare an analysis of Vedette's transactions, employing the balance sheet equation approach. Show all amounts in millions Enter the events into Vedette Company's accounting equation one transaction at a time. For transaction a, enter the sale on line a1 and the cost of the sale on line a2. Once you have entered all of the events into the accounting equation, calculate the ending balance of each account. (Leave any unused cells blank. Enter decreases with a minus sign or parentheses and leave any unused cells blank. Abbreviations have been used in the heading of the table below.)

Explanation / Answer

1)

Note:- Total assets = Total iiabilties + Total stockholder's equity (Common stock + retained earnings)

2) statement of earnings

Sales = 27

Less; Expenses

Cost of inventory sold 5

Rent and insurance 24

selling and administrative 11

Depreciation expense 9 = 49

Net earnings (loss) = (22)

   Balance sheet

  Assets Total iiabilties and stockholder's equity   

cash 580 A/P 1118

AR 1372 Liab    7841

Inv   1895 Total iiabilties 8959

Assets   5863      stockholder's equity  

PPE 2074 SE 2847

   Earnings (22)

Total assets 11784     Total iiabilties and stockholder's equity      11784   

cash + AR + Inv + Assets + PPE = A/P + Liab + SE Balan. 4/27 648 + 1369 + 1896 + 5815 + 2074 = 1123 + 7832 + 2847 a1 12 + 15 + 0 + 0 + 0 = 0 + 0 + 27 a2 0 + 0 + (5) + 0 + 0 = 0 + 0 + (5) b 0 + 0 + 4 + 0 + 0 = 4 + 0 + 0 c 12 + (12) + 0 + 0 + 0 = 0 + 0 + 0 d (72) + 0 + 0 + 72 + 0 = 0 + 0 + 0 e (9) + 0 + 0 + 0 + 0 = (9) + 0 + 0 f (11) + 0 + 0 + 0 + 0 = 0 + 0 + (11) g 0 + 0 + 0 + (24) + 0 = 0 + 0 + (24) h 0 + 0 + 0 + 0 + 0 = 0 + 9 + (9) Total 580 + 1372 + 1895 + 5863 + 2074 = 1118 + 7841 + 2825

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