- Moray Corporation had the following transaction: Loaned $30,000 to Dead End Corporation, receiving Dead End’s 1-year, 12% note. Classify the transaction by type of cash flow activity (operating, investing, or financing).
- Baltimore Company’s assets and liabilities are Accounts Receivable $800, Equipment $10,000, Accounts Payable $4,850, Prepaid Rent $2,000, Supplies $400, Bank Loan $2,750, and Tools $300. Determine Baltimore’s Total Liabilities.
- Consider the following item found in one of the financial statements of Jie Han, an architect: Furniture. Indicate whether it is an asset, liability, or part of owner’s equity. Also, determine which financial statement – income statement, statement of owner’s equity, or balance sheet – it would be reported on.
- On January 1, Sawyer Company purchased equipment for $30,000. The equipment is expected to have 10 years of useful life. Prepare a Journal Entry to record the acquisition on January 1; and the necessary Adjusting Entry on December 31, its fiscal year-end.
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