Exam (elaborations) Accounting 101
Operating Activities -Cash received from customers -Cash paid to suppliers Financing Activities -Cash paid to stockholders (dividends) -Cash received from issuing new common stock Investing Activities -Cash paid to purchase a new office building Costs incurred for advertising Affects: Expense Account Title: Advertising expense Assets received for services performed Affects: Revenue Account Title: Service revenue Costs incurred for insurance Affects: Expense Account Title: Insurance expense Amounts paid to employees Affects: Expense Account Title: Salaries and wages expense Cash distributed to stockholders Affects: Dividends Account Title: Not applicable Assets received in exchange for allowing the use of the company's building Affects: Revenue Account Title: Rent revenue Costs incurred for utilities used Affects: Expense Account Title: Utilities expense Cash purchase of equipment Affects: Does not affect Stockholders' Equity Account Title: Not applicable Cash received from investors Affects: Common stock Account Title: Not applicable Income Statement -Income tax expense -Sales revenue -Cost of goods sold -Interest expense Balance Sheet -Inventory -Accounts payable -Retained earnings -Equipment -Common stock -Accounts receiva
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