Answered Essay: Transaction Assets Liabilities Stockholders' Equity o. C. ed.

FootCovers, Inc., with headquarters in Beaverton, Oregon, is one of the world’s leading manufacturers of athletic shoes and sports apparel. The following activities occurred during a recent year. The amounts are rounded to millions.

Purchased additional buildings for $188 and equipment for $260; paid $408 in cash and signed a long-term note for the rest.

Issued 90 shares of $2 par value common stock for $350 cash.

Declared $135 in dividends to be paid in the following year.

Purchased additional short-term investments for $7,716 cash.

Several FootCovers investors sold their own stock to other investors on the stock exchange for $90.

Sold $4,213 in short-term investments for $4,213 in cash.

Required:

For each of the events (a) through (f), perform transaction analysis and indicate the account, amount, and direction of the effect (+ for increase and – for decrease) on the accounting equation. Check that the accounting equation remains in balance after each transaction. (If no impact on the accounting equation leave cells blank. Enter your answers in millions.)Transaction Assets Liabilities Stockholders Equity o. C. ed.

Transaction Assets Liabilities Stockholders’ Equity o. C. ed.

Expert Answer

 

Statement Showing Transaction Analysis Amount ($) in Millions
Transaction Assets = Liabilities + Stockholders Equity
(a) Buildings + Equipment + 448 Long Term Note 40
Cash – 408
(b) Cash + 350 Common Stock + 350
(c) Dividends + 135
Dividends Payable – 135
(d) Short Term Investments + 7716
Cash – 7716
(e) Cash + 90 Common Stock – 90
(f) Short Term Investments – 4213
Cash + 4213
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