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  • Quiz 1 - Accounting: Instructions: Write The Number of Each Item in The Appropriate Section(s) of The Appropriate

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    Jamie Woods
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    A food network special highlights your amazing food and sales increase greatly. To make time for your family, you decide not to open the food cart on weekends anymore. A food inspector fails you, causing you to spend cash cleaning your food cart. Seeing your business is failing, you sell your food truck and equipment for cash.

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    EC314AccountingQuizQ1-041812

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    A food network special highlights your amazing food and sales increase greatly. To make time for your family, you decide not to open the food cart on weekends anymore. A food inspector fails you, causing you to spend cash cleaning your food cart. Seeing your business is failing, you sell your food truck and equipment for cash.

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    Download as PDF, TXT or read online from Scribd
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    29 views1 page

    Quiz 1 - Accounting: Instructions: Write The Number of Each Item in The Appropriate Section(s) of The Appropriate

    Uploaded by

    Jamie Woods
    A food network special highlights your amazing food and sales increase greatly. To make time for your family, you decide not to open the food cart on weekends anymore. A food inspector fails you, causing you to spend cash cleaning your food cart. Seeing your business is failing, you sell your food truck and equipment for cash.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    Quiz 1 - Accounting
    Instructions: Write the number of each item in the appropriate section(s) of the appropriate financial statements below and indicate whether it is an increase or decrease. Income Statement Balance Sheet Cash Flow Operating Revenue: Assets: Operations:

    Investment: Liabilities: Operating Expenses:

    Finance: Taxable Income: Owner Equity: Net Cash Flow: Net Income:

    You are the owner of a Portland Food Cart. 1. A food network special highlights your amazing food and sales increase greatly. 2. Your business partner decides he hates food carts so you buy out his share with cash. 2. You buy food cart supplies from a wholesaler on credit. 4. To make time for your family, you decide to not open the food cart on weekends anymore. 5. A food inspector fails you, causing you to spend cash cleaning your food cart and purchasing a new operating permit. 6. Regular customers hear about your dirty sanitation problems and decide to eat elsewhere, causing sales to fall. 7. Seeing your business is failing, you sell your food truck and equipment for cash. 8. You pay off a zero interest loan from your parents with cash while considering what your next business venture might be.

    New Revenue Asset Definitions

    Balance Sheet MUST balance!

    Sign Conventions

    Cash Flow Echo

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