Question 1:Part i:a. Define statement of financial positions and its characteristics?b. The balance sheet items of ABC Company as of December 31 2010, are shown below inrandom order. You are to prepare a balance sheet for the company .you must compute theamount for ABC's capital..$10,200210.000Land.Account payable.Account receivableCash$90,00043,80056,70036.300Office equipment.Building..MrA's capital.Notes payable.213.600Requirements:1. Prepare a balance sheet.part ii:The night manager of M SAJJAD LIMO services, who had no accounting background, preparedthe following balance sheet for the company at February 28 2018. The dollar amounts were takendirectly from the company accounting record and are correct. However, the balance sheet containa number of error in its headings, format and the classification of assets, liability and the owner'sequityM.SAJJAD LIMOMANGER'S REPORTSOWNER'S EQUITYASSETSMrSAJJAD's Capital.Cash,Building.AutomobilesLand.$162,000 Account receivable..69,000 Notes payable.80,000 Supplies.$165,000 Land.$90,000 Account payable.$476,000$78,000.288,000$14.000$70.00026,000$476,000Requirements:1. Prepare a corrected balance sheet, included a proper headingsPart iii:.26,100 | Notes payable..$7,450 Notes receivables.189,060 Prop, and equipment..24,630 Red costello, Čapital.Salaries payables.Tents..........Trucks and wagons.Account payable.Account receivable.$180.0009,500$89,580337.230animalsCages.CashCostumes.$9,750.63,000.105,840.?31,500Requirements:Prepare a corrected balance sheet by using these items and computing the amount of cash at June30.organzie your balance sheet item correctly including proper heading.

Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

a. Define statement of financial positions and its characteristics? b. The balance sheet items of ABC Company as of December 31 2010, are shown below in random order. You are to prepare a balance sheet for the company you must compute the amount for ABC's capital. Land.. Account payable. Account receivable.. Cash.. $90,000 |Office equipment.. Building.. MrA's capital. Notes payable. .$10,200 .210,000 .43,800 ..56,700 ..36,300 .213,600 Requirements: 1. Prepare a balance sheet.

a. Define statement of financial positions and its characteristics? b. The balance sheet items of ABC Company as of December 31 2010, are shown below in random order. You are to prepare a balance sheet for the company you must compute the amount for ABC's capital. Land.. Account payable. Account receivable.. Cash.. $90,000 |Office equipment.. Building.. MrA's capital. Notes payable. .$10,200 .210,000 .43,800 ..56,700 ..36,300 .213,600 Requirements: 1. Prepare a balance sheet.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter1: The Role Of Accounting In Business

Section: Chapter Questions

Problem 1.17E: Financial statements Each of the following items is shown in the financial statements of ExxonMobil...

See similar textbooks

Similar questions

Financial statements Each of the following items is shown in the financial statements of ExxonMobil Corporation. Identify the financial statement (balance sheet or income statement) in which each item would appear. a. Accounts payable b. Cash equivalents c. Crude oil inventory d. Equipment e. Exploration expenses f. Income taxes payable g. Investments h. Long-term debt i. Marketable securities j. Notes and loans payable k. Operating expenses l/ Prepaid taxes m. Retained earnings n Sales o Selling expenses
Income statement, retained earnings statement, and balance sheet The following financial data were adapted from a recent annual report of Ta get Corporation (TGT) for the year ending January 31. Instructions Prepare Target’s statement of stockholders’ equity for the year ending January 31. Use the following additional information for the year:
Statement of stockholders’ equity Using the financial data shown in Exercise 2-17 for Big Mountain Realty Inc., prepare a statement of stockholders’ equity for the month ending June 30. 20Y9.
Income statement, retained earnings statement, and balance sheet The following financial data were adapted from a recent annual report of Target Corporation (GT) for the year ending January 31. Instructions Prepare a ba1anc sheet as of January 31
Return on assets The following data (in millions) were adapted from recent financial statements of Tootsie Roll Industries Inc. (TR): What is the percentage of net income to sales for Tootsie Roll? Round to one decimal place.
Return on assets The financial statements of The Hershey Company (HSY) are shown in Exhibits 6 through 9 of this chapter. Based upon these statements, answer the following questions. What is the percentage of net income to sales for Hershey? Round to one decimal place.
Financial statements The assets and liabilities of Global Travel Agency on December 31, 20Y5, and its revenue and expenses for the year are as follows: Common stock was 525,000 and retained earnings was 1,250,000 as of January 1, 20Y5. During the year, additional common stock of 50,000 was issued for cash, and dividends of 90,000 were paid. Instructions 1. Prepare an income statement for the year ended December 31, 20Y5. 2. Prepare a statement of stockholders equity for the year ended December 31, 20Y5. 3. Prepare a balance sheet as of December 31, 20Y5. 4. What items appears on both the statement of stockholders equity and the balance sheet?
Multiple-step income statement and report form of balance sheet The following selected accounts and their current balances appear in the ledger of Prescott Inc. for the fiscal year ended September 30. 20Y8: Instructions Prepare a statement of stockholders’ equity. No common stock was issued during the year.
P2-3 Financial statements The following amounts were taken from the accounting records of Padget Home Services, Inc.. as of December 31, 20Y7. Padget Home Services began its operations on January 1, 20Y7. Instructions Prepare an income statement for the year ending December 31. 2017. Prepare a statement of stockholdessrs equity for the year ending December 31, 2017. Prepare a balance sheet as of December 31, 2017. Prepare a statement of cash flows for the year ending December 31, 2017.
Accounting equation The total assets and total liabilities (in millions) of McDonalds Corporation (MCD) and Star-bucks Corporation (SBUX) follow:
Income statement, retained earnings statement, and balance sheet The following financial data were adapted from a recent annual report of Target Corporation (GT) for the year ending January 31. Instructions Prepare Target’s income statement for the year ending January 31.
Return on assets The following data (in millions) were adapted from recent financial statements of Tootsie Roll Industries Inc. (TR): Using your answers to MBA 1-3, compare the markup percentages and return on assets for Hershey and Tootle Roll.