Debit (P) Credit (P) 27500 Particulars Advertsing expense Accounts payable Accounts receivable Accumulated depreciation - Building Accumulated depreciation - Equipment Building Cash 40000 65000 70000 65000 440000 90000 Christian capital Christian drawing Equipment 714000 90000 240000 40000 180000 27000 Land Merchandise inventory Miscellaneous expense Notes payable Prepaid insurance Purchases Purchase discount Purchase return Sales Salaries expense Sales returns and allowances Supplies 15000 2000 515000 5000 4000 992500 200000 6000 9000 Telecommunication expense Transportation expense Unearned revenue Utilities expense 12500 1500 100000 60000 Totals 2005500 2005500

Debit (P) Credit (P) 27500 Particulars Advertsing expense Accounts payable Accounts receivable Accumulated depreciation - Building Accumulated depreciation - Equipment Building Cash 40000 65000 70000 65000 440000 90000 Christian capital Christian drawing Equipment 714000 90000 240000 40000 180000 27000 Land Merchandise inventory Miscellaneous expense Notes payable Prepaid insurance Purchases Purchase discount Purchase return Sales Salaries expense Sales returns and allowances Supplies 15000 2000 515000 5000 4000 992500 200000 6000 9000 Telecommunication expense Transportation expense Unearned revenue Utilities expense 12500 1500 100000 60000 Totals 2005500 2005500

Name: Prepare Statement of Income (Multi Step) and Statement of Changes in E
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Description: Prepare Statement of Income (Multi Step) and Statement of Changes in Equity, ParticularsAdvertsing expenseAccounts payableAccounts receivableAccumulated depreciation - BuildingAccumulated depreciation - EquipmentBuildingDebit (P) Credit (P)2750040000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Common-size Balance Sheet. Explain what it is and why it is used inbusiness. Prepare common-size balance sheet for Target with the infoprovided below. Assets CashAccounts receivableInventoryOther current assetsTotal current assetsGross plant and equipmentAccumulated depreciationNet plant and equipmentLong-term investmentsGoodwill, trademarks, andother intangible assetsTotal assets $ Dec 31, 2022$20,2684,8733.2772,886$31,304$25,032-10,065$14,96711,512 32,272 $90,055
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Please prepare a cost by nature/expense by nature income statement for the following points. In particular please explain whether point a) (first point) should be included in the income statement. In point a), Is there sufficient information for write-off expenses to be recorded in the income statement and should write-off of assets be included in the income statement? a) Write off (in minus) of short-term financial assets 9 000b) Other costs by nature 4 000c) Change in inventories of traded goods + 2 000d) Revenue from sale of building 50 000e) Income tax 10%f) Revenue from sale of traded goods 12 000g) Retained profits from previous years 10 000h) Accumulated depreciation of building 49 000i) Historical cost of building 102 000
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