Chapter 1, Problem 1.18E

This is not graded. Thank you for your help.

Please tell me all the formulas of these type of questions. Please help me. I think i'm failing accounting. and forgot how to do this. Show ALL solutions + formulas. Don't just give me the answers. Apparently there is both ways to solve the question , using PV tables or the financial calculator.  What should I know for these questions?

Hi I asked this question previously and the individual did not explain things clearly. For instance he provided the I'm guessing standard method of finding a missing amount on a certain type of T-Account but then would turn around and solve it using a different method. I am posting the response that were not clear below. If you could tell me what the actual method is and if there exceptions and if so what those are.Answer #1 I needed the BEGINNING balance of a debit account. As you can see the response below the individual provided a formula that included the BB which is UNKOWN because that is WHAT I NEED. At the bottom they change around the equation to come to the answer. So what is the proper way???Part-1. Begining balance of cash account is missing. The cash account is having a debit balance always. The formula for Cash account is as under:Ending balance of Cash Account = Begining Balance of cash account + All debits - All creditsHere,Ending Balance of cash = 9800All debits…

Elaborate and discuss the following quetions 1. While you are working as a bookkeeper in retail company, Sage 50 is giving you a warning message that the customer has exceeded his credit limit. What would you do? How would you advice your manager as a professional? 2. What is overdraft and how does it happen? 3. What is a Cash Flow Report? What does it help us? 4. Explain the concept of aging in customer accounts? 5. How do you record a Senior's Discount?

Henry Josstick has just started his first accounting course and has prepared the following balance sheet and income statement for Omega Corp. Unfortunately, although the data for the individual items are correct, he is very confused as to whether an item should go in the balance sheet or income statement and whether it is an asset or liability.   BALANCE SHEET Payables $ 39   Inventories $ 54   Less accumulated depreciation   124   Receivables   55   Total current assets       Total current liabilities       Long-term debt $ 370   Interest expense $ 29   Property, plant, and equipment   540   Total liabilities       Net fixed assets       Shareholders’ equity $ 106   Total assets       Total liabilities and shareholders’ equity           INCOME STATEMENT Net sales $ 740   Cost of goods sold   600   Selling, general, and administrative expenses   42   EBIT       Debt due for repayment $ 29   Cash   19   Taxable income       Taxes $ 19…

i answered some but i'm not sure if they are right. please correct if wrong and filling the missing boxes.

Henry Josstick has just started his first accounting course and has prepared the following balance sheet and income statement for Omega Corporation. Unfortunately, although the data for the individual items are correct, he is very confused as to whether an item should go in the balance sheet or income statement and whether it is an asset or liability. BALANCE SHEET Payables $ 44 Inventories $ 59 Less accumulated depreciation 129 Receivables 80 Total current assets   Total current liabilities   Long-term debt $ 395 Interest expense $ 34 Property, plant, and equipment 565 Total liabilities   Net fixed assets   Shareholders’ equity $ 126 Total assets   Total liabilities and shareholders’ equity   INCOME STATEMENT Net sales $ 790 Cost of goods sold 625 Selling, general, and administrative expenses 47 EBIT   Debt due for repayment $ 34 Cash 24 Taxable income   Federal plus other taxes $ 24 Depreciation 21 Net income   Prepare the balance sheet…

4. In your Workbook, complete each of the following statements with either the word "debit" or the word "credit." A. The Bank account normally has a B. A revenue account normally has a C. An expense account normally has a D. Paying a creditor involves a E. The Drawings account receives a money for personal use. F. A lawyer gives a cash refund to a customer. The Bank account will balance. balance. balance. entry to the creditor's account. entry when the owner withdraws receive a entry and the Revenue account will receive a entry. G. Supplies are bought on credit. The Supplies account will receive a entry and the supplier's account payable will receive a, H. The Drawings account will not normally receive. I. An increase in equity can be thought of as a J. Net income can be thought of as a K. Net loss can be thought of as a L. The owner takes a computer from the business for his personal (perma- nent) use. The Drawings account will receive a entry. entries. to the Capital account. to the…

What Would You Say? A fellow accounting student has difficulty understanding how the fundamental accounting equation stays in balance when a compound entry with one debit and two credits is recorded. Consider, for example, that a business bought equipment for 7,000, paid 3,000 in cash, and placed the remainder on account. This means that there are two credits and one debitone debit and one credit on the left side of the equation and the other credit on the right side of the equation. Explain to your fellow student how the equation stays in balance.