FINANCIAL & MANAGERIAL ACCT LOOSE LEAF
14th Edition
ISBN: 9781337760898
Author: WARREN
Publisher: CENGAGE LEARNING (CUSTOM)
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Textbook Question
Chapter 1, Problem 1.25EX
Financial statements
We-Sell Realty, organized as a corporation on August 1, 2018, is owned and operated by Omar Farah, the sole stockholder. How many errors can you find in the following statements for We-Sell Realty, prepared after its first month of operations?
We-Sell Realty Income Statement August 31, 2018 | ||
Sales commissions | $140,000 | |
Expenses: | ||
Office salaries expense | $87,000 | |
Rent expense | 18,000 | |
Automobile expense | 7,500 | |
Miscellaneous expense | 2,200 | |
Supplies expense | 1,150 | |
Total expenses | 115,850 | |
Net income | $25,000 |
Omar Farah |
||
Retained earnings, August 1,2018 | $0 | |
Dividends | (10,000) | |
$(10,000) | ||
Issued additional common stock August 1,2018 | 15,000 | |
$5,000 | ||
Net income | 25,000 | |
Retained earnings, August 31, 2018 | $30,000 |
Cash | Assets | $8,900 | ||
Accounts payable | 22,350 | |||
Total assets | $31,250 | |||
Liabilities | ||||
$38,600 | ||||
Supplies | 4,000 |
Stockholders’ Equity | ||
Retained earnings | 30,000 | |
Total liabilities and stockholders’ equity | $72,600 |
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FINANCIAL & MANAGERIAL ACCT LOOSE LEAF
Ch. 1 - Name some users of accounting information.Ch. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - Prob. 4DQCh. 1 - On July 12, Reliable Repair Service extended an...Ch. 1 - Prob. 6DQCh. 1 - Describe the difference between an account...Ch. 1 - A business had revenues of 679,000 and operating...Ch. 1 - Prob. 9DQCh. 1 - The financial statements are interrelated. What...
Ch. 1 - Prob. 1.1BECh. 1 - Prob. 1.2BECh. 1 - Transactions Interstate Delivery Service is owned...Ch. 1 - Income statement The revenues and expenses of...Ch. 1 - Prob. 1.5BECh. 1 - Balance sheet Using the following data for...Ch. 1 - Statement of cash flows A summary of cash flows...Ch. 1 - Types of businesses The following is a list of...Ch. 1 - Prob. 1.2EXCh. 1 - Prob. 1.3EXCh. 1 - Accounting equation The total assets and total...Ch. 1 - Prob. 1.5EXCh. 1 - Accounting equation Determine the missing amount...Ch. 1 - Prob. 1.7EXCh. 1 - Asset, liability, and stockholders equity items...Ch. 1 - Effect of transactions on accounting equation What...Ch. 1 - Effect of transactions on accounting equation A. A...Ch. 1 - Effect of transactions on stockholders equity...Ch. 1 - Transactions The following selected transactions...Ch. 1 - Nature of transactions Teri West operates her own...Ch. 1 - Net income and dividends The income statement for...Ch. 1 - Net income and stockholders equity for four...Ch. 1 - Balance sheet items From the following list of...Ch. 1 - Income statement items From the following list of...Ch. 1 - Prob. 1.18EXCh. 1 - Income statement Imaging Services was organized on...Ch. 1 - Missing amounts from balance sheet and income...Ch. 1 - Balance sheets, net income Financial information...Ch. 1 - Financial statements Each of the following items...Ch. 1 - Statement of cash flows Indicate whether each of...Ch. 1 - Statement of cash flows A summary of cash flows...Ch. 1 - Financial statements We-Sell Realty, organized as...Ch. 1 - Transactions On September 1 of the current year,...Ch. 1 - Financial statements The amounts of the assets and...Ch. 1 - Financial statements Seth Feye established...Ch. 1 - Transactions; financial statements On August 1,...Ch. 1 - Transactions; financial statements DLite Dry...Ch. 1 - Missing amounts from financial statements The...Ch. 1 - Transactions Amy Austin established an insurance...Ch. 1 - Financial statements The amounts of the assets and...Ch. 1 - Financial statements Jose Loder established Bronco...Ch. 1 - Prob. 1.4BPRCh. 1 - Transactions; financial statements Bevs Dry...Ch. 1 - Missing amount from financial statements The...Ch. 1 - Peyton Smith enjoys listening to all types of...Ch. 1 - Prob. 1ADMCh. 1 - Home Depot: Ratio of liabilities to stockholders'...Ch. 1 - Lowes: Ratio of liabilities to stockholders equity...Ch. 1 - Prob. 4ADMCh. 1 - Ethics in Action Marco Brolo is one of three...Ch. 1 - Prob. 1.3TIF
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