VALUE - FINANCIAL ACCOUNTING LL+ACCESS
9th Edition
ISBN: 9781260796087
Author: Libby
Publisher: MCG
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Textbook Question
Chapter 1, Problem 1.3E
Matching Financial Statement Items to Financial Statement Categories
Tootsie Roll Industries is engaged in the manufacture and sale of candy. Major products include Tootsie Roll, Tootsie Roll Pops. Tootsie Pop Drops. Tootsie Flavor Rolls. Charms, and Blow-Pop lollipops. The following items were listed on Tootsie Roll’s recent income statement and
| _____ (1) Bank loans | _____ (10) Machinery and equipment |
| _____ (2) Selling, marketing, and administrative expenses | _____ (11) Net product sales |
| _____ (3) Accounts payable | _____ (12) Inventories |
| _____ (4) Dividends payable | _____ (13) Trademarks |
| _____ (5) |
_____ (14) Buildings |
| _____ (6) Cash and cash equivalents | _____ (15) Land |
| _____ (7) |
_____ (16) Income taxes payable |
| _____ (8) Provision for income taxes* | _____ (17) Rental and royalty costs |
| _____ (9) Product cost of goods sold | _____ (18) Investments (in other companies) |
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Entity A’s income statement shows a line item described as “Cost of goods sold.” Entity A is most likely aA. service business.B. merchandising business.C. sole proprietorship business.D. partnership business.
Which of the following accounts is increased by a credit?A. CashB. Accounts receivableC. Accounts payableD. Owner’s drawings
At the beginning of the period, the owner’s capital account of a business has a balance of ₱220,000. During the period, the total debits and credits to that account were ₱60,000 and ₱70,000, respectively. How much is the ending balance of the owner’s capital account?
A. 230,000B. 210,000C. 350,000D. 90,000
Analytical case—complete an income statement and balance sheet usingfinancial ratio data Partially completed financial statements for Whittaker, Inc., follow:
WHITTAKER, INC.Income StatementFor the Year Ended December 31, 2014Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ ?Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ?Gross profi t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ ?Operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ?Income from operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ ?Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ?Income…
FINANCIAL STATEMENT ANALYSIS
FINANCIAL INFORMATION
*USE THE DATA BELOW FOR THE CREATION OF HORIZONTAL AND VERTICAL ANALYSIS ONLY
GILAS PILIPINAS STORE INC.
GILAS PILIPINAS STORE INC.
Statement of Comprehensive Income
Statement of Comprehensive Income
For The Year Ended December 31, 2018 and 2019
For The Year Ended December 31, 2018 and 2019
2019
2018
2019
2018
Sales
$ 2,195,000.00
$ 1,960,000.00
Assets
Sales returns and allowances
$ 98,000.00
$ 123,000.00
Current Assets
$ 1,020,000.00
$ 945,000.00
Net Sales
$ 2,097,000.00
$ 1,837,000.00
Plant assets (net)
$ 800,000.00
$ 632,500.00
Cost of goods sold
$ 1,281,000.00
$ 1,140,000.00
Intangible Assets
$ 15,000.00
$ 17,500.00
Gross profit
$ 816,000.00
$ 697,000.00
Total Assets
$ 1,835,000.00
$ 1,595,000.00
Selling…
Chapter 1 Solutions
VALUE - FINANCIAL ACCOUNTING LL+ACCESS
Ch. 1 - Define accounting.Ch. 1 - Briefly distinguish financial accounting from...Ch. 1 - Prob. 3QCh. 1 - Prob. 4QCh. 1 - Prob. 5QCh. 1 - Complete the following: Name of Statement...Ch. 1 - What information should be included in the heading...Ch. 1 - What are the purposes of (a) the income statement,...Ch. 1 - Explain why the income statement and the statement...Ch. 1 - Prob. 10Q
Ch. 1 - Prob. 11QCh. 1 - Explain the equation for the income statement....Ch. 1 - Explain the equation for the balance sheet. Define...Ch. 1 - Explain the equation for the statement of cash...Ch. 1 - Explain the equation for retained earnings....Ch. 1 - The financial statements discussed in this chapter...Ch. 1 - Prob. 17QCh. 1 - Prob. 18QCh. 1 - (Supplement A) Briefly differentiate between a...Ch. 1 - Prob. 20QCh. 1 - Which of the following is not one of the four...Ch. 1 - Prob. 2MCQCh. 1 - Prob. 3MCQCh. 1 - Which of the following regarding retained earnings...Ch. 1 - Which of the following is not one of the four...Ch. 1 - Prob. 6MCQCh. 1 - Prob. 7MCQCh. 1 - Which of the following is true regarding the...Ch. 1 - Prob. 9MCQCh. 1 - Prob. 10MCQCh. 1 - Matching Elements with Financial Statements M1-1...Ch. 1 - Matching Financial Statement Items to Financial...Ch. 1 - Prob. 1.3MECh. 1 - Prob. 1.1ECh. 1 - Matching Financial Statement Items to Financial...Ch. 1 - Matching Financial Statement Items to Financial...Ch. 1 - Preparing a Balance Sheet Honda Motor Corporation...Ch. 1 - Completing a Balance Sheet and Inferring Net...Ch. 1 - Prob. 1.6ECh. 1 - Preparing an Income Statement and Inferring...Ch. 1 - Prob. 1.8ECh. 1 - Inferring Values Using the Income Statement and...Ch. 1 - Inferring Values Using the Income Statement and...Ch. 1 - Preparing an Income Statement and Balance Sheet...Ch. 1 - Preparing an Income Statement and Balance Sheet...Ch. 1 - Preparing a Statement of Stockholders Equity...Ch. 1 - Focus on Cash Flows: Matching Cash Flow Statement...Ch. 1 - Preparing an Income Statement, Statement of...Ch. 1 - Analyzing a Student's Business and Preparing an...Ch. 1 - Comparing Income with Cash Flow (Challenging)...Ch. 1 - Evaluating Data to Support a Loan Application...Ch. 1 - Preparing an Income Statement, Statement of...Ch. 1 - Analyzing a Students Business and Preparing an...Ch. 1 - Prob. 1.3APCh. 1 - Prob. 1.1CONCh. 1 - Finding Financial Information LO1-1 Refer to the...Ch. 1 - Prob. 1.2CPCh. 1 - Comparing Companies within an Industry Refer to...Ch. 1 - Using Financial Reports: Identifying and...Ch. 1 - Prob. 1.5CPCh. 1 - Prob. 1.6CPCh. 1 - Prob. 1.7CP
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