EP HORNGREN'S FINAN.+MGRL.ACCT.-ACCESS
7th Edition
ISBN: 9780136516309
Author: MILLER-NOBLES
Publisher: PEARSON CO
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Ken Young and Kim Sherwood organized Reader Direct as a corporation; each contributed $52,675 cash to start the business and
received 4,300 shares. The store completed its first year of operations on December 31, 2020. On that date, the following financial
items for the year were determined: cash on hand and in the bank, $49,150, amounts due from customers from sales of books,
$28,850, property and equipment, $54,750, amounts owed to publishers for books purchased, $8,900; one-year note payable to a
local bank for $4,200. No dividends were declared or paid to the shareholders during the year.
Required:
1. Complete the balance sheet at December 31, 2020:
Total assets
Assets
READER DIRECT
Balance Sheet
At December 31, 2020
$
Total liabilities
Liabilities
Shareholders' equity
Total shareholders equity
0 Total llabilities & shareholders' equity
$
0
0
Richard Hacker is a realtor. He organized his business as a corporation on August 16, 2022. The business received $60,000 cash from Hacker
and issued common stock. Consider the following facts as of August 31, 2022:
(Click the icon to view the facts.)
Read the requirements.
Requirement 1. Prepare the balance sheet of the real estate business of Richard Hacker Realtor, Inc., at August 31, 2022.
First prepare the balance sheet header, then complete the assets section of the statement. Finally, complete the liabilities and stockholders' equity
section of the statement. (Do not classify the balance sheet into current and long-term sections. In the first part complete the assets section of the
balance sheet. In the second part complete the liabilities and stockholders' equity section of the balance sheet. If an input field is not used in the
balance sheet leave the field empty; do not select a label or enter a zero.)
1. A newly founded business performed in their first days of operations, the six transactions
that you can find below. The business was founded on the 20th of July, by a young
entrepreneur, Mr Grey, who wanted to provide typing, copying, and printing services to
the university students in his home city:
a) 20/07/2019: In exchange for his investment of $200,000 cash, the business issued
to Mr Grey 1,000 shares of capital stock.
b) 21/07/2019: Purchased a small building and land for $450,000, paying $165,000
cash and signing a note payable for the balance. The building $210,000 and the land
was considered to be worth $240,000.
c) 22/07/2019: Purchased office equipment for $30,000 from Office Furniture Co.
Paid $17,000 cash and agreed to pay the balance within 60 days.
d) 26/7/2019: Purchased from Auto Ltd. a motorcycle on credit for $3,400 to be used
for making deliveries to customers. Mr Grey agreed to make payment to Auto Ltd.
within 10 days.
e) 27/7/2019 Signed a note payable due in…
Chapter 1 Solutions
EP HORNGREN'S FINAN.+MGRL.ACCT.-ACCESS
Ch. 1 - Prob. 1QCCh. 1 - Prob. 2QCCh. 1 - Prob. 3QCCh. 1 - Prob. 4QCCh. 1 - Prob. 5QCCh. 1 - Which of the following requires accounting...Ch. 1 - At the end of a recent year, Global Cleaning...Ch. 1 - Consider the overall effects on Global Cleaning...Ch. 1 - Assume that Global Cleaning Service performed...Ch. 1 - The balance sheet reports the a. financial...
Ch. 1 - Assume Global Cleaning Service had net income of...Ch. 1 - What is accounting?Ch. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 8RQCh. 1 - Prob. 9RQCh. 1 - Which concept states that accounting information...Ch. 1 - Financial statements in the United States are...Ch. 1 - Prob. 12RQCh. 1 - Prob. 13RQCh. 1 - Prob. 14RQCh. 1 - Prob. 15RQCh. 1 - Prob. 16RQCh. 1 - List the four financial statements. Briefly...Ch. 1 - What is the calculation for return on assets...Ch. 1 - Identifying users of accounting information For...Ch. 1 - Prob. 1.2SECh. 1 - Prob. 1.3SECh. 1 - Prob. 1.4SECh. 1 - Applying accounting assumptions and principles...Ch. 1 - Prob. 1.6SECh. 1 - Prob. 1.7SECh. 1 - Identifying accounts Consider the following...Ch. 1 - Using the accounting equation to analyze...Ch. 1 - Using the accounting equation to analyze...Ch. 1 - Prob. 1.11SECh. 1 - Prob. 1.12SECh. 1 - Prob. 1.13SECh. 1 - Prob. 1.14SECh. 1 - Prob. 1.15SECh. 1 - Prob. 1.16SECh. 1 - Prob. 1.17ECh. 1 - Prob. 1.18ECh. 1 - Prob. 1.19ECh. 1 - Prob. 1.20ECh. 1 - Prob. 1.21ECh. 1 - Prob. 1.22ECh. 1 - Prob. 1.23ECh. 1 - Prob. 1.24ECh. 1 - Using the accounting equation to analyze...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Prob. 1.28ECh. 1 - Prob. 1.29ECh. 1 - Prob. 1.30ECh. 1 - Use the following information to answer Exercises...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Prob. 1.33ECh. 1 - Use the following information to answer Exercises...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Preparing the statement of cash flows For each...Ch. 1 - Prob. 1.38ECh. 1 - Prob. 1.39ECh. 1 - Prob. 1.40ECh. 1 - Prob. 1.41APCh. 1 - Prob. 1.42APCh. 1 - Prob. 1.43APCh. 1 - Prob. 1.44APCh. 1 - Prob. 1.45APCh. 1 - Prob. 1.46APCh. 1 - Prob. 1.47APCh. 1 - Prob. 1.48BPCh. 1 - Prob. 1.49BPCh. 1 - Prob. 1.50BPCh. 1 - Prob. 1.51BPCh. 1 - Prob. 1.52BPCh. 1 - Prob. 1.53BPCh. 1 - Prob. 1.54BPCh. 1 - Prob. 1.55CPCh. 1 - Lets examine a case using Gregs Tunes and Sals...Ch. 1 - The tobacco companies have paid billions because...Ch. 1 - Prob. 1.1CTFC
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