Bundle: Using Financial Accounting Information: The Alternative to Debits and Credits, Loose-Leaf Version, 10th + CengageNOWv2, 1 term Printed Access Card
10th Edition
ISBN: 9781337491471
Author: Gary A. Porter, Curtis L. Norton
Publisher: Cengage Learning
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Chapter 1, Problem 1.9E
To determine
Concept Introduction:
Financial statements are summarized financial information of a particular period. A set of financial statements include
To identify: the type of financial statement and account.
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Financial Statement Preparation Assignment
Required:
Prepare a statement of financial position, multi-step income statement and statement of retained earnings in proper financial statement format for Marmidan Corporation Inc. for the year ended December 31, 2015 from the company’s pre-closing trial balance below. Marmidan Corporation Inc. is a private corporation that was incorporated on January 1, 2015.
Debit Credit
Prepaid expenses $ 25,693
Land (cost) 120,000
Building (cost) 149,398
Accrued liabilities 37,100
Sales…
The following are the accounts of JRA Ltd. a company that manufactures playground equipment, for the year ended 30 November 2015 and 2016.
STATEMENTS OF INCOME 2016 2015
GHC GHC
Profit before interest and tax 13,200 9,420
Interest Expense 1,020 900
Profit before tax 12, 180 8,520
Taxation 4,380 3, 120
Profit after tax 7,800 5,400
Dividend 1,500 1,500
Retained Profit 6,300 3,900…
Lansing Company’s 2018 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2017 and 2018, follow.
LANSING COMPANYIncome StatementFor Year Ended December 31, 2018
Sales revenue
$
100,200
Expenses
Cost of goods sold
43,000
Depreciation expense
12,500
Salaries expense
19,000
Rent expense
9,100
Insurance expense
3,900
Interest expense
3,700
Utilities expense
2,900
Net income
$
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LANSING COMPANYSelected Balance Sheet Accounts
At December 31
2018
2017
Accounts receivable
$
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$
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Inventory
2,080
1,590
Accounts payable
4,500
4,800
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900
710
Utilities payable
240
170
Prepaid insurance
270
300
Prepaid rent
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190
Required:Prepare the cash flows from operating activities section only of the company’s 2018 statement of cash flows using the direct method. (Amounts to be…
Chapter 1 Solutions
Bundle: Using Financial Accounting Information: The Alternative to Debits and Credits, Loose-Leaf Version, 10th + CengageNOWv2, 1 term Printed Access Card
Ch. 1 - Prob. 1.1ECh. 1 - Prob. 1.2ECh. 1 - Prob. 1.3ECh. 1 - Prob. 1.4.1ECh. 1 - Prob. 1.4.2ECh. 1 - Prob. 1.4.3ECh. 1 - Prob. 1.4.4ECh. 1 - Prob. 1.5.1ECh. 1 - Prob. 1.5.2ECh. 1 - Prob. 1.5.3E
Ch. 1 - Changes in Owners’ Equity The following amounts...Ch. 1 - Prob. 1.6.2ECh. 1 - Prob. 1.6.3ECh. 1 - Prob. 1.7ECh. 1 - Prob. 1.8ECh. 1 - Prob. 1.9ECh. 1 - Prob. 1.10.1ECh. 1 - Prob. 1.10.2ECh. 1 - Prob. 1.10.3ECh. 1 - Prob. 1.10.4ECh. 1 - Prob. 1.10.5ECh. 1 - Prob. 1.10.6ECh. 1 - Prob. 1.11ECh. 1 - Prob. 1.12ECh. 1 - Prob. 1.13ECh. 1 - Prob. 1.14ECh. 1 - Prob. 1.15MCECh. 1 - Prob. 1.16MCECh. 1 - Prob. 1.1PCh. 1 - Prob. 1.2PCh. 1 - Prob. 1.3PCh. 1 - Prob. 1.4.1PCh. 1 - Prob. 1.4.2PCh. 1 - Prob. 1.5.1PCh. 1 - Prob. 1.5.2PCh. 1 - Prob. 1.5.3PCh. 1 - Prob. 1.5.4PCh. 1 - Prob. 1.6.1PCh. 1 - Prob. 1.6.2PCh. 1 - Income Statement and Balance Sheet Green Bay...Ch. 1 - Prob. 1.7.1PCh. 1 - Prob. 1.7.2PCh. 1 - Prob. 1.7.3PCh. 1 - Prob. 1.7.4PCh. 1 - Prob. 1.8.1PCh. 1 - Prob. 1.8.2PCh. 1 - Prob. 1.9PCh. 1 - Prob. 1.10MCPCh. 1 - Prob. 1.1AAPCh. 1 - Prob. 1.2AAPCh. 1 - Prob. 1.3AAPCh. 1 - Prob. 1.4AAPCh. 1 - Prob. 1.5AAPCh. 1 - Prob. 1.5.1AAPCh. 1 - Prob. 1.5.2AAPCh. 1 - Prob. 1.5.3AAPCh. 1 - Prob. 1.5.4AAPCh. 1 - Prob. 1.6.1AAPCh. 1 - Prob. 1.6.2AAPCh. 1 - Prob. 1.6.3AAPCh. 1 - Prob. 1.7.1AAPCh. 1 - Prob. 1.7.2AAPCh. 1 - Prob. 1.7.3AAPCh. 1 - Prob. 1.7.4AAPCh. 1 - Prob. 1.8.1AAPCh. 1 - Prob. 1.8.2AAPCh. 1 - Prob. 1.9AAPCh. 1 - Prob. 1.10AAMCP
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