ACCT.PRINCIPLES (LL)-PACKAGE
14th Edition
ISBN: 9781119707103
Author: Weygandt
Publisher: WILEY
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Chapter 1, Problem 1EYCT
a.
To determine
Concept Introduction:
Every business prepares four financial statements from the summarized accounting data, at the end of the accounting period. These financial statements include statements like an income statement that presents revenue, expenses, net income or loss, and a balance sheet that shows the financial position of the company.
The total assets on September 26, 2015 and on September 17, 2014 for Company A.
b.
To determine
Concept Introduction:
Every business prepares four financial statements from the summarized accounting data, at the end of the accounting period. These financial statements include statements like an income statement that presents revenue, expenses, net income or loss, and a balance sheet that shows the financial position of the company.
Cash and cash equivalents that Company “A” have on September 26, 2015.
c.
To determine
Concept Introduction:
Every business prepares four financial statements from the summarized accounting data, at the end of the accounting period. These financial statements include statements like an income statement that presents revenue, expenses, net income or loss, and a balance sheet that shows the financial position of the company.
The amount of account payable that company “A” reports on September 26, 2015 and September 17, 2014.
d.
To determine
Concept Introduction:
Every business prepares four financial statements from the summarized accounting data, at the end of the accounting period. These financial statements include statements like an income statement that presents revenue, expenses, and net income or loss, and a balance sheet that shows the financial position of the company.
The amount of net sales reported in 2013, 2014, and 2015.
e.
To determine
Concept Introduction:
Every business prepares four financial statements from the summarized accounting data, at the end of the accounting period. These financial statements include statements like an income statement that presents revenue, expenses, and net income or loss, and a balance sheet that shows the financial position of the company.
The amount of changes in A’s net income from 2014 to 2015.
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Required information
[The following information applies to the questions displayed below.] Simon Company’s year-end balance sheets follow.
At December 31
2017
2016
2015
Assets
Cash
$
31,800
$
35,625
$
37,800
Accounts receivable, net
89,500
62,500
50,200
Merchandise inventory
112,500
82,500
54,000
Prepaid expenses
10,700
9,375
5,000
Plant assets, net
278,500
255,000
230,500
Total assets
$
523,000
$
445,000
$
377,500
Liabilities and Equity
Accounts payable
$
129,900
$
75,250
$
51,250
Long-term notes payable secured bymortgages on plant assets
98,500
101,500
83,500
Common stock, $10 par value
163,500
163,500
163,500
Retained earnings
131,100
104,750
79,250
Total liabilities and equity
$
523,000
$
445,000
$
377,500
The company’s income statements for the years ended December 31, 2017 and 2016, follow. Assume…
Required information
[The following information applies to the questions displayed below.] Simon Company’s year-end balance sheets follow.
At December 31
2017
2016
2015
Assets
Cash
$
31,800
$
35,625
$
37,800
Accounts receivable, net
89,500
62,500
50,200
Merchandise inventory
112,500
82,500
54,000
Prepaid expenses
10,700
9,375
5,000
Plant assets, net
278,500
255,000
230,500
Total assets
$
523,000
$
445,000
$
377,500
Liabilities and Equity
Accounts payable
$
129,900
$
75,250
$
51,250
Long-term notes payable secured bymortgages on plant assets
98,500
101,500
83,500
Common stock, $10 par value
163,500
163,500
163,500
Retained earnings
131,100
104,750
79,250
Total liabilities and equity
$
523,000
$
445,000
$
377,500
The company’s income statements for the years ended December 31, 2017 and 2016, follow. Assume…
Required information
[The following information applies to the questions displayed below.] Simon Company’s year-end balance sheets follow.
At December 31
2017
2016
2015
Assets
Cash
$
31,800
$
35,625
$
37,800
Accounts receivable, net
89,500
62,500
50,200
Merchandise inventory
112,500
82,500
54,000
Prepaid expenses
10,700
9,375
5,000
Plant assets, net
278,500
255,000
230,500
Total assets
$
523,000
$
445,000
$
377,500
Liabilities and Equity
Accounts payable
$
129,900
$
75,250
$
51,250
Long-term notes payable secured bymortgages on plant assets
98,500
101,500
83,500
Common stock, $10 par value
163,500
163,500
163,500
Retained earnings
131,100
104,750
79,250
Total liabilities and equity
$
523,000
$
445,000
$
377,500
The company’s income statements for the years ended December 31, 2017 and 2016, follow. Assume…
Chapter 1 Solutions
ACCT.PRINCIPLES (LL)-PACKAGE
Ch. 1 - Prob. 1QCh. 1 - Prob. 2QCh. 1 - Prob. 3QCh. 1 - 4. What uses of financial accounting information...Ch. 1 - Prob. 5QCh. 1 - Prob. 6QCh. 1 - 7. What is the monetary unit assumption?
Ch. 1 - 8. What is the economic entity assumption?
Ch. 1 - Prob. 9QCh. 1 - Prob. 10Q
Ch. 1 - 11. What is basic accounting equation?
Ch. 1 - Prob. 12QCh. 1 - 13. Which of the following items are liabilities...Ch. 1 - 14. Can a business enter into a transaction in...Ch. 1 - 15. Are the following events recorded in the...Ch. 1 - 16. Indicate how the following business...Ch. 1 - Prob. 17QCh. 1 - Prob. 19QCh. 1 - Bayler Enterprises had a capital balance of...Ch. 1 - 21. Summarized operations for Bayles Co. for the...Ch. 1 - Prob. 22QCh. 1 - BE1-1 Presented below is the basic accounting...Ch. 1 - BE 1-3 At the beginning of the year, Gilles...Ch. 1 - BE1-4 Use the expanded accounting equation to...Ch. 1 - BE1-5 Indicate whether each of the following items...Ch. 1 - BE1-8 Classify each of the following items as...Ch. 1 - BE1-6 Presented below are three business...Ch. 1 - BE1-7 Follow the same format as in BE1-6....Ch. 1 - BE 1 - 9 Presented below are three transactions....Ch. 1 - BE1-11 Indicate whether the following items would...Ch. 1 - Prob. 1DIECh. 1 - Indicate whether each of the five statements...Ch. 1 - Prob. 3DIECh. 1 - Prob. 4DIECh. 1 - Presented below is selected information related to...Ch. 1 - Prob. 1ECh. 1 - E1-2 (a) The following are users of financial...Ch. 1 - E1-3 Angela Duffy, president of Duffy Company, has...Ch. 1 - E1-4 The following situations involve accounting...Ch. 1 - E1-5 Diehl Cleaners has the following balance...Ch. 1 - E1-6 Selected transactions for Green Valley Lawn...Ch. 1 - E1-8 An analysis of the transactions made by...Ch. 1 - Saira Morrow is the sole owner of Buena Vista...Ch. 1 - P1-1A On April 1, Julie Spengel established...Ch. 1 - Prob. 3PSACh. 1 - Prob. 4PSACh. 1 - P1-5A Financial statement information about four...Ch. 1 - CC1 Natalie Koebel spent much of her childhood...Ch. 1 - Prob. 1ECCh. 1 - Prob. 1EYCTCh. 1 - Prob. 2EYCTCh. 1 - Prob. 5EYCTCh. 1 - Prob. 1ISTQCh. 1 - Prob. 2ISTQCh. 1 - Prob. 1IFRSPCh. 1 - Prob. 2IFRSP
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