FINANCIAL ACCT(HARDBK)+MYACCTGLAB>ICB<
W20 Edition
ISBN: 9780136615583
Author: REIMERS
Publisher: PEARSON C
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Chapter 1, Problem 1FSA
1.
To determine
Identify the date which is the most recent fiscal year end of Incorporation A.
2.
To determine
Identify whether Incorporation A earned a net income or net loss in its most recent fiscal year.
3.
To determine
Identify whether the company has raised any capital contribution during the most recent fiscal year.
4.
To determine
Determine whether Incorporation A purchased or sold any property, plant, or equipment during its most recent fiscal year.
5.
To determine
Determine whether Incorporation A has any debt in its last day of the most recent fiscal year.
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The purpose of this assignment is for you to demonstrate your ability to record business transactions and then prepare a properly formatted income statement and balance sheet. The one additional requirement is that you answer the questions that you find below.
Questions to be answer
1. What is the company's ending Cash balance? What is the company's ending Equity? Why is cash not equal to equity?
2. What is the company's net income for the period?
3. If you had to repay your creditors today, could you? Explain.
4. The company made a small amount of net income over the month. Explain why the equity actually decreased over the period.
5. You have recorded journal entries for the period of a month. If you were told that the business license in T12 was a annual expense, would this impact the reported net income? Explain why or why not.
sing the expanded accounting equation, calculate and enter the answers for each question. You will need to use the answers you calculate for beginning and ending equity to answer the rest of the questions.
Assets
Beginning of Year: $25,000 - $19,000
Liabilities
End of Year: $60,000 - $25,000
1) What is the equity at the beginning of the year? Beginning Equity 6,000
2) What is the equity at the end of the year?
Ending Equity 35,000
3) If the owner contributes $5,400 and the owner withdraws $38,500, how much is net income (loss)?
Net Income (Loss)
62,100
This the answers I need help with but you need all of this to answer the questions
4 If net income is $3,400 and owner withdrawals are $8,900, how much did the owner contribute (owner, capital)?
Owner, Capital
5) If the owner contributes $16,200 and net income is $19,800, how much did the owner withdraw (owner, withdrawals)?
Owner, Withdrawals
6) If the owner contributes $43,600 and the owner withdraws $1,900, how much…
Using the expanded accounting equation, calculate and enter the answers for each question. You will need to use the answers you calculate for beginning and ending equity to answer the rest of the questions.
Assets Liabilities
Beginning of Year: $25,000 $15,000
End of Year: $63,000 $26,000
1) What is the equity at the beginning of the year?
Beginning Equity
2) What is the equity at the end of the year?
Ending Equity
3) If the owner contributes $9,600 and the owner withdraws $37,300, how much is net income (loss)?
Net Income (Loss)
4) If net income is $3,900 and owner withdrawals are $6,200, how much did the owner contribute (owner, capital)?
Owner, Capital
5) If the owner contributes $16,000 and net income is $19,300, how much did the owner withdraw (owner, withdrawals)?
Owner, Withdrawals
6) If the owner contributes $43,800 and the owner withdraws $4,600, how much is net income (loss)?
Chapter 1 Solutions
FINANCIAL ACCT(HARDBK)+MYACCTGLAB>ICB<
Ch. 1 - 1. What is the main purpose of a business? 2....Ch. 1 - Prob. 2YTCh. 1 - 1. What are the two sources of financing for a...Ch. 1 - 1. What are revenues and expenses? 2. What are the...Ch. 1 - 1. What are the two parts of shareholders equity?...Ch. 1 - Prob. 6YTCh. 1 - Prob. 7YTCh. 1 - Prob. 1QCh. 1 - Prob. 2QCh. 1 - Prob. 3Q
Ch. 1 - Prob. 4QCh. 1 - What are the advantages of the corporate form of...Ch. 1 - What are the disadvantages of the corporate form...Ch. 1 - Prob. 7QCh. 1 - Prob. 8QCh. 1 - What are the basic financial statements? Describe...Ch. 1 - What makes the income statement different from the...Ch. 1 - Prob. 11QCh. 1 - What type of activities relate to what the firm is...Ch. 1 - Prob. 2MCQCh. 1 - Prob. 3MCQCh. 1 - Prob. 4MCQCh. 1 - Prob. 5MCQCh. 1 - Online Pharmacy Company borrowed 5,000 cash from...Ch. 1 - Prob. 7MCQCh. 1 - During its first year of business, West Company...Ch. 1 - Interest is the cost of a. purchasing inventory....Ch. 1 - Prob. 10MCQCh. 1 - Classify business transactions. (LO 2). For each...Ch. 1 - Identify balance sheet items. (LO 4). Classify the...Ch. 1 - Calculate owners equity. (LO 4). Doughnut Company...Ch. 1 - Prob. 4SEACh. 1 - Prob. 5SEACh. 1 - Calculate owners equity. (LO 4). Pasta Enterprises...Ch. 1 - Super Shop had a retained earnings balance of...Ch. 1 - Prob. 8SEBCh. 1 - Prob. 9SEBCh. 1 - Breck Company shows 80,000 worth of assets on its...Ch. 1 - Prob. 11SEBCh. 1 - For each of the following, calculate the missing...Ch. 1 - Prob. 13SEBCh. 1 - M Company had a retained earnings balance of 4,200...Ch. 1 - Prob. 15EACh. 1 - Analyze business transactions using the accounting...Ch. 1 - Prob. 17EACh. 1 - Prob. 18EACh. 1 - Enter each transaction below into the accounting...Ch. 1 - Prob. 20EACh. 1 - For each of the transactions given, tell whether...Ch. 1 - Prob. 22EACh. 1 - Enter each transaction into the accounting...Ch. 1 - Prob. 24EACh. 1 - Relationship between income statement and balance...Ch. 1 - Bob started a pool cleaning business on the first...Ch. 1 - Prob. 27EACh. 1 - Retained earnings and cash. (LO 4). Checkmate...Ch. 1 - Prob. 29EACh. 1 - Prob. 30EBCh. 1 - Prob. 31EBCh. 1 - Prob. 32EBCh. 1 - Prob. 33EBCh. 1 - Prob. 34EBCh. 1 - Classify business transactions. (LO 2). For each...Ch. 1 - Prob. 36EBCh. 1 - Prob. 37EBCh. 1 - Enter each transaction into the accounting...Ch. 1 - Prob. 39EBCh. 1 - Prob. 40EBCh. 1 - Frank Frock started a consulting business on the...Ch. 1 - Prob. 42EBCh. 1 - Prob. 43EBCh. 1 - Prob. 44EBCh. 1 - Prob. 45PACh. 1 - Prob. 46PACh. 1 - Prob. 47PACh. 1 - Analyze business transactions and the effect on...Ch. 1 - Prob. 49PACh. 1 - Analyze business transactions and prepare the...Ch. 1 - Prob. 51PACh. 1 - Prob. 52PBCh. 1 - Analyze business transactions using the accounting...Ch. 1 - Prob. 54PBCh. 1 - Prob. 55PBCh. 1 - Prob. 56PBCh. 1 - Prob. 57PBCh. 1 - Prob. 58PBCh. 1 - Prob. 1FSACh. 1 - Prob. 2FSACh. 1 - Prob. 3FSACh. 1 - What is the Walt Disney Companys key objective? Go...
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