FINANCIAL ACCOUNTING: TOOL
9th Edition
ISBN: 9781119598305
Author: Kimmel
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Chapter 1, Problem 21Q
To determine
Introduction:
Accounting Equation
Figure (1)
- Assets (A): Assets are those items that provide value for money and future economic benefit for an organization. Assets of an organization may be in these two forms: Tangible or intangible form. Example: Cash, Short-term investments, Inventories, Accounts receivable, Equipment, Supplies and
Goodwill . - Liabilities (L): Liabilities are obligations of the business. These are the claims against the resources that a business owes to outsiders of the company. Liabilities may be Current liabilities, Long-term liabilities. Example: Creditors, Bills payable, Bank overdraft, Salaries and wages payable, and Notes payable.
- Stockholders’ equity (SE): Stockholders’ equity are those assets of the business to which they stake claim. It consists of two parts: Common stock and
Retained earnings .
To represent: The accounting equation with dollar amounts of Incorporation A.
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Using the following (scrambled) accounts, prepare a balance sheet for ABC, a retail company, for the year ending in December 31, 2014. Assume that these are the only Balance Sheet Accounts. I need this ASAP. Thank you.
The accounting equation for Pharoah Company is as follows:
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=
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$59600
If Pharoah purchases office equipment on account for $26200, the accounting equation will change to
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Liabilities
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=
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$59600
$145400
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$145400
=
$85800
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Using the following (scrambled) accounts, please help me prepare a balance sheet for ABC, a retail company, for the year ending December 31, 2014. Assume that these are the only Balance Sheet Accounts. Thank you!
Chapter 1 Solutions
FINANCIAL ACCOUNTING: TOOL
Ch. 1 - Prob. 1QCh. 1 - Prob. 2QCh. 1 - Prob. 3QCh. 1 - Accounting is ingrained in our society and is...Ch. 1 - Prob. 5QCh. 1 - Prob. 6QCh. 1 - What are the three main types of business...Ch. 1 - Prob. 8QCh. 1 - Prob. 9QCh. 1 - Prob. 10Q
Ch. 1 - Prob. 11QCh. 1 - What are the three main categories of the...Ch. 1 - Prob. 13QCh. 1 - Prob. 14QCh. 1 - Prob. 15QCh. 1 - Which of these items are liabilities of White...Ch. 1 - How are each of the following financial statements...Ch. 1 - What is the purpose of the management discussion...Ch. 1 - Prob. 19QCh. 1 - Prob. 20QCh. 1 - Prob. 21QCh. 1 - Prob. 1.1BECh. 1 - Match each of the following types of evaluation...Ch. 1 - Indicate in which part of the statement of cash...Ch. 1 - Prob. 1.4BECh. 1 - Prob. 1.6BECh. 1 - Indicate which statement you would examine to find...Ch. 1 - Prob. 1.8BECh. 1 - Prob. 1.9BECh. 1 - Prob. 1.10BECh. 1 - Prob. 1.11BECh. 1 - Prob. 1.1DIECh. 1 - Prob. 1.2DIECh. 1 - Prob. 1.3bDIECh. 1 - Here is a list of words or phi uses discussed in...Ch. 1 - Prob. 1.4ECh. 1 - Prob. 1.9ECh. 1 - Prob. 1.12ECh. 1 - Prob. 1.19ECh. 1 - Prob. 1.21ECh. 1 - Prob. 1.1APCh. 1 - Financial decisions often place heavier emphasis...Ch. 1 - INTERPRETING FINANCIAL STATEMENTS Xerox was not...Ch. 1 - Prob. 1.5EYCTCh. 1 - Prob. 1.9EYCTCh. 1 - Prob. 1.10EYCTCh. 1 - Prob. 1.1IPCh. 1 - Prob. 1.2IPCh. 1 - Prob. 1.3IP
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