Financial Accounting
15th Edition
ISBN: 9781337272124
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Question
Chapter 1, Problem 22E
a)
To determine
Identify the list of items that will appear in the financial statements (income statement or
b)
To determine
Identify if an item can appear on more than one financial statement (income statement or balance sheet).
c)
To determine
Explain if the
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Check out a sample textbook solutionStudents have asked these similar questions
"Each of the following items is shown in the financial statements of Exxon Mobil Corporation:
1. Accounts payable
2. Cash equivalents
3. Crude oil inventory
4. Equipment
5. Exploration expenses
6. Income taxes payable
7. Investments
8.Long-term debt
9. Marketable securities
10. Notes and loans payable
11. Notes receivable
12. Operating expenses
13. Prepaid taxes
14. Sales
15. Selling expenses
A. Identify the financial statement (balance sheet or income statement) in which each item would appear.
B.Can an item appears on more than one financial statement?
C.Is the accounting equation relevant for Exxon Mobil Corporation? "Explain?
Each of the following items is shown in the financial statements of Exxon Mobil Corporation:1. Accounts payable2. Cash equivalents3. Crude oil inventory4. Equipment5. Exploration expenses6. Income taxes payable7. Investments8. Long-term debt9. Marketable securities10. Notes and loans payable11. Notes receivable12. Operating expenses13. Prepaid taxes14. Sales15. Selling expensesa. Identify the financial statement (balance sheet or income statement) in which each item would appear.b. Can an item appear on more than one financial statement?c. Is the accounting equation relevant for Exxon Mobil Corporation?
Financial statementsEach of the following items is shown in the financial statements of ExxonMobil Corporation:
1. Accounts payable2. Cash equivalents3. Crude oil inventory4. Equipment5. Exploration expenses
6. Income taxes payable7. Investments8. Long-term debt9. Marketable securities
10. Notes and loans payable11. Notes receivable12. Operating expenses13. Prepaid taxes14. Sales15. Selling expenses
A. Identify the financial statement (balance sheet or incomestatement) in which each item would appear.B. Can an item appear on more than one financial statement?C. Is the accounting equation relevant for Exxon MobilCorporation? Explain.
Chapter 1 Solutions
Financial Accounting
Ch. 1 - Prob. 1DQCh. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - Josh Reilly is the owner of Dispatch Delivery...Ch. 1 - On July 12, Reliable Repair Service extended an...Ch. 1 - Prob. 6DQCh. 1 - Describe the difference between an account...Ch. 1 - A business had revenues of 679,000 and operating...Ch. 1 - A business had revenues of 640,000 and operating...Ch. 1 - The financial statements are interrelated. (a)...
Ch. 1 - On February 3, Clairemont Repair Service extended...Ch. 1 - On March 31, Higgins Repair Service extended an...Ch. 1 - Terry Fleming is the owner and operator of...Ch. 1 - Fritz Evans is the owner and operator of...Ch. 1 - Bridgeport Delivery Service is owned and operated...Ch. 1 - Interstate Delivery Service is owned and operated...Ch. 1 - The revenues and expenses of Adventure Travel...Ch. 1 - The revenues and expenses of Sentinel Travel...Ch. 1 - Using the income statement for Adventure Travel...Ch. 1 - Using the income statement for Sentinel Travel...Ch. 1 - Using the following data for Adventure Travel...Ch. 1 - Using the following data for Sentinel Travel...Ch. 1 - A summary of cash flows for Adventure Travel...Ch. 1 - A summary of cash flows for Sentinel Travel...Ch. 1 - The following data were taken from Mesa Companys...Ch. 1 - The following data were taken from Alvarado...Ch. 1 - The following is a list of well-known companies:...Ch. 1 - A fertilizer manufacturing company wants to...Ch. 1 - Prob. 3ECh. 1 - Prob. 4ECh. 1 - The total assets and total liabilities (in...Ch. 1 - Determine the missing amount for each of the...Ch. 1 - Annie Rasmussen is the owner and operator of Go44,...Ch. 1 - Indicate whether each of the following is...Ch. 1 - Describe how the following business transactions...Ch. 1 - Prob. 10ECh. 1 - Indicate whether each of the following types of...Ch. 1 - The following selected transactions were completed...Ch. 1 - Teri West operates her own catering service....Ch. 1 - The income statement of a proprietorship for the...Ch. 1 - Four different proprietorships, Jupiter, Mars,...Ch. 1 - From the following list of selected items taken...Ch. 1 - From the following list of selected items taken...Ch. 1 - Financial information related to Udder Products...Ch. 1 - Dairy Services was organized on August 1, 2019. A...Ch. 1 - One item is omitted in each of the following...Ch. 1 - Prob. 21ECh. 1 - Prob. 22ECh. 1 - Indicate whether each of the following activities...Ch. 1 - A summary of cash flows for Ethos Consulting Group...Ch. 1 - We-Sell Realty, organized August 1, 2019, is owned...Ch. 1 - Prob. 26ECh. 1 - Prob. 27ECh. 1 - On June 1 of the current year, Chad Wilson...Ch. 1 - The amounts of the assets and liabilities of...Ch. 1 - Seth Feye established Reliance Financial Services...Ch. 1 - Prob. 4PACh. 1 - DLite Dry Cleaners is owned and operated by Joel...Ch. 1 - The financial statements at the end of Wolverine...Ch. 1 - Amy Austin established an insurance agency on...Ch. 1 - The amounts of the assets and liabilities of...Ch. 1 - Jose Loder established Bronco Consulting on August...Ch. 1 - On April 1, 2019, Maria Adams established Custom...Ch. 1 - Bevs Dry Cleaners is owned and operated by Beverly...Ch. 1 - The financial statements at the end of Atlas...Ch. 1 - Peyton Smith enjoys listening to all types of...Ch. 1 - Marco Brolo is one of three partners who own and...Ch. 1 - Colleen Fernandez, president of Rhino Enterprises,...Ch. 1 - Prob. 4CPCh. 1 - Prob. 5CPCh. 1 - Prob. 6CP
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Similar questions
Financial statements Each of the following items is shown in the financial statements of ExxonMobil Corporation. Identify the financial statement (balance sheet or income statement) in which each item would appear. a. Accounts payable b. Cash equivalents c. Crude oil inventory d. Equipment e. Exploration expenses f. Income taxes payable g. Investments h. Long-term debt i. Marketable securities j. Notes and loans payable k. Operating expenses l/ Prepaid taxes m. Retained earnings n Sales o Selling expenses
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The following are excerpts from Hamburg Companys statement of cash flows and other financial records. Compute the following for the company: A. free cash flow B. cash flows to sales ratio C. cash flows to assets ratio
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The income statement, statement of retained earnings, and balance sheet for Santiago Systems are as follows: Includes both state and federal taxes. Refer to the information for Santiago Systems above. Required: Note: Round answers to four decimal places. 1. Calculate the average common stockholders equity. 2. Calculate the return on stockholders equity.
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Accounting equation The total assets and total liabilities (in millions) of McDonalds Corporation (MCD) and Star-bucks Corporation (SBUX) follow:
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The following information pertains to Diane Company. Assume that all balance sheet amounts represent both average and ending balance figures and that all sales were on credit.
Assets
Cash and short-term investments
$39,106
Accounts receivable (net)
30,483
Inventory
36,576
Property, plant, and equipment
260,287
Total Assets
$366,452
Liabilities and Stockholders' Equity
Current liabilities
$59,300
Long-term liabilities
94,785
Common stock
146,337
Retained earnings
66,030
Total liabilities and stockholders' equity
$366,452
Income Statement
Sales
$89,476
Cost of goods sold
35,790
Gross margin
$53,686
Operating expenses
(23,597)
Interest expense
(4,474)
Net income
$25,615
Number of shares of common stock outstanding
6,603
Market price of common stock
$29
Total dividends paid
$9,000
Cash provided by operations
$30,000
What is the return on total assets for Diane Company?
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Use the information below for Harding Company to answer the question that follow.
Harding Company
Accounts payable
$31,229
Accounts receivable
69,846
Accrued liabilities
6,621
Cash
24,043
Intangible assets
41,585
Inventory
80,918
Long-term investments
113,099
Long-term liabilities
70,392
Marketable securities
36,458
Notes payable (short-term)
29,239
Property, plant, and equipment
682,295
Prepaid expenses
1,350
Based on the data for Harding Company, what is the amount of working capital?
a.$145,526
b.$680,945
c.$1,049,594
d.$212,615
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Brock Company's financial information is as follows. Assume that all balance sheet amounts represent both average and ending balance figures and that all sales were on credit.
Assets
Line Item Description
Amount
Cash and short-term investments
$38,295
Accounts receivable (net)
31,903
Inventory
28,357
Property, plant, and equipment
286,566
Total assets
$385,121
Liabilities and Stockholders’ Equity
Line Item Description
Amount
Current liabilities
$60,915
Long-term liabilities
88,993
Common stock, $10 par
69,670
Retained earnings
165,543
Total liabilities and stockholders’ equity
$385,121
Income Statement
Line Item Description
Amount
Sales
$91,601
Cost of goods sold
(41,220)
Gross profit
$50,381
Operating expenses
(28,458)
Net income
$21,923
Number of shares of common stock
6,967
Market price of common stock
$33
What is the current ratio? Round your answer to two decimal places.
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The statement of financial position of Trend, Inc. is presented below. These are the only accounts in Trend's statement of financial position. Amounts indicated by question mark (?) can be calculated from the additional information
given
Cash
Accounts rereivahle(net)
Inventory
Property. Dant and equipment (net
ota
LIabilitieS and Stockholders Equity
Accounts Davable trade
Income taxes Davable (current)
Long-term debt
Common stock
Retained earnings
Total
Additional Information
Gurrent ratio (at vear end)
Total liabilities divided by total stockholders' equity
25,000
294,000
432,000
25.000
300.000
slavento
turnover based on sales and ending inventor
Inventor turnover based on cost of goods sold and ending inventory
Gross margin for the year
1,5 to 1
0.8
15 times
10.5 times
P315,000
What was rend' balance in trade accounts payable at year-end?
What was Trend's balance in retained earnings at year-end?
Was rends Dalance in the inventory account at year-end?
The balance of Accounts…
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Use the information below for Harding Company to answer the question that follow.
Harding Company
Accounts payable
$37,895
Accounts receivable
69,212
Accrued liabilities
6,543
Cash
17,127
Intangible assets
36,451
Inventory
78,770
Long-term investments
99,442
Long-term liabilities
72,027
Marketable securities
39,229
Notes payable (short-term)
24,334
Property, plant, and equipment
693,814
Prepaid expenses
1,182
Based on the data for Harding Company, what is the quick ratio, rounded to one decimal point?
a.3
b.15.1
c.0.8
d.1.8
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