FINANCIAL ACCOUNTING (CUSTOM)
17th Edition
ISBN: 9781307138146
Author: PHILLIPS
Publisher: Mcgraw-Hill/Create
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Textbook Question
Chapter 1, Problem 3E
Preparing a Balance Sheet
DSW, Inc., is a designer shoe warehouse, selling luxurious and fashionable shoes. Its balance sheet, at July 30, 2016 (the last Saturday of the month), contained the following (listed alphabetically, amounts in thousands).
Required:
- 1. Prepare the balance sheet as of July 30, 2016, solving for the missing amount.
- 2. As of July 30, did most of the financing for assets come from creditors or stockholders?
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A- The two main sets of accounting standards followed by businesses are GAAP and IFRS. Briefly explain how the balance sheet is formatted under each set. (You should search the internet to answer this question)
B- Farah Consulting completed the following transactions during December 2016:
Dec. 2 Farah invested $20,000 cash into the business
Paid monthly office rent, $2,000.
Paid cash for a computer, $3,600.
Purchased office furniture on account, $3,000.
Purchased office supplies on account, $800.
A- The two main sets of accounting standards followed by businesses are GAAP and IFRS. Briefly explain how the balance sheet is formatted under each set. (You should search the internet to answer this question)
B- Farah Consulting completed the following transactions during December 2016:
Dec. 2 Farah invested $20,000 cash into the business
Paid monthly office rent, $2,000.
Paid cash for a computer, $3,600.
Purchased office furniture on account, $3,000.
Purchased office supplies on account, $800.
9 Performed consulting service for a client on account, $2,500.
12 Paid utilities expenses, $ 150.
18 Performed service for a client and received cash of $2,100.
21 Borrowed $2,400 cash, signing a note payable to be paid May 31, 2018.
21 Hired an administrative assistant to be paid $2,055 on the 20th day of each month.
The secretary begins work immediately.…
The two main sets of accounting standards followed by businesses are GAAP and IFRS. Briefly explain how the balance sheet is formatted under each set. (You should search the internet to answer this question)
B- Farah Consulting completed the following transactions during December 2016:
Dec. 2 Farah invested $20,000 cash into the business2 Paid monthly office rent, $2,000.3 Paid cash for a computer, $3,600.4 Purchased office furniture on account, $3,000.5 Purchased office supplies on account, $800.9 Performed consulting service for a client on account, $2,500.12 Paid utilities expenses, $ 150.18 Performed service for a client and received cash of $2,100.21 Borrowed $2,400 cash, signing a note payable to be paid May 31, 2018.21 Hired an administrative assistant to be paid $2,055 on the 20th day of each month.The secretary begins work immediately.26 Paid $200 on account.28 Collected $400 on account.30 Farah withdrew $1,000 cash from the business for personal use.Requirements1. Journalize…
Chapter 1 Solutions
FINANCIAL ACCOUNTING (CUSTOM)
Ch. 1 - Define accounting.Ch. 1 - Prob. 2QCh. 1 - Briefly distinguish financial accounting from...Ch. 1 - The accounting process generates financial reports...Ch. 1 - Explain what the separate entity assumption means...Ch. 1 - List the three main types of business activities...Ch. 1 - What information should be included in the heading...Ch. 1 - What are the purposes of (a) the balance sheet,...Ch. 1 - Explain why the income statement, statement of...Ch. 1 - Briefly explain the difference between net income...
Ch. 1 - Describe the basic accounting equation that...Ch. 1 - Describe the equation that provides the structure...Ch. 1 - Describe the equation that provides the structure...Ch. 1 - Prob. 14QCh. 1 - Prob. 15QCh. 1 - Prob. 16QCh. 1 - Briefly define what an ethical dilemma is and...Ch. 1 - Prob. 18QCh. 1 - Prob. 1MCCh. 1 - Which of the following is true regarding the...Ch. 1 - Which of the following is false regarding the...Ch. 1 - Which of the following regarding retained earnings...Ch. 1 - Prob. 5MCCh. 1 - Which of the following statements regarding the...Ch. 1 - Prob. 7MCCh. 1 - Which of the following is true? a. FASB creates...Ch. 1 - Which of the following would not be a goal of...Ch. 1 - Prob. 10MCCh. 1 - Prob. 1MECh. 1 - Matching Definitions with Terms or Abbreviations...Ch. 1 - Matching Definitions with Terms Match each...Ch. 1 - Matching Financial Statement Items to Balance...Ch. 1 - Matching Financial Statement Items to Balance...Ch. 1 - Matching Financial Statement Items to Balance...Ch. 1 - Matching Financial Statement Items to Balance...Ch. 1 - Matching Financial Statement Items to the Basic...Ch. 1 - Matching Financial Statement Items to the Four...Ch. 1 - Reporting Amounts on the Statement of Cash Flows...Ch. 1 - Prob. 11MECh. 1 - Preparing a Statement of Retained Earnings Stone...Ch. 1 - Relationships among Financial Statements Items...Ch. 1 - Prob. 14MECh. 1 - Relationships among Financial Statements Items...Ch. 1 - Preparing an Income Statement, Statement of...Ch. 1 - Reporting Amounts on the Four Basic Financial...Ch. 1 - Reporting Amounts on the Four Basic Financial...Ch. 1 - Preparing a Balance Sheet DSW, Inc., is a designer...Ch. 1 - Completing a Balance Sheet and Inferring Net...Ch. 1 - Labeling and Classifying Business Transactions The...Ch. 1 - Preparing an Income Statement and Inferring...Ch. 1 - Preparing an Income Statement Home Realty,...Ch. 1 - Prob. 8ECh. 1 - Preparing an Income Statement and Balance Sheet...Ch. 1 - Analyzing and Interpreting an Income Statement...Ch. 1 - Prob. 11ECh. 1 - Matching Cash Flow Statement Items to Business...Ch. 1 - Preparing an Income Statement. Statement of...Ch. 1 - Interpreting the Financial Statements Refer to...Ch. 1 - Reporting Amounts on the Four Basic Financial...Ch. 1 - Evaluating Financial Statements Refer to CP1-3....Ch. 1 - Preparing an Income Statement, Statement of...Ch. 1 - Prob. 2PACh. 1 - Reporting Amounts on the Four Basic Financial...Ch. 1 - Evaluating Financial Statements Refer to PA1-3....Ch. 1 - Preparing an Income Statement and Balance Sheet...Ch. 1 - Interpreting the Financial Statements Refer to PB...Ch. 1 - Reporting Amounts on the Four Basic Financial...Ch. 1 - Evaluating Financial Statements Refer to PB1-3....Ch. 1 - Finding Financial Information Answer the following...Ch. 1 - Comparing Financial Information Refer to the...Ch. 1 - Prob. 5SDCCh. 1 - Prob. 6SDCCh. 1 - Prob. 1CC
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