Financial and Managerial Accounting - Workingpapers
15th Edition
ISBN: 9781337912112
Author: WARREN
Publisher: CENGAGE L
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Textbook Question
Chapter 1, Problem 3PA
Financial statements
Seth Feye established Reliance Financial Services on July 1, 20Y2. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow:
Instructions
1. Prepare an income statement for the month ended July 31, 20Y2.
2. Prepare a statement of stockholders’ equity for the month ended July 31, 20Y2.
3. Prepare a
4. (Optional) Prepare a statement of
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Students have asked these similar questions
Accounts Payable
DAccounts Receivable
$35,000
Ending Retained Earnings $ 55,500
47,400
O Entertainment Expense
6,500
Beginning Retained Earnings
52,200
Maintenance Expense
3,500
Capital Stock
33,200
Prepaid Rent
18,100
Cash
51,300
Rent Expense
2,700
Consulting Revenue
33,600
Supplies
14,900
Deferred Revenue
8,000
Supplies Expense
1,200
Dividends
16,400
Required:
Prepare a balance sheet on December 31, classifying and ordering all balance sheet accounts in the proper sections.
Washington Company
Balance Sheet
December 31
Assets
t
(Choose one)
Ⓒ2022 McGraw Hill LLC
Total Assets
Explanation
Liabilities
Check
C
2. Journalize the transactions for April in a two-column journal beginning on Page 18. Refer to the Chart of Accounts for exact wording of account titles. Insert the appropriate posting references in both the journal and the ledger as each item is posted.
PAGE 18PAGE 19
JOURNAL
ACCOUNTING EQUATION
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16…
During its first month of operation, the Quick Tax Corporation, which specializes in tax preparation,
completed the following transactions.
Began business by making a deposit in a company bank account of $60,000, in exchange
for 6,000 shares of $10 par value common stock.
July 1
July 3
Paid the current month's rent, $3,500
July 5
Paid the premium on a 1-year insurance policy, $4,200
July 7
Purchased supplies on account from Little Company, $1,000.
July 10
Paid employee salaries, $3,500
July 14
Purchased equipment from Lake Company, $10,000. Paid $2,500 down and the balance was
placed on account. Payments will be $500.00 per month until the equipment is paid. The first payment is due 8/1.
Note: Use accounts payable for the balance due.
July 15
Received cash for preparing tax returns for the first half of July, $8,000
July 19
Made payment on account to Lake Company, $500.
July 31
Received cash for preparing tax returns for the last half of July, $9,000
July 31
Declared and paid cash…
Chapter 1 Solutions
Financial and Managerial Accounting - Workingpapers
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 - Prob. 1BECh. 1 - Accounting equation Be-The-One is a motivational...Ch. 1 - Transactions Interstate Delivery Service is owned...Ch. 1 - Income statement The revenues and expenses of...Ch. 1 - Statement of stockholders equity Using the income...Ch. 1 - Balance sheet Using the following data for...Ch. 1 - Statement of cash flows A summary of cash flows...Ch. 1 - Ratio of liabilities to stockholders equity The...Ch. 1 - Prob. 1ECh. 1 - Prob. 2ECh. 1 - Prob. 3ECh. 1 - Accounting equation The total assets and total...Ch. 1 - Prob. 5ECh. 1 - Accounting equation Determine the missing amount...Ch. 1 - Accounting equation Inspirational Inc. is a...Ch. 1 - Asset, liability, and stockholders equity items...Ch. 1 - Effect of transactions on accounting equation What...Ch. 1 - Effect of transactions on accounting equation A. A...Ch. 1 - Effect of transactions on stockholders equity...Ch. 1 - Transactions The following selected transactions...Ch. 1 - Nature of transactions Teri West operates her own...Ch. 1 - Net income and dividends The income statement for...Ch. 1 - Net income and stockholders equity for four...Ch. 1 - Balance sheet items From the following list of...Ch. 1 - Income statement items Based on the data presented...Ch. 1 - Statement of stockholders equity Financial...Ch. 1 - Income statement Imaging Services was organized on...Ch. 1 - Prob. 20ECh. 1 - Balance sheets, net income Financial information...Ch. 1 - Financial statements Each of the following items...Ch. 1 - Statement of cash flows Indicate whether each of...Ch. 1 - Statement of cash flows A summary of cash flows...Ch. 1 - Financial statements We-Sell Realty was organized...Ch. 1 - Transactions On April 1 of the current year,...Ch. 1 - Financial statements The assets and liabilities of...Ch. 1 - Financial statements Seth Feye established...Ch. 1 - Transactions; financial statements On August 1,...Ch. 1 - Transactions; financial statements DLite Dry...Ch. 1 - Missing amounts from financial statements The...Ch. 1 - Transactions Amy Austin established an insurance...Ch. 1 - PR 1-2 B Financial statements The assets and...Ch. 1 - Financial statements 1. Net income: 10,900 Jose...Ch. 1 - Transactions; financial statements 2. Net income:...Ch. 1 - Transactions; financial statements Bevs Dry...Ch. 1 - Missing amounts from financial statements The...Ch. 1 - Peyton Smith enjoys listening to all types of...Ch. 1 - Prob. 1MADCh. 1 - Analyze The Home Depot for three years The Home...Ch. 1 - Analyze Lowes for three years Lowes Companies,...Ch. 1 - Compare The Home Depot and Lowes Using your...Ch. 1 - Compare Papa Johns and Yum! Brands The following...Ch. 1 - Prob. 1TIFCh. 1 - Prob. 2TIFCh. 1 - Prob. 4TIFCh. 1 - Prob. 5TIFCh. 1 - Prob. 6TIF
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