Financial statements: Financial statements are prepared to summaries the account at the end of the period. The statements prepared are Income statement, Balance sheet, Statement of owner’s equity and Cash flows statements. Balance Sheet : The Balance sheet is a summary of Assets, Liabilities and equity accounts that reports the financial position of the business as on a specific date. Assets are further classifies into Current Assets, Long Term Investments, Plant Assets and Intangible assets. And Liabilities are further classified into Current Liabilities and Long term liabilities. To Calculate: The missing amounts on balance sheets given.

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Answer 1

Question

Chapter 1, Problem 44E

To determine

Concept Introduction:

Financial statements: Financial statements are prepared to summaries the account at the end of the period. The statements prepared are Income statement, Balance sheet, Statement of owner’s equity and Cash flows statements.

Balance Sheet: The Balance sheet is a summary of Assets, Liabilities and equity accounts that reports the financial position of the business as on a specific date. Assets are further classifies into Current Assets, Long Term Investments, Plant Assets and Intangible assets. And Liabilities are further classified into Current Liabilities and Long term liabilities.

To Calculate:

The missing amounts on balance sheets given.

Expert Solution & Answer

Answer to Problem 44E

The missing amounts on balance sheets given are as follows:

Current Assets	(a)	$ 26,900		$ 25,000
Intangible assets		$ 10,400		$ 9,200
Long Terms Investments		$ 19,200	(f)	$ 22,200
Property, Plant, and Equipment, Net		$ 85,700		$ 92,800

Total Assets		$ 142,200	(g)	$ 149,200

Current Liabilities		$ 14,500		$ 12,300
Long Terms Liabilities	(b)	$ 35,800		$ 34,900
Total Liabilities		$ 50,300	(h)	$ 47,200

Contributed Capital	(c)	$ 35,000	(i)	$ 35,000
Retained earnings		$ 56,900		$ 67,000
Total Stockholder's equity	(d)	$ 91,900	(j)	$ 102,000
Total Liabilities Stockholder's equity	(e)	$ 142,200		$ 149,200

Explanation of Solution

The missing amounts on balance sheets given are calculated as follows:

Current Assets	(a)	$ 26,900		$ 25,000
		(142200-10400-19200-85700)
Intangible assets		$ 10,400		$ 9,200
Long Terms Investments		$ 19,200	(f)	$ 22,200
				(149200-25000-9200-92800)
Property, Plant, and Equipment, Net		$ 85,700		$ 92,800

Total Assets		$ 142,200	(g)	$ 149,200

Current Liabilities		$ 14,500		$ 12,300
Long Terms Liabilities	(b)	$ 35,800		$ 34,900
		(50300-14500)
Total Liabilities		$ 50,300	(h)	$ 47,200
				(12300+34900)

Contributed Capital	(c)	$ 35,000	(i)	$ 35,000
		(91900-56900)		(102000-67000)
Retained earnings		$ 56,900		$ 67,000
Total Stockholder's equity	(d)	$ 91,900	(j)	$ 102,000
		(142200-50300)		(149200-47200)
Total Liabilities Stockholder's equity	(e)	$ 142,200		$ 149,200
		(= Total Assets)

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PART II. FILL IN THE BLANKInstruction: Fill in the blank with the missing information.1. Revenues minus expenses equals _______________________.2. Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet andare referred to as __________________.3. Obligations (amounts owed) are reported on the balance sheet and are referred to as ________________.4. Assets minus liabilities equals ___________________________________.5. Liabilities often have the word ________________ in their account title.6. ____________ term is associated with "left" or "left-side".7. ____________ term is associated with "right" or "right-side".8. The financial statement with a structure that is similar to the accounting equation is the __________________________.

Exercise 4-11 (Algo) Record transactions and adjustments LO 2, 6, 7 Show the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on the income statement by selecting the amount and indicating whether it is an addition (+) or a subtraction (−). Column headings reflect the expanded balance sheet equation; items that affect net income should not be shown as affecting stockholders' equity. In some cases, only one column may be affected because all of the specific accounts affected by the transaction are included in that category. Transaction a has been completed as an illustration. Provided services to a client on account; revenues totaled $510. Paid an insurance premium of $480 for the coming year. An asset, Prepaid Insurance, was debited. Recognized insurance expense for one month from the premium transaction in b via a reclassification adjusting entry. Paid $750 of wages accrued at the end of the prior month. Paid $2,650 of wages for…

Exercise 4-9 (Algo) Record transactions and adjustments LO 2, 6, 7 Record the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on the income statement by entering the account name and amount and indicating whether it is an addition (+) or subtraction (–). Column headings reflect the expanded balance sheet equation; items that affect net income should not be shown as affecting stockholders' equity. The first transaction is provided as an illustration. During the month, the Supplies (asset) account was debited $1,800 for supplies purchased. The cost of supplies used during the month was $1,250. Record the adjustment to properly reflect the amount of supplies used and supplies still on hand at the end of the month. An insurance premium of $480 was paid for the coming year. Prepaid Insurance was debited. Wages of $3,350 were paid for the current month. Interest revenue of $250 was received for the current month. Accrued $670 of…

Answer 2

Question

Chapter 1, Problem 44E

To determine

Concept Introduction:

Financial statements: Financial statements are prepared to summaries the account at the end of the period. The statements prepared are Income statement, Balance sheet, Statement of owner’s equity and Cash flows statements.

Balance Sheet: The Balance sheet is a summary of Assets, Liabilities and equity accounts that reports the financial position of the business as on a specific date. Assets are further classifies into Current Assets, Long Term Investments, Plant Assets and Intangible assets. And Liabilities are further classified into Current Liabilities and Long term liabilities.

To Calculate:

The missing amounts on balance sheets given.

Expert Solution & Answer

Answer to Problem 44E

The missing amounts on balance sheets given are as follows:

Current Assets	(a)	$ 26,900		$ 25,000
Intangible assets		$ 10,400		$ 9,200
Long Terms Investments		$ 19,200	(f)	$ 22,200
Property, Plant, and Equipment, Net		$ 85,700		$ 92,800

Total Assets		$ 142,200	(g)	$ 149,200

Current Liabilities		$ 14,500		$ 12,300
Long Terms Liabilities	(b)	$ 35,800		$ 34,900
Total Liabilities		$ 50,300	(h)	$ 47,200

Contributed Capital	(c)	$ 35,000	(i)	$ 35,000
Retained earnings		$ 56,900		$ 67,000
Total Stockholder's equity	(d)	$ 91,900	(j)	$ 102,000
Total Liabilities Stockholder's equity	(e)	$ 142,200		$ 149,200

Explanation of Solution

The missing amounts on balance sheets given are calculated as follows:

Current Assets	(a)	$ 26,900		$ 25,000
		(142200-10400-19200-85700)
Intangible assets		$ 10,400		$ 9,200
Long Terms Investments		$ 19,200	(f)	$ 22,200
				(149200-25000-9200-92800)
Property, Plant, and Equipment, Net		$ 85,700		$ 92,800

Total Assets		$ 142,200	(g)	$ 149,200

Current Liabilities		$ 14,500		$ 12,300
Long Terms Liabilities	(b)	$ 35,800		$ 34,900
		(50300-14500)
Total Liabilities		$ 50,300	(h)	$ 47,200
				(12300+34900)

Contributed Capital	(c)	$ 35,000	(i)	$ 35,000
		(91900-56900)		(102000-67000)
Retained earnings		$ 56,900		$ 67,000
Total Stockholder's equity	(d)	$ 91,900	(j)	$ 102,000
		(142200-50300)		(149200-47200)
Total Liabilities Stockholder's equity	(e)	$ 142,200		$ 149,200
		(= Total Assets)

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Answer 3

Question

Chapter 1, Problem 44E

To determine

Concept Introduction:

Financial statements: Financial statements are prepared to summaries the account at the end of the period. The statements prepared are Income statement, Balance sheet, Statement of owner’s equity and Cash flows statements.

Balance Sheet: The Balance sheet is a summary of Assets, Liabilities and equity accounts that reports the financial position of the business as on a specific date. Assets are further classifies into Current Assets, Long Term Investments, Plant Assets and Intangible assets. And Liabilities are further classified into Current Liabilities and Long term liabilities.

To Calculate:

The missing amounts on balance sheets given.

Expert Solution & Answer

Answer to Problem 44E

The missing amounts on balance sheets given are as follows:

Current Assets	(a)	$ 26,900		$ 25,000
Intangible assets		$ 10,400		$ 9,200
Long Terms Investments		$ 19,200	(f)	$ 22,200
Property, Plant, and Equipment, Net		$ 85,700		$ 92,800

Total Assets		$ 142,200	(g)	$ 149,200

Current Liabilities		$ 14,500		$ 12,300
Long Terms Liabilities	(b)	$ 35,800		$ 34,900
Total Liabilities		$ 50,300	(h)	$ 47,200

Contributed Capital	(c)	$ 35,000	(i)	$ 35,000
Retained earnings		$ 56,900		$ 67,000
Total Stockholder's equity	(d)	$ 91,900	(j)	$ 102,000
Total Liabilities Stockholder's equity	(e)	$ 142,200		$ 149,200

Explanation of Solution

The missing amounts on balance sheets given are calculated as follows:

Current Assets	(a)	$ 26,900		$ 25,000
		(142200-10400-19200-85700)
Intangible assets		$ 10,400		$ 9,200
Long Terms Investments		$ 19,200	(f)	$ 22,200
				(149200-25000-9200-92800)
Property, Plant, and Equipment, Net		$ 85,700		$ 92,800

Total Assets		$ 142,200	(g)	$ 149,200

Current Liabilities		$ 14,500		$ 12,300
Long Terms Liabilities	(b)	$ 35,800		$ 34,900
		(50300-14500)
Total Liabilities		$ 50,300	(h)	$ 47,200
				(12300+34900)

Contributed Capital	(c)	$ 35,000	(i)	$ 35,000
		(91900-56900)		(102000-67000)
Retained earnings		$ 56,900		$ 67,000
Total Stockholder's equity	(d)	$ 91,900	(j)	$ 102,000
		(142200-50300)		(149200-47200)
Total Liabilities Stockholder's equity	(e)	$ 142,200		$ 149,200
		(= Total Assets)

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Answer 4

Question

Chapter 1, Problem 44E

To determine

Concept Introduction:

Financial statements: Financial statements are prepared to summaries the account at the end of the period. The statements prepared are Income statement, Balance sheet, Statement of owner’s equity and Cash flows statements.

Balance Sheet: The Balance sheet is a summary of Assets, Liabilities and equity accounts that reports the financial position of the business as on a specific date. Assets are further classifies into Current Assets, Long Term Investments, Plant Assets and Intangible assets. And Liabilities are further classified into Current Liabilities and Long term liabilities.

To Calculate:

The missing amounts on balance sheets given.

Expert Solution & Answer

Answer to Problem 44E

The missing amounts on balance sheets given are as follows:

Current Assets	(a)	$ 26,900		$ 25,000
Intangible assets		$ 10,400		$ 9,200
Long Terms Investments		$ 19,200	(f)	$ 22,200
Property, Plant, and Equipment, Net		$ 85,700		$ 92,800

Total Assets		$ 142,200	(g)	$ 149,200

Current Liabilities		$ 14,500		$ 12,300
Long Terms Liabilities	(b)	$ 35,800		$ 34,900
Total Liabilities		$ 50,300	(h)	$ 47,200

Contributed Capital	(c)	$ 35,000	(i)	$ 35,000
Retained earnings		$ 56,900		$ 67,000
Total Stockholder's equity	(d)	$ 91,900	(j)	$ 102,000
Total Liabilities Stockholder's equity	(e)	$ 142,200		$ 149,200

Explanation of Solution

The missing amounts on balance sheets given are calculated as follows:

Current Assets	(a)	$ 26,900		$ 25,000
		(142200-10400-19200-85700)
Intangible assets		$ 10,400		$ 9,200
Long Terms Investments		$ 19,200	(f)	$ 22,200
				(149200-25000-9200-92800)
Property, Plant, and Equipment, Net		$ 85,700		$ 92,800

Total Assets		$ 142,200	(g)	$ 149,200

Current Liabilities		$ 14,500		$ 12,300
Long Terms Liabilities	(b)	$ 35,800		$ 34,900
		(50300-14500)
Total Liabilities		$ 50,300	(h)	$ 47,200
				(12300+34900)

Contributed Capital	(c)	$ 35,000	(i)	$ 35,000
		(91900-56900)		(102000-67000)
Retained earnings		$ 56,900		$ 67,000
Total Stockholder's equity	(d)	$ 91,900	(j)	$ 102,000
		(142200-50300)		(149200-47200)
Total Liabilities Stockholder's equity	(e)	$ 142,200		$ 149,200
		(= Total Assets)

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Answer 5

Chapter 1, Problem 44E

To determine

Concept Introduction:

Financial statements: Financial statements are prepared to summaries the account at the end of the period. The statements prepared are Income statement, Balance sheet, Statement of owner’s equity and Cash flows statements.

Balance Sheet: The Balance sheet is a summary of Assets, Liabilities and equity accounts that reports the financial position of the business as on a specific date. Assets are further classifies into Current Assets, Long Term Investments, Plant Assets and Intangible assets. And Liabilities are further classified into Current Liabilities and Long term liabilities.

To Calculate:

The missing amounts on balance sheets given.

Expert Solution & Answer

Answer to Problem 44E

The missing amounts on balance sheets given are as follows:

Current Assets	(a)	$ 26,900		$ 25,000
Intangible assets		$ 10,400		$ 9,200
Long Terms Investments		$ 19,200	(f)	$ 22,200
Property, Plant, and Equipment, Net		$ 85,700		$ 92,800

Total Assets		$ 142,200	(g)	$ 149,200

Current Liabilities		$ 14,500		$ 12,300
Long Terms Liabilities	(b)	$ 35,800		$ 34,900
Total Liabilities		$ 50,300	(h)	$ 47,200

Contributed Capital	(c)	$ 35,000	(i)	$ 35,000
Retained earnings		$ 56,900		$ 67,000
Total Stockholder's equity	(d)	$ 91,900	(j)	$ 102,000
Total Liabilities Stockholder's equity	(e)	$ 142,200		$ 149,200

Explanation of Solution

The missing amounts on balance sheets given are calculated as follows:

Current Assets	(a)	$ 26,900		$ 25,000
		(142200-10400-19200-85700)
Intangible assets		$ 10,400		$ 9,200
Long Terms Investments		$ 19,200	(f)	$ 22,200
				(149200-25000-9200-92800)
Property, Plant, and Equipment, Net		$ 85,700		$ 92,800

Total Assets		$ 142,200	(g)	$ 149,200

Current Liabilities		$ 14,500		$ 12,300
Long Terms Liabilities	(b)	$ 35,800		$ 34,900
		(50300-14500)
Total Liabilities		$ 50,300	(h)	$ 47,200
				(12300+34900)

Contributed Capital	(c)	$ 35,000	(i)	$ 35,000
		(91900-56900)		(102000-67000)
Retained earnings		$ 56,900		$ 67,000
Total Stockholder's equity	(d)	$ 91,900	(j)	$ 102,000
		(142200-50300)		(149200-47200)
Total Liabilities Stockholder's equity	(e)	$ 142,200		$ 149,200
		(= Total Assets)

Answer 6

Chapter 1, Problem 44E

To determine

Concept Introduction:

Financial statements: Financial statements are prepared to summaries the account at the end of the period. The statements prepared are Income statement, Balance sheet, Statement of owner’s equity and Cash flows statements.

Balance Sheet: The Balance sheet is a summary of Assets, Liabilities and equity accounts that reports the financial position of the business as on a specific date. Assets are further classifies into Current Assets, Long Term Investments, Plant Assets and Intangible assets. And Liabilities are further classified into Current Liabilities and Long term liabilities.

To Calculate:

The missing amounts on balance sheets given.

Expert Solution & Answer

Answer to Problem 44E

The missing amounts on balance sheets given are as follows:

Current Assets	(a)	$ 26,900		$ 25,000
Intangible assets		$ 10,400		$ 9,200
Long Terms Investments		$ 19,200	(f)	$ 22,200
Property, Plant, and Equipment, Net		$ 85,700		$ 92,800

Total Assets		$ 142,200	(g)	$ 149,200

Current Liabilities		$ 14,500		$ 12,300
Long Terms Liabilities	(b)	$ 35,800		$ 34,900
Total Liabilities		$ 50,300	(h)	$ 47,200

Contributed Capital	(c)	$ 35,000	(i)	$ 35,000
Retained earnings		$ 56,900		$ 67,000
Total Stockholder's equity	(d)	$ 91,900	(j)	$ 102,000
Total Liabilities Stockholder's equity	(e)	$ 142,200		$ 149,200

Explanation of Solution

The missing amounts on balance sheets given are calculated as follows:

Current Assets	(a)	$ 26,900		$ 25,000
		(142200-10400-19200-85700)
Intangible assets		$ 10,400		$ 9,200
Long Terms Investments		$ 19,200	(f)	$ 22,200
				(149200-25000-9200-92800)
Property, Plant, and Equipment, Net		$ 85,700		$ 92,800

Total Assets		$ 142,200	(g)	$ 149,200

Current Liabilities		$ 14,500		$ 12,300
Long Terms Liabilities	(b)	$ 35,800		$ 34,900
		(50300-14500)
Total Liabilities		$ 50,300	(h)	$ 47,200
				(12300+34900)

Contributed Capital	(c)	$ 35,000	(i)	$ 35,000
		(91900-56900)		(102000-67000)
Retained earnings		$ 56,900		$ 67,000
Total Stockholder's equity	(d)	$ 91,900	(j)	$ 102,000
		(142200-50300)		(149200-47200)
Total Liabilities Stockholder's equity	(e)	$ 142,200		$ 149,200
		(= Total Assets)

Answer 7

Chapter 1, Problem 44E

To determine

Concept Introduction:

Financial statements: Financial statements are prepared to summaries the account at the end of the period. The statements prepared are Income statement, Balance sheet, Statement of owner’s equity and Cash flows statements.

Balance Sheet: The Balance sheet is a summary of Assets, Liabilities and equity accounts that reports the financial position of the business as on a specific date. Assets are further classifies into Current Assets, Long Term Investments, Plant Assets and Intangible assets. And Liabilities are further classified into Current Liabilities and Long term liabilities.

To Calculate:

The missing amounts on balance sheets given.

Answer 8

Expert Solution & Answer

Answer to Problem 44E

The missing amounts on balance sheets given are as follows:

Current Assets	(a)	$ 26,900		$ 25,000
Intangible assets		$ 10,400		$ 9,200
Long Terms Investments		$ 19,200	(f)	$ 22,200
Property, Plant, and Equipment, Net		$ 85,700		$ 92,800

Total Assets		$ 142,200	(g)	$ 149,200

Current Liabilities		$ 14,500		$ 12,300
Long Terms Liabilities	(b)	$ 35,800		$ 34,900
Total Liabilities		$ 50,300	(h)	$ 47,200

Contributed Capital	(c)	$ 35,000	(i)	$ 35,000
Retained earnings		$ 56,900		$ 67,000
Total Stockholder's equity	(d)	$ 91,900	(j)	$ 102,000
Total Liabilities Stockholder's equity	(e)	$ 142,200		$ 149,200

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

The missing amounts on balance sheets given are calculated as follows:

Current Assets	(a)	$ 26,900		$ 25,000
		(142200-10400-19200-85700)
Intangible assets		$ 10,400		$ 9,200
Long Terms Investments		$ 19,200	(f)	$ 22,200
				(149200-25000-9200-92800)
Property, Plant, and Equipment, Net		$ 85,700		$ 92,800

Total Assets		$ 142,200	(g)	$ 149,200

Current Liabilities		$ 14,500		$ 12,300
Long Terms Liabilities	(b)	$ 35,800		$ 34,900
		(50300-14500)
Total Liabilities		$ 50,300	(h)	$ 47,200
				(12300+34900)

Contributed Capital	(c)	$ 35,000	(i)	$ 35,000
		(91900-56900)		(102000-67000)
Retained earnings		$ 56,900		$ 67,000
Total Stockholder's equity	(d)	$ 91,900	(j)	$ 102,000
		(142200-50300)		(149200-47200)
Total Liabilities Stockholder's equity	(e)	$ 142,200		$ 149,200
		(= Total Assets)

Answer 12

Ch. 1 - Define accounting. How does accounting differ from...Ch. 1 - Prob. 2DQ Ch. 1 - What is accounting entity?Ch. 1 - Prob. 4DQ Ch. 1 - Prob. 5DQ Ch. 1 - Prob. 6DQ Ch. 1 - Define the terms revenue and expense. How are...Ch. 1 - Name and briefly describe the purpose of the four...Ch. 1 - What types of questions are answered by the...Ch. 1 - Prob. 10DQ

Answer to Problem 44E

Explanation of Solution

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