Principles of Accounting
12th Edition
ISBN: 9781133626985
Author: Belverd E. Needles, Marian Powers, Susan V. Crosson
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 1, Problem 7SE
Use the following accounts and balances to prepare a balance sheet with the accounts in proper order for Manteno Company at June 30, 2014, using Exhibit 8 as a model:
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
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.
Indicate the correct order in which the following 5 steps of the accounting cycle would normally be prepared.
(Not yet in order)
- Prepare a Trial Balance
- Post the Impact of the Journal Entries into their respective general ledger accounts
- analyze the impact of economic transactions on the financial statements
- Record journal entries to reflect the economic information
- identify economic transactions and the related source documents that may impact the company’s financial statements
Please order those 5 from start to finish in the correct order, thank you.
The following information was taken from the accounts of Green Market, a delicatessen, at December 31, 2018. The accounts are listed in alphabetical order, and each has a normal balance.
Multistep Income Statement
Chapter 1 Solutions
Principles of Accounting
Ch. 1 - What makes accounting a valuable discipline?Ch. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - How are expenses and withdrawals similar, and how...Ch. 1 - How do generally accepted accounting principles...Ch. 1 - Why do managers in governmental and not-for-profit...Ch. 1 - Prob. 1SECh. 1 - Match the descriptions that follow with the...Ch. 1 - Determine the amount missing from each accounting...Ch. 1 - Use the accounting equation to answer each...
Ch. 1 - Use the accounting equation to answer each...Ch. 1 - Prob. 6SECh. 1 - Use the following accounts and balances to prepare...Ch. 1 - Randall Company engaged in activities during the...Ch. 1 - Prob. 9SECh. 1 - Prob. 10SECh. 1 - Prob. 1EACh. 1 - Financial accounting uses money measures to gauge...Ch. 1 - You have been asked to compare the sales and...Ch. 1 - Use the accounting equation to answer each...Ch. 1 - Daiichi Companys total assets and liabilities at...Ch. 1 - 1. Indicate whether each of the following accounts...Ch. 1 - Listed in random order are some of Oxford Services...Ch. 1 - Dukakis Company had the following accounts and...Ch. 1 - Prob. 9EACh. 1 - Prob. 10EACh. 1 - Complete the financial statements that follow by...Ch. 1 - Prob. 12EACh. 1 - Match the terms that follow with the appropriate...Ch. 1 - Prob. 14EACh. 1 - Prob. 15EACh. 1 - Prob. 1PCh. 1 - The following three independent sets of financial...Ch. 1 - Fuel Designs financial accounts follow. The...Ch. 1 - The accounts of Frequent Ad, an agency that...Ch. 1 - Athena Riding Clubs financial statements follow.Ch. 1 - A list of financial statement items follows....Ch. 1 - Three independent sets of financial statements...Ch. 1 - Prob. 8APCh. 1 - Prob. 9APCh. 1 - Aqua Swimming Clubs financial statements follow....Ch. 1 - Costco Wholesale Corporation is Americas largest...Ch. 1 - Prob. 2CCh. 1 - Prob. 3CCh. 1 - Prob. 4CCh. 1 - Refer to the CVS annual report and the financial...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. During May, Kelly Consulting entered into the following transactions: Instructions 1. The chart of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2016, is shown in Exhibit 17. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. Journalize each of the May transactions in a two column journal starting on Page 5 of the journal and using Kelly Consultings chart of accounts. (Do not insert the account numbers in the journal at this time.) 2. Post the journal to a ledger of four-column accounts. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6) a. Insurance expired during May is 275. b. Supplies on hand on May 31 are 715. c. Depreciation of office equipment for May is 330. d. Accrued receptionist salary on May 31 is 325. e. Rent expired during May is 1,600. f. Unearned fees on May 31 are 3,210. 5.(Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 6.Journalize and post the adjusting entries. Record the adjusting entries on Page 7 of the journal. 7.Prepare an adjusted trial balance. 8.Prepare an income statement, a statement of owners equity, and a balance sheet. 9.Prepare and post the closing entries. Record the closing entries on Page 8 of the journal. (Income Summary is account #33 in the chart of accounts.) Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 10.Prepare a post-closing trial balance.arrow_forwardUsing the following data for Ousel Travel Service as well as the statement of owners equity shown in Practice Exercise 1-5A, prepare a balance sheet as of November 30, 2016:arrow_forwardUsing the following data for Sentinel Travel Service as well as the statement of owners equity shown in Practice Exercise 1-5B, prepare a balance sheet as of August 31, 2016:arrow_forward
- Prepare a statement of owners equity using the following information for the Can Due Shop for the month of September 2018.arrow_forwardUsing 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!arrow_forwardIn this case you will complete the full accounting cycle for one month for a new company. To facilitate the end-of-month accounting and reporting process you will use a worksheet. The worksheet is a tool used to adjust account balances and prepare financial statements, however, the worksheet does not replace the financial statements. Preparation of a worksheet is covered in Appendix 3C on pages 3-46 through 3-49. The following is information concerning the company. Instructions are at the end of the case. At the start of the new business the company set up the following chart of accounts: 101 Cash 405 Commissions Earned 106 Accounts Receivable 410 Consulting Revenue 124 Office Supplies 612 Depreciation Expense—Computer Equip. 128 Prepaid Insurance 622 Salaries Expense 167 Computer Equipment 637 Insurance Expense 168 Accumulated Depreciation—Computer Equip. 640 Rent Expense 209 Salaries Payable…arrow_forward
- The following information was provided for Macy company. The purpose of presenting these account balances is for you to prepare an income statement for the year ended December 31, 2018. Use the functional presentation and provide a supporting schedule or notes to financial statements. Make also a narrative description highlighting the importance of the information embodied herein to the users of financial statements. Sales 3,750,000Depreciation-store equipment 35,000Purchases 1,500,000Office salaries 75,000Direct Labor 475,000Depreciation-office equipment 20,000Indirect Labor 125,000Depreciation-machinery 30,000Superintendence…arrow_forwardThe Scott Company shows the following alphabetical list of account balances as of December 31, 2018. Solve, a. Construct a balance sheet for Scott Company as of December 31, 2018. b. Demonstrate that the fundamental accounting equation holds by stating the dollar values of the terms in the equation.arrow_forwardUse the following information to answer Exercises E1-31 through E1-33. The account balances of Wilson Towing Service at June 30, 2018, Follow: Preparing the balance sheet Requirements Prepare the balance sheet for Wilson Towing Service as of June 30, 2018. What does the balance sheet report?arrow_forward
- Hi pls Journalize the transaction And set up T accounts and post beginning account balances and transactions. Pls also Journalize and post closing entries and Prepare a trial balance for the month ending and Prepare an income statement for the month ending (ignore taxes) and Prepare a statement of retained earning and Prepare an ending balance sheet Problem: The beginning balances in ledger of DBM Corporation for September 01, 2018 were as follows; Account Debit Credit Accounts Payable 2,160 Accounts Receivable 3,070 Paid in capital- common stock 4,990 Cash 3,910 Notes Payable 600 Property, plant, and equipment (at cost) 6,200 Allowances for doubtful accounts 540 Inventories 1,730 Accumulated depreciation 2,800 Prepaid Expenses 1,250 Retained earnings 2,250 Good will 1,000 Estimated tax liability 750 Marketable securities 1,750 Accrued Expense 1,000 Patents and trademarks 500 Bonds payable 2,000 Investment…arrow_forwardUse the following information to answer Exercises E1-31 through E1-33. The account balances of Wilson Towing Service at June 30, 2018, Follow: Preparing the income statement Requirements Prepare the income statement for Wilson Towing Service for the month ending June 30, 2018. What does the income statement report?arrow_forwardUse the above information to prepare a December 31 balance sheet for Ernst Consulting.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
Financial AccountingAccountingISBN:9781305088436Author:Carl Warren, Jim Reeve, Jonathan DuchacPublisher:Cengage Learning
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Excel Applications for Accounting PrinciplesAccountingISBN:9781111581565Author:Gaylord N. SmithPublisher:Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Financial Accounting
Accounting
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Excel Applications for Accounting Principles
Accounting
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Cengage Learning
The KEY to Understanding Financial Statements; Author: Accounting Stuff;https://www.youtube.com/watch?v=_F6a0ddbjtI;License: Standard Youtube License