Principles of Accounting
12th Edition
ISBN: 9781133626985
Author: Belverd E. Needles, Marian Powers, Susan V. Crosson
Publisher: Cengage Learning
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Chapter 1, Problem 8EA
Dukakis Company had the following accounts and balances during 2014: Service Revenue, $13,200; Rent Expense, $1,200; Wages Expense, $8,340; Advertising Expense, $1,350; Utilities Expense, $900; and Withdrawals, $700. In addition, the yearend balances of selected accounts were as follows: Cash, $1,550; Accounts Receivable, $750; Supplies, $100; Land, $1,000; Accounts Payable, $450; Investment by Owner, $1,240; and beginning capital balance of $1,000.
Prepare Dukakis’s income statement, statement of owner’s equity, and balance sheet (assume the year ends on December 31, 2014). (Hint: You must first solve for the net income and ending balances of owner’s equity for 2014.)
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LaBouche Company had cash receipts from customers in 2017 of $142,000. Cash payments for operating expenses were $97,000. Kelly has determined that at January 1, unearned service revenues was $13,000, and prepaid expenses were $17,500. At December 31, unearned service revenues was $18,600, and prepaid expenses were $23,100. The service revenues on cash basis is:
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The following balances were taken from the books of Schimank Corp. on December 31, 2014.
Interest revenue $1,20,400 Accumulated depreciation-equipment $56,000
Cash 71,400 Accumulated depreciation-building 39,200
Sales 19,32,000 Notes receivable 2,17,000
Accounts receivable 2,10,000 Selling expenses 2,71,600
Prepaid insurance 28,000 Accounts payable 2,38,000
Sales returns and allowances 2,10,000 Bonds payable 1,40,000
Allowance for doubtful accounts 9,800 Administrative and general expenses 1,35,800
Sales discounts 63,000 Accrued liabilities 44,800
Land 1,40,000 Interest expense 84,000
Equipment 2,80,000 Notes payable 1,40,000
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Cost of goods sold 8,69,400 Common stock 7,00,000
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Assume the total effective tax rate on all items is 34%.
Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year.
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...
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