Horngren's Accounting, The Financial Chapters, Student Value Edition (11th Edition)
11th Edition
ISBN: 9780133876352
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 1, Problem P1.50BPGB
PI-SOB Preparing financial italtmmu
Precision Pies work* weddings and prom-type panics. The balance of I amar. Capital was $26,000 at December 31 2015. At December 51 2016, die business's aixountmg records show these halaiKCs
Insurance Expense | S 14,000 | Accounts Rer≫i*at>* | I 7.000 |
Cash | 38,000 | Notes Payaole | 9.000 |
Accounts Pay.shie | 13.000 | Lamar, CaptaL Dec 31 2016 | 7 |
Advertiwnq Expense | 3,500 | Saianes Expense | 21 000 |
Service Revenue | 110,000 | Equipment | 96.500 |
Lamar Withdrawal | 11,000 | Owner contr-bufon. 2016 | 33.000 |
Prepare the following financial watements for Precision Pics f≪x the year ended December 31,2016;
- Income statement
- Statement of owners equity.
- Balance sheet
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Indicate basic debit–credit analysis.LO4
Dudley Advertising Ltd had the following transactions during August of the current year. Indicate (a) the basic analysis and (b) the debit–credit analysis.
Aug.
1
Issued shares to investors in exchange for $15 000 cash.
4
Paid insurance in advance for 6 months, $1800.
16
Received $9000 from clients for services rendered.
27
Paid secretary $500 salary.
Use the data in previous question and journalise the transactions. (Include narrations.)
Find out value of account receivable from following Cash P48,000 accounts payable P33,000 office equipment P21,000 owner equity P77,000?
a. P110,000
b. P15,000
c. P41,000
d. P21,000
Record each of these transactions
Jan.18 Cash…………………………………. 40,000
Capital Stock………………………… 400,000
Issued capital stock for $400,000
22 Cash…………………………………. $100,000
Notes Payable………………. 100,000
Borrowed $100,00 by issuing a note payable
23 Advertising Expense………………… 200
Cash…………………………. 200
Paid for radio and to be aired on January 24
25 Cash…………………………5,000
Service Revenue…………. 5,000
Provided services to clients
26 Accounts Recievable…… 18,000
Service Revenue……………..... 18,000
31 Cash…………………….. 4,200
Accounts Receivable… 4,200
Collected $4,200 from clients for services performed on January 26
ADDITIONAL REQUIREMENT FOR 3.3
Posting of transaction from General Journal to T-Accounts
Prepare…
Chapter 1 Solutions
Horngren's Accounting, The Financial Chapters, Student Value Edition (11th Edition)
Ch. 1 - Prob. 1QCCh. 1 - Which of the following is not an external user of...Ch. 1 - Prob. 3QCCh. 1 - Prob. 4QCCh. 1 - Prob. 5QCCh. 1 - Which of the following requires accounting...Ch. 1 - At the end of a recent year, Global Cleaning...Ch. 1 - Consider the overall effects on Global Cleaning...Ch. 1 - Assume that Global Cleaning Service performed...Ch. 1 - The balance sheet reports the Learning Objective 5...
Ch. 1 - Assume Global Cleaning Service had net income of...Ch. 1 - What is accounting?Ch. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - A business purchases an acre of land for $5,000....Ch. 1 - What does the going concern assumption mean for a...Ch. 1 - Which concept states that accounting information...Ch. 1 - Financial statements in the United States are...Ch. 1 - Prob. 12RQCh. 1 - What is the accounting equation? Briefly explain...Ch. 1 - What are two ways that equity increases? What are...Ch. 1 - How is net income calculated? Define revenues and...Ch. 1 - What are the steps used when analyzing a business...Ch. 1 - List the four financial statements. Briefly...Ch. 1 - What is the calculation for ROA? Explain what ROA...Ch. 1 - Prob. S1.1SECh. 1 - Determining organizations that govern accounting...Ch. 1 - Identifying types of business organizations...Ch. 1 - Prob. S1.4SECh. 1 - Applying accounting assumptions and principles...Ch. 1 - Prob. S1.6SECh. 1 - Prob. S1.7SECh. 1 - Identifying accounts Learning Objective 3 Consider...Ch. 1 - Prob. S1.9SECh. 1 - Using the accounting equation to analyze...Ch. 1 - Identifying accounts on the financial statements...Ch. 1 -
I rhr JoUou'ing ittfonnatioH to antovr Short...Ch. 1 -
I rhr JoUou'ing ittfonnatioH to antovr Short...Ch. 1 - Irhr JoUou'ing ittfonnatioH to antovr Short...Ch. 1 - Prob. S1.15SECh. 1 - Prob. S1.16SECh. 1 - Prob. E1.17ECh. 1 - Prob. E1.18ECh. 1 - 1. Accounting equation a. An economic resource...Ch. 1 - Prob. E1.20ECh. 1 - Prob. E1.21ECh. 1 - Prob. E1.22ECh. 1 - Prob. E1.23ECh. 1 - Prob. E1.24ECh. 1 - Using the accounting equation to analyze...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Prob. E1.29ECh. 1 - Preparing the financial statements Learning...Ch. 1 - Prob. E1.31ECh. 1 - Prob. E1.32ECh. 1 - Use the following information to answer Exercises...Ch. 1 - Prob. E1.34ECh. 1 - Prob. E1.35ECh. 1 - Prob. E1.36ECh. 1 - Prob. E1.37ECh. 1 - Prob. E1.38ECh. 1 - Prob. E1.39ECh. 1 - Prob. P1.40APGACh. 1 - Prob. P1.41APGACh. 1 - Prob. P1.42APGACh. 1 - Prob. P1.43APGACh. 1 - Prob. P1.44APGACh. 1 - Prob. P1.45APGACh. 1 - Prob. P1.46APGACh. 1 -
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•ArtA* V...Ch. 1 - Prob. P1.48BPGBCh. 1 - PI »9K Preparing financial »uifmrnn I’kvx-nii.i...Ch. 1 - PI-SOB Preparing financial italtmmu Precision Pies...Ch. 1 - Prob. P1.51BPGBCh. 1 - Prob. P1.52BPGBCh. 1 - 1*1 S 4H I *it»g the jsi nmn|i equation foi...Ch. 1 - || V. , -
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