MyLab Accounting with Pearson eText -- Access Card -- for Horngren's Accounting
11th Edition
ISBN: 9780133877571
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
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
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
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
MyLab Accounting with Pearson eText -- Access Card -- for Horngren's Accounting
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 -
Astm
< ->»l 1 • ptl « I Sb
•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. , -
«••••"“ -
4 «k»wl Ml*«...Ch. 1 - Decision Case 1-1 Let’s examine a case using...Ch. 1 - The tobacco companies have paid billions because...Ch. 1 - Prob. 1.1FCCh. 1 - Prob. 1.1FSC
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
- The following Trial Balance was extracted from the books of Ohia ye ya on 31/12/05 Dr Cr GH ¢ GH ¢ Capital 355,000 Drawings 120,000 Purchases 4,800,000 Sales 7,650,000 Discount 50,000 80,000 Stock at 1 Jan. 2005 480,000 Salaries and Wages 650,000 Rent…arrow_forwardComplete the gaps in the columns to show the effects of the followingtransactions: (16)Effects upon:Assets Equity Liabilitiese.g Started a business with N$ 50000 in thebank+50000 +50000 +0a) We pay a creditor N$7000 in cashb) Bought fixtures N$20000 paying by chequec) Bought a vehicle on credit N$27500d) The Proprietor introduces another N$20000into the firme) J Katoma lends the firm N$20000 in cashf) A debtor pays us N$ 5000 by chequeg) We sell goods for N$ 20000 cashh) Paid rent N$5000 by chequearrow_forwardIndicate 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.arrow_forward
- The following business transactions relate to John Clark (financial planner) for his first month of business operations in August 2020. 2020 August1:Commenced business operations with a $300 000 cash injection of personal funds. 2 Paid monthly rent $1500. 4Purchased office stationery $2000 on credit from Stationery Plus. 7Purchased office equipment on credit from Supplies Inc. $10 000. 9Sent invoice to client M Birt for services $3000. 11 Purchased MYOB software for laptop computer $700 cash. 13 M Birt paid amount outstanding. 14 Met with prospective client and negotiated provision of financial advice for client and family, quoting $5000. 17 Paid car parking permit $220. 19 Withdrew cash from business of $2000 for personal use. 22Paid WWW Ltd for monthly internet use $182. 29 Received interest from business bank account $15. Required: A. State the impact on the accounting equation for each transaction above. For example: 1 Aug Increased Cash $300,000…arrow_forwardUSE THE FOLLOWING DATA FOR QUESTIONS 11 – 15 The Raving Storm is a trader in hurricane shutter systems. The firm has provided the following details for the year 2017 : Receipt from debtors 80,000 Bal b/d 60,000 Cash Sales 110,000 Office expense 30,000 Investment income 35,000 Wages 50,000 Disposal of equipment 48,000 Rent 42,000 Bal c/d 256,000 Loan repayment 40,000 Payment to creditors 35,000 Rates 15,000 Loan interest 9,000 Cash Purchases 48,000 Equipment 200,000 529,000 529,000 Additional details available included the following DETAILS Jan. 01 Dec. 31 Wages prepaid 8,000 12,000 Investment income prepaid 8,500 11,000 Stock 25,000 34,200 Creditors 14,000 18,000 Equipment ( Book value ) 240,000 400,000 Machinery (…arrow_forwardJ.Moon has the following transactions at for the month of June 2020. June 1 Started business with £28,500 in the bank2 Bought Van paying by cheque £2,1005 Bought office fixtures £850 on credit from Office Hand Ltd8 Bought (second) van on credit from Fast Car Ltd £3,60012 Took £110 out of the bank and put it into the cash till15 Bought office fixtures paying by cash £6019 Paid Fast Car Ltd a cheque for £3,60021 A loan of £2,500 cash is received from F. Maurice25 Paid £160 of the cash in hand into the bank account30 Bought more office fixtures paying by cheque £460Required:a. Write up the transactions in the general ledger of S. Keyes b. Balance up the accounts and extract a Trial Balance as at 30 June 2020.arrow_forward
- Winnie Café commenced his business on 1 October 2015 as café proprietor. All credit purchases period of 30 days and cash discount of 5%. Whereas all credit sales are based on 30 days and cash discount of 2%. The following are the account balances of Winnie Café after closing the books at the end of January 31, 2021. RM Cash in hand 15,500 Bank overdraft 12,640 Stock 8,800 Office equipment 20,000 Furniture 14,500 Loan from AMB Bank 25,000 Capital ??? The following are the transactions for the month of February 2021: Feb 1 Bought food from Sani Bhd. RM2,480 at list price. Less 10% trade discount. (Invoice No. 3415). 4 Purchased of colour printers from Speed Computer by cheque RM4,500. (Invoice No. 231) 5 Manan made an additional investment RM6,000 cash. 6 credit sales to John Woo RM1,600 at list price. Less trade discount 5%. (Invoice No. 441). 7 Cash Sales RM600. 8 Credit sales to James RM800, no trade discount given (Invoice No. 442) 9 Bought fruits from Fresh Fruiters RM1,900 at…arrow_forwardbalane Q5: The following comparable balance sheet for Ibrahim Stores for the year ended Dec.31, 2012. Dec. 31, 2012 84,500 21,000 Jan.1, 2012 33,000 Accounts Cash Notes receivable Accounts receivable 20,000 000' 160,000 95,000 Enventory Prepaid expenses Short term investment 000'OSI 000'01 000'01 000'7I 000'0F Building & Equipment (net) Total Assets 000'071 000'001 490,500 439,000 Accounts payable Interest payable Expenses payable Bonds payable Capital Retained earning Total liabilities & owners' equity 000'SEI 006 000 000'os 000'E 200,000 52,000 439,000 280,000 73,600 490,500 An analysis of cash receipts and disbursements discloses the following: keceipts New capital investment Disbursement Trade creditor - 210,000 $ $ 0000$ Accounts Pay. Trade debtors - Notes and səsuədx accounts Cash sales N/R discounted - Face value 19,500 Dividends Equipment 28,000 000'0 00007 Note issued to bank Bonds 50,000 Sales of investment 25,000 Required: 1) Prepare an income statement supported by…arrow_forwardAcenture LLC-Partners Trial Balance Year Ended December 31, 2021 Petty Cash Fund 25,000.00 Cash in Bank Account 743,000.00 Inventory Account 1,000,540.00 Furniture Account 905,000.00 Building Account 2,400,000.00 Accounts Receivables- ABC Company 250,000.00 Mr Brian & Associates 350,000.00 Create View LLC 400,000.00 Capital Account Mr. Axle 2,500,000.00 Ms. Rose 1,800,000.00 Accounts Payables- Suppliers of All Company 500,000.00 JVC Company 225,000.00 XYX Company 400,000.00 Sales Account…arrow_forward
- Acenture LLC-Partners Trial Balance Year Ended December 31, 2021 Petty Cash Fund 25,000.00 Cash in Bank Account 743,000.00 Inventory Account 1,000,540.00 Furniture Account 905,000.00 Building Account 2,400,000.00 Accounts Receivables- ABC Company 250,000.00 Mr Brian & Associates 350,000.00 Create View LLC 400,000.00 Capital Account Mr. Axle 2,500,000.00 Ms. Rose 1,800,000.00 Accounts Payables- Suppliers of All Company 500,000.00 JVC Company 225,000.00 XYX Company 400,000.00 Sales Account…arrow_forwardThe following are the Balance sheet of M/s P, Q and R as on March 31, 2014 Liabilities Rs. Assets Rs. Sundry Creditors 14,200 Cash in Hand 400 Bills Payable 12,800 Cash at Bank 3,800 P's Fixed Capital 15,000 Sundry Debtors 8,400 Q's Fixed Capital 10,000 Stock 16,700 R's Fixed Capital 5,000 Furniture and Fittings 12,000 P's Current Account 480 Machinery and Plant 16,000 Q's Current Account 340 R's Current Account 520 57,820 57,820 P,Q and R share profits in the ratio of 3:2:1 respectively after charging 12% interest on capitals. During 2014-2015. The drawings were: P at Rs.800 per month; and Q at Rs.600 per month and R at Rs.500 per month. On 31st March 2015, the various Assets were: Cash in Hand, Rs.300; Sundry Debtors, Rs.8,600; Stock, Rs.22,750 at selling price which was fixed at cost plus 25%. Furniture and Fittings, Rs.10,800; Machinery and Plant, Rs.28,000. Liabilities were: Sundry Creditors, Rs. 13,400; Bills payable, Rs.12,400 and Bank Overdraft, Rs.6,000…arrow_forwardThe account balances of Moner Company for the month ending August 31, 2018 are shown below: Cash P 46 000 Accounts Receivables 22 000 Allowance for Bad Debts 2 000 Notes Receivables 3 000 Prepaid Insurance 1 000 Supplies 1 000 Land 40 000 Building 40 000 Accounts Payable…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
The KEY to Understanding Financial Statements; Author: Accounting Stuff;https://www.youtube.com/watch?v=_F6a0ddbjtI;License: Standard Youtube License