Financial Accounting (5th Edition) (What's New in Accounting)
5th Edition
ISBN: 9780134727790
Author: Robert Kemp, Jeffrey Waybright
Publisher: PEARSON
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Textbook Question
Chapter 11, Problem 1COP
Comprehensive Problem
The Accounting Cycle and Preparation of Financial Statements Including a Statement of Cash Flows
Haskins Supply, Inc., supplies industrial tools to local businesses. Haskins Supply’s November 30, 2018, balance sheet follows:
Haskins Supply, Inc. Balance Sheet November 30, 2018 |
||||
ASSETS | ||||
Current Assets: | ||||
Cash | $ 26,487 | |||
Accounts Receivable, net of allowance for doubtful | ||||
accounts of $2,140 | 43,350 | |||
Inventory | 87,244 | |||
Supplies | 682 | |||
Prepaid Insurance | 4,800 | |||
Total Current Assets | 162,563 | |||
Long-term assets | ||||
Office Equipment | 19,460 | |||
Less: |
4,880 | 14,580 | ||
Total Assets | $177,143 | |||
LIABILITIES | ||||
Current Liabilities: | ||||
Accounts Payable | $ 25,673 | |||
Salaries Payable | 885 | |||
Total Current Liabilities | 26,558 | |||
Long-Term Liabilities: | ||||
Notes Payable. Long-Term | 7,500 | |||
Total Liabilities | 34,058 | |||
STOCKHOLDERS’ EQUITY | ||||
Common Stock, $10 par value, 100,000 shares | ||||
authorized, 3,000 shares issued and outstanding | 30,000 | |||
Paid-in capital in Excess of Par, Common | 10,000 | |||
Total Paid-in Capital | 40,000 | |||
103,085 | ||||
Total Stockholders’ Equity | 143,085 | |||
Total Liabilities and Stockholders’ Equity | $177,143 |
During the month of December 2018, Haskins Supply, Inc., had the following transactions:
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Check out a sample textbook solutionChapter 11 Solutions
Financial Accounting (5th Edition) (What's New in Accounting)
Ch. 11 - Prob. 1DQCh. 11 - Prob. 2DQCh. 11 - Prob. 3DQCh. 11 - A company issued bonds during the year. Would this...Ch. 11 - Prob. 5DQCh. 11 - When using the indirect method, why are gains on...Ch. 11 - Prob. 7DQCh. 11 - Prob. 8DQCh. 11 - Prob. 9DQCh. 11 - Prob. 10DQ
Ch. 11 - Prob. 1SCCh. 11 - Operating activities are most closely related to:...Ch. 11 - Prob. 3SCCh. 11 - Prob. 4SCCh. 11 - Finlay, Inc., earned net income of 63,000 after...Ch. 11 - Prob. 6SCCh. 11 - Prob. 7SCCh. 11 - Prob. 8SCCh. 11 - Prob. 9SCCh. 11 - Elliot Enterprises had operating expenses of...Ch. 11 - Prob. 11SCCh. 11 - Prob. 12SCCh. 11 - Prob. 1SECh. 11 - Prob. 2SECh. 11 - Prob. 3SECh. 11 - Prob. 4SECh. 11 - Prob. 5SECh. 11 - Prob. 6SECh. 11 - Operating activitiesindirect method (Learning...Ch. 11 - Prob. 8SECh. 11 - Operating activitiesdirect method (Learning...Ch. 11 - Prob. 10SECh. 11 - Prob. 11SECh. 11 - Prob. 12SECh. 11 - Prob. 13AECh. 11 - Prob. 14AECh. 11 - Prob. 15AECh. 11 - Preparing a statement of cash flowsindirect method...Ch. 11 - Prob. 17AECh. 11 - Prob. 18AECh. 11 - Prob. 19AECh. 11 - Prob. 20AECh. 11 - Prob. 21AECh. 11 - Prob. 22BECh. 11 - Prob. 23BECh. 11 - Preparing a statement of cash flowsindirect method...Ch. 11 - Prob. 25BECh. 11 - Prob. 26BECh. 11 - Prob. 27BECh. 11 - Prob. 28BECh. 11 - Prob. 29BECh. 11 - Calculating certain information using the direct...Ch. 11 - Prob. 31APCh. 11 - Prob. 32APCh. 11 - Prob. 33APCh. 11 - Prob. 34APCh. 11 - Prob. 35APCh. 11 - Prob. 36APCh. 11 - Prob. 37BPCh. 11 - Prob. 38BPCh. 11 - Prob. 39BPCh. 11 - Prob. 40BPCh. 11 - Prob. 41BPCh. 11 - Prob. 42BPCh. 11 - Prob. 1CECh. 11 - Prob. 1CPCh. 11 - Apply Your Knowledge Ethics In Action Case 1....Ch. 11 - Case 2. Kevin Sailors, the CEO of Candle...Ch. 11 - Financial Analysis Purpose: To help to familiarize...Ch. 11 - Prob. 1IACh. 11 - Small Business Analysis Purpose: To help you...Ch. 11 - Written Communication Prepare a paper outlining...Ch. 11 - Comprehensive Problem The Accounting Cycle and...
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Accounts Receivable and Accounts Payable; Author: The Finance Storyteller;https://www.youtube.com/watch?v=x_aUWbQa878;License: Standard Youtube License