College Accounting (Book Only): A ...
Solutions
College Accounting (Book Only): A ...
A portion of the work sheet of Habib Company for the year ended December 31 follows.
Required
- 1. Determine the entries that appeared in the Adjustments columns and present them in general journal form on page 41.
- 2. Determine the net income for the year.
- 3. What is the amount of the ending capital?
1.
Record the adjustments columns in general journal.
General journal is a record of financial transaction. The transactions are recorded in the journal prior to posting them to the accounts in the general ledger.
Journalize the entries in general journal.
Table (1)
Description:
Adjusting entries for inventory
- Income summary is a temporary account and it is debited in case of net profit. Therefore, debit the income summary. Merchandise Inventory is an asset (current) account and it is decreased. Therefore, credit the merchandise inventory.
- Merchandise Inventory is an asset (current) account and it is increased. Therefore, debit the merchandise inventory. Income summary is a temporary account and it is closed. Therefore, credit the income summary.
Adjusting entries for depreciation
- Depreciation expense (Expense) is a component of stockholder’s equity and there is an increase in the value of expense. Hence, debit the depreciation expense by $4,360.
- Accumulated depreciation is a contra asset and it decreases the value of the assets...
2.
Calculate the net income for the year.
3.
Calculate the ending capital amount.
Chapter 11 Solutions
Additional Business Solutions
Find more solutions based on key concepts
Show solutions addExplain how a defined contribution pension plan works.
Corporate Financial Accounting
Prepare the 3NF base tables needed to produce the sales report view shown in the diagram for Problem 13.
Accounting Information Systems
Describe how to recognize an impairment under the current expected credit loss model.
Intermediate Accounting: Reporting And Analysis
Blake Knudson owns and operates Grab Bag Delivery Services. On January 1, 2018, Blake Knudson, Capital had a ba...
Financial Accounting
Transactions for petty cash, cash short and over Cedar Springs Company completed the following selected transac...
Financial & Managerial Accounting
Nonuniform Inputs, Transferred-In Cost Drysdale Dairy produces a variety of dairy products. In Department 12, c...
Managerial Accounting: The Cornerstone of Business Decision-Making
Differential analysis for machine replacement proposal Flint Tooling Company is considering replacing a machine...
Financial And Managerial Accounting
The journal entry at the end of the year that recognizes an additional premium owed under workers compensation ...
College Accounting, Chapters 1-27
Chapter 2 explains the difference between positive analysis and normative analysis. In the debate about whether...
Principles of Macroeconomics (MindTap Course List)
A marginal change is one that a. is not important for public policy. b. incrementally alters an existing plan. ...
Principles of Microeconomics (MindTap Course List)
Identify and describe the various types of wholesalers.
Foundations of Business (MindTap Course List)
A seven-year medical research study reported that women whose mothers took the drug DES during pregnancy were t...
STATISTICS F/BUSINESS+ECONOMICS-TEXT
YOUR TASK. Select a recent issue of The Wall Street Journal. Bloom berg Business week. The Economist. Money. Fo...
Essentials of Business Communication (MindTap Course List)
(Short-Run Profit Maximization) Answer the following questions on the basis of the monopolists situation illust...
ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
What is the main advantage of using EDI to capture and process business events?
Accounting Information Systems
Over the past 20 years, Mexico has had high inflation and Japan has had low inflation. What do you predict has ...
Brief Principles of Macroeconomics (MindTap Course List)
Conducting a Financial Ratio Analysis on HP INC. Use online resources to work on this chapter's questions. Plea...
Fundamentals of Financial Management (MindTap Course List)
Only one firm produces and sells soccer balls in the country of Wiknam, and as the story begins, international ...
Principles of Economics (MindTap Course List)
Why do public utilities generally use different capital structures than biotechnology companies?
Fundamentals of Financial Management, Concise Edition (MindTap Course List)
How does JetBlue's commitment to diversity influence the way it treats its employees? How does it influence the...
Management, Loose-Leaf Version
Discuss the unique aspects of business buying behavior
MKTG 12:STUDENT ED.-TEXT
Identify the eight functions of marketing physical goods.
Contemporary Marketing
Suppose Americans decide to save more of their in-comes. If banks lend this extra saving to businesses, which u...
Essentials of Economics (MindTap Course List)
Interstate Delivery Service is owned and operated by Katie Wyer. The following selected transactions were compl...
Financial Accounting
Ratio of sales to assets Financial statement data for years ending December 31 for Latchkey Company follows : a...
Accounting (Text Only)
Depletion Glacier Mining Co. acquired mineral rights for 494,000,000. The mineral deposit is estimated at 475,0...
Financial & Managerial Accounting
Is it better for a firms actual stock price in the market to be under, over, or equal to its intrinsic value? W...
Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)
Discuss the differences between statistics as numerical facts and statistics as a discipline or field of study.
Statistics for Business & Economics, Revised (MindTap Course List)
How is price related to marginal and average total cost for monopolistically competitive firms in the following...
Exploring Economics
What is the purpose of the FUTA tax, and who must pay it?
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Explain how an increase in the price level affects the real value of money.
Principles of Macroeconomics (MindTap Course List)
In your own words, how do ERP systems facilitate balanced scorecard and business intelligence?
Pkg Acc Infor Systems MS VISIO CD
Most firms like to have their stock selling at a high P/E ratio, and they also like to have extensive public ow...
Fundamentals of Financial Management (MindTap Course List)
Twenty metrics of liquidity, solvency, and profitability The comparative financial statements of Automotive Sol...
Survey of Accounting (Accounting I)
Bank reconciliation The following bank reconciliation was prepared as of June 30, 20Y7: Poway Co. Bank Reconcil...
Corporate Financial Accounting
Ken Gorman is a maitre d at Carmel Dinner Club. On February 1, his gross pay was 800 (three days working, one p...
PAYROLL ACCT.,2019 ED.(LL)-TEXT
Identify some possible causal factors for the following support departments: a. Cafeteria b. Custodial services...
Cornerstones of Cost Management (Cornerstones Series)
Some economists argue that if the economy currently needs to be stimulated to remove it from a recessionary gap...
Macroeconomics
What is the monetary policy prescription of the market monetarists?
Economics (MindTap Course List)
Explain why the government spending (G) component of GDP falls short of actual government expenditures.
Economics For Today
Think of two types of books, A and B. Book A can be purchased new by someone and resold as a used book. Book B ...
Microeconomics
The DC Cisco office is trying to predict the revenue it will generate next week. Ten deals may close next week....
Practical Management Science
Discuss the advantages of electronically transmitting and receiving purchasing documents between a buyer and se...
Purchasing and Supply Chain Management
