COLLEGE ACCOUNTING W/ ACCESS >BI<
13th Edition
ISBN: 9780357531822
Author: Scott
Publisher: CENGAGE L
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Chapter 12, Problem 2PB
Here is the partial work sheet for Meyer Mountain Shop.
Required
- 1. Prepare a statement of owner’s equity (no additional investment).
- 2. Prepare a
balance sheet . - 3. Determine the amount of the
working capital . - 4. Determine the
current ratio (carry to two decimal places).
Check Figure
Working capital, $73,602
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Requirement:
Journalize the transactions using the ff. accounts: Cash; Accounts Receivable; Equipment; Furniture and Fixtures, Accounts Payable; L. Rosales, Capital; Delivery Revenue; Gas and Oil Expense; Advertising Expense, Rent Expense, Salaries Expenses. Record the journal entries in journal sheets in proper format.
The transactions for March 2021 of Lightning Package Delivery Company, owned by Lelong Rosales, are as follow:
March 1: Opened the company with initial investment of P536,000 Cash.
March 2: Paid P6,000 rent for March on a completely furnished building.
March 5: Paid cash for delivery trucks, P220,000.
March 9: Paid P2,200 for supplies received.
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March 15: Invested additional cash P105,200
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March 21: Received a bill and paid for P1,200 for advertising in the local newspaper
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Complete the following problem in Excel. Use a different tab for each financial
statement.
A. Calculate the ending balance for each account. (The area shaded in yellow)
B. Create the income statement.
C. Create the statement of owner's equity.
D. Create the balance sheet.
Cash
$50,000
(6,000) 6,000
1,250
(750)
3,200
Assets
Liabilities
Inventory Equipment Accounts Wages
Payable Payable
(1,000)
22,000
1,000
22,000
600
175
3,000
Owner's Equity
Common
Stock
50,000
Retained
Earnings
1,250
(750)
(600)
(3,000)
3.200
(175)
Chapter 12 Solutions
COLLEGE ACCOUNTING W/ ACCESS >BI<
Ch. 12 - What is the term used for the profit on a sale...Ch. 12 - Which of the following is not an example of a...Ch. 12 - Prob. 3QYCh. 12 - What is the third entry of the closing procedure...Ch. 12 - What general journal entry is used to undo a...Ch. 12 - Prob. 1DQCh. 12 - What is the difference between the cost of goods...Ch. 12 - Prob. 3DQCh. 12 - Prob. 4DQCh. 12 - Prob. 5DQ
Ch. 12 - Explain the calculation of net sales and net...Ch. 12 - Prob. 7DQCh. 12 - What are the rules for recognizing whether an...Ch. 12 - Prob. 9DQCh. 12 - Calculate the missing items in the following:Ch. 12 - Using the following information, prepare the Cost...Ch. 12 - Identify each of the following items relating to...Ch. 12 - The Income Statement columns of the August 31...Ch. 12 - Prob. 5ECh. 12 - Prob. 6ECh. 12 - From the following T accounts, journalize the...Ch. 12 - From the following information, journalize the...Ch. 12 - A partial work sheet for The Fan Shop is presented...Ch. 12 - Prob. 2PACh. 12 - The following partial work sheet covers the...Ch. 12 - The following accounts appear in the ledger of...Ch. 12 - A partial work sheet for McKnight Music Store is...Ch. 12 - Here is the partial work sheet for Meyer Mountain...Ch. 12 - The following partial work sheet covers the...Ch. 12 - The following accounts appear in the ledger of...Ch. 12 - Costco is the largest chain of membership...Ch. 12 - A music store sells new instruments. The store...Ch. 12 - You are an owner/bookkeeper in a country whose...Ch. 12 - Prob. 4ACh. 12 - Prob. 5ACh. 12 - It is now August 31. You have journalized and...
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