College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Textbook Question
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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Students have asked these similar questions
Here is the partial work sheet for Eckland Stereo: (image below)
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).
On December 31, 20--, the following selected accounts and amounts appeared on the balance sheet for Duncan Company. Determine the amount of the working capital and the current ratio.
Building
$127,000
Prepaid Insurance
1,500
Merchandise Inventory
53,910
Store Equipment
10,500
Unearned Fees
2,880
Notes Payable (due in six months)
8,640
Accumulated Depreciation, Building
52,700
Accounts Payable
14,400
Land
30,000
Cash
14,230
Store Supplies
750
Accumulated Depreciation, Store Equipment
4,550
Notes Receivable (due in four months)
4,490
Mortgage Payable (current portion)
4,160
Salaries Payable
1,920
M. Duncan, Capital
91,900
Mortgage Payable (due in four years)
61,230
Working Capital
Current Ratio (Round your answer to two decimal places.)
:1
liu zhang operates lawson consulting, which began operations on june 1. on june 30, the company's records show the following accounts and amounts for the month of june
cash $11,000 service revenue $15,600
accounts receivable $5,700 equipment $7,700
accounts payable $4,700 rent expense $3,200
L. Zhang withdrawals $2,700 wages expense $8,000
Use the above information to prepare a June 30 balance sheet for Lawson Consulting. Hint: Compute the owner's capital account balance as of June 30
LAWSON CONSULTING
Balance Sheet
As of June 30
Assets:
Liabilities:
Cash
$11,000
Accounts payable
$4,700
Accounts receivable
5,700
Equipment
7,700
Equity:
L. Zhang, Capital
Total Assets
$24,400
$4,700
Chapter 12 Solutions
College Accounting (Book Only): A Career Approach
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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