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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

Use the following spreadsheet for Yoder’s Cool Stuff for Checkpoint Exercises 1, 2, and 3.

images

Prepare a multiple-step income statement for Yoder’s Cool Stuff.

Prepare a statement of owner’s equity for Yoder’s Cool Stuff. Assume the beginning balance of Yoder’s capital account was $88,000.

Prepare a balance sheet for Yoder’s Cool Stuff.

To determine

Prepare balance sheet for Company YCS.

Explanation

Balance sheet: This financial statement reports a company’s resources (assets) and claims of creditors (liabilities) and stockholders (stockholders’ equity) over those resources. The resources of the company are assets which include money contributed by stockholders and creditors. Hence, the main elements of the balance sheet are assets, liabilities, and stockholders’ equity.

Prepare balance sheet for Company YCS.

Company YCS
Balance Sheet
For Year Ended December 31, 20--
Assets
Current assets:
Cash$7,400
Accounts receivable$13,000
Merchandise inventory$75,000
Supplies$400
Estimated returns inventory$5,000
Prepaid insurance$3,500

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