College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Chapter 15, Problem 8SPA

INCOME STATEMENT. STATEMENT OF OWNER S EQUITY, AND BALANCE SHEET Paulson’s Pet Store completed the work sheet on page 602 for the year ended December 31, 20--. Owner’s equity as of January 1, 20--, was $21,900. The current portion of Mortgage Payable is $500.

REQUIRED

  1. 1. Prepare a multiple-step income statement.
  2. 2. Prepare a statement of owner’s equity.
  3. 3. Prepare a balance sheet.

Chapter 15, Problem 8SPA, INCOME STATEMENT. STATEMENT OF OWNER S EQUITY, AND BALANCE SHEET Paulsons Pet Store completed the

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Income Statement, Statement of Owner's Equity, and Balance Sheet 1.  Prepare a multiple-step income statement. 2.  Prepare a statement of owner's equity 3.  Prepare a balance sheet. Paulson's Pet Store completed the work sheet below for the year ended December 31, 20--. Owner's equity as of January 1, 20--, was $21,900. The current portion of Mortgage Payable is $500. Paulson's Pet StoreWork SheetFor Year Ended December 31, 20 --   TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Cash 15,860       15,860       15,860   Accounts Receivable 2,340       2,340       2,340   Merchandise Inventory 15,000   (b) 16,500 (a) 15,000 16,500       16,500   Supplies 800     (c) 200 600       600   Prepaid Insurance 600     (d) 150 450       450   Equipment 5,000       5,000       5,000   Accum. Depr.—Equipment   450   (e) 450   900       900 Accounts Payable   4,890…
Income Statement, Statement of Owner's Equity and Balance Sheet   Instructions Amount Descriptions Income Statement Statement of Owner’s Equity Balance Sheet         Instructions     Backlund Farm Supply completed the Adjusted Trial Balance for the year ended December 31, 20--. Owner’s equity as of January 1, 20--, was $507,752. The current portion of Note Payable is $3,000.   Backlund Farm Supply End-of-Period Spreadsheet (Partial) December 31, 20-- 1 ACCOUNT TITLE ADJUSTED TRIAL BALANCE DEBIT ADJUSTED TRIAL BALANCE CREDIT 2 Cash 25,784.00   3 Accounts Receivable 10,296.00   4 Merchandise Inventory 71,280.00   5 Estimated Returns Inventory 1,320.00   6 Supplies 2,640.00   7 Prepaid Insurance 1,980.00   8 Land 99,000.00   9 Building 385,000.00   10 Accumulated Depreciation-Building   22,000.00 11 Store Equipment 132,000.00…
Assessing Financial Statement Effects of Transactions and AdjustmentsSelected accounts of Piotroski Properties, a real estate management firm, are shown below as of January 31, before any accounts have been adjusted. Prepaid Insurance $6,660 Supplies 1,930 Office Equipment 5,952 Unearned Rent Revenue 5,250 Salaries Expense 3,100 Rent Revenue 15,000 Piotroski Properties prepares monthly financial statements. Using the following information, adjust the accounts as necessary on January 31 using the financial statements effect template.(a) Prepaid insurance represents a three-year premium paid on January 1.(b) Supplies of $950 were still available on January 31.(c) Office equipment is expected to last eight years (or 96 months).(d) Earlier this month, on January 1, Piotroski collected $5,250 for six months' rent in advance from a tenant renting space for $875 per month.(e) Salaries of $490 have been earned by employees but yet not recorded as of January 31.…

Chapter 15 Solutions

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

Ch. 15 - Prob. 1CECh. 15 - Prob. 2CECh. 15 - 1. L01 Prepare a multiple-step income statement...Ch. 15 - Prob. 4CECh. 15 - Prob. 5CECh. 15 - Prob. 6CECh. 15 - Prob. 1RQCh. 15 - Prob. 2RQCh. 15 - Describe how to calculate the following ratios (a)...Ch. 15 - Where is the information obtained that is needed...Ch. 15 - Explain the function of each of the four closing...Ch. 15 - What is the purpose of a post-closing trial...Ch. 15 - What is the primary purpose of reversing entries?Ch. 15 - What is the customary date for reversing entries?Ch. 15 - What adjusting entries should be reversed?Ch. 15 - REVENUE SECTION. MULTIPLE-STEP INCOME STATEMENT...Ch. 15 - COST OF GOODS SOLD SECTION, MULTIPLE-STEP INCOME...Ch. 15 - MULTIPLE-STEP INCOME STATEMENT Use the following...Ch. 15 - FINANCIAL RATIOS Based on the financial statements...Ch. 15 - CLOSING ENTRIES From the work sheet on page 600,...Ch. 15 - REVERSING ENTRIES From the work sheet used in...Ch. 15 - Prob. 7SEACh. 15 - INCOME STATEMENT. STATEMENT OF OWNER S EQUITY, AND...Ch. 15 - FINANCIAL RATIOS Use the work sheet and financial...Ch. 15 - WORK SHEET, ADJUSTING, CLOSING, AND REVERSING...Ch. 15 - REVENUE SECTION, MULTIPLE-STEP INCOME STATEMENT...Ch. 15 - COST OF GOODS SOLD SECTION, MULTIPLE-STEP INCOME...Ch. 15 - MULTIPLE-STEP INCOME STATEMENT Use the following...Ch. 15 - FINANCIAL RATIOS Based on the financial...Ch. 15 - CLOSING ENTRIES From the work sheet on page 607...Ch. 15 - Prob. 6SEBCh. 15 - ADJUSTING, CLOSING, AND REVERSING ENTRIES Prepare...Ch. 15 - INCOME STATEMENT, STATEMENT OF OWNERS EQUITY, AND...Ch. 15 - FINANCIAL RATIOS Use the work sheet and financial...Ch. 15 - Prob. 10SPBCh. 15 - Prob. 1MYWCh. 15 - Dominique Fouque owns and operates Dominiques Doll...Ch. 15 - Prob. 1CP
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