INTERMEDIATE ACCOUNTING(LL)-W/2 ACCESS
9th Edition
ISBN: 9781260180657
Author: SPICELAND
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 2, Problem 2.11BE
Financial statements
• LO2–6
The following account balances were taken from the 2018 post-closing
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Requlred Informatlon
RivMera Townshlp reported the following data for Its governmental activitles for the year ended June 30, 20X9:
2 of 3
Item
Amount
Cash and cash equivalents
$1,000,000
300,000
8,500,000
1,200,000
400,000
4,800,000
Receivables
Capital assets
Accumulated depreciation
Accounts payable
01:56:09
Long-term liabilities
Additlonal Information avalable is as follows:
All of the long-term debt was used to acquire capital assets. Cash of $475,000 Is restricted for debt service.
Based on the preceding Informatlon, on the statement of net assets prepared at June 30, 20X9, what amount should be reported for net assets Invested In capital assets, net of related debt?
Multiple Cholce
$3.300,000
$2.900,000
$2,825,000
$4.200,000
Balance Sheet as at As at 30/9/16 As at 30/9/15 $ $ Assets Current assets- Cash 8,200 9,400 Accounts Receivable 107,000 103,500 Inventory 82,700 71,300 Non-current assets less accumulated depreciation 242,600 245,700 Total assets 440,500 429,900 Liabilities and Owners' equity Current liabilities 117,000 120,000 Loan (repayable in 2019) 152,000 150,000 Total liabilities 269,000 270,000 Owners' equity 171,500 159,900 Total Liabilities and Owners' equity 440,500 429,900 Summarised Income Statement of Bishan Enterprise for the year ended 30 September 2016 $ Sales 990,000 Cost of goods sold 580,000 Gross profit 410,000 Operating expenses 350,000 Net profit 60,000 · Note - The owner withdrew $48,400 during 2016. Required: Calculate…
please answer asap
Problem No. 9
Presented below is the Assets section of AACA Corp.’s statement of financial position as of Dec. 31, 2022.
Cash and cash equivalents
P2,100,000
Trade and other receivables
4,200,000
Inventories
5,300,000
Other current assets
500,000
Property, plant and equipment
7,710,000
Intangible assets
2,271,000
Other non-current assets
700,000
During the course of your audit, you noted the following.
Cash and cash equivalents
The following were included in Cash and cash equivalents:
Credit card receipts representing sales on Dec. 31, 2022, P98,900.
Cryptocurrencies, P360,000. These are not held for sale in the ordinary course of business nor for investment purposes.
Cash set aside for payment of income tax, P140,000.
Cash surrender value of life insurance policy, P33,000.
Investment in preference shares acquired on Dec. 28, 2022, P240,000. The shares are redeemable on Mar. 28, 2023.
6-month time deposit, P100,000.…
Chapter 2 Solutions
INTERMEDIATE ACCOUNTING(LL)-W/2 ACCESS
Ch. 2 - Explain the difference between external events and...Ch. 2 - Each economic event or transaction will have a...Ch. 2 - What is the purpose of a journal? What is the...Ch. 2 - Explain the difference between permanent accounts...Ch. 2 - Describe how debits and credits affect assets,...Ch. 2 - Describe how debits and credits affect temporary...Ch. 2 - What is the first step in the accounting...Ch. 2 - Prob. 2.8QCh. 2 - Prob. 2.9QCh. 2 - Prob. 2.10Q
Ch. 2 - What is an unadjusted trial balance? An adjusted...Ch. 2 - Define adjusting entries and discuss their...Ch. 2 - Define closing entries and their purpose.Ch. 2 - Define prepaid expenses and provide at least two...Ch. 2 - Deferred revenues represent liabilities recorded...Ch. 2 - Define accrued liabilities. What adjusting journal...Ch. 2 - Prob. 2.17QCh. 2 - [Based on Appendix A] What is the purpose of a...Ch. 2 - [Based on Appendix B] Define reversing entries and...Ch. 2 - [Based on Appendix C] What is the purpose of...Ch. 2 - Prob. 2.21QCh. 2 - Transaction analysis LO21 The Marchetti Soup...Ch. 2 - Journal entries LO22 Prepare journal entries for...Ch. 2 - Prob. 2.3BECh. 2 - Journal entries LO22 Prepare journal entries for...Ch. 2 - Adjusting entries LO25 Prepare the necessary...Ch. 2 - Adjusting entries; income determination LO24,...Ch. 2 - Adjusting entries LO25 Prepare the necessary...Ch. 2 - Income determination LO24 If none of the...Ch. 2 - Adjusting entries LO25 Prepare the necessary...Ch. 2 - Financial statements LO26 The following account...Ch. 2 - Financial statements LO26 The following account...Ch. 2 - Closing entries LO27 The year-end adjusted trial...Ch. 2 - Prob. 2.13BECh. 2 - Transaction analysis LO21 The following...Ch. 2 - Journal entries LO22 Prepare journal entries to...Ch. 2 - T-accounts and trial balance LO23 Post the...Ch. 2 - Journal entries LO22 The following transactions...Ch. 2 - Prob. 2.5ECh. 2 - Debits and credits LO22 Indicate whether a debit...Ch. 2 - Transaction analysis; debits and credits LO22...Ch. 2 - Adjusting entries LO25 Prepare the necessary...Ch. 2 - Adjusting entries LO25 Prepare the necessary...Ch. 2 - Adjusting entries; solving for unknowns LO24,...Ch. 2 - Adjusting entries LO25 The Mazzanti Wholesale...Ch. 2 - Financial statements and closing entries LO26,...Ch. 2 - Closing entries LO27 American Chip Corporations...Ch. 2 - Prob. 2.14ECh. 2 - Cash versus accrual accounting; adjusting entries ...Ch. 2 - External transactions and adjusting entries LO22,...Ch. 2 - Accrual accounting income determination LO24,...Ch. 2 - Cash versus accrual accounting LO28 Stanley and...Ch. 2 - Prob. 2.19ECh. 2 - Worksheet Appendix 2A The December 31, 2018,...Ch. 2 - Reversing entries Appendix 2B The employees of...Ch. 2 - Reversing entries Appendix 2B Refer to E 29 and...Ch. 2 - Reversing entries Appendix 2B Refer to E 29 and...Ch. 2 - Special journals Appendix 2C The White Companys...Ch. 2 - Prob. 2.25ECh. 2 - Accounting cycle through unadjusted trial balance ...Ch. 2 - Accounting cycle through unadjusted trial balance ...Ch. 2 - Adjusting entries LO25 Pastina Company sells...Ch. 2 - Accounting cycle; adjusting entries through...Ch. 2 - Adjusting entries LO25 Howarth Companys fiscal...Ch. 2 - Accounting cycle LO22 through LO27 The general...Ch. 2 - Adjusting entries and income effects LO22, LO25...Ch. 2 - Adjusting entries LO25 Excalibur Corporation...Ch. 2 - Accounting cycle; unadjusted trial balance through...Ch. 2 - Prob. 2.10PCh. 2 - Prob. 2.11PCh. 2 - Cash versus accrual accounting LO28 Zambrano...Ch. 2 - Worksheet Appendix 2A Using the information from...Ch. 2 - Judgment Case 21 Cash versus accrual accounting;...Ch. 2 - Prob. 2.2BYPCh. 2 - Communication Case 23 Adjusting entries LO24 I...Ch. 2 - Continuing Cases Target Case LO24, LO28 Target...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Problem 6-4: The Northrock Corporation The Northrock Corporation produced the following summary of its historical experience of write offs of Accounts Receivable (A/R) on October 31, 2021: Year A/R at Year end Uncollectible and written off in subsequent years 2018 14000 700 2019 10000 1000 2020 12000 600 2021 4000 200 Required 1. Calculate the percentage loss on Accounts Receivable for the period 2018 to 2021 by calculating total write offs over the period as a % of total A/R. Round your calculation to two decimal places. 2. Compute the balance for the Allowance for Doubtful accounts (rounded to the nearest $) on October 31, 2021 if Accounts Receivable on that date were 16000. Apply the % ending A/R method using the percentage calculated in part 1. 3. Scenario A: On October 31, 2021 the unadjusted Allowance for Doubtful Accounts was 160 credit. Prepare an adjusting entry to obtain the amount that you calculated in part 2. 4. Scenario B: On October 31, 2021 the unadjusted Allowance for…arrow_forward4 Bridgeport Corp.’s balance sheet at December 31, 2019, is presented below. BRIDGEPORT CORP. Balance Sheet December 31, 2019 Cash $27,000 Accounts payable $26,500 Accounts receivable 45,000 Common stock ($10 par) 80,000 Allowance for doubtful accounts (1,700 ) Retained earnings 123,700 Supplies 4,400 Land 40,500 Buildings 138,000 Accumulated depreciation—buildings (23,000 ) $230,200 $230,200 During 2020, the following transactions occurred. 1. On January 1, 2020, Bridgeport issued 1,400 shares of $43 par, 7% preferred stock for $63,000. 2. On January 1, 2020, Bridgeport also issued 840 shares of the $10 par value common stock for $24,000. 3. Bridgeport performed services for $333,000 on account. 4. On April 1, 2020, Bridgeport collected fees of $37,000 in advance for services to be performed from April 1, 2020, to March 31, 2021. 5. Bridgeport collected $279,000 from customers on account. 6. Bridgeport bought $36,000 of supplies on account. 7. Bridgeport paid $31,500 on accounts…arrow_forwardX Company reports these account balances on December 31, 2021 Accounts Payable Accounts Receivable Accumulated depreciation $450,000 150.000 180,000 600,000 80.000 300,000 Cash Drawings Operating Expenses Goodwill 90,000 000 080 Service Revenne Owner's capital Unearmed Service Reventie S00,000 720.000 50,000arrow_forward
- the nearest percent. Which company has the most seasonal business? Briefly explain. Which company is Toys "R" Us? The Gillette Company? Briefly explain. c. d. SERIAL PROBLEM:KATE'S CARDS Kate is very pleased with the results of the first year of operations for Kate's Cards. She ended the year on a high note, with the company's reputation for producing quality cards leading to more basi- ness than she can currently manage. Kate is considering expanding and bringing in several employ- ees. In order to do this, she will need to find a larger location and also purchase more equipment. All this means additional financing. Kate has asked you to look at her year-end financial statements as if you were a banker considering giving Kate a loan. Comment on your findings and provide calcula- tions to support your comments. (Note: This is a continuation of the Serial Problem: Kate's Cards from Chapter 1 through Chapter 12.) SP13. KATE'S CARDS Income Statement Year Ended August 31, 2019 $185,000…arrow_forward41 Problem No. 1 AACA Corporation was incorporated on Dec. 1, 2021, and began operations one week later. Before closing the books for the fiscal year ended Nov. 30, 2022, the controller prepared the following financial statements: AACA Corporation Statement of Financial Position November 30, 2022 Assets Current assets Cash P150,000 Marketable securities, at cost 60,000 Accounts receivable 450,000 Allowance for doubtful accounts ( 59,000) Inventories 430,000 Prepaid insurance 15,000 Total current assets 1,046,000 Property, plant and equipment 426,000 Less accumulated depreciation ( 40,000) Property, plant and equipment, net 386,000 Research and development costs 120,000 Total assets P1,552,000 Liabilities and Shareholders' Equity Current liabilities Accounts payable and accrued…arrow_forwardQ 7. Prepare a 2021 balance sheet for Willis Corporation based on the following information: Cash = $129,000; Patents and copyrights = $630,000; Accounts payable = $211,000; Accounts receivable = $125,000; Tangible net fixed assets = $1,625,000; Inventory = $294,000; Notes payable = $170,000; Accumulated retained earnings = $1,274,000; Long-term debt = $847,000arrow_forward
- ll TM 16:18 O 1 29% 4 cdn.fbsbx.com Done E9-4B: (Statement of Financial Position – Missing Elements) The following calendar year-end information is available for GRAPES Corporation: .Cash and cash equivalents · Accounts receivable (net) · Inventories · Property, plant, and equipment (net) ·Accounts payable . Wages payable . Contributed capital асcount balance P 5,000 20,000 60,000 120,000 44,000 15,000 100,000 The only asset not listed is trading securities. The only liabilities not listed are a P30,000 note payable due in two years and related accrued interest of P1,000 due in four months. The current ratio (equal to Current Assets : Current Liabilities) at year-end is 1.5:1. Instruction: Determine the following balances at year end. A. Total current assets (Cash and cash equivalent 500 Accounts receivable {net} 20,000 inventories {60,000} – 85000) Trading Securities В. (5000+20000+60000+120000)=20 5,000 c. Total Assets Accounts payable 44,000 + wages payable 15,000 59,00 D.…arrow_forwardNeed a brief description for Assets distribution in Case Stuady 5 to 6 sentences ASSETS DISTRIBUTION END OF YEAR 2019 ASSETS Cash, cash equivalents & Investments $ 239,784 Accounts receivables & Prepaid expenses $ 54,458 Inventory $ 59,088 Fixed Assets $ 188,455 Goodwill & Trademarks $ 248,261 Other Assets $ 187,818 TOTAL $ 977,864arrow_forwardTB 02-79 Your company buys a $2 million warehouse pay... Your company buys a $2 million warehouse paying $300,000 in cash and issuing $1.7 million in promissory notes. This will be posted as: Multiple Choice O $2 million credited and $300,000 debited to assets; $1.7 million debited to liabilities. $2 million debited and $300,000 credited to assets; $1.7 million credited to liabilities. O $2 million credited to assets and $2 million debited to liabilities. $2 million debited to assets and $2 million credited to liabilities.arrow_forward
- 113 At 1 July 20X2 the receivables allowance of Q was $18,000. During the year ended 30 June 20X3 debts totalling $14,600 were written off. The receivables allowance required was to be $16,000 as at 30 June 20X3. What amount should appear in Q's statement of profit or loss for receivables expense for the year ended 30 June 20X3? B. $16,600 $12,600 C. $30,600 $48,600arrow_forwardQuestion 12 The following data pertain to Gliezel company on December 31, 20B: Trade accounts payable, including cost of goods received on consignment of P180,000 is 1,620,000; Accrued taxes payable, 150,000; Customers' deposit, 120,000; Cherry company as guarantor, 240,000; Bank overdraft, 66,000; Accrued electric and power bills, 72,000; Reserve for contingencies, 180,000. How much should be shown as total current liabilities? CHOICES 2,208,000 2,088,000 1,980,000 1,848,000arrow_forwardOUR COMPANY Statement of Financial Position As of December 31 2ΟΥ2 20Υ1 Cash and Cash Equivalents P 470,310 P 519,860 Accounts Receivable, net 660,110 565,170 Inventory 653,060 555,480 228,810 Prepaid Expenses 173,740 Total Current Assets 1,957,220 1,869,320 Property, Plant and Equipment, net Intangible Assets 5,910,530 745,200 5,501,660 721,910 Total Assets P8,612,950 P8,092,890 Current Liabilities P1,273,050 P1,123,700 Long-Term Liabilities 577,580 541,540 Total Liabilities 1,850,630 1,665,240 OUR, Capital 6,762,320 6,427,650 Total Liabilities and Owner's Equity P8,612,950 P8,092,890 OUR COMPANY Statement of Comprehensive Income For the Year Ended 20Υ2 20Υ1 Sales Revenue P5,385,860 P4,921,850 1,374,790 Cost of Goods Sold 1,254,860 Gross Profit 4,011,070 3,666,990 3,127,150 3,406,460 604,610 Selling and Administrative Expenses Operating Income Interest Expense 539,840 23,040 11,820 Net Income P 592,790 P 516,800 Required: 1. Compute for the 20Y2 profitability ratios. 2. Compute for…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
Financial ratio analysis; Author: The Finance Storyteller;https://www.youtube.com/watch?v=MTq7HuvoGck;License: Standard Youtube License