Bundle: Financial & Managerial Accounting, Loose-leaf Version, 14th + Working Papers For Warren/reeve/duchac's Corporate Financial Accounting, 14th + ... Financial & Managerial Accounting,
14th Edition
ISBN: 9781337802000
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Question
Chapter 2, Problem 2.1EX
To determine
Balance sheet:
Balance sheet is a financial statement that shows the available assets (owner’s equity and outsider’s equity) and owed liabilities from investing and financial activities of a company. This statement reveals the financial health of company. So, this statement is also called as
Income statement:
Income statement is a financial statement which reports revenues, and expenses from business operations, and the result of those operations as net income or net loss for a particular time period is referred to as income statement.
To identify: Whether each of the following account is either a balance sheet or an income statement, and to identify for each balance sheet account, whether it is an asset, a liability, owner’s equity, and for each income statement account, whether it is a revenue or an expense.
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Students have asked these similar questions
Indicate the financial statement on which each of the following items appears. Use I for income statement, E for statement of retained earnings and B for Balance Sheet
for each of the financial statement items, identify the estimate(s) from the following (1-11) list that are
required in the measurement of that item on the financial statements. For each select 3 of them.
Account Receivable
A.
b,
C,
• Inventory
A.
b,
C,
Equipment
A.
b,
C,
Warranty Liability
A.
b,
C,
Sales revenue
А,
b,
C,
Revenue from long term contract
b,
A.
Cost of good sold.
C,
A.
C,
1. Cost to repair or replace product.
2. Cost of each item sold/held.
3. Customer default rate
4. Degree of progress fulfilling contract.
5. Pattern of benefit obtained.
6. Prices of inventory items
7. Profitability of contract
8. Rate of defect
9. Residual value at end of useful life
10. Speed of collection
11. Useful lives
Under the column Financial Statement, choose from the list of codes below, the appropriate financial statement where the accounts listed would appear.
Financial Statement
Code
Income Statement
I/S
Balance Sheet
B/S
Statement of Owner's Equity
O/E
b.
For the column Balance Sheet Classification, choose the appropriate balance sheet classification from the list of codes below. If the account does not belong on the balance sheet, use the code n/a.
Balance Sheet Classification
Code
Current Assets
CA
Long-term Investments
LTI
Property, Plant and Equipment
PPE
Intangibles
I
Goodwill
G
Current Liabilities
CL
Non-Current Liabilities
NCL
Owner's Equity
OE
Not on the Balance Sheet
n/a
a.
b.
Accounts in financial statement
Financial Statement
Balance Sheet Classification
Accumulated depreciation – furniture
Interest…
Chapter 2 Solutions
Bundle: Financial & Managerial Accounting, Loose-leaf Version, 14th + Working Papers For Warren/reeve/duchac's Corporate Financial Accounting, 14th + ... Financial & Managerial Accounting,
Ch. 2 - What is the difference between an account and a...Ch. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - eCatalog Services Company performed services in...Ch. 2 - If the two totals of a trial balance are equal,...Ch. 2 - Assume that a trial balance is prepared with an...Ch. 2 - Prob. 7DQCh. 2 - Assume that Muscular Consulting erroneously...Ch. 2 - Assume that Sunshine Realty Co. borrowed 300,000...Ch. 2 - Checking accounts are one of the most common forms...
Ch. 2 - Rules of debit and credit and normal balances...Ch. 2 - Journal entry for asset purchase Prepare a journal...Ch. 2 - Journal entry for fees earned Prepare a journal...Ch. 2 - Journal entry for dividends Prepare a journal...Ch. 2 - Missing amount from an account On August 1, the...Ch. 2 - Trial balance errors For each of the following...Ch. 2 - Correcting entries The following errors took place...Ch. 2 - Prob. 2.1EXCh. 2 - Chart of accounts Innerscape Interiors is owned...Ch. 2 - Chart of accounts LeadCo School is a newly...Ch. 2 - Rules of debit and credit The following table...Ch. 2 - Normal entries for accounts During the month,...Ch. 2 - Normal balances of accounts Identify each of the...Ch. 2 - Transactions Zenith Consulting Co. has the...Ch. 2 - Journalizing and posting On October 3, 2018, Regal...Ch. 2 - Transactions and T accounts The following selected...Ch. 2 - Cash account balance During the month, Warwick Co....Ch. 2 - Account balances A. During February, 186,500 was...Ch. 2 - Retained earnings account balance As of January 1,...Ch. 2 - Identifying transactions Napa Tours Co. is a...Ch. 2 - Journal entries Based upon the T accounts in...Ch. 2 - Trial balance Based upon the data presented in...Ch. 2 - Trial balance The accounts in the ledger of...Ch. 2 - Effect of errors on trial balance Indicate which...Ch. 2 - Errors in trial balance The following preliminary...Ch. 2 - Effect of errors on trial balance The following...Ch. 2 - Prob. 2.20EXCh. 2 - Entries to correct errors The following errors...Ch. 2 - Entries to correct errors The following errors...Ch. 2 - Entries into T accounts and trial balance Marjorie...Ch. 2 - Journal entries and trial balance On October 1,...Ch. 2 - Journal entries and trial balance On November 1,...Ch. 2 - Journal entries and trial balance Elite Realty...Ch. 2 - Corrected trial balance The Lexington Group has...Ch. 2 - Entries into T accounts and trial balance Ken...Ch. 2 - Journal entries and trial balance On August 1,...Ch. 2 - Journal entries and trial balance On October 1,...Ch. 2 - Journal entries and trial balance Valley Realty...Ch. 2 - Corrected trial balance Tech Support Services has...Ch. 2 - The transactions completed by PS Music during June...Ch. 2 - Prob. 1ADMCh. 2 - Prob. 2ADMCh. 2 - Target: Horizontal analysis The following data (in...Ch. 2 - Prob. 4ADMCh. 2 - Prob. 2.1TIF
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