Loose-leaf for Fundamentals of Financial Accounting with Connect
5th Edition
ISBN: 9781259619007
Author: Fred Phillips Associate Professor
Publisher: McGraw-Hill Education
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Chapter 2, Problem 2.22ME
Requirement – 1
To determine
To prepare: The classified balance of Company F.
Requirement – 2
To determine
Whether the assets amount of Company F is primarily come from liabilities or stockholders’ equity .
Requirement – 3
To determine
To analyze: Whether Company F‘s current asset is sufficient to repay the current liabilities.
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The following items were taken from the accounting records of Talecom, Incorporated. The income statement and balance sheet at December 31, 2009 except for the retained earnings balance which is the balance at 1/1/2009:
Accounts Payable $ 52,000
Accounts Receivable $ 7,000
Land 121,000
Advertising Expense 11,000
Cash 108,000
Common Stock 15,000
Rent Expense 20,000
Dividends 1,000
Insurance Expense 5,000
Notes Payable (long‐term) 62,000
Retained Earnings (beg) 52,300
Salaries Expense 22,000
Service Revenue 121,000
Inventory 3,000
Accumulated Depreciation 20,000
Supplies Expense 1,000
Salaries Payable 1,500
Additional Paid In Capital 100,000
Building 100,000
Income tax rate 40%
Prepare an income statement, statement of retained earnings, and balance sheet. Also calculate and interpret Liquidity ratios; solvency ratios.
The following items were taken from the accounting records of Talecom, Incorporated. The income statement and balance sheet at December 31, 2009 except for the retained earnings balance which is the balance at 1/1/2009
Accounts Payable $ 52,000
Accounts Receivable $ 7,000
Land 121,000
Advertising Expense 11,000
Cash 108,000
Common Stock 15,000
Rent Expense 20,000
Dividends 1,000
Insurance Expense 5,000
Notes Payable (long‐term) 62,000
Retained Earnings (beg) 52,300
Salaries Expense 22,000
Service Revenue 121,000
Inventory 3,000
Accumulated Depreciation 20,000
Supplies Expense 1,000
Salaries Payable 1,500
Additional Paid In Capital 100,000
Building 100,000
Income tax rate 40%
Prepare an income statement, and a classified balance sheet for the…
Computers Inc. began business on January 1, 2017. Balances at December 31, 2017, are listed below.
Accounts Payable
$2,000
Capital Stock
$1,000
Accounts Receivable
6,000
Supplies
3,000
Cash
8,000
Taxes Expense
1,300
Computer Equipment
12,000
Dividends
8,000
Fees Earned
74,000
Wages Expense
25,000
Rent Expense
12,000
Supplies Expense
1,700
Prepare an income statement, retained earnings statement, and a balance sheet for the company.
Chapter 2 Solutions
Loose-leaf for Fundamentals of Financial Accounting with Connect
Ch. 2 - Define the following: a. Asset b. Current asset c....Ch. 2 - Define a transaction anti give an example of each...Ch. 2 - For accounting purposes, what is an account?...Ch. 2 - What is the basic accounting equation?Ch. 2 - Prob. 5QCh. 2 - Prob. 6QCh. 2 - Prob. 7QCh. 2 - What is a journal entry? What is the typical...Ch. 2 - What is a T-account? What is its purpose?Ch. 2 - Prob. 10Q
Ch. 2 - Prob. 11QCh. 2 - Which of the following is not an asset account? a....Ch. 2 - Which of the following statements describe...Ch. 2 - Total assets on a balance sheet prepared on any...Ch. 2 - The duality of effects can best be described as...Ch. 2 - The T-account is used to summarize which of the...Ch. 2 - Prob. 6MCCh. 2 - A company was recently formed with 50,000 cash...Ch. 2 - Which of the following statements would be...Ch. 2 - Prob. 9MCCh. 2 - Prob. 10MCCh. 2 - Prob. 2.1MECh. 2 - Prob. 2.2MECh. 2 - Matching Terms with Definitions Match each term...Ch. 2 - Prob. 2.4MECh. 2 - Prob. 2.5MECh. 2 - Prob. 2.6MECh. 2 - Prob. 2.7MECh. 2 - Identifying Events as Accounting Transactions Half...Ch. 2 - Determining Financial Statement Effects of Several...Ch. 2 - Preparing Journal Entries For each of the...Ch. 2 - Posting to T-Accounts For each of the transactions...Ch. 2 - Reporting a Classified Balance Sheet Given the...Ch. 2 - Prob. 2.13MECh. 2 - Prob. 2.14MECh. 2 - Identifying Transactions and Preparing Journal...Ch. 2 - Prob. 2.16MECh. 2 - Prob. 2.17MECh. 2 - Prob. 2.18MECh. 2 - Prob. 2.19MECh. 2 - Prob. 2.20MECh. 2 - Prob. 2.21MECh. 2 - Prob. 2.22MECh. 2 - Prob. 2.23MECh. 2 - Prob. 2.24MECh. 2 - Prob. 2.25MECh. 2 - Prob. 2.1ECh. 2 - Prob. 2.2ECh. 2 - Classifying Accounts and Their Usual Balances As...Ch. 2 - Determining Financial Statement Effects of Several...Ch. 2 - Prob. 2.5ECh. 2 - Recording Journal Entries Refer to E2-4. Required:...Ch. 2 - Prob. 2.7ECh. 2 - Analyzing the Effects of Transactions in...Ch. 2 - Inferring Investing and Financing Transactions and...Ch. 2 - Analyzing Accounting Equation Effects, Recording...Ch. 2 - Recording Journal Entries and Preparing a...Ch. 2 - Analyzing the Effects of Transactions Using...Ch. 2 - Explaining the Effects of Transactions on Balance...Ch. 2 - Prob. 2.14ECh. 2 - Prob. 2.15ECh. 2 - Determining Financial Statement Effects of Various...Ch. 2 - Recording Transactions (in a Journal and...Ch. 2 - Recording Transactions (in a Journal and...Ch. 2 - Determining Financial Statement Effects of Various...Ch. 2 - Recording Transactions (in a Journal and...Ch. 2 - Recording Transactions (in a Journal and...Ch. 2 - Determining Financial Statement Effects of Various...Ch. 2 - Prob. 2.2PBCh. 2 - Prob. 2.3PBCh. 2 - Prob. 2.1SDCCh. 2 - Prob. 2.2SDCCh. 2 - Prob. 2.4SDCCh. 2 - Prob. 2.5SDCCh. 2 - Accounting for the Establishment of a Business...
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