FINANCIAL+MANAG.ACCT.(LOOSE)-W/CONNECT
9th Edition
ISBN: 9781266419607
Author: Wild
Publisher: MCG CUSTOM
expand_more
expand_more
format_list_bulleted
Question
Chapter 2, Problem 3BTN
a.
To determine
An accounting equation is formed by three main elements, namely, asset account, liability account and equity account. The formation is done as: Assets = Liabilities + Equity.
Every business transaction can be identified and analyzed through this accounting equation for the purpose of further analyzing the effects of each such transaction on the asset, liability and equity.
To compute: Net income or net loss reported for the years ended 2018, 2017, and 2016.
b.
To determine
An accounting equation is formed by three main elements, namely, asset account, liability account and equity account. The formation is done as: Assets = Liabilities + Equity.
Every business transaction can be identified and analyzed through this accounting equation for the purpose of further analyzing the effects of each such transaction on the asset, liability and equity.
To state: Whether for the company’s operating activities provide cash or use of cash for 2016, 2017, and 2018.
c.
To determine
Accounting Equation:
An accounting equation is formed by three main elements, namely, asset account, liability account and equity account. The formation is done as: Assets = Liabilities + Equity.
Every business transaction can be identified and analyzed through this accounting equation for the purpose of further analyzing the effects of each such transaction on the asset, liability and equity.
To compute: The reconciliation amount.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…
Current Assets
Listed here are certain accounts of Jenkins Company at the end of 2019;
Debit (Credit)
$12,000
1,530
1,200
4,300
5,400
(1,100)
3,380
(8,700)
15,500
970
27,200
19,000
Account
Land
Prepaid Insurance
Cash on Hand
Notes Receivable (due 2021)
Cash in Bank
Allowance for Doubtful Accounts
Marketable Securities (Short-Term)
Accumulated Depreciation
Accounts Receivable
Office Supplies
Buildings
Inventory
Target Corporation prepares its financial statements according to U.S. GAAP. Target's financial statements and disclosure notes for the
year ended February 1, 2020, are available here. This material also is available under the Investor Relations link at the company's
website (www.target.com).
Required:
1. Did Target's cash provided by operating activities in fiscal 2019 increase or decrease from the previous year?
2. Is Target's cash provided by operating activities more or less than net income in fiscal 2019?
3. What is Target's largest investing activity?
4. Is Target increasing or decreasing its long-term debt?
5. Some transactions that don't increase or decrease cash must be reported in conjunction with a statement of cash flows. What
activity of this type did Target report during each of the three years presented?
Complete this question by entering your answers in the tabs below.
Req 1
Req 2
Req 3
Req 4
Req 5
Did Target's cash provided by operating activities in fiscal 2019…
Chapter 2 Solutions
FINANCIAL+MANAG.ACCT.(LOOSE)-W/CONNECT
Ch. 2 - Prob. 1QSCh. 2 - Prob. 2QSCh. 2 - Reading a chart of accounts C3 A chart of accounts...Ch. 2 - Prob. 4QSCh. 2 - Prob. 5QSCh. 2 - Prob. 6QSCh. 2 - Prob. 7QSCh. 2 - Prob. 8QSCh. 2 - Prob. 9QSCh. 2 - Prob. 10QS
Ch. 2 - Prob. 11QSCh. 2 - Prob. 12QSCh. 2 - Prob. 13QSCh. 2 - Prob. 14QSCh. 2 - Prob. 15QSCh. 2 - Prob. 16QSCh. 2 - Prob. 17QSCh. 2 - Prob. 18QSCh. 2 - Prob. 19QSCh. 2 - Exercise 2-1 Steps in analyzing and recording...Ch. 2 - Prob. 2ECh. 2 - Prob. 3ECh. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Prob. 10ECh. 2 - Prob. 11ECh. 2 - Prob. 12ECh. 2 - Prob. 13ECh. 2 - Prob. 14ECh. 2 - Prob. 15ECh. 2 - Prob. 16ECh. 2 - Prob. 17ECh. 2 - Prob. 18ECh. 2 - Prob. 19ECh. 2 - Prob. 20ECh. 2 - Prob. 21ECh. 2 - Exercise 2-20 Identifying effects of posting...Ch. 2 - Prob. 23ECh. 2 - Prob. 24ECh. 2 - Prob. 25ECh. 2 - Prob. 26ECh. 2 - Prob. 27ECh. 2 - Prob. 28ECh. 2 - Prob. 29ECh. 2 - Prob. 1PSACh. 2 - Problem 2-2A Preparing and posting journal...Ch. 2 - Prob. 3PSACh. 2 - Prob. 4PSACh. 2 - Prob. 5PSACh. 2 - Prob. 6PSACh. 2 - Prob. 7PSACh. 2 - Prob. 1PSBCh. 2 - Prob. 2PSBCh. 2 - Prob. 3PSBCh. 2 - Prob. 4PSBCh. 2 - Prob. 5PSBCh. 2 - Prob. 6PSBCh. 2 - Prob. 7PSBCh. 2 - Prob. 2SPCh. 2 - Prob. 1GLPCh. 2 - Prob. 2GLPCh. 2 - Prob. 3GLPCh. 2 - Prob. 4GLPCh. 2 - Prob. 5GLPCh. 2 - Prob. 6GLPCh. 2 - Prob. 7GLPCh. 2 - Prob. 1.1AACh. 2 - Prob. 1.2AACh. 2 - Prob. 1.3AACh. 2 - Prob. 1.4AACh. 2 - Prob. 2.1AACh. 2 - Prob. 2.2AACh. 2 - Prob. 2.3AACh. 2 - Prob. 3.1AACh. 2 - Prob. 3.2AACh. 2 - Prob. 3.3AACh. 2 - Provide the names of two (a) asset accounts, (b)...Ch. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Prob. 5DQCh. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Prob. 10DQCh. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 14DQCh. 2 - Prob. 15DQCh. 2 - Prob. 1BTNCh. 2 - Prob. 2BTNCh. 2 - Prob. 3BTNCh. 2 - Prob. 4BTNCh. 2 - Prob. 5BTNCh. 2 - Prob. 6BTN
Knowledge Booster
Similar questions
- Tesla, Inc. Annual Report on Form 10-K for the Year Ended December 31, 2020. 8 Feb. 2021 sec.gov. Accessed 16 Feb. 2021. Prepare journal entries, applying current US GAAP, to account for the following. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. On January 24, 2021, a company paid $31,000 cash to purchase Bitcoins. b. On January 26, 2021, Bitcoin's price increased to $32,000 per coin. c. On January 27, 2021, Bitcoin's price dropped to $29,500 per coin. d. On January 31, 2021, Bitcoin's price recovered to $33,650 per coin. View transaction list Journal entry worksheet 1 2 On January 24, 2021, a company paid $31,000 cash to purchase Bitcoins. 3 4 Note: Enter debits before credits. Date January 24, 2021 Record entry General Journal Clear entry Debit Credit View general journalarrow_forwardRecord in fset with adjustments What are Skaife's Total Assets , liabilities and net income to be reported on its September 30, 2020 Balance Sheet? What are Skaife's Cash Collections from Customers following adjusting entries What are Skaife's net cash inflows (outflows) from operating activities?arrow_forwardhttps://www.republictt.com/pdfs/annual-reports/RFHL-Annual-Report-2022.pdf Financial Reporting Analysis: Use Republic Bank Limited Annual Report 2022 to answer the Questions. a) Evaluate the company’s latest annual financial statements (balance sheet, income statement, and cash flow statement) and comment on the company's financial performance and position. In your response, use the requirements of IAS 1 as a guide. b) Identify and discuss key accounting principles and standards applied in the company’s financial reporting process indicating their reasons for choosing these and how they were applied. Comment briefly on the appropriateness of the choices made given the company’s industry, location and type (e.g. MNC, regional conglomerate, etc.) c) Critically analyze any significant accounting policies and estimates disclosed in the notes to the financial statements. In your answer, indicate whether the company complied with the accounting standards and conventions.arrow_forward
- You have been engaged in your second annual examination of the financial statements of S Co. The following data were provided to you by the company accountant: Cash Receipts: Collection on sale on account Cash sales 740,000 100,000 Proceeds of a note payable dated October 1, 2019 and due October 1, 2021, discounted at 18% 30,000 Cash Disbursements: 400,000 Purchase of land and building on April 1, 2019 Full payment of furniture and fixtures purchased on July 1, 2019 On accounts payable and administrative expenses Selling expenses To 518,000 200,000 Of the sales on account, P10,000 was returned because of poor quality and there was a purchase return of P8,000. The following data are also available: December 31, 2018 Accounts Receivable Merchandise inventory Accounts payable Accrued rent expenses December 31, 2019 200,000 220,000 180,000 40,000 150,000 190,000 230,000 40,000 Of the total purchase price of the Land and Building, 40% is allocated to the land. Annual depreciation is 5% on…arrow_forwardEffect of transactions on cash flows The financial year for Gamma Limited ends on 30 June 2019. Management has asked you what effect each of the following June transactions will have on net profit before tax, cash flow from operations, cash flow from investing and cash flow from financing for the year ended 30 June 2019: 1. Sent invoices for $40 000 to customers during June for work carried out in June; $19 000 of this had been collected by year-end. 2. Borrowed $300 000 from the bank on 10 June, with principal and interest repayable in six months. Accrued interest at 30 June is $2500. 3. Paid salaries for the month of $80 000, with $5000 in wages owing at year-end. 4. Received $30 000 deposit on a job that will be carried out in July 2019. 5. Paid accounts payable of $35 000 which was outstanding at 31 May 2019. 6. Sold old equipment for $20 000. The equipment originally cost $300 000 with accumulated depreciation at the time of sale of $250 000. 7. Purchased new equipment on 20 June…arrow_forwardHow much net cash did the entity receive (give) with regards to the premium transactions for the yeargiven below? (if net cash outflow, put a negative (-) sign before the numerical figure.A. December 31, 2020B. December 31, 2021arrow_forward
- Below are the accounts of Jayden Services for the year ended December 31, 2019. Accounts Payable Accounts Receivable Capital Cash Inventories 100,000 Long-term Debt Notes Payable Notes Receivable Property and Equipment Supplics and other payments 140,000 1,840,000 1,000,000 450,000 300,000 100,000 100,000 550,000 100,000 Compute and answer the following questions. 1. How much is the total current asset of the entity? 2. How much is the total non-current assets of the entity? 3. How much is the total current liability of the entity? 4. How much is the total non-current liability of the entity? 5. How much is the total assets of the entity? 2.arrow_forwardRequired information [The following information applies to the questions displayed below.] On August 1, 2022, Colombo Company's treasurer signed a note promising to pay $122,400 on December 31, 2022. The proceeds of the note were $116,400. c. 1. Record the journal entry to show the effects of signing the note and the receipt of the cash proceeds on August 1, 2022. 2. Record the journal entry to show the effects of recording interest expense for the month of September. 3. Record the journal entry to show the effects of repaying the note on December 31, 2022. Complete this question by entering your answers in the tabs below. Required C1 Required C2 Required C3 Record the journal entry to show the effects of signing the note and the receipt of the cash proceeds on August 1, 2022. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1arrow_forwardRequired Information As of December 31, 2019. Armani Company's financlal records show the following Items and amounts. Cash $11,400 10,400 7,400 6,400 13,8e0 17,400 21,8ee 14,400 35,8ee 24,8ee 21,400 13,400 9,400 Accounts receivable Supplies Equipment Accounts payable A. Armani, Capital, Dec. 31, 2018 A. Armani, Capital, Dec. 31, 2019 A. Armani, Withdrawals Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses Required: Prepare a year-end balance sheet for Armani Company. ARMANI COMPANY Balance Sheet December 31, 2019 Assets Liabilities Cash Accounts receivable Supplies Equipment 11,400 Accounts payable 10,400 7,400 Total liabilities 13,800 13,800 6,400 A. Armani, Capital Equity 21,800 Total assets 35,600 Total liabilities and equity 35,600arrow_forward
- The 2025 income statement of Wildhorse Corporation included the following items Service Revenue Interest Expense Unearned Service Revenue Interest payable All of Wildhorse's revenue is received in cash (no Accounts Receivable). The following items were taken from Wildhorse's balance sheet $367600 O $367600. O $370150. 4700 O $362900. O $394450. The cash received for services during the year is December 31, 2025 $26850 1250 December 31, 2024 $24300 1950arrow_forwardCan you add the information to the table below. Accounts Receivable Beginning balance Ending Balance 0 What is the net increase or decrease in the Cash account for year 2021?arrow_forwardPresented below is selected information pertaining to the Like Company:# Cash balance, January 1, 2021- P13,000# Accounts receivable, January 1, 2021- P19,000# Collections from customers in 2021- P210,000# Capital account balance, January 1, 2021- P38,000# Total assets, January 1, 2021- P75,000# Cash investment added, July 1, 2021-P5,000# Total asset, December 31, 2021- P101,000# Cash balance, December 31, 2021- P20,000# Accounts receivable, December 31, 2021- P36,000# Merchandise taken for personal use during 2021- P11,000# Total liabilities, December 31, 2021- P41,000How much is the net income for 2021?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning