Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 2, Problem 7PB
Using the information in PB6, determine the amount of revenue and expenses for Mateo’s Maple Syrup for the month of February.
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Chapter 2 Solutions
Principles of Accounting Volume 1
Ch. 2 - Which of these statements is not one of the...Ch. 2 - Stakeholders are less likely to include which of...Ch. 2 - Identify the correct components of the income...Ch. 2 - The balance sheet lists which of the following? A....Ch. 2 - Assume a company has a $350 credit (not cash)...Ch. 2 - Which of the following statements is true? A....Ch. 2 - Owners have no personal liability under which...Ch. 2 - The accounting equation is expressed as ________....Ch. 2 - Which of the following decreases owners equity? A....Ch. 2 - Exchanges of assets for assets have what effect on...
Ch. 2 - All of the following increase owners equity except...Ch. 2 - Which of the following is not an element of the...Ch. 2 - Which of the following is the correct order of...Ch. 2 - The three heading lines of financial statements...Ch. 2 - Which financial statement shows the financial...Ch. 2 - Which financial statement shows the financial...Ch. 2 - Working capital is an indication of the firms...Ch. 2 - Identify the four financial statements and...Ch. 2 - Define the term stakeholders. Identify two...Ch. 2 - Identify one similarity and one difference between...Ch. 2 - Identify one similarity and one difference between...Ch. 2 - Explain the concept of equity, and identify some...Ch. 2 - Explain the difference between current and...Ch. 2 - Identify/discuss one similarity and one difference...Ch. 2 - Name the three types of legal business structure....Ch. 2 - What is the accounting equation? List two examples...Ch. 2 - Identify the order in which the four financial...Ch. 2 - Explain how the following items affect equity:...Ch. 2 - Explain the purpose of the statement of cash flows...Ch. 2 - For each independent situation below, calculate...Ch. 2 - For each independent situation below, calculate...Ch. 2 - For each independent situation below, calculate...Ch. 2 - For each independent situation below, place an (X)...Ch. 2 - For each of the following items, identify whether...Ch. 2 - For the items listed below, indicate how the item...Ch. 2 - Forest Company had the following transactions...Ch. 2 - Here are facts for the Hudson Roofing Company for...Ch. 2 - Prepare an income statement using the following...Ch. 2 - Prepare a statement of owners equity using the...Ch. 2 - Prepare a balance sheet using the following...Ch. 2 - For each independent situation below, calculate...Ch. 2 - For each independent situation below, calculate...Ch. 2 - For each independent situation below, calculate...Ch. 2 - For each of the following independent situations,...Ch. 2 - For each of the following items, identify whether...Ch. 2 - For the items listed below, indicate how the item...Ch. 2 - Gumbo Company had the following transactions...Ch. 2 - Here are facts for Haileys Collision Service for...Ch. 2 - Prepare an income statement using the following...Ch. 2 - Prepare a statement of owners equity using the...Ch. 2 - Prepare a balance sheet using the following...Ch. 2 - The following information is taken from the...Ch. 2 - Each situation below relates to an independent...Ch. 2 - The following information is from a new business....Ch. 2 - Each of the following situations relates to a...Ch. 2 - For each of the following independent...Ch. 2 - Olivias Apple Orchard had the following...Ch. 2 - Using the information in PA6, determine the amount...Ch. 2 - The following ten transactions occurred during the...Ch. 2 - The following information is taken from the...Ch. 2 - Each situation below relates to an independent...Ch. 2 - The following information is from a new business....Ch. 2 - Each of the following situations relates to a...Ch. 2 - For each of the following independent...Ch. 2 - Mateos Maple Syrup had the following transactions...Ch. 2 - Using the information in PB6, determine the amount...Ch. 2 - Choose three stakeholders (or stakeholder groups)...Ch. 2 - Assume you purchased ten shares of Roku during the...Ch. 2 - A trademark is an intangible asset that has value...Ch. 2 - For each of the following ten independent...Ch. 2 - The following historical information is from...
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- Using the information in PA6, determine the amount of revenue and expenses for Olivias Apple Orchard for the month of September.arrow_forwardIf a utilities expense is incurred in February but was paid in January, the effect on the February financial statements is that:arrow_forwardOn December 31, Hawkin’s records show the following accounts. Use this information to prepare a December income statement for Hawkin.arrow_forward
- In its first month of business, Brewed Awakenings, Inc., collected $34,000 from customers in advance during May. During May, it performed $6,000 of services. What is the balance of the Deferred Revenue account at the end of the month?arrow_forwardThe supplies account has a balance of $4,400 at the beginning of the year and was debited during the year for $2,400, representing the total of supplies purchased during the year. If $400 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year isarrow_forwardA company recording January utilities expense on the January income statement , even though the bill is not paid until February, is an example of thearrow_forward
- Using the following information, prepare an income statement for the month of April for Mary's Auto Repair: Depreciation Expense, Equipment 405 Sales Income 2,750 Repairs Income 2,125 Salary Expense 1,655 Utilities Expense 360 Rent Expense 500 Advertising Expense 210 Insurance Expense 1,100 Supplies Expense 1,250 Mary's Auto Repair Income Statement For Month Ended April 30, 20-- Revenue $fill in the blank 8ca86cfcdf8f056_2 fill in the blank 8ca86cfcdf8f056_4 Total Revenue fill in the blank 8ca86cfcdf8f056_5 Expenses: $fill in the blank 8ca86cfcdf8f056_7 fill in the blank 8ca86cfcdf8f056_9 fill in the blank 8ca86cfcdf8f056_11 fill in the blank 8ca86cfcdf8f056_13 fill in the blank 8ca86cfcdf8f056_15 fill in the blank 8ca86cfcdf8f056_17 fill in the blank 8ca86cfcdf8f056_19 Total Expenses fill in the blank 8ca86cfcdf8f056_20arrow_forwardIf Mackenzie Co. office supplies account balance on May 1 was $600, the company purchased $550 supplies during the month, and a physical count of supplies at the end of May indicated 700 unused, what is the amount of adjusting entry for office supplies on May 31?arrow_forwardEMB Consulting Services had the following transactions for the month of November. Journalize the transactions and include an explanation with each entry. Thank youarrow_forward
- Prepare an income statement through gross profit for vennman company for the month ended March 31.arrow_forwardThe following accounts appear in the ledger of Celso and Company as of June 30, the end of this fiscal year. The data needed for the adjustments on June 30 are as follows: ab.Merchandise inventory, June 30, 54,600. c.Insurance expired for the year, 475. d.Depreciation for the year, 4,380. e.Accrued wages on June 30, 1,492. f.Supplies on hand at the end of the year, 100. Required 1. Prepare a work sheet for the fiscal year ended June 30. Ignore this step if using CLGL. 2. Prepare an income statement. 3. Prepare a statement of owners equity. No additional investments were made during the year. 4. Prepare a balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries. 7. Journalize the reversing entry as of July 1, for the wages that were accrued in the June adjusting entry. Check Figure Net income, 14,066arrow_forwardThe financial statements for Baker Custom Catering for the month of April are presented below. Required Solve for the missing information.arrow_forward
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