Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 2, Problem 8EB

Here are facts for Hailey’s Collision Service for January.

Chapter 2, Problem 8EB, Here are facts for Haileys Collision Service for January. Assuming no investments or withdrawals,

Assuming no investments or withdrawals, what is the ending balance in the owners’ capital account?

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The following list of balances was extracted from the books of Kai Jordan at 31 December 2020, the sole trader’s year end date. The bookkeeper was unable to extract the figure for the Capital account before catching the flu and having to take sick leave.  However, the bookkeeper assured that all the other account balances are correct, which means that extracting trial balance will be able to solve the 'missing' Capital account balance.   Capital  ? Accounts payables 89,244 Accounts receivables 102,432 Accruals 14,136 Bad debts expense 17,076 Bank 26,952 Carriage in 6,624 Carriage out 8,544 Closing stock 53,880 Commissions received 1,824 Depreciation expense 79,824 Discounts allowed 22,380 Discounts received 9,300 Drawings 90,000 Equipment 540,000 Insurance 21,024 Interest expense 8,520 Loan 150,000 Motor Vehicles 180,000 Opening stock 47,700 Other payables 7,920…

Chapter 2 Solutions

Principles of Accounting Volume 1

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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  • For each of the following accounts, identify whether it would be closed at year-end (yes or no) and on which financial statement the account would be reported (Balance Sheet, Income Statement, or Retained Earnings Statement). A. Accounts Payable B. Accounts Receivable C. Cash D. Dividends E. Fees Earned Revenue F. Insurance Expense G. Prepaid Insurance H. Supplies
    The following list of balances was extracted from the books of Kai Jordan at 31 December 2020, the sole trader’s year end date. The bookkeeper was unable to extract the figure for the Capital account before catching the flu and having to take sick leave.  However, the bookkeeper assured that all the other account balances are correct, which means that extracting trial balance will be able to solve the 'missing' Capital account balance. Capital ?  Accounts payables 89,244 Accounts receivables 102,432 Accruals 14,136 Bad debts expense 17,076 Bank 26,952 Carriage in 6,624 Carriage out 8,544 Closing stock 53,880 Commissions received 1,824 Depreciation expense 79,824 Discounts allowed 22,380 Discounts received 9,300 Drawings 90,000 Equipment 540,000 Insurance 21,024 Interest expense 8,520 Loan 150,000 Motor Vehicles 180,000 Opening stock 47,700 Other payables 7,920 Prepayments 6,384 Provision for depreciation - Equipment 162,000 Provision for…
    The following list of balances was extracted from the books of Kai Jordan at 31 December 2020, the sole trader’s year end date. The bookkeeper was unable to extract the figure for the Capital account before catching the flu and having to take sick leave.  However, the bookkeeper assured that all the other account balances are correct, which means that extracting trial balance will be able to solve the 'missing' Capital account balance. Capital ?  Accounts payables 89,244 Accounts receivables 102,432 Accruals 14,136 Bad debts expense 17,076 Bank 26,952 Carriage in 6,624 Carriage out 8,544 Closing stock 53,880 Commissions received 1,824 Depreciation expense 79,824 Discounts allowed 22,380 Discounts received 9,300 Drawings 90,000 Equipment 540,000 Insurance 21,024 Interest expense 8,520 Loan 150,000 Motor Vehicles 180,000 Opening stock 47,700 Other payables 7,920 Prepayments 6,384 Provision for depreciation - Equipment 162,000 Provision for…
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    Depreciation -MACRS; Author: Ronald Moy, Ph.D., CFA, CFP;https://www.youtube.com/watch?v=jsf7NCnkAmk;License: Standard Youtube License