Loose-Leaf for Financial and Managerial Accounting

7th Edition

ISBN: 9781260004861

Author: John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher: McGraw-Hill Education

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Textbook Question

Chapter 3, Problem 25QS

Identifying current accounts and computing the current ratio A2

Compute Chavez Company’s current ratio using the following information.

Accounts receivable………..........	$18,000	Long-term notes payable………….....	$21,000
Accounts payable………………..	11,000	Office supplies……………………….	2,800
Buildings………………………...	45,000	Prepaid Insurance………………….....	3,560
Cash………………………….......	7,000	Unearned services revenue……….......	3,000

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Chapter 3, Problem 24QS

Chapter 3, Problem 26QS

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Chapter 3 Solutions

Loose-Leaf for Financial and Managerial Accounting

Ch. 3 - Prob. 1MCQ Ch. 3 - Prior to recording adjusting entries, the Supplies...Ch. 3 - On May 1, 2017, a two-year insurance policy was...Ch. 3 - On November 1, 2017, Stockton Co. receives $3,600...Ch. 3 - If a company had $ 15,000 in net income for the...Ch. 3 - What is the difference between the cash basis and...Ch. 3 - Why is the accrual basis of accounting generally...Ch. 3 - What type of business is most likely to select a...Ch. 3 - Prob. 4DQ Ch. 3 - Prob. 5DQ

Ch. 3 - Prob. 6DQ Ch. 3 - Prob. 7DQ Ch. 3 - A If a company initially records prepaid expenses...Ch. 3 - Prob. 9DQ Ch. 3 - Prob. 10DQ Ch. 3 - Prob. 11DQ Ch. 3 - Prob. 12DQ Ch. 3 - Prob. 13DQ Ch. 3 - Prob. 14DQ Ch. 3 - Prob. 15DQ Ch. 3 - Prob. 16DQ Ch. 3 - Prob. 17DQ Ch. 3 - Prob. 18DQ Ch. 3 - Prob. 19DQ Ch. 3 - Prob. 20DQ Ch. 3 - Prob. 21DQ Ch. 3 - Prob. 22DQ Ch. 3 - Prob. 23DQ Ch. 3 - Prob. 24DQ Ch. 3 - Prob. 25DQ Ch. 3 - Prob. 26DQ Ch. 3 - Prob. 27DQ Ch. 3 - Prob. 28DQ Ch. 3 - Prob. 29DQ Ch. 3 - Periodic reporting C1 Choose from the following...Ch. 3 - Computing accrual and cash income C1 In its first...Ch. 3 - Identifying accounting adjustments P1 Classify the...Ch. 3 - Prob. 4QS Ch. 3 - Prepaid (deferred) expenses adjustments P1 For...Ch. 3 - Prepaid (deferred) expense adjustments P1 For each...Ch. 3 - Prob. 7QS Ch. 3 - Prob. 8QS Ch. 3 - Prob. 9QS Ch. 3 - Prob. 10QS Ch. 3 - Prob. 11QS Ch. 3 - Prob. 12QS Ch. 3 - Prob. 13QS Ch. 3 - Prob. 14QS Ch. 3 - Recording and analyzing adjusting entries P1...Ch. 3 - Prob. 16QS Ch. 3 - Prob. 17QS Ch. 3 - Prob. 18QS Ch. 3 - Preparing adjusting entries P6 Garcia Company had...Ch. 3 - A preparing adjusting entries P4 Cal Consulting...Ch. 3 - Preparing closing entries from the ledger P4 The...Ch. 3 - Identifying post-closing accounts P5 Identify...Ch. 3 - identifying the accounting cycle C2 List the...Ch. 3 - Classifying balance sheet items C3 The following...Ch. 3 - Identifying current accounts and computing the...Ch. 3 - Prob. 26QS Ch. 3 - Prob. 27QS Ch. 3 - Prob. 28QS Ch. 3 - Exercise 3-1 Adjusting and paying accrued wages P1...Ch. 3 - Exercise 3-2 Adjusting and paying accrued expenses...Ch. 3 - Prob. 3E Ch. 3 - Prob. 4E Ch. 3 - Prob. 5E Ch. 3 - Prob. 6E Ch. 3 - Prob. 7E Ch. 3 - Exercise 3-8 Preparing closing entries...Ch. 3 - Prob. 9E Ch. 3 - Prob. 10E Ch. 3 - Prob. 11E Ch. 3 - Prob. 12E Ch. 3 - Prob. 13E Ch. 3 - Prob. 14E Ch. 3 - Prob. 15E Ch. 3 - Exercise 3-16 Preparing a balance sheet following...Ch. 3 - Prob. 1PSA Ch. 3 - Prob. 2PSA Ch. 3 - Prob. 3PSA Ch. 3 - Prob. 4PSA Ch. 3 - Prob. 5PSA Ch. 3 - Prob. 6PSA Ch. 3 - Prob. 7PSA Ch. 3 - Prob. 8PSA Ch. 3 - Prob. 1PSB Ch. 3 - Prob. 2PSB Ch. 3 - Prob. 3PSB Ch. 3 - Prob. 4PSB Ch. 3 - Prob. 5PSB Ch. 3 - Prob. 6PSB Ch. 3 - Prob. 7PSB Ch. 3 - Prob. 8PSB Ch. 3 - No Account Title Debit Credit 101 Cash $38,264 106...Ch. 3 - Prob. 1GLP Ch. 3 - Prob. 2GLP Ch. 3 - Prob. 3GLP Ch. 3 - Prob. 4GLP Ch. 3 - Prob. 5GLP Ch. 3 - Prob. 6GLP Ch. 3 - Prob. 1BTN Ch. 3 - Prob. 2BTN Ch. 3 - Prob. 3BTN Ch. 3 - Prob. 4BTN Ch. 3 - Prob. 5BTN Ch. 3 - Prob. 6BTN Ch. 3 - Prob. 7BTN Ch. 3 - Prob. 8BTN Ch. 3 - Prob. 9BTN

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Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2018: Cash 92,000 Retained Earnings 381,000 Accounts Receivable 450,000 Dividends 300,000 Inventory 370,000 Sales 8,925,000 Estimated Returns Inventory 5,000 Cost of Goods Sold 5,620,000 Office Supplies 10,000 Sales Salaries Expense 850,000 Prepaid Insurance 12,000 Advertising Expense 420,000 Office Equipment 220,000 Depreciation Expense Accumulated Depreciation Store Equipment 33,000 Office Equipment 58,000 Miscellaneous Selling Expense 18,000 Store Equipment 650,000 Office Salaries Expense 540,000 Accumulated Depreciation Rent Expense 48,000 Store Equipment 87,500 Insurance Expense 24,000 Accounts Payable 38,500 Depreciation Expense Customers Refunds Payable 10,000 Office Equipment 10,000 Salaries Payable 4,000 Office Supplies Expense 4,000 Note Payable Miscellaneous Administrative (final payment due 2034) 140,000 Exp. 6,000 Common Stock 50,000 Interest Expense 12,000 Instructions 1. Prepare a multiple-step income statement. 2. Prepare a retained earnings statement. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 7,000. 4. Briefly explain how multiple-step and single-step income statements differ.
Chipotle: Vertical analysis Chipotle Mexican Grill, Inc. is a quick-service restaurant providing a focused menu of burritos, tacos, and salads. Chipotles balance sheets for the end of two recent years are as follows (in thousands): Chipotle Mexican Grill, Inc Balance Sheets December 31 (in thousands) Year 2 Year 1 Assets Current assets Cash 419,465 323,203 Accounts receivable, net 34,839 24,016 Inventory 15,332 13,044 Other current assets 70,251 51,073 Investments 338592 254971 Total current assets 878,479 666,307 Property, plant, and equipment 1,106,984 963,238 Long-term investments 496,106 313,863 Other assets 64716 65872 Total assets 2,546,285 2,009,280 Liabilities and Stockholders Equity Current liabilities Accounts payable 69,613 59,022 Other current liabilities 176,097 140,206 Total current liabilities 245,710 199,228 Long-term liabilities 288,206 271,764 Total liabilities 533,916 470,992 Stockholders Equity Common stock 354 352 Additional paid-in capital 1,038,932 919,840 Retained earnings 1,722,271 1,276,897 Treasury stock (748,759) (660,421) Other adjustments (429) 1,620 Total stockholders equity 2,012,369 1,538,288 Total liabilities and stockholders equity 2,546,285 2,009,280 A. Prepare a vertical analysis of the two balance sheets. (Round percentages to one decimal place.) B. Interpret the vertical analysis with respect to the change in the percent of asset, liability, and stockholders equity components to total assets. (Treasury stock will be discussed in a later chapter and may be omitted from your analysis.)
Exercise 1-35 Accounting Concepts OBJECTIVE 06Â° A list of accounting concepts and related definitions is presented below. Concept Definition 1. Revenue a. Owners claim on the resources of a company 2, Expense b. The difference between revenues and expenses 3. Net income (1055) c. Increase in assets from the sale of goods or services 4, Dividend d. Economic resumes of a company 5. Asset e. Cost of assets consumed in the operation of a business 6, Liability f. Creditors' claims on the resources of a company 7. Stock holders, equity g. Distribution of earnings to stockholders Required: Match each of the concepts with its corresponding definition

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