CENGAGENOW 6 TERMS ACCESS CARD 27TH ED.
27th Edition
ISBN: 9781337689687
Author: WARREN
Publisher: CENGAGE L
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Question
Chapter 4, Problem 4.26EX
To determine
Financial statement
A financial statement is the complete record of financial transactions that take place in a company at a particular point of time. It provides important financial information like assets, liabilities, revenues and expenses of the company to its internal and external users. It helps them to know the exact financial position of the company. There are four basic financial statements; they are:
Balance Sheet - Income statement
- Statement of owners’ equity
- Statement of cash flows
To Prepare: An income statement for the year ended October 31, 2019.
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Select 30 transactions of various kinds such as sales, costs (direct and indirect), revenues earned, revenue received in advance, expenses incurred, paid in advance, outstanding expenses, assets (current, non-current), liabilities (current, long term), Equity and so on.1. Record those transactions in journal,2. post them to ledger,3. Transfer the balances in trail balance,4. Prepare income statement and balance sheet.5. Follow the proper format considering IAS-1.6. Explanation: At the end, apply the concepts such as long term assets, capital or revenueincomes or expenses and their treatment involved in your above requirements
Transactions of Mr. Akram travel world business
Mr Akram started business with cash for rs 400,000.
Paid wages rs 20,000.
Paid office rent in advance 2000.
Paid rs 10000 for insurance in advance.
Babar and sons paid 2500 for goods on advance.
Purchased office equipment on credit rs 5000.
Paid 7000 for advertising expenses.
Paid 3000 to accounts payable.
Provided…
Select the letter of the item below that best matches the definitions that follow.
a. Balance Sheet Standard report.
b. To date
c. Summary Balance Sheet report
d. QuickZoom
e. Transactions by Account report
f. % of Column
g. Memorizing a report
h. Divided by 1000
1. ________ When selected in the Modify Report window, this check box requires QuickBooks Accountant to add a column representing the percentage of each item compared to total assets.
2. ________ When selected in the Modify Report window, this check box requires QuickBooks Accountant to round amounts to the nearest whole dollar.
3. ________ The start of the reporting period.
4. ________ A financial statement reporting in detail the assets, liabilities, and equities of a business as of a certain date.
5. ________ A process by which modified reports are saved for later use.
6. ________ When selected in the Modify Report window, this check box requires QuickBooks Accountant to report amounts in thousands.
7. ________ The end…
The income statement is drawn up from the figures in the _________________
Select one:
a. Accounts Receivable ledger
b. Accounts payable ledger
c. Trial Balance
d. Cash Flow Statement
Chapter 4 Solutions
CENGAGENOW 6 TERMS ACCESS CARD 27TH ED.
Ch. 4 - Why do some accountants prepare an end-of-period...Ch. 4 - Describe the nature of the assets that compose the...Ch. 4 - Prob. 3DQCh. 4 - Prob. 4DQCh. 4 - Why are closing entries required at the end of an...Ch. 4 - What is the difference between adjusting entries...Ch. 4 - What is the purpose of the post-closing trial...Ch. 4 - Prob. 8DQCh. 4 - What is the natural business year?Ch. 4 - Prob. 10DQ
Ch. 4 - Flow of accounts into financial statements The...Ch. 4 - Flow of accounts into financial statements The...Ch. 4 - Statement of owner's equity Marcie Davies owns and...Ch. 4 - Statement of owner's equity Blake Knudson owns and...Ch. 4 - Classified balance sheet The following accounts...Ch. 4 - Classified balance sheet The following accounts...Ch. 4 - Closing entries After the accounts have been...Ch. 4 - Closing entries After the accounts have been...Ch. 4 - Accounting cycle From the following list of steps...Ch. 4 - Accounting cycle From the following list of steps...Ch. 4 - Working capital and current ratio Current assets...Ch. 4 - Working capital and current ratio Current assets...Ch. 4 - Flow of accounts into financial statements The...Ch. 4 - Classifying accounts Balances for each of the...Ch. 4 - Financial statements from the end-of-period...Ch. 4 - Financial statements from the end-of-period...Ch. 4 - Income statement The following account balances...Ch. 4 - Income statement; net loss The following revenue...Ch. 4 - Income statement FedEx Corporation had the...Ch. 4 - Statement of owners equity Apex Systems Co. offers...Ch. 4 - Statement of owners equity; net loss Selected...Ch. 4 - Classifying assets Identify each of the following...Ch. 4 - Balance sheet classification At the balance sheet...Ch. 4 - Balance sheet Optimum Weight Loss Co. offers...Ch. 4 - Balance sheet List the errors you find in the...Ch. 4 - Identifying accounts to be closed From the list...Ch. 4 - Closing entries Prior to closing, total revenues...Ch. 4 - Closing entries with net income Assume that the...Ch. 4 - Closing entries with net loss Stylist Services Co....Ch. 4 - Identifying permanent accounts Which of the...Ch. 4 - Post-closing trial balance An accountant prepared...Ch. 4 - Steps in the accounting cycle Rearrange the...Ch. 4 - Working capital and current ratio The following...Ch. 4 - Prob. 4.22EXCh. 4 - Completing an end-of-period spreadsheet List (a)...Ch. 4 - Adjustment data on an end-of-period spreadsheet...Ch. 4 - Completing an end-of-period spreadsheet Alert...Ch. 4 - Prob. 4.26EXCh. 4 - Adjusting entries from an end-of-period...Ch. 4 - Closing entries from an end-of-period spreadsheet...Ch. 4 - Reversing entry The following adjusting entry for...Ch. 4 - Adjusting and reversing entries On the basis of...Ch. 4 - Adjusting and reversing entries On the basis of...Ch. 4 - Entries posted to wages expense account Portions...Ch. 4 - Entries posted to wages expense account Portions...Ch. 4 - Financial statements and closing entries Beacon...Ch. 4 - Financial statements and closing entries Finders...Ch. 4 - T accounts, adjusting entries, financial...Ch. 4 - Ledger accounts, adjusting entries, financial...Ch. 4 - Complete accounting cycle For the past several...Ch. 4 - Financial statements and closing entries Last...Ch. 4 - Financial statements and closing entries The...Ch. 4 - T accounts, adjusting entries, financial...Ch. 4 - Ledger accounts, adjusting entries, financial...Ch. 4 - Complete accounting cycle For the past several...Ch. 4 - The unadjusted trial balance of PS Music as of...Ch. 4 - Kelly Pitney began her consulting business, Kelly...Ch. 4 - Prob. 4.1CPCh. 4 - Communication Your friend, Daniel Nat, recently...Ch. 4 - Financial statements The following is an excerpt...Ch. 4 - Financial statements Assume that you recently...
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Similar questions
- Indicate the sequential order of the following steps in the accounting information processing cycle: Analyzing transactions Preparing financial statements Developing a trial balance Collecting original data Posting to the accounts Journalizing transactions 16. 17. 18. 19. 20. 21.arrow_forwardJournalized the transactions and prepare a ledger of each accountarrow_forwardPrepare a statement of owner's equity and a classified balance sheet from the partial worksheet for Jamar Companyarrow_forward
- Output results of computerized accounting system will be Journal Ledger Financial statements Day bookarrow_forwardTransferring information from the journal to the ledger is called a. preparing the financial statements. b. journalizing. c. posting. d. tracking.arrow_forwardUse the journals and ledgers that follows. Total and rule (draw a line under the column of numbers) the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of Accounts Payable.arrow_forward
- JOURNALIZING SALES RETURNS AND ALLOWANCES Enter the following transactions starting on page 60 of a general journal and post them to the appropriate general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter. Beginning balance in Accounts Receivable is 3,900. Beginning balances in selected customer accounts are Adams, 850; Greene, 428; and Phillips, 1,018.arrow_forwardUsing the images of the journal, make an income statement and balance sheetarrow_forwardUse the information at the top of this screen (next to Instructions) to complete the general ledger of Foster Incorporated:arrow_forward
- Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21…arrow_forwardAfter journalizing, the journal entries are transferred to a four-column record where the balances of each account after each transaction can be found. This record is called a/an ____________. Group of answer choices ledger or a general ledger financial statement journal balance sheetarrow_forwardWhich of the following accounting records is the main source of information used to prepare thefinancial statements?A. journal entriesB. T-accountsC. trial balanceD. chart of accountsarrow_forward
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