Financial Statements: The statement prepared for the specific period which comprises the financial information of the organization. It includes a statement of income which shows the profitability of the business, balance sheet which shows the financial position in the terms of assets, liabilities, and capital, and cash flow statement which represents the cash flows for the accounting period. Balance Sheet: Balance sheet is a financial position statement classified as assets, stockholder’s equity and other liabilities. Whenever any transaction includes any asset or liability, it will impact the balance sheet. To prepare: The correct balance sheet of Company W for the year ended December 31, 2019.

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Answer 1

Question

Chapter 4, Problem 4.5BYP

(a)

To determine

Financial Statements: The statement prepared for the specific period which comprises the financial information of the organization. It includes a statement of income which shows the profitability of the business, balance sheet which shows the financial position in the terms of assets, liabilities, and capital, and cash flow statement which represents the cash flows for the accounting period.

Balance Sheet: Balance sheet is a financial position statement classified as assets, stockholder’s equity and other liabilities. Whenever any transaction includes any asset or liability, it will impact the balance sheet.

To prepare: The correct balance sheet of Company W for the year ended December 31, 2019.

(b)

To determine

To identify: The terms of the bank loan has been accomplished.

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Answer 2

Question

Chapter 4, Problem 4.5BYP

(a)

To determine

Financial Statements: The statement prepared for the specific period which comprises the financial information of the organization. It includes a statement of income which shows the profitability of the business, balance sheet which shows the financial position in the terms of assets, liabilities, and capital, and cash flow statement which represents the cash flows for the accounting period.

Balance Sheet: Balance sheet is a financial position statement classified as assets, stockholder’s equity and other liabilities. Whenever any transaction includes any asset or liability, it will impact the balance sheet.

To prepare: The correct balance sheet of Company W for the year ended December 31, 2019.

(b)

To determine

To identify: The terms of the bank loan has been accomplished.

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Answer 3

Question

Chapter 4, Problem 4.5BYP

(a)

To determine

Financial Statements: The statement prepared for the specific period which comprises the financial information of the organization. It includes a statement of income which shows the profitability of the business, balance sheet which shows the financial position in the terms of assets, liabilities, and capital, and cash flow statement which represents the cash flows for the accounting period.

Balance Sheet: Balance sheet is a financial position statement classified as assets, stockholder’s equity and other liabilities. Whenever any transaction includes any asset or liability, it will impact the balance sheet.

To prepare: The correct balance sheet of Company W for the year ended December 31, 2019.

(b)

To determine

To identify: The terms of the bank loan has been accomplished.

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Answer 4

Question

Chapter 4, Problem 4.5BYP

(a)

To determine

Financial Statements: The statement prepared for the specific period which comprises the financial information of the organization. It includes a statement of income which shows the profitability of the business, balance sheet which shows the financial position in the terms of assets, liabilities, and capital, and cash flow statement which represents the cash flows for the accounting period.

Balance Sheet: Balance sheet is a financial position statement classified as assets, stockholder’s equity and other liabilities. Whenever any transaction includes any asset or liability, it will impact the balance sheet.

To prepare: The correct balance sheet of Company W for the year ended December 31, 2019.

(b)

To determine

To identify: The terms of the bank loan has been accomplished.

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Answer 5

Chapter 4, Problem 4.5BYP

(a)

To determine

Financial Statements: The statement prepared for the specific period which comprises the financial information of the organization. It includes a statement of income which shows the profitability of the business, balance sheet which shows the financial position in the terms of assets, liabilities, and capital, and cash flow statement which represents the cash flows for the accounting period.

Balance Sheet: Balance sheet is a financial position statement classified as assets, stockholder’s equity and other liabilities. Whenever any transaction includes any asset or liability, it will impact the balance sheet.

To prepare: The correct balance sheet of Company W for the year ended December 31, 2019.

(b)

To determine

To identify: The terms of the bank loan has been accomplished.

Answer 6

Chapter 4, Problem 4.5BYP

(a)

To determine

Financial Statements: The statement prepared for the specific period which comprises the financial information of the organization. It includes a statement of income which shows the profitability of the business, balance sheet which shows the financial position in the terms of assets, liabilities, and capital, and cash flow statement which represents the cash flows for the accounting period.

Balance Sheet: Balance sheet is a financial position statement classified as assets, stockholder’s equity and other liabilities. Whenever any transaction includes any asset or liability, it will impact the balance sheet.

To prepare: The correct balance sheet of Company W for the year ended December 31, 2019.

Answer 7

Chapter 4, Problem 4.5BYP

(a)

To determine

Financial Statements: The statement prepared for the specific period which comprises the financial information of the organization. It includes a statement of income which shows the profitability of the business, balance sheet which shows the financial position in the terms of assets, liabilities, and capital, and cash flow statement which represents the cash flows for the accounting period.

Balance Sheet: Balance sheet is a financial position statement classified as assets, stockholder’s equity and other liabilities. Whenever any transaction includes any asset or liability, it will impact the balance sheet.

To prepare: The correct balance sheet of Company W for the year ended December 31, 2019.

Answer 8

(b)

To determine

To identify: The terms of the bank loan has been accomplished.

Answer 9

(b)

To determine

To identify: The terms of the bank loan has been accomplished.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 4 - Prob. 1Q Ch. 4 - 2. Explain the purpose of the worksheet. Ch. 4 - 3. What is the relationship, if any, between the...Ch. 4 - Prob. 4Q Ch. 4 - Prob. 5Q Ch. 4 - Prob. 6Q Ch. 4 - Prob. 7Q Ch. 4 - Prob. 8Q Ch. 4 - 9. Which of the following accounts would not...Ch. 4 - 10. Distinguish between a reversing entry and an...

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To identify: The terms of the bank loan has been accomplished.

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