HORNGREN'S ACCOUNTING II -CUSTOM ED
3rd Edition
ISBN: 9781323746844
Author: Horngren
Publisher: PEARSON C
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Textbook Question
Chapter 4, Problem P4.30APGA
Preparing financial statements including a classified 
Learning Objectives 1, 3, 6
2. Ending Capital $80,200
The adjusted
Requirements
- Prepare the company's income statement for the year ended December 31,2018.
- Prepare the company's statement of owner's equity for the year ended December 31,2018. Assume that there were no contributions made by the owner during the year.
- Prepare the company's classified balance sheet in report form at December 31,2018.
- Journalize the closing entries for Boston Irrigation System.
- Compute the company's current ratio at December 31,2018. At December 31,2017, the current ratio was 2.3. Did the company's ability to pay current debts improve or deteriorate, or did It remain the same?
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Students have asked these similar questions
Prepare the financial statements for Smart Touch Learning for the month of December. Remember that the business started operations this month so all beginning balances were zero. For the Statement of Retained Earnings and the Balance Sheet, enter any decreases with a minus sign or parentheses. Check your spelling carefully and do not abbreviate. Enter account names exactly as provided in the adjusted trial balance.
SMART TOUCH LEARNING
Adjusted Trial Balance
December 31, 2016
Balance
Account Title
Debit
Credit
Cash
35,270
Accounts Receivable
1,700
Office Supplies
290
Prepaid Insurance
1,350
Furniture
13,400
Accumulated Depreciation - Furniture
200
Salaries Payable
4,600
Unearned Revenue
3,400
Common Stock
36,800
Dividends
4,200
Service Revenue
20,800
Salaries Expense
6,600
Depreciation Expense - Furniture
200
Insurance Expense
450
Utilities Expense
230
Rent Expense
2,000
Supplies Expense
110
Total…
. (Learning Objective 5: Make closing entries and calculate net income) The adjustedtrial balance of Amana Corporation at December 31 shows that sales revenue for the year was$513,000 and other revenue was $37,000. Cost of goods sold for that same period was $256,000,while other expenses totaled $185,000. The corporation declared and paid dividends of $12,000during the year. The balance of retained earnings before closing entries was $457,000.1. Prepare the closing entries for revenues, expenses, and dividends for the year.2. What was net income for the year?3. What is the ending balance of retained earnings after the closing entries are posted?
P1-65A. (Learning Objectives 3, 4: Evaluate business operations; construct and analyzean income statement, a statement of retained earnings, and a balance sheet) The assetsand liabilities of Oak Hill Garden Supply, Inc., as of December 31, 2018, and revenues andexpenses for the year ended on that date are as follows:Equipment........................... $110,000Interest expense................... 10,300Interest payable ................... 2,700Accounts payable ................ 26,000Salary expense..................... 108,400Building............................... 406,000Cash.................................... 44,000Common stock.................... 13,800Land................................... $ 25,000Note payable...................... 99,600Property tax expense .......... 7,400Rent expense ...................... 41,200Accounts receivable............ 84,900Service revenue................... 452,600Supplies.............................. 6,300Utilities expense .................…
Chapter 4 Solutions
HORNGREN'S ACCOUNTING II -CUSTOM ED
Ch. 4 - Assets are listed on the balance sheet in the...Ch. 4 - Which of the following accounts would be included...Ch. 4 - Which situation indicates a net loss within the...Ch. 4 - Which of the following accounts is not closed?...Ch. 4 - What do closing entries accomplish? Learning...Ch. 4 - Which of the following is not a closing entry?...Ch. 4 - Which of the following accounts may appear on a...Ch. 4 - 8. Which of the following steps of the accounting...Ch. 4 - Clean Water Softener Systems has Cash of $600,...Ch. 4 - Which of the following statements concerning...
Ch. 4 - What document are financial statements prepared...Ch. 4 - What does the income statement report?Ch. 4 - Prob. 3RQCh. 4 - Prob. 4RQCh. 4 - Why are financial statements prepared in a...Ch. 4 - Prob. 6RQCh. 4 - Prob. 7RQCh. 4 - Prob. 8RQCh. 4 - Prob. 9RQCh. 4 - How could a worksheet help in preparing financial...Ch. 4 - If a business had a net loss for the year, where...Ch. 4 - Prob. 12RQCh. 4 - What are temporary accounts? Are temporary...Ch. 4 - What are permanent accounts? Are permanent...Ch. 4 - How is the Income Summary account used? Is it a...Ch. 4 - Prob. 16RQCh. 4 - If a business had a net loss for the year, what...Ch. 4 - What types of accounts are listed on the...Ch. 4 - Prob. 19RQCh. 4 - What is the current ratio, and how is it...Ch. 4 - Prob. 21ARQCh. 4 - Preparing an income statement Learning Objective 1Ch. 4 - Preparing a statement of owner’s equity. Learning...Ch. 4 - Preparing a balance sheet (unclassified, account...Ch. 4 - Preparing a balance sheet (classified, report...Ch. 4 - Classifying balance sheet accounts Learning...Ch. 4 - Prob. S4.6SECh. 4 - Prob. S4.7SECh. 4 - Determine net loss using a worksheet Learning...Ch. 4 - Identifying temporary and permanent accounts...Ch. 4 - Prob. S4.10SECh. 4 - Posting closing entries directly to Taccounts...Ch. 4 - S412 Identifying accounts included on a...Ch. 4 - Identifying steps in the accounting cycle Learning...Ch. 4 - Calculating the current ratio Learning Objective 6...Ch. 4 - Journalizing reversing entries Learning Objective...Ch. 4 - E416 Preparing the financial statements The...Ch. 4 - Classifying balance sheet accounts Learning...Ch. 4 - Preparing a classified balance sheet and...Ch. 4 - Preparing a worksheet Learning Objective 2: Title...Ch. 4 - Preparing financial statements from the completed...Ch. 4 - Preparing closing entries from an adjusted trial...Ch. 4 - Preparing closing entries from T-accounts Learning...Ch. 4 - Determining the effects of closing entries on the...Ch. 4 - Preparing a worksheet and closing entries Learning...Ch. 4 - Preparing closing entries from an adjusted trial...Ch. 4 - Preparing a worksheet, closing entries, and a...Ch. 4 - Journalizing reversing entries. Learning Objective...Ch. 4 - Journalizing reversing entries Leaning Objectives...Ch. 4 - Preparing financial statements including a...Ch. 4 - Preparing financial statements including a...Ch. 4 - Preparing a worksheet, financial statements, and...Ch. 4 - Completing the accounting cycle from adjusting...Ch. 4 - Completing the accounting cycle from journal...Ch. 4 - Preparing adjusting entries and reversing entries...Ch. 4 - Preparing financial statements including a...Ch. 4 - Preparing financial statements including a...Ch. 4 - Preparing a worksheet financial statements, and...Ch. 4 - Completing the accounting cycle from adjusting...Ch. 4 - Completing the accounting cycle from journal...Ch. 4 - Preparing adjusting entries and reversing entries...Ch. 4 - Using Excel to prepare financial statements,...Ch. 4 - Completing the accounting cycle from adjusted...Ch. 4 - Completing the accounting cycle from adjusted...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - Comprehensive Problem 2 for Chapters 1 —4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 —4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Prob. 4.1TIATCCh. 4 - Prob. 4.1EICh. 4 - Prob. 4.1FSC
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