Explain to Yolanda Tovar why a set of financial statements (income statement, statement of owner's equity, and balance sheet) would be usefu to you in evaluating the loan request. - In discussing the Trial Balance with Yolanda Tovar, you discovered that the accounts had not been adjusted at March 31. Analyze the Trial Balance anc indicate possible adjusting entries that might be necessary before an accurate set of financial statements could be prepared. Assuming that an accurate set of financial statements will be submitted by Yolanda Tovar in a few days, what other considerations or information would be required before making a decision on a loan request?

Explain to Yolanda Tovar why a set of financial statements (income statement, statement of owner's equity, and balance sheet) would be usefu to you in evaluating the loan request. - In discussing the Trial Balance with Yolanda Tovar, you discovered that the accounts had not been adjusted at March 31. Analyze the Trial Balance anc indicate possible adjusting entries that might be necessary before an accurate set of financial statements could be prepared. Assuming that an accurate set of financial statements will be submitted by Yolanda Tovar in a few days, what other considerations or information would be required before making a decision on a loan request?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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(b) To record estimated liability. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Period 1 Account Titles and Explanation Period 2 Account Titles and Explanation Save for Later Debit Debit Credit Credit Attempts: 0 of 1 used Submit Answer
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Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Hi I asked this question previously and the individual did not explain things clearly. For instance he provided the I'm guessing standard method of finding a missing amount on a certain type of T-Account but then would turn around and solve it using a different method. I am posting the response that were not clear below. If you could tell me what the actual method is and if there exceptions and if so what those are.Answer #1 I needed the BEGINNING balance of a debit account. As you can see the response below the individual provided a formula that included the BB which is UNKOWN because that is WHAT I NEED. At the bottom they change around the equation to come to the answer. So what is the proper way???Part-1. Begining balance of cash account is missing. The cash account is having a debit balance always. The formula for Cash account is as under:Ending balance of Cash Account = Begining Balance of cash account + All debits - All creditsHere,Ending Balance of cash = 9800All debits…
Adjusting entries must be done to ensure that the adjusted trial balance: Select one: shows a more accurate picture of the business's activities. is before the income statement and after the adjustments column. is accurate in case of an audit. is different from the trial balance.
Identify the type of account (Asset, Liability, Equity, Revenue, Expense), normal balance (Debit, Credit), financial statement (Balance Sheet, Income Statement), and whether the account is closed at the end of the period (Yes, No) by selecting the letter that best describes those attributes. If an account is a contra or adjunct account, the answer will show the account type in parentheses. Answer items may be used once, more than once, or not at all. Retained Earnings 1. Equity, Credit, Balance Sheet, No 2. Freight-Out Liability, Credit, Balance Sheet, No V Loss on Impairment of Intangible Assets 3. Expense, Debit, Income Statement, Yes 4. Gain on Acquisition of Business (Equity), Debit, Balance Sheet, No 5. Amortization of Copyrights Asset, Debit, Income Statement, Yes Allowance for Doubtful Accounts 6. Expense or Loss, Credit, Income Statement, Yes Land 7. Revenue or Gain, Credit, Income Statement, Yes Federal Income Tax Withheld 8. (Revenue or Gain), Debit, Income Statement, Yes…
If a $335.00 debit item in the general journal is posted as a credit: By how much will the trial balance be out of balance? Explain how you might detect such an error.
An employee working on her first trial balance discovers that the Equipment account has a credit balance of $2500 and a customer's A/R account has a credit balance of $25. Based on the knowledge you have gained in this course and how account balances are recorded and increase/decrease, has the accountant made a mistake in her records or are these situations possible?
Prepare separate adjusting entries for any checks that require adjustment. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation (To record adjusting entry for due to Metro Bank-Special Account.) (To record adjusting entry for due to Metro Bank_special Account.) (To record adjusting entry for due from Metro Bank-Special Account.) Debit Credit
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I got to find if my general ledger is complete. So, In the general ledger, I add all the debits side and the credit side got a matching balance between the debit and credit in the general ledger. However, in the trial balance the total balance for the debit and credit does not match also differ from the general ledger. I will state that is not a complete because of those reasons. Let me know if I am correct or not. Please do example your reasoning?