CENGAGENOW 6 TERMS ACCESS CARD 27TH ED.
27th Edition
ISBN: 9781337689687
Author: WARREN
Publisher: CENGAGE L
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Chapter 1, Problem 1.21EX
Financial information related to the proprietorship of Ebony Interiors for February and March 2019 is as follows:
| February 29, 2019 | March 31, 2019 | |
| Accounts payable | $310,000 | $400,000 |
| 800,000 | 960,000 | |
| Cash | 320,000 | 380,000 |
| Justin Berk, capital | ? | ? |
| Supplies | 30,000 | 35,000 |
- a. Prepare balance sheets for Ebony Interiors as of February 29 and March 31, 2019.
- b. Determine the amount of net income for March, assuming that the owner made no additional investments or withdrawals during the month.
- c. Determine the amount of net income for March, assuming that the owner made no additional investments but withdrew $50,000 during the month.
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Prepare a Balance Sheet using the following information for the Ginger Company as of March 31, 2019. When listing accounts for each category, you are to insert them in the order in which they are listed here. If used, type in the account names exactly as
written here.
Account
Normal Balances
Accounts Payable
$1,730
Cash
$11,050
Ginger Ale, Capital March 1
$17,300
Inventory
$8,230
Wages Payable
$2,150
Sales
$13,600
Product Expenses
$8,200
Ginger Ale, Capital March 31
$22,700
Equipment
$7,300
PLEASE NOTE:
When you fill in the dollar amounts, you must include a $ and commas as needed (i.e., $1,234).
Assets:
Total Assets
Liabilities:
Total Liabilities
Owner's Equity:
Total Liabilities and Owner's Equity
Berhad has the following financial statement as at 31 December 2019:
Jiki Berhad
Statement of Financial Position as at 31 December 2019
Assets (RM)
Plant (Net) 4,000,000
Research and Development 16,000,000
Cash 5,400,000
Trade Receivable (Net) 5,400,000
Interest Receivable 800,000
Inventory 2,000,000
Total Assets 33,600,000
Liabilities and Shareholders’ Equity
Trade Payable 5,920,000
Loan Payable 9,300,000
Provision for warranties 300,000
Deferred tax liability 4,200,000
Share Capital 10,380,000
Retained Earnings 3,500,000
Total Liabilities and Shareholders’ Equity 33,600,000
Additional Information:
a) Tax laws allow only specific bad debts. The carrying amount in the trade receivable account is after the provision of 10% provision of doubtful debts.
b) Interest receivable is recorded on accrued basis however is taxable only upon receipt.
c) The carrying amount of the plant is after providing accumulated depreciation of RM 6 million. As at 31…
ll.
Chapter 1 Solutions
CENGAGENOW 6 TERMS ACCESS CARD 27TH ED.
Ch. 1 - Name some users of accounting information.Ch. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - Josh Reilly is the owner of Dispatch Delivery...Ch. 1 - On July 12, Reliable Repair Service extended an...Ch. 1 - Prob. 6DQCh. 1 - Describe the difference between an account...Ch. 1 - A business had revenues of 679,000 and operating...Ch. 1 - A business had revenues of 640,000 and operating...Ch. 1 - The financial statements are interrelated. (a)...
Ch. 1 - Prob. 1.1APECh. 1 - Prob. 1.1BPECh. 1 - Accounting equation Terry Fleming is the owner and...Ch. 1 - Accounting equation Fritz Evans is the owner and...Ch. 1 - Transactions Bridgeport Delivery Service is owned...Ch. 1 - Transactions Interstate Delivery Service is owned...Ch. 1 - Income statement The revenues and expenses of...Ch. 1 - Income statement The revenues and expenses of...Ch. 1 - Statement of owner's equity Using the income...Ch. 1 - Statement of owner's equity Using the income...Ch. 1 - Balance sheet Using the following data for...Ch. 1 - Balance sheet Using the following data for...Ch. 1 - Statement of cash flows A summary of cash flows...Ch. 1 - Statement of cash flows A summary of cash flows...Ch. 1 - Ratio of liabilities to owner's equity The...Ch. 1 - Ratio of liabilities to owner's equity The...Ch. 1 - Types of businesses The following is a list of...Ch. 1 - Prob. 1.2EXCh. 1 - Prob. 1.3EXCh. 1 - Prob. 1.4EXCh. 1 - Prob. 1.5EXCh. 1 - Accounting equation Determine the missing amount...Ch. 1 - Accounting equation Annie Rasmussen is the Owner...Ch. 1 - Asset, liability, and owner's equity items...Ch. 1 - Effect of transactions on accounting equation...Ch. 1 - Effect of transactions on accounting equation a.A...Ch. 1 - Effect of transactions on owner's equity Indicate...Ch. 1 - Transactions The following selected transactions...Ch. 1 - Nature of transactions Teri West operates her own...Ch. 1 - Net income and owner's withdrawals The income...Ch. 1 - Net income and owner's equity for four businesses...Ch. 1 - Balance sheet items From the following list of...Ch. 1 - Balance sheet items From the following list of...Ch. 1 - Statement of owner's equity Financial information...Ch. 1 - Income statement Dairy Services was organized on...Ch. 1 - Missing amounts from balance sheet and income...Ch. 1 - Balance sheets, net income Financial information...Ch. 1 - Financial statements Each of the following items...Ch. 1 - Statement of cash flows Indicate whether each of...Ch. 1 - Statement of cash flows A summary of cash flows...Ch. 1 - Financial statements We-Sell Realty, organized...Ch. 1 - Ratio of liabilities to stockholders' equity The...Ch. 1 - Prob. 1.27EXCh. 1 - Transactions On June 1 of the current year, Chad...Ch. 1 - Financial statements The amounts of the assets and...Ch. 1 - Financial statements Seth Feye established...Ch. 1 - Prob. 1.4APRCh. 1 - Transactions; financial statements D'Lite Dry...Ch. 1 - Missing amounts from financial statements The...Ch. 1 - Transactions Amy Austin established an insurance...Ch. 1 - Financial statements The amounts of the assets and...Ch. 1 - Financial statements Jose Loder established Bronco...Ch. 1 - Transactions; financial statements On April 1,...Ch. 1 - Transactions; financial statements Bev's Dry...Ch. 1 - Missing amounts from financial statements The...Ch. 1 - Prob. 1COPCh. 1 - Prob. 1.1CPCh. 1 - Prob. 1.2CPCh. 1 - Prob. 1.4CPCh. 1 - Net income On January 1, 2018, Dr. Marcie Cousins...Ch. 1 - Prob. 1.6CP
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