Survey Of Accounting
5th Edition
ISBN: 9781259631122
Author: Edmonds, Thomas P.
Publisher: Mcgraw-hill Education,
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Textbook Question
Chapter 1, Problem 13E
Exercise 1-13A Classifying events as asset source, use, or exchange
Nevada Company experienced the following events during its first year of operations:
- 1. Acquired an additional $1,000 cash from the issue of common stock.
- 2. Paid $2,400 cash for utilities expense.
- 3. Paid a $1,500 cash dividend to the stockholders.
- 4. Provided additional services for $6,000 cash.
- 5. Purchased additional land for $2,500 cash.
- 6. The market value of the land was determined to be $24,000 at the end of the accounting period.
- 7. Acquired $16,000 cash from the issue of common stock.
- 8. Paid $3,500 cash for salary expense.
- 9. Borrowed $10,000 cash from New South Bank.
- 10. Paid $6,000 cash to purchase land.
- 11. Provided boarding services for $10,500 cash.
Required
Classify each event as an asset source, use, or exchange transaction or as not applicable.
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Students have asked these similar questions
Chapter 16
The net income reported on the income statement for the current year was $183,000. Depreciation recorded on equipment and al
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65,000
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$
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Question 49
Lindsay Corporation had net income for 2021 of $3,000,000. Additional information is as follows:
Depreciation of plant assets
$1,200,000
Amortization of intangibles
240,000
Increase in accounts receivable
420,000
Increase in accounts payable
540,000
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$4,560,000.
$2,680,000.
$4,440,000.
$4,320,000.
Comprehensive Problem
The following were taken from the books of Amihan Company:
Long-term Payable
Notes Payable
Property. Plant and Equipment
Accounts Receivable
Accounts Payable
Accumulated Depreciation
Cash
Owner's Capital
Unearned Income
Notes Receivable
Prepaid Expenses
Accrued Expenses
Inventory
Intangible Assets
P 500,000
120.000
750,000
56.000
65,000
100,000
77,000
c. Prepaid Expenses is current.
d. Date of SFP, December 31, 2020
?
15.345
244.000
56.700
37,890
157,840
124,500
OUTPUT 1 Prepare a classified SFP given the following additional information: (ACCOUNT FORM)
SFP
a. Notes Payable is due 6 months from now.
b. Notes Receivable is collectible 9 months from now.
Chapter 1 Solutions
Survey Of Accounting
Ch. 1 - Prob. 1QCh. 1 - Prob. 2QCh. 1 - Prob. 3QCh. 1 - 4. In a business context, what does the term...Ch. 1 - 5. What market trilogy components are involved in...Ch. 1 - 6. Give an example of a financial resource, a...Ch. 1 - Prob. 7QCh. 1 - 8. How do financial and managerial accounting...Ch. 1 - Prob. 9QCh. 1 - Prob. 10Q
Ch. 1 - Prob. 11QCh. 1 - 12. Distinguish between elements of financial...Ch. 1 - Prob. 13QCh. 1 - 14. To whom do the assets of a business belong?Ch. 1 - 15. Describe the differences between creditors and...Ch. 1 - Prob. 16QCh. 1 - Prob. 17QCh. 1 - Prob. 18QCh. 1 - 19. What does a double-entry bookkeeping system...Ch. 1 - 22. How does acquiring capital from owners affect...Ch. 1 - Prob. 21QCh. 1 - Prob. 22QCh. 1 - 25. What are the three primary sources of assets?Ch. 1 - 26. What is the source of retained earnings?Ch. 1 - 27. How does distributing assets (paying...Ch. 1 - 28. What are the similarities and differences...Ch. 1 - Prob. 27QCh. 1 - 30. Which of the general-purpose financial...Ch. 1 - 31. What causes a net loss?Ch. 1 - 35. What three categories of cash receipts and...Ch. 1 - Prob. 31QCh. 1 - 37. Discuss the term articulation as it relates to...Ch. 1 - 38. How do temporary accounts differ from...Ch. 1 - Prob. 34QCh. 1 - 41. Identify the three types of accounting...Ch. 1 - Prob. 36QCh. 1 - Prob. 37QCh. 1 - Prob. 1ECh. 1 - Prob. 2ECh. 1 - Exercise 1-3A Identifying the reporting entities...Ch. 1 - Exercise 1-4A Define Terms and Identify Missing...Ch. 1 - Exercise 1-5 Effect of events on the accounting...Ch. 1 - Exercise 1-6 Effect of transactions on general...Ch. 1 - Exercise 1-7 Missing information and recording...Ch. 1 - Prob. 8ECh. 1 - Exercise 1-9A Record events and interpret...Ch. 1 - Exercise 1-10 Interpreting the accounting equation...Ch. 1 - Prob. 11ECh. 1 - Exercise 1-12A Differences between interest and...Ch. 1 - Exercise 1-13A Classifying events as asset source,...Ch. 1 - Prob. 14ECh. 1 - Exercise 1-15 Preparing an income statement and a...Ch. 1 - Prob. 16ECh. 1 - Prob. 17ECh. 1 - Prob. 18ECh. 1 - Prob. 19ECh. 1 - Riley Company paid 60,000 cash to purchase land...Ch. 1 - Prob. 21ECh. 1 - As of January 1, 2018, Room Designs, Inc. had a...Ch. 1 - As of December 31, 2018, Flowers Company had total...Ch. 1 - Prob. 24ECh. 1 - Critz Company was started on January 1, 2018....Ch. 1 - The Candle Shop experienced the following events...Ch. 1 - Prob. 27ECh. 1 - Prob. 28PCh. 1 - Prob. 29PCh. 1 - Match the terms (identified as a through r) with...Ch. 1 - Problem 1-30A Classifying events as asset source,...Ch. 1 - Problem 1-31A Relating titles and accounts to...Ch. 1 - Marks Consulting experienced the following...Ch. 1 - Prat Corp. started the 2018 accounting period with...Ch. 1 - Maben Company was started on January 1, 2018, and...Ch. 1 - Required Use the Target Corporations Form 10-K to...Ch. 1 - ATC 1-5 Writing Assignment Elements of financial...
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