Horngren's Financial & Managerial Accounting, The Managerial Chapters (5th Edition)
5th Edition
ISBN: 9780133851298
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 1, Problem 1.42AP
Preparing financial statements
Presented here are the accounts of Golden City Barbershop for the year ended December 31, 2016.
| Land | $ 5,000 |
| Notes Payable | 37,000 |
| Property Tax Expense | 2,700 |
| Dividends | 32,000 |
| Rent Expense | 11,000 |
| Salaries Expense | 61,000 |
| Salaries Payable | 900 |
| Service Revenue | 195,000 |
| Office Supplies | 9,000 |
| 49,000 | |
| Common Stock | $ 25,000 |
| Accounts Payable | 17,000 |
| 900 | |
| Advertising Expense | 13,000 |
| Building | 157,000 |
| Cash | 3,800 |
| Equipment | 19,000 |
| Insurance Expense | 2,500 |
| Interest Expense | 7,000 |
Requirements
- 1. Prepare Golden City Barbershop’s income statement.
- 2. Prepare the statement of retained earnings.
- 3. Prepare the
balance sheet .
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Chapter 1 Solutions
Horngren's Financial & Managerial Accounting, The Managerial Chapters (5th Edition)
Ch. 1 - Prob. 1QCCh. 1 - Prob. 2QCCh. 1 - Prob. 3QCCh. 1 - Prob. 4QCCh. 1 - Prob. 5QCCh. 1 - Which of the following requires accounting...Ch. 1 - At the end of a recent year, Global Cleaning...Ch. 1 - Consider the overall effects on Global Cleaning...Ch. 1 - Assume that Global Cleaning Service performed...Ch. 1 - The balance sheet reports the a. financial...
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