Horngren's Financial & Managerial Accounting Plus Mylab Accounting With Pearson Etext -- Access Card Package (5th Edition) (miller-nobles Et Al., The Horngren Accounting Series)
5th Edition
ISBN: 9780134077345
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 1, Problem 1.48BP
Using the
Cosmo Timmins started a new business, Timmins Gymnastics, and completed the following transactions during December:
| Dec. 1 | Cosmo contributed $20,000 cash in exchange for common stock. |
| 2 | Received $2,200 cash from customers for services performed. |
| 5 | Paid $350 cash for office supplies. |
| 9 | Performed services for a customer and billed the customer for services rendered, $4,500. |
| 10 | Received $100 invoice for utilities due in two weeks. |
| 15 | Paid for advertising in the local paper, $475. |
| 20 | Paid utility invoice received on Dec. 10. |
| 25 | Collected cash in full from customer billed on Dec. 9. |
| 28 | Paid rent for the month, $3,000. |
| 28 | Paid $1,500 to assistant for wages. |
| 30 | Received $2,000 cash from customers for services performed. |
| 31 | Cash dividends of $3,500 were paid to stockholders. |
Analyze the effects of the transactions on the accounting equation of Timmins Gymnastics using a format similar to Exhibit 1-6.
Exhibit 1-6 Analysis of Transactions, Smart Touch Learning
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
general accounting
If a company has sales revenue of $120,000, cost of goods sold of $70,000, and operating expenses of $20,000, what is the net income? Correct Answer
If a company has sales revenue of $120,000, cost of goods sold of $70,000, and operating expenses of $20,000, what is the net income? Financial Accounting
Chapter 1 Solutions
Horngren's Financial & Managerial Accounting Plus Mylab Accounting With Pearson Etext -- Access Card Package (5th Edition) (miller-nobles Et Al., The Horngren Accounting Series)
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...
Ch. 1 - Assume Global Cleaning Service had net income of...Ch. 1 - What is accounting?Ch. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 8RQCh. 1 - Prob. 9RQCh. 1 - Which concept states that accounting information...Ch. 1 - Financial statements in the United States are...Ch. 1 - Prob. 12RQCh. 1 - Prob. 13RQCh. 1 - Prob. 14RQCh. 1 - Prob. 15RQCh. 1 - Prob. 16RQCh. 1 - List the four financial statements. Briefly...Ch. 1 - What is the calculation for return on assets...Ch. 1 - Identifying users of accounting information For...Ch. 1 - Prob. 1.2SECh. 1 - Prob. 1.3SECh. 1 - Prob. 1.4SECh. 1 - Applying accounting assumptions and principles...Ch. 1 - Using the accounting equation Kenmore Handyman...Ch. 1 - Using the accounting equation Joshs Overhead Doors...Ch. 1 - Identifying accounts Consider the following...Ch. 1 - Using the accounting equation to analyze...Ch. 1 - Using the accounting equation to analyze...Ch. 1 - Identifying accounts on the financial statements...Ch. 1 - Prob. 1.12SECh. 1 - Use the following injo17nation to answer Short...Ch. 1 - Prob. 1.14SECh. 1 - Prob. 1.15SECh. 1 - Calculating Return on Assets (ROA) Refined Water...Ch. 1 - Prob. 1.17ECh. 1 - Prob. 1.18ECh. 1 - Prob. 1.19ECh. 1 - Using the accounting equation Compute the missing...Ch. 1 - Using the accounting equation Green City Builders...Ch. 1 - Prob. 1.22ECh. 1 - Using the accounting equation During 2016,...Ch. 1 - Using the accounting equation The records of...Ch. 1 - Using the accounting equation to analyze...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Prob. 1.28ECh. 1 - Using the accounting equation to analyze business...Ch. 1 - Preparing the financial statements Estella Osage...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Preparing the statement of cash flows For each...Ch. 1 - Preparing the statement of cash flows Bean Town...Ch. 1 - Calculating return on assets (ROA) Alec Appliance...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Preparing financial statements Presented here are...Ch. 1 - Preparing financial statements Click a Pix...Ch. 1 - Preparing financial statements The bookkeeper of...Ch. 1 - Prob. 1.45APCh. 1 - Using the accounting equation for transaction...Ch. 1 - Prob. 1.47BPCh. 1 - Using the accounting equation for transaction...Ch. 1 - Prob. 1.49BPCh. 1 - Prob. 1.50BPCh. 1 - Preparing financial statements The bookkeeper of...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Lets examine a case using Gregs Tunes and Sals...Ch. 1 - The tobacco companies have paid billions because...Ch. 1 - Prob. 1.1CTFCCh. 1 - This and similar cases in later chapters focus on...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- A company’s beginning inventory is $13,000, purchases during the period are $33,000, and the ending inventory is $9,500. What is the cost of goods sold (COGS)? General Accountingarrow_forwardData for the two departments of Kimble & Pierce Company for June of the current fiscal year are as follows: Drawing Department Winding Department Work in process, June 1 Completed and transferred to next 7,400 units, 30% completed 2,900 units, 60% completed 101,400 units 100,400 units processing department during June Work in process, June 30 5,600 units, 75% completed 3,900 units, 30% completed Production begins in the Drawing Department and finishes in the Winding Department. If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for June for the Winding Department.arrow_forwardGeneral Accountingarrow_forward
- Financial Accounting please answer the questionarrow_forwardA business purchases equipment for $25,000, paying $6,000 in cash and signing a note payable for the remainder. What amount should be recorded as a liability?HELParrow_forwardMyrna and Geoffrey filed a joint tax return in 2017. Their AGI was $85,000, and itemized deductions were $13,700, which included $4,000 in state income tax. In 2018, they received a $1,800 refund of the state income taxes that they paid in 2017. The standard deduction for married filing jointly in 2017 was $12,700. Under the tax benefit rule, how much of the state income tax refund is included in gross income in 2018?(General Account)arrow_forward
- Assume the company uses variable costing. Determine its product cost per unit.arrow_forwardAnnenbaum Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 2,400 units. The costs and percentage completion of these units in the beginning inventory were: Cost Percent Complete Materials costs $ 7,700 65% Conversion costs $ 8,800 45% A total of 10,500 units were started and 7,900 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Cost Materials costs $ 1,27,500 Conversion costs $2,09,000 The ending inventory was 50% complete with respect to materials and 35% complete with respect to conversion costs. What are the equivalent units for conversion costs for the month in the first processing department?arrow_forwardGive me answerarrow_forward
- Cool Sky reports the following costing data on its product for its first year of operations. During this first year, the company produced 42,000 units and sold 34,000 units at a price of $120 per unit Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead for the year $ 48 $ 18 $ 6 $ 4,20,000 Selling and administrative costs Variable selling and administrative cost per unit Fixed selling and administrative cost per year $ 11 $ 1,05,000 Assume the company uses variable costing. Prepare its income statement for the year under variable costing.arrow_forwardProvide correct answer general Accountingarrow_forwardPlease provide answer ASAP to this accounting problemarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
College Accounting (Book Only): A Career ApproachAccountingISBN:9781305084087Author:Cathy J. ScottPublisher:Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cengage Learning
The KEY to Understanding Financial Statements; Author: Accounting Stuff;https://www.youtube.com/watch?v=_F6a0ddbjtI;License: Standard Youtube License