Accounting
27th Edition
ISBN: 9781337514071
Author: WARREN
Publisher: Cengage
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Chapter 1, Problem 1.6BPE
Using the following data for Sentinel Travel Service as well as the statement of owner's equity shown in Practice Exercise 1–5B, prepare a report form balance sheet as of August 31, 2019:
| Accounts payable | $44,600 |
| 75,000 | |
| Cash | 45,000 |
| Land | 310,000 |
| supplies | 4,700 |
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Brinker International, Inc.'s financial statements state:
"We are principally engaged in the ownership, operation, development,
and franchising of the Chili's® Grill & Bar and Maggiano's Little Italy
restaurant brands. At June 30, 2019, we owned, operated, or franchised
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Brinker
INTERNATIONAL.
MAGGIANO'S
LITTLE ITALY
United States territories."
Below is an alphabetical list of Brinker's accounts and account balances as of Dec 31, 2019 (all amounts
in millions of US dollars). Identify the accounts that would appear on Brinker's BALANCE SHEET and
then use this information to re-create Brinker's 2019 Balance Sheet on the following page.
Accounts payable
97.5
Accounts receivable
55.0
Cash
13.4
Common stock
534.0
Cost of goods sold
823.0
Current portion of long-term debt
9.7
Income tax expense
16.9
Interest expense
61.6
Inventory
70.3
Intangible…
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Consider the following selected financial information for Green Woods Company.
Green Woods Company
Income Statement
For the Year Ended December 31, 2020
Green Woods Company
Balance Sheet
For the Year Ended December 31, 2019 & 2020
2020
2019
Assets
|Cash
Accounts Receivable
Inventories
Plant & Equipment
Less: Accimiulated Depreciation
$480
$510 S$90
$960
Revenues
S650
7/100
S980
$3140 $2.150
(S1 520)S870)
$3.3.40 S3,310
Less: Depreciation expense
Less: Other operating expenses
Total Assets
Liabilities &OE
Less: Interest Expense
40
$810
Is17015550
T/S120/S2.80
Income before income taxes
INehornts Paable
Income Tax Payable
Income tax expense
$S40
S7100 / SĨ350
Net income
Retained FarnenE
What is the het dash
On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances:Accounts Debit CreditCash $23,800Accounts Receivable 5,200Supplies 3,100Land 50,000Accounts Payable $ 3,200Common Stock 65,000Retained Earnings 13,900Totals $82,100 $82,100During January 2021, the following transactions occur:January 2 Purchase rental space for one year in advance, $6,000 ($500/month).January 9 Purchase additional supplies on account, $3,500January 13 Provide services to customers on account, $25,500.January 17 Receive cash in advance from customers for services to be provided in the future, $3,700.January 20 Pay cash for salaries, $11,500.January 22 Receive cash on accounts receivable, $24,100.January 29 Pay cash on…
Chapter 1 Solutions
Accounting
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