Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN: 9781305654174
Author: Gary A. Porter, Curtis L. Norton
Publisher: Cengage Learning
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Textbook Question
Chapter 1, Problem 1.6E
Changes in Owners’ Equity
The following amounts are available from the records of Coaches and Carriages Inc. at the end of the years indicated:
Required
- Compute the changes in Coaches and Carriages owners’ equity during 2015 and 2016.
- Compute the amount of Coaches and Carriages’ net income (or loss) for 2015 assuming that no dividends were paid and the owners made no additional contributions during the year.
- Compute the amount of Coaches and Carriages’ net income (or loss) for 2016 assuming that dividends paid during the year amounted to $10,000 and no additional contributions were made by the owners.
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The current sections of Teal Mountain Inc.’s balance sheets at December 31, 2016 and 2017, are presented here. Teal Mountain Inc.’s net income for 2017 was $156,366. Depreciation expense was $27,594.
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The comparative balance sheets for 2016 and 2015 and the statement of income for 2016 are given below for Wright Company. Additional information from Wright's accounting records is provided also.
WRIGHT COMPANYComparative Balance SheetsDecember 31, 2016 and 2015($ in 000s)
2016
2015
Assets
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$
125
$
110
Accounts receivable
151
155
Short-term investment
56
20
Inventory
155
150
Land
114
140
Buildings and equipment
740
560
Less: Accumulated depreciation
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(155)
$
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$
980
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Salaries payable
4
7
Interest payable
5
4
Income tax payable
9
13
Notes payable
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36
Bonds payable
332
260
Shareholders' Equity
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435
360
Paid-in capital—excess of par
200
180
Retained earnings
99…
Provide Answer with calculation and explanation
Chapter 1 Solutions
Financial Accounting: The Impact on Decision Makers
Ch. 1 - Prob. 1.1KTQCh. 1 - Prob. 1.1ECh. 1 - Prob. 1.2ECh. 1 - The Accounting Equation For each of the following...Ch. 1 - The Accounting Equation Ginger Enterprises began...Ch. 1 - The Accounting Equation Using the accounting...Ch. 1 - Changes in Owners Equity The following amounts are...Ch. 1 - The Accounting Equation For each of the following...Ch. 1 - Classification of Financial Statement Items...Ch. 1 - Classification of Financial Statement Items Regal...
Ch. 1 - Net Income (or Loss) and Retained Earnings The...Ch. 1 - Statement of Retained Earnings Ace Corporation has...Ch. 1 - Accounting Principles and Assumptions The...Ch. 1 - Prob. 1.13ECh. 1 - Prob. 1.14ECh. 1 - Prob. 1.15MCECh. 1 - Prob. 1.16MCECh. 1 - Prob. 1.1PCh. 1 - Users of Accounting Information and Their Needs...Ch. 1 - Prob. 1.3PCh. 1 - Prob. 1.4PCh. 1 - Income Statement, Statement of Retained Earnings,...Ch. 1 - Income Statement and Balance Sheet Green Bay...Ch. 1 - Prob. 1.7PCh. 1 - Statement of Retained Earnings for The Coca-Cola...Ch. 1 - Prob. 1.9PCh. 1 - Prob. 1.10MCPCh. 1 - Prob. 1.1APCh. 1 - Users of Accounting Information and Their Needs...Ch. 1 - Prob. 1.3APCh. 1 - Prob. 1.4APCh. 1 - Income Statement, Statement of Retained Earnings,...Ch. 1 - Income Statement and Balance Sheet Fort Worth...Ch. 1 - Corrected Financial Statements Heidis Bakery Inc....Ch. 1 - Statement of Retained Earnings for Brunswick...Ch. 1 - Prob. 1.9APCh. 1 - Prob. 1.10AMCPCh. 1 - Prob. 1.1DCCh. 1 - Reading and Interpreting Chipotles Financial...Ch. 1 - Comparing Two Companies in the Same Industry:...Ch. 1 - Prob. 1.5DCCh. 1 - Prob. 1.6DCCh. 1 - Prob. 1.7DC
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