Loose Leaf For Fundamentals Of Financial Accounting
6th Edition
ISBN: 9781260159547
Author: Phillips Associate Professor, Fred, Libby, Robert, Patricia
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 1, Problem 5ME
Matching Financial Statement Items to
For each item, indicate (1) whether it is reported on the income statement (I/S) or balance sheet (B/S) and (2) the type of account (A = asset, L = liability, SE = stockholders’ equity, R = revenue. E = expense).
| Item | (1) Statement | (2) Account Type |
| 1. |
||
| 2. Sales Revenue | ||
| 3. Equipment | ||
| 4. Supplies Expense | ||
| 5. Cash | ||
| 6. Advertising Expense | ||
| 7. Accounts Payable | ||
| 8. |
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A company's retained earnings increase when:A. Dividends are paidB. The company incurs a net lossC. New shares are issuedD. The company earns net income
The matching principle requires:A. Revenues to be recorded when cash is receivedB. Expenses to be recognized when incurred, matched with revenuesC. Assets to be recorded at market valueD. Liabilities to be recorded only when paid
i need c
The financial statements of Dobson Company appear below:
DOBSON COMPANY
Comparative Balance Sheet
December 31,
Assets
Cash
Short-term investments
Accounts receivable (net).
Inventory....
Property, plant and equipment (net).
Total assets
Liabilities and stockholders' equity
Accounts payable..
Short-term notes payable.
Bonds payable.
Common stock.
Retained earnings.
Total liabilities and stockholders' equity.
Net sales
Cost of goods sold
Gross profit.
Expenses
Administrative expenses
Selling expenses
Interest expense...
Total expenses.
Income before income taxes
Income tax expense.
Net income...
Additional information:
DOBSON COMPANY
Income Statement
For the Year Ended December 31, 2019
2019
P 35,000
2018
P 40,000
15,000
60,000
50,000
30,000
50,000
70,000
250,000
P400,000
300,000
P500,000
P 10,000
40,000
88,000
P 30,000
90,000
160,000
160,000
145,000
102,000
75,000
P400,000
P500,000
P360,000
198,000
162,000
P59,000
40,000
12,000
111,000
51,000
15,000
P 36,000
a. Cash dividends of P9,000…
Chapter 1 Solutions
Loose Leaf For Fundamentals Of Financial Accounting
Ch. 1 - Define accounting.Ch. 1 - Prob. 2QCh. 1 - Briefly distinguish financial accounting from...Ch. 1 - The accounting process generates financial reports...Ch. 1 - Explain what the separate entity assumption means...Ch. 1 - List the three main types of business activities...Ch. 1 - What information should be included in the heading...Ch. 1 - What are the purposes of (a) the balance sheet,...Ch. 1 - Explain why the income statement, statement of...Ch. 1 - Briefly explain the difference between net income...
Ch. 1 - Describe the basic accounting equation that...Ch. 1 - Describe the equation that provides the structure...Ch. 1 - Describe the equation that provides the structure...Ch. 1 - Prob. 14QCh. 1 - Prob. 15QCh. 1 - Prob. 16QCh. 1 - Briefly define what an ethical dilemma is and...Ch. 1 - Prob. 18QCh. 1 - Prob. 1MCCh. 1 - Which of the following is true regarding the...Ch. 1 - Which of the following is false regarding the...Ch. 1 - Which of the following regarding retained earnings...Ch. 1 - Prob. 5MCCh. 1 - Which of the following statements regarding the...Ch. 1 - Prob. 7MCCh. 1 - Which of the following is true? a. FASB creates...Ch. 1 - Which of the following would not be a goal of...Ch. 1 - Prob. 10MCCh. 1 - Prob. 1MECh. 1 - Matching Definitions with Terms or Abbreviations...Ch. 1 - Matching Definitions with Terms Match each...Ch. 1 - Matching Financial Statement Items to Balance...Ch. 1 - Matching Financial Statement Items to Balance...Ch. 1 - Matching Financial Statement Items to Balance...Ch. 1 - Matching Financial Statement Items to Balance...Ch. 1 - Matching Financial Statement Items to the Basic...Ch. 1 - Matching Financial Statement Items to the Four...Ch. 1 - Reporting Amounts on the Statement of Cash Flows...Ch. 1 - Prob. 11MECh. 1 - Preparing a Statement of Retained Earnings Stone...Ch. 1 - Relationships among Financial Statements Items...Ch. 1 - Prob. 14MECh. 1 - Relationships among Financial Statements Items...Ch. 1 - Preparing an Income Statement, Statement of...Ch. 1 - Reporting Amounts on the Four Basic Financial...Ch. 1 - Reporting Amounts on the Four Basic Financial...Ch. 1 - Preparing a Balance Sheet DSW, Inc., is a designer...Ch. 1 - Completing a Balance Sheet and Inferring Net...Ch. 1 - Labeling and Classifying Business Transactions The...Ch. 1 - Preparing an Income Statement and Inferring...Ch. 1 - Preparing an Income Statement Home Realty,...Ch. 1 - Prob. 8ECh. 1 - Preparing an Income Statement and Balance Sheet...Ch. 1 - Analyzing and Interpreting an Income Statement...Ch. 1 - Prob. 11ECh. 1 - Matching Cash Flow Statement Items to Business...Ch. 1 - Preparing an Income Statement. Statement of...Ch. 1 - Interpreting the Financial Statements Refer to...Ch. 1 - Reporting Amounts on the Four Basic Financial...Ch. 1 - Evaluating Financial Statements Refer to CP1-3....Ch. 1 - Preparing an Income Statement, Statement of...Ch. 1 - Prob. 2PACh. 1 - Reporting Amounts on the Four Basic Financial...Ch. 1 - Evaluating Financial Statements Refer to PA1-3....Ch. 1 - Preparing an Income Statement and Balance Sheet...Ch. 1 - Interpreting the Financial Statements Refer to PB...Ch. 1 - Reporting Amounts on the Four Basic Financial...Ch. 1 - Evaluating Financial Statements Refer to PB1-3....Ch. 1 - Finding Financial Information Answer the following...Ch. 1 - Comparing Financial Information Refer to the...Ch. 1 - Prob. 5SDCCh. 1 - Prob. 6SDCCh. 1 - Prob. 1CC
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- The matching principle requires:A. Revenues to be recorded when cash is receivedB. Expenses to be recognized when incurred, matched with revenuesC. Assets to be recorded at market valueD. Liabilities to be recorded only when paidarrow_forwardA contra-asset account has what type of balance?A. DebitB. CreditC. ZeroD. Variableneed helparrow_forwardWhich of the following is not a current asset?A. InventoryB. Prepaid InsuranceC. Accounts PayableD. Cashneed helparrow_forward
- Which of the following is not a current asset?A. InventoryB. Prepaid InsuranceC. Accounts PayableD. Casharrow_forwardDepreciation is recorded in the books to:A. Allocate the cost of an asset over its useful lifeB. Estimate the resale value of assetsC. Track market valueD. Match expenses with liabilities need helparrow_forwardDepreciation is recorded in the books to:A. Allocate the cost of an asset over its useful lifeB. Estimate the resale value of assetsC. Track market valueD. Match expenses with liabilitiesarrow_forward
- A contra-asset account has what type of balance?A. DebitB. CreditC. ZeroD. Variablei need helparrow_forwardA contra-asset account has what type of balance?A. DebitB. CreditC. ZeroD. Variablearrow_forwardUnearned revenue is classified as:A. An expenseB. An assetC. A liabilityD. Equity need helparrow_forward
- Unearned revenue is classified as:A. An expenseB. An assetC. A liabilityD. Equityarrow_forwardWhat is the impact of recording depreciation expense on the financial statements?A. Assets increase; Net income increasesB. Assets decrease; Net income decreasesC. Liabilities increase; Net income increasesD. Assets increase; Liabilities increaseneed helparrow_forwardWhat is the impact of recording depreciation expense on the financial statements?A. Assets increase; Net income increasesB. Assets decrease; Net income decreasesC. Liabilities increase; Net income increasesD. Assets increase; Liabilities increasearrow_forward
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