Financial Accounting
14th Edition
ISBN: 9781305088436
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Textbook Question
Chapter 1, Problem 6PEB
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
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Complete all of the following listed in the picture.
Such as:
General Journal
General Ledaer
Trial Balance
Income
Statement
Statement of SE
Balance Sheet
Analysis
Following an accountant format.
Including:
Compute the total asset turnover ratio for 2020....
Compute the net profit margin ratio for 2020...
Under the column Financial Statement, choose from the list of codes below, the appropriate financial statement where the accounts listed would appear.
Financial Statement
Code
Income Statement
I/S
Balance Sheet
B/S
Statement of Owner's Equity
O/E
b.
For the column Balance Sheet Classification, choose the appropriate balance sheet classification from the list of codes below. If the account does not belong on the balance sheet, use the code n/a.
Balance Sheet Classification
Code
Current Assets
CA
Long-term Investments
LTI
Property, Plant and Equipment
PPE
Intangibles
I
Goodwill
G
Current Liabilities
CL
Non-Current Liabilities
NCL
Owner's Equity
OE
Not on the Balance Sheet
n/a
a.
b.
Accounts in financial statement
Financial Statement
Balance Sheet Classification
Accumulated depreciation – furniture
Interest…
Use the following information from XYZ Company's balance sheet to answer the next six questions:
Assets
a.
b.
c.
d.
a.
b.
30.
C.
d.
Cash........
Marketable Securities
Accounts Receivable
Inventory........
Property and Equipment.
Accumulated Depreciation.
Total Assets
a.
b.
c.
d.
Liabilities and Stockholders' Equity
Accounts Payable.
Notes Payable (current).
Mortgage Payable (long-term).
Bonds Payable (long-term).
Common Stock, $50 Par..
The average number of common stock shares outstanding during the year was 840 shares. Net earnings
for the year were $6,300.
25. XYZ's current ratio is
6.0 to 1.
5.5 to 1.
26. XYZ's quick (acid-test) ratio is
4.0 to 1.
4.5 to 1.
3.5 to 1.
3.0 to 1.
Paid-in Capital in Excess of Par.........
Retained Earnings............
Total Liabilities, and Stockholders' Equity
4.0 to 1.
4.5 to 1.
*****
27. XYZ's earnings per share is
$7.50 per share.
$7.00 per share.
$0.13 per share.
$6,300 per share.
28. XYZ's return on assets is
a. 6.9%
b. 7.9%
C. 14.6%
d. 23.4%
29.…
Chapter 1 Solutions
Financial Accounting
Ch. 1 - Prob. 1DQCh. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - Josh Reilly is the owner of Dispatch Delivery...Ch. 1 - On July 12, Reliable Repair Service extended an...Ch. 1 - Prob. 6DQCh. 1 - Describe the difference between an account...Ch. 1 - A business had revenues of 679,000 and operating...Ch. 1 - A business had revenues of 640,000 and operating...Ch. 1 - The financial statements are interrelated. (a)...
Ch. 1 - On February 22, Kountry Repair Service extended an...Ch. 1 - On March 31, Higgins Repair Service extended an...Ch. 1 - Brock Hahn is the owner and operator of Dream-It...Ch. 1 - Fritz Evans is the owner and operator of...Ch. 1 - Arrowhead Delivery Service is owned and operated...Ch. 1 - Interstate Delivery Service is owned and operated...Ch. 1 - Prob. 4PEACh. 1 - The revenues and expenses of Sentinel Travel...Ch. 1 - Using the income statement for Ousel Travel...Ch. 1 - Using the income statement for Sentinel Travel...Ch. 1 - Using the following data for Ousel Travel Service...Ch. 1 - Using the following data for Sentinel Travel...Ch. 1 - A summary of cash flows for Ousel Travel Service...Ch. 1 - A summary of cash flows for Sentinel Travel...Ch. 1 - Prob. 8PEACh. 1 - Prob. 8PEBCh. 1 - The following is a list of well-known companies:...Ch. 1 - Prob. 2ECh. 1 - Ozark Sports sells hunting and fishing equipment...Ch. 1 - Prob. 4ECh. 1 - Prob. 5ECh. 1 - Prob. 6ECh. 1 - Annie Rasmussen is the owner and operator of Go44,...Ch. 1 - Indicate whether each of the following is...Ch. 1 - Describe how the following business transactions...Ch. 1 - Prob. 10ECh. 1 - Indicate whether each of the following types of...Ch. 1 - The following selected transactions were completed...Ch. 1 - Teri West operates her own catering service....Ch. 1 - The income statement of a proprietorship for the...Ch. 1 - Four different proprietorships, Jupiter, Mars,...Ch. 1 - From the following list of selected items taken...Ch. 1 - Based on the data presented in Exercise 1-16,...Ch. 1 - Financial information related to Udder Products...Ch. 1 - Dairy Services was organized on August 1, 2016. A...Ch. 1 - One item is omitted in each of the following...Ch. 1 - Prob. 21ECh. 1 - Prob. 22ECh. 1 - Indicate whether each of the following activities...Ch. 1 - A summary of cash flows for Ethos Consulting Group...Ch. 1 - Prob. 25ECh. 1 - Prob. 26ECh. 1 - Lowes Companies Inc., a major competitor of The...Ch. 1 - On April 1 of the current year, Andrea Byrd...Ch. 1 - The amounts of the assets and liabilities of...Ch. 1 - Seth Feye established Reliance Financial Services...Ch. 1 - On July 1, 2016, Pat Glenn established Half Moon...Ch. 1 - DLite Dry Cleaners is owned and operated by Joel...Ch. 1 - The financial statements at the end of Wolverine...Ch. 1 - Amy Austin established an insurance agency on...Ch. 1 - The amounts of the assets and liabilities of...Ch. 1 - Jose Loder established Bronco Consulting on August...Ch. 1 - On April 1, 2016, Maria Adams established Custom...Ch. 1 - Bevs Dry Cleaners is owned and operated by Beverly...Ch. 1 - The financial statements at the end of Atlas...Ch. 1 - Prob. 1COPCh. 1 - Colleen Fernandez, president of Rhino Enterprises,...Ch. 1 - Prob. 2CPCh. 1 - Prob. 3CP
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- Visit the website of the US Securities and Exchange Commission (SEC) https://www.sec.gov/edgar/searchedgar/companysearch.html Search for the latest Form 10-K for a company you would like to analyze. Submit a short memo that A. Includes the name of the company you have chosen.B. Review the company’s end-of-period Balance Sheet to determine the following: Total assets Total liabilities Total equity C. Compare beginning and ending Assets totals and discuss the amount of change.D. Compare beginning and ending Liabilities totals and discuss the amount of change.E. Compare beginning and ending Equity totals and discuss the amount of change. Please provide a link to the company’s Form 10-K to allow accurate verification of your answers.arrow_forwardUsing the following select financial statement information from Black Water Industries, compute the accounts receivable turnover ratios for 2018 and 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Black Water Industries?arrow_forwardPrepare a balance sheet using the following information for the Ginger Company as of March 31, 2019.arrow_forward
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- Prepare an Income Statement using the following information for DL Enterprises for the month of July 2018. When listing accounts for each category, you are to use them in the order in which they are listed here. If used, type in the account names exactly as written here. Accounts Normal Balances Sales Revenue $62,500 Rental Revenue $15,300 Product Expense $52,200 Wages Expense $18,900 Owner Investment $12,000 Equipment Purchases $56,000 Utilities Expense $1,800 Taxes Expense $400arrow_forwardIn cell D22, by using cell references, calculate the total long-term assets for year 2014 Use the relevant cells from the given data in the balance sheet. In call D23, by using a cell reference, calculate the total assets for year 2014. Refer to the relevant cell from the given data in the balance sheet. Note: The total assets must equal the total liabilities and owners' equity." in cell D18, by using cell references, calculate the total current assets for year 2014. Use the relevant cells in the balance sheet. In cell D16, by using cell references, calculate the accounts receivable for year 2014. Use the relevant cells in the balance sheet, in cell H14, by using cell references, calculate the accounts payable for year 2014. Use the relevant cells from the given cata in the balance sheet. In cell H22, by using cell references, calculate the total owners' equity for year 2014. Use the relevant cells from the given data in the balance sheet. In cell H18, by using cell references,…arrow_forwardPrepare an income statement using the following information for DL Enterprises for the month of July 2018.arrow_forward
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