Horngren's Accounting, The Financial Chapters (11th Edition) - Standalone Book
11th Edition
ISBN: 9780133866889
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 1, Problem E1.28E
Using the
| ASSETS | LIABILITIES + | EQUITY | ||||||||||
| Cash | + | Accounts + Equipment | Accounts | + | Wei, | − Wei. + | Service − Salaries | |||||
| Receivable | Payable | Capital | Withdrawals | Revenue Expense | ||||||||
| 1 | +31,000 | +31,000 | ||||||||||
| 2 | +3,800 | + 3,800 | ||||||||||
| Bal. | $31,000 | + + | $3,000 | $31,000 | + | $3,800 | ||||||
| 1 | +13,400 | +13,400 | ||||||||||
| Bal. | $31,000 | + | $3,000 | + | $13,300 | $13,400 | + | $31,000 | + | $3,800 | ||
| 4 | +190 | -190 | ||||||||||
| Bal. | $31,190 | + ++ | $3,610 | + | $13,400 | $13,400 | + | $31,000 | + | $3,800 | ||
| 5 | -410 | + 410 | ||||||||||
| Bal. | $30,780 | + | $3,610 | + | $13,810 | $13,400 | + | $31,000 | + | $3,800 | ||
| 6 | -8.000 | -8,000 | ||||||||||
| Bal. | $22,780 | + | $3,610 | + | $13,810 | $5,400 | + | $31,000 | + | $3,800 | ||
| 7 | +790 | +790 | ||||||||||
| Bal. | $23,570 | + | $3,610 | + | $13,810 | $5,400 | + | $31,000 | + | $4,590 | ||
| 8 | -1,500 | -1,500 | ||||||||||
| Bal. | $22,070 | + | $3,610 | + | $13,810 | $5,400 | + | $31,000 | + | $4,590 $1,500 $1500$$$1,500 | ||
The analysis of the first eight transactions of Advanced Accounting Service follows. Describe each transaction
Learning Objective 4
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Financial Statement Analysis
Compute for Profitability Ratio with Substantial Analysis:
a. Gross Profit Margin
b. Profit Margin
c. Return on Total Assets
d. Return on Equity
a. Return on equityb. Total assets turnoverc. Return on assetsd. Current ratioe. Receivables turnover
Chapter 1 Solutions
Horngren's Accounting, The Financial Chapters (11th Edition) - Standalone Book
Ch. 1 - Prob. 1QCCh. 1 - Which of the following is not an external user of...Ch. 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 Learning Objective 5...
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 - A business purchases an acre of land for $5,000....Ch. 1 - What does the going concern assumption mean for a...Ch. 1 - Which concept states that accounting information...Ch. 1 - Financial statements in the United States are...Ch. 1 - Prob. 12RQCh. 1 - What is the accounting equation? Briefly explain...Ch. 1 - What are two ways that equity increases? What are...Ch. 1 - How is net income calculated? Define revenues and...Ch. 1 - What are the steps used when analyzing a business...Ch. 1 - List the four financial statements. Briefly...Ch. 1 - What is the calculation for ROA? Explain what ROA...Ch. 1 - Prob. S1.1SECh. 1 - Determining organizations that govern accounting...Ch. 1 - Identifying types of business organizations...Ch. 1 - Prob. S1.4SECh. 1 - Applying accounting assumptions and principles...Ch. 1 - Prob. S1.6SECh. 1 - Prob. S1.7SECh. 1 - Identifying accounts Learning Objective 3 Consider...Ch. 1 - Prob. S1.9SECh. 1 - Using the accounting equation to analyze...Ch. 1 - Identifying accounts on the financial statements...Ch. 1 -
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