Transaction Analysis: An accounting process to analyse each and every transaction that impacts business is known as transaction analysis. The analysis is done using the double entry system that impacts at least two accounts for each transaction and basic accounting equation that represents total assets of the business equals with the total liabilities and owner’s equity of the business should be followed. Financial Statement: The statement or record of financial activities of the business or a company in a structured and simple manner in the form of report for a period refers to the financial statement. The financial statement is essential for the business because it is the key indicator of financial results of the business that reports the true and fair position of the business. There are four basic financial statements that includes: a. Income Statement b. Statement of Owner’s Equity c. Balance Sheet d. Cash Flow Statement Requirement-1: To analyse: The effects of the transactions on the accounting equation of Angela Petrillo Attorney taken place during the month of March 2016.

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Answer 1

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Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 1, Problem P1.46APGA

To determine

Introduction:

Transaction Analysis: An accounting process to analyse each and every transaction that impacts business is known as transaction analysis. The analysis is done using the double entry system that impacts at least two accounts for each transaction and basic accounting equation that represents total assets of the business equals with the total liabilities and owner’s equity of the business should be followed.

Financial Statement: The statement or record of financial activities of the business or a company in a structured and simple manner in the form of report for a period refers to the financial statement. The financial statement is essential for the business because it is the key indicator of financial results of the business that reports the true and fair position of the business. There are four basic financial statements that includes:

a. Income Statement

b. Statement of Owner’s Equity

c. Balance Sheet

d. Cash Flow Statement

Requirement-1:

To analyse:

The effects of the transactions on the accounting equation of Angela Petrillo Attorney taken place during the month of March 2016.

To determine

Requirement-2a:

To prepare:

The income statement of Angela Petrillo Attorney for the month ended March 31st, 2016 to determine the net income of the company.

To determine

Requirement-2b:

To prepare:

The statement of Owner’s Equity of Angela Petrillo Attorney for the month ended March 31st, 2016 to determine the Owner’s Capital at the end of the year.

To determine

Requirement-2c:

To prepare:

The balance sheet of Angela Petrillo Attorney for the month ended March 31^st, 2016 to determine the financial position of the company.

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Problem No. 2 The trial balance of Cleint Lumanao Nacho Supplies on February 10, 2025, before accepting Shila Tajonera as partner is shown as follows: Account Title Debit Credit Ato Cash reening smuo P 100,000 Accounts Receivable 250,000 Allowance for Uncollectible Accounts P 20,000 o Merchandise Inventory Equipment Accumulated Depreciation Accounts Payable Notes Payable 120,000 275,000 55,000 50,000 82,000 538,000 Lumanao, Capital Total P 745,000 P 745,000 Tajonera offered to invest cash to get a capital credit equal to one-half of Lumanao's capital after giving effect to the adjustments below. Lumanao accepted the offer. Valuation of some of the assets and liabilities of Lumanao, as agreed by the partners, are the following: • The merchandise is to be valued at P93,000. The accounts receivable is estimated to be 90% collectible. • The equipment is to be valued at P200,000. The partners also agreed that the name of the partnership will be Nacho Business. Required: 1. In the books of…

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Answer 2

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Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 1, Problem P1.46APGA

To determine

Introduction:

Transaction Analysis: An accounting process to analyse each and every transaction that impacts business is known as transaction analysis. The analysis is done using the double entry system that impacts at least two accounts for each transaction and basic accounting equation that represents total assets of the business equals with the total liabilities and owner’s equity of the business should be followed.

Financial Statement: The statement or record of financial activities of the business or a company in a structured and simple manner in the form of report for a period refers to the financial statement. The financial statement is essential for the business because it is the key indicator of financial results of the business that reports the true and fair position of the business. There are four basic financial statements that includes:

a. Income Statement

b. Statement of Owner’s Equity

c. Balance Sheet

d. Cash Flow Statement

Requirement-1:

To analyse:

The effects of the transactions on the accounting equation of Angela Petrillo Attorney taken place during the month of March 2016.

To determine

Requirement-2a:

To prepare:

The income statement of Angela Petrillo Attorney for the month ended March 31st, 2016 to determine the net income of the company.

To determine

Requirement-2b:

To prepare:

The statement of Owner’s Equity of Angela Petrillo Attorney for the month ended March 31st, 2016 to determine the Owner’s Capital at the end of the year.

To determine

Requirement-2c:

To prepare:

The balance sheet of Angela Petrillo Attorney for the month ended March 31^st, 2016 to determine the financial position of the company.

Expert Solution & Answer

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Answer 3

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 1, Problem P1.46APGA

To determine

Introduction:

Transaction Analysis: An accounting process to analyse each and every transaction that impacts business is known as transaction analysis. The analysis is done using the double entry system that impacts at least two accounts for each transaction and basic accounting equation that represents total assets of the business equals with the total liabilities and owner’s equity of the business should be followed.

Financial Statement: The statement or record of financial activities of the business or a company in a structured and simple manner in the form of report for a period refers to the financial statement. The financial statement is essential for the business because it is the key indicator of financial results of the business that reports the true and fair position of the business. There are four basic financial statements that includes:

a. Income Statement

b. Statement of Owner’s Equity

c. Balance Sheet

d. Cash Flow Statement

Requirement-1:

To analyse:

The effects of the transactions on the accounting equation of Angela Petrillo Attorney taken place during the month of March 2016.

To determine

Requirement-2a:

To prepare:

The income statement of Angela Petrillo Attorney for the month ended March 31st, 2016 to determine the net income of the company.

To determine

Requirement-2b:

To prepare:

The statement of Owner’s Equity of Angela Petrillo Attorney for the month ended March 31st, 2016 to determine the Owner’s Capital at the end of the year.

To determine

Requirement-2c:

To prepare:

The balance sheet of Angela Petrillo Attorney for the month ended March 31^st, 2016 to determine the financial position of the company.

Expert Solution & Answer

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Answer 4

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 1, Problem P1.46APGA

To determine

Introduction:

Transaction Analysis: An accounting process to analyse each and every transaction that impacts business is known as transaction analysis. The analysis is done using the double entry system that impacts at least two accounts for each transaction and basic accounting equation that represents total assets of the business equals with the total liabilities and owner’s equity of the business should be followed.

Financial Statement: The statement or record of financial activities of the business or a company in a structured and simple manner in the form of report for a period refers to the financial statement. The financial statement is essential for the business because it is the key indicator of financial results of the business that reports the true and fair position of the business. There are four basic financial statements that includes:

a. Income Statement

b. Statement of Owner’s Equity

c. Balance Sheet

d. Cash Flow Statement

Requirement-1:

To analyse:

The effects of the transactions on the accounting equation of Angela Petrillo Attorney taken place during the month of March 2016.

To determine

Requirement-2a:

To prepare:

The income statement of Angela Petrillo Attorney for the month ended March 31st, 2016 to determine the net income of the company.

To determine

Requirement-2b:

To prepare:

The statement of Owner’s Equity of Angela Petrillo Attorney for the month ended March 31st, 2016 to determine the Owner’s Capital at the end of the year.

To determine

Requirement-2c:

To prepare:

The balance sheet of Angela Petrillo Attorney for the month ended March 31^st, 2016 to determine the financial position of the company.

Expert Solution & Answer

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Answer 5

Chapter 1, Problem P1.46APGA

To determine

Introduction:

Transaction Analysis: An accounting process to analyse each and every transaction that impacts business is known as transaction analysis. The analysis is done using the double entry system that impacts at least two accounts for each transaction and basic accounting equation that represents total assets of the business equals with the total liabilities and owner’s equity of the business should be followed.

Financial Statement: The statement or record of financial activities of the business or a company in a structured and simple manner in the form of report for a period refers to the financial statement. The financial statement is essential for the business because it is the key indicator of financial results of the business that reports the true and fair position of the business. There are four basic financial statements that includes:

a. Income Statement

b. Statement of Owner’s Equity

c. Balance Sheet

d. Cash Flow Statement

Requirement-1:

To analyse:

The effects of the transactions on the accounting equation of Angela Petrillo Attorney taken place during the month of March 2016.

To determine

Requirement-2a:

To prepare:

The income statement of Angela Petrillo Attorney for the month ended March 31st, 2016 to determine the net income of the company.

To determine

Requirement-2b:

To prepare:

The statement of Owner’s Equity of Angela Petrillo Attorney for the month ended March 31st, 2016 to determine the Owner’s Capital at the end of the year.

To determine

Requirement-2c:

To prepare:

The balance sheet of Angela Petrillo Attorney for the month ended March 31^st, 2016 to determine the financial position of the company.

Answer 6

Chapter 1, Problem P1.46APGA

To determine

Introduction:

Transaction Analysis: An accounting process to analyse each and every transaction that impacts business is known as transaction analysis. The analysis is done using the double entry system that impacts at least two accounts for each transaction and basic accounting equation that represents total assets of the business equals with the total liabilities and owner’s equity of the business should be followed.

Financial Statement: The statement or record of financial activities of the business or a company in a structured and simple manner in the form of report for a period refers to the financial statement. The financial statement is essential for the business because it is the key indicator of financial results of the business that reports the true and fair position of the business. There are four basic financial statements that includes:

a. Income Statement

b. Statement of Owner’s Equity

c. Balance Sheet

d. Cash Flow Statement

Requirement-1:

To analyse:

The effects of the transactions on the accounting equation of Angela Petrillo Attorney taken place during the month of March 2016.

Answer 7

Chapter 1, Problem P1.46APGA

To determine

Introduction:

Transaction Analysis: An accounting process to analyse each and every transaction that impacts business is known as transaction analysis. The analysis is done using the double entry system that impacts at least two accounts for each transaction and basic accounting equation that represents total assets of the business equals with the total liabilities and owner’s equity of the business should be followed.

Financial Statement: The statement or record of financial activities of the business or a company in a structured and simple manner in the form of report for a period refers to the financial statement. The financial statement is essential for the business because it is the key indicator of financial results of the business that reports the true and fair position of the business. There are four basic financial statements that includes:

a. Income Statement

b. Statement of Owner’s Equity

c. Balance Sheet

d. Cash Flow Statement

Requirement-1:

To analyse:

The effects of the transactions on the accounting equation of Angela Petrillo Attorney taken place during the month of March 2016.

Answer 8

To determine

Requirement-2a:

To prepare:

The income statement of Angela Petrillo Attorney for the month ended March 31st, 2016 to determine the net income of the company.

Answer 9

To determine

Requirement-2a:

To prepare:

The income statement of Angela Petrillo Attorney for the month ended March 31st, 2016 to determine the net income of the company.

Answer 10

To determine

Requirement-2b:

To prepare:

The statement of Owner’s Equity of Angela Petrillo Attorney for the month ended March 31st, 2016 to determine the Owner’s Capital at the end of the year.

Answer 11

To determine

Requirement-2b:

To prepare:

The statement of Owner’s Equity of Angela Petrillo Attorney for the month ended March 31st, 2016 to determine the Owner’s Capital at the end of the year.

Answer 12

To determine

Requirement-2c:

To prepare:

The balance sheet of Angela Petrillo Attorney for the month ended March 31^st, 2016 to determine the financial position of the company.

Answer 13

To determine

Requirement-2c:

To prepare:

The balance sheet of Angela Petrillo Attorney for the month ended March 31^st, 2016 to determine the financial position of the company.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 1 - Prob. 1QC Ch. 1 - Which of the following is not an external user of...Ch. 1 - Prob. 3QC Ch. 1 - Prob. 4QC Ch. 1 - Prob. 5QC Ch. 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...

Requirement-2a: To prepare: The income statement of Angela Petrillo Attorney for the month ended March 31st, 2016 to determine the net income of the company.

Requirement-2b: To prepare: The statement of Owner’s Equity of Angela Petrillo Attorney for the month ended March 31st, 2016 to determine the Owner’s Capital at the end of the year.

Requirement-2c: To prepare: The balance sheet of Angela Petrillo Attorney for the month ended March 31st, 2016 to determine the financial position of the company.

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Chapter 1 Solutions

Requirement-2a:

To prepare:

The income statement of Angela Petrillo Attorney for the month ended March 31st, 2016 to determine the net income of the company.

Requirement-2b:

To prepare:

The statement of Owner’s Equity of Angela Petrillo Attorney for the month ended March 31st, 2016 to determine the Owner’s Capital at the end of the year.

Requirement-2c:

To prepare:

The balance sheet of Angela Petrillo Attorney for the month ended March 31^st, 2016 to determine the financial position of the company.