College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Chapter 12, Problem 2PA
1.
To determine
Prepare a statement of owners’ equity for E Stereo for the year ended December 31, 20--.
2.
To determine
Prepare a
3.
To determine
Compute
4.
To determine
Compute
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Prepare a common-size balance for the current and past year, for both companies. Use cell referencing to calculate the common size percentages and round to two decimal places. Columns have been set up for you to enter your work.
and answer the questions at the end.
Please see below. I really need help with this asap. Please include relevant terms and dates as needed.
Required:
Use the financial statements of Heifer Sports Incorporated to find the information below for Heifer.
Note: Use 365 days a year. Do not round intermediate calculations. Round all answers to 2 decimal places except $ amounts and
Round Average collection period to 1 decimal place.
Income Statement
Sales
Cost of goods sold
Depreciation
Selling and administrative expenses
EBIT
Interest expense
Taxable income
Taxes
Net income
Balance Sheet, Year-End
Assets
Cash
Accounts receivable.
Inventory
Total current asset
Fixed assets
Total assets
Liabilities and shareholders' equity
Accounts payable
Short-term debt
Total current liabilities
Long-term bonds
Total liabilities
Common stock
Retained earnings
Total shareholders' equity
Total liabilities and shareholders' equity
2023
$ 5,700,000
2,994,000
296,500
1,588,000
$ 821,500
160,000
$ 661,500
299,500
$362,000
2023
$ 44,200
610,000
452,900
$ 1,107,100
2,898,000
$ 4,005,100
$ 320,500
494,000
$814,500
1,960,000
$ 2,774,500
$ 311,000
919,600
$…
Chapter 12 Solutions
College Accounting (Book Only): A Career Approach
Ch. 12 - What is the term used for the profit on a sale...Ch. 12 - Which of the following is not an example of a...Ch. 12 - Prob. 3QYCh. 12 - What is the third entry of the closing procedure...Ch. 12 - What general journal entry is used to undo a...Ch. 12 - Prob. 1DQCh. 12 - What is the difference between the cost of goods...Ch. 12 - Prob. 3DQCh. 12 - Prob. 4DQCh. 12 - Prob. 5DQ
Ch. 12 - Explain the calculation of net sales and net...Ch. 12 - Prob. 7DQCh. 12 - What are the rules for recognizing whether an...Ch. 12 - Prob. 9DQCh. 12 - Calculate the missing items in the following:Ch. 12 - Using the following information, prepare the Cost...Ch. 12 - Identify each of the following items relating to...Ch. 12 - The Income Statement columns of the August 31...Ch. 12 - Prob. 5ECh. 12 - Prob. 6ECh. 12 - From the following T accounts, journalize the...Ch. 12 - From the following information, journalize the...Ch. 12 - A partial work sheet for The Fan Shop is presented...Ch. 12 - Prob. 2PACh. 12 - The following partial work sheet covers the...Ch. 12 - The following accounts appear in the ledger of...Ch. 12 - A partial work sheet for McKnight Music Store is...Ch. 12 - Here is the partial work sheet for Meyer Mountain...Ch. 12 - The following partial work sheet covers the...Ch. 12 - The following accounts appear in the ledger of...Ch. 12 - Costco is the largest chain of membership...Ch. 12 - A music store sells new instruments. The store...Ch. 12 - You are an owner/bookkeeper in a country whose...Ch. 12 - Prob. 4ACh. 12 - Prob. 5ACh. 12 - It is now August 31. You have journalized and...
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Similar questions
- Here is the partial work sheet for Meyer Mountain Shop. Required 1. Prepare a statement of owners equity (no additional investment). 2. Prepare a balance sheet. 3. Determine the amount of the working capital. 4. Determine the current ratio (carry to two decimal places). Check Figure Working capital, 73,602arrow_forwardplease answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)arrow_forwardRequired: Use the financial statements of Heifer Sports Incorporated to find the information below for Heifer. Note: Use 365 days a year. Do not round intermediate calculations. Round all answers to 2 decimal places except $ amounts and Round Average collection period to 1 decimal place. Income Statement Sales Cost of goods sold Depreciation Selling and administrative expenses EBIT Interest expense Taxable income Taxes Net income Balance Sheet, Year-End Assets Cash Accounts receivable Inventory Total current assets Fixed assets Total assets Liabilities and shareholders' equity Accounts payable Short-term debt Total current liabilities Long-term bonds Total liabilities Common stock Retained earnings Total shareholders' equity Total liabilities and shareholders' equity 2023 $ 5,640,000 2,943,000 290,300 1,555,000 $ 851,700 141,000 $ 710,700 318,300 $ 392,400 2023 $ 47,900 646,000 479,600 $ 1,173,500 3,049,000 $ 4,222,500 $ 335,200 493,000 $ 828,200 2,213,600 $ 3,041,800 $ 314,600 866,100…arrow_forward
- After all of the account balances have been extended to the Income Statement columns of the work sheet, the totals of the Debit and Credit columns are $70,800 and $97,750, respectively. What is the amount of the net income or net loss for the period? Oa. $26,950 of net income Ob. $26,950 of net loss Oc. $70,800 of net loss Od. $97,750 of net incomearrow_forwardProvide anwers for the blanks in attached table. Indicate whether the following independent transactions increase (+), decrease (-), or do not affect (NE) the current ratio, the amount of working capital, and cash from operations. Also indicate the amounts of any effects. The company presently has a current ratio of 2 to 1 along with current liabilities of $160,000.arrow_forwardPrepare 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_forward
- The liabilities of Ganern Stylist equal one-third of the total assets, and the owner’s equity is P480,000. What is the amount of the liabilities?arrow_forwardAfter all of the account balances have been extended to the Income Statement columns of the work sheet, the totals of the Debit and Credit columns are $76,310 and $99,000, respectively. What is the amount of the net income or net loss for the period? a.$22,690 of net income b.$76,310 of net loss c.$22,690 of net loss d.$99,000 of net incomearrow_forward4. The end-of-period spreadsheet (work sheet) for the current year for TigerPaw shows Balance Sheet columns with a debit total of $630,430 and a credit total of $614,210. This is before the amount for net income or net loss has been included. In preparing the income statement from work sheet, what is the amount of net income or net loss? ACOL Darrow_forward
- please provide an accounting entry for the following transaction: 1. A loan from a third party is deposited in the company account amounting to AED 1,000,000. AED 300,000 part of the loan will be allocated to the initial capitalarrow_forwardPrepare a common-size balance for the current and past year, for both companies. Use cell referencing to calculate the common size percentages and round to two decimal places. Columns have been set up for you to enter your work. and answer questions at the bottom.arrow_forwardSuppose the income statement for Goggle Company reports $95 of net income, after deducting depreciation of $35. The company bought equipment costing $60 and obtained a long-term bank loan for $70. The company’s comparative balance sheet, at December 31, is presented here.arrow_forward
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