College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Textbook Question
Chapter 12, Problem 2PB
Here is the partial work sheet for Meyer Mountain Shop.
Required
- 1. Prepare a statement of owner’s 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, $73,602
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Complete the following problem in Excel. Use a different tab for each financial
statement.
A. Calculate the ending balance for each account. (The area shaded in yellow)
B. Create the income statement.
C. Create the statement of owner's equity.
D. Create the balance sheet.
Cash
$50,000
(6,000) 6,000
1,250
(750)
3,200
Assets
Liabilities
Inventory Equipment Accounts Wages
Payable Payable
(1,000)
22,000
1,000
22,000
600
175
3,000
Owner's Equity
Common
Stock
50,000
Retained
Earnings
1,250
(750)
(600)
(3,000)
3.200
(175)
From the accounts of DELTACOR Company, you are required to properly arrange the following
accounts according to their group of accounts then:
1. Prepare the statement of financial position using the report form.
2. Prepare the supporting notes
3. Compute the ending capital of DELTA
Office supplies
Accounts Receivable
Notes Receivable
30, 000
59,400
39,600
172,600
5,000
5, 000
247,500
6, 000
180, 000
225, 000
67, 500
72, 000
Cash
Interest Receivable
Allowance for bad debts
Merchandise inventory
Prepaid insurance
Furniture and Fixtures
Delivery equipment
Accumulated depreciation- Fur. & Fixtures
Accumulated Depreciation – Delivery Eqpt.
Accrued expenses
Accounts payable
Notes payable (due in 2 yrs)
DELTA, capital
DELTA, drawing
8, 000
45, 000
105, 000
?
50, 000
During the year, the owner made an additional investment of P20, 000 and withdrawals amounting of 50, 000.
DELTA capital, beginning is 617, 600. Net income for the year is 75, 000.
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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