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College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Question
Chapter 15, Problem 2CE
To determine
Prepare a statement of owner’ equity for Company YCS, assume the opening capital account balance was $88,000.
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Students have asked these similar questions
Highlight the data in column B, the 2nd column next to year column., the Revenue ($m) data. Then create a Column Chart illustrating the Revenue ($m) data.
Year
Revenue ($ million)
IVA ($ million)
Establishments (Units)
Enterprises (Units)
Employment (Units)
Wages ($ million)
Corporate profits ($ billion)
2002
19429.1
11352.6
16633.0
15452.0
349652.0
10095.2
1124.9
2003
19200.9
11385.2
16638.0
15413.0
395140.0
10086.6
1279.5
2004
19787.6
12425.6
16932.0
15686.0
403789.0
11088.0
1520.9
2005
20294.5
12541.8
16835.0
15649.0
394396.0
11162.6
1703.0
2006
21337.1
13678.0
19024.0
17841.0
397106.0
11687.3
1827.9
2007
21578.0
14071.1
24087.0
22741.0
404551.0
12266.9
1657.8
2008
21953.0
12777.7
23113.0
21907.0
446480.0
11543.4
1363.7
2009
21737.9
12508.1
22827.0
21598.0
449850.0
11430.2
1459.8
2010
20628.1
13236.7
22578.0
21368.0
412348.0
11881.0
1798.8
2011
21082.2
13314.9
22817.0
21619.0
422687.0
12200.7
1844.6
2012
22140.3
14792.9
24514.0
23280.0
454038.0
13202.2…
In this exercise, you will create a monthly income statement, statement of owner's equity, and
balance sheet in Excel for Deep Freeze Co. With the exception of the Alistair Rowe, Capital
account (the balance for which is from 6/1/2026), the company had the following account
balances as of 6/30/2026:
Accounts Payable
Alistair Rowe,
Capital - 6/1/2026
Alistair Rowe,
Drawing
Building
Cash
Insurance Expense
$1,100
$21,700
$1,600
$9,500
$14,000
$2,100
Rent Revenue
Sales Revenue
Shipping Expense
Supplies
Telephone Expense
Utilities Expense
$2,000
$8.100
$1,000
$600
$1,800
$2,300
Alex is currently considering to invest his money in one of the companies betweenCompany A and Company B. The summarized final accounts of the companies for theirlast completed financial year are as follows: (please refer to the images)
Required:a. Calculate the following ratios for Company A and Company B. State clearly theformulae used for each ratio:iv. Receivables Collection Period (days)v. Payables Payment Period (days)vi. Current Ratiovii. Quick Ratio
+ Comment on each of the ratios calculated in part (a) above.
Chapter 15 Solutions
College Accounting, Chapters 1-27
Ch. 15 - LO1 A multiple-step form of income statement...Ch. 15 - Prob. 2TFCh. 15 - Prob. 3TFCh. 15 - Prob. 4TFCh. 15 - LO4 Accounts receivable turnover is the number of...Ch. 15 - Prob. 1MCCh. 15 - Prob. 2MCCh. 15 - Prob. 3MCCh. 15 - Prob. 4MCCh. 15 - Prob. 5MC
Ch. 15 - Prob. 1CECh. 15 - Prob. 2CECh. 15 - Prob. 3CECh. 15 - Prob. 4CECh. 15 - Prob. 5CECh. 15 - Prob. 6CECh. 15 - Prob. 1RQCh. 15 - Prob. 2RQCh. 15 - Describe how to calculate the following ratios (a)...Ch. 15 - Where is the information obtained that is needed...Ch. 15 - Explain the function of each of the four closing...Ch. 15 - What is the purpose of a post-closing trial...Ch. 15 - What is the primary purpose of reversing entries?Ch. 15 - What is the customary date for reversing entries?Ch. 15 - What adjusting entries should be reversed?Ch. 15 - REVENUE SECTION. MULTIPLE-STEP INCOME STATEMENT...Ch. 15 - COST OF GOODS SOLD SECTION, MULTIPLE-STEP INCOME...Ch. 15 - MULTIPLE-STEP INCOME STATEMENT Use the following...Ch. 15 - FINANCIAL RATIOS Based on the financial statements...Ch. 15 - CLOSING ENTRIES Using the spreadsheet and...Ch. 15 - REVERSING ENTRIES From the spreadsheet used in...Ch. 15 - ADJUSTING, CLOSING, AND REVERSING ENTRIES Prepare...Ch. 15 - INCOME STATEMENT, STATEMENT OF OWNERS EQUITY, AND...Ch. 15 - FINANCIAL RATIOS Use the spreadsheet and financial...Ch. 15 - END-OF-PERIOD SPREADSHEET, ADJUSTING, CLOSING, AND...Ch. 15 - REVENUE SECTION, MULTIPLE-STEP INCOME STATEMENT...Ch. 15 - COST OF GOODS SOLD SECTION, MULTIPLE-STEP INCOME...Ch. 15 - MULTIPLE-STEP INCOME STATEMENT Use the following...Ch. 15 - FINANCIAL RATIOS Based on the financial...Ch. 15 - CLOSING ENTRIES Using the spreadsheet and...Ch. 15 - Prob. 6SEBCh. 15 - Prob. 7SEBCh. 15 - INCOME STATEMENT, STATEMENT OF OWNERS EQUITY, AND...Ch. 15 - FINANCIAL RATIOS Use the work sheet and financial...Ch. 15 - END-OF-PERIOD SPREADSHEET, ADJUSTING, CLOSING, AND...Ch. 15 - Prob. 1MYWCh. 15 - Dominique Fouque owns and operates Dominiques Doll...Ch. 15 - Prob. 1CPCh. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Prob. 2.1COPCh. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Prob. 2.4COPCh. 15 - Prob. 2.5COPCh. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Prob. 2.8COP
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