Journalize the transaction: Any financial transactions entered into by an organization are first entered into the journals via dual entry system to account for a debit and credit transaction. Double bookkeeping system envisages that each transaction has dual effect on company accounts and every transaction is recorded to account for these effects. To journalize the entries for recording the transaction of Stoll Co.

Question

XYZ Corp. had a net income of $1,200 million and sales revenue of $22,500 million in 2022. The company's total assets were $10,000 million at the beginning of the year and $11,500 million at the end of the year. a) Compute the asset turnover ratio. b) Compute the profit margin ratio.

Answer 1

Question

Chapter 15, Problem 3APSA

Requirement 1:

To determine

Journalize the transaction:

Any financial transactions entered into by an organization are first entered into the journals via dual entry system to account for a debit and credit transaction. Double bookkeeping system envisages that each transaction has dual effect on company accounts and every transaction is recorded to account for these effects.

To journalize the entries for recording the transaction of Stoll Co.

Requirement 2:

To determine

The reporting on 31^s^t December Balance sheet consists of assets and liabilities that the firm owns on that particular date.

The amount to be reported to the 31^s^t December balance sheet for its long-term investments available for sale securities.

Requirement 3:

To determine

The reporting on 31^s^t December Income statement consists an account for all the expenses and gains that the company incurred during the entire fiscal year. All the gains from the sale of securities are reported as income in the income statement.

The amount to be reported to the 31^s^t December income statement pertaining to the gain or loss for its available for sale securities.

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XYZ Corp. had a net income of $1,200 million and sales revenue of $22,500 million in 2022. The company's total assets were $10,000 million at the beginning of the year and $11,500 million at the end of the year. a) Compute the asset turnover ratio. b) Compute the profit margin ratio.

Need help this question general accounting

Please explain the solution to this general accounting problem using the correct accounting principles.

Answer 2

Question

Chapter 15, Problem 3APSA

Requirement 1:

To determine

Journalize the transaction:

Any financial transactions entered into by an organization are first entered into the journals via dual entry system to account for a debit and credit transaction. Double bookkeeping system envisages that each transaction has dual effect on company accounts and every transaction is recorded to account for these effects.

To journalize the entries for recording the transaction of Stoll Co.

Requirement 2:

To determine

The reporting on 31^s^t December Balance sheet consists of assets and liabilities that the firm owns on that particular date.

The amount to be reported to the 31^s^t December balance sheet for its long-term investments available for sale securities.

Requirement 3:

To determine

The reporting on 31^s^t December Income statement consists an account for all the expenses and gains that the company incurred during the entire fiscal year. All the gains from the sale of securities are reported as income in the income statement.

The amount to be reported to the 31^s^t December income statement pertaining to the gain or loss for its available for sale securities.

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Answer 3

Question

Chapter 15, Problem 3APSA

Requirement 1:

To determine

Journalize the transaction:

Any financial transactions entered into by an organization are first entered into the journals via dual entry system to account for a debit and credit transaction. Double bookkeeping system envisages that each transaction has dual effect on company accounts and every transaction is recorded to account for these effects.

To journalize the entries for recording the transaction of Stoll Co.

Requirement 2:

To determine

The reporting on 31^s^t December Balance sheet consists of assets and liabilities that the firm owns on that particular date.

The amount to be reported to the 31^s^t December balance sheet for its long-term investments available for sale securities.

Requirement 3:

To determine

The reporting on 31^s^t December Income statement consists an account for all the expenses and gains that the company incurred during the entire fiscal year. All the gains from the sale of securities are reported as income in the income statement.

The amount to be reported to the 31^s^t December income statement pertaining to the gain or loss for its available for sale securities.

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Answer 4

Question

Chapter 15, Problem 3APSA

Requirement 1:

To determine

Journalize the transaction:

Any financial transactions entered into by an organization are first entered into the journals via dual entry system to account for a debit and credit transaction. Double bookkeeping system envisages that each transaction has dual effect on company accounts and every transaction is recorded to account for these effects.

To journalize the entries for recording the transaction of Stoll Co.

Requirement 2:

To determine

The reporting on 31^s^t December Balance sheet consists of assets and liabilities that the firm owns on that particular date.

The amount to be reported to the 31^s^t December balance sheet for its long-term investments available for sale securities.

Requirement 3:

To determine

The reporting on 31^s^t December Income statement consists an account for all the expenses and gains that the company incurred during the entire fiscal year. All the gains from the sale of securities are reported as income in the income statement.

The amount to be reported to the 31^s^t December income statement pertaining to the gain or loss for its available for sale securities.

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Answer 5

Chapter 15, Problem 3APSA

Requirement 1:

To determine

Journalize the transaction:

Any financial transactions entered into by an organization are first entered into the journals via dual entry system to account for a debit and credit transaction. Double bookkeeping system envisages that each transaction has dual effect on company accounts and every transaction is recorded to account for these effects.

To journalize the entries for recording the transaction of Stoll Co.

Requirement 2:

To determine

The reporting on 31^s^t December Balance sheet consists of assets and liabilities that the firm owns on that particular date.

The amount to be reported to the 31^s^t December balance sheet for its long-term investments available for sale securities.

Requirement 3:

To determine

The reporting on 31^s^t December Income statement consists an account for all the expenses and gains that the company incurred during the entire fiscal year. All the gains from the sale of securities are reported as income in the income statement.

The amount to be reported to the 31^s^t December income statement pertaining to the gain or loss for its available for sale securities.

Answer 6

Chapter 15, Problem 3APSA

Requirement 1:

To determine

Journalize the transaction:

Any financial transactions entered into by an organization are first entered into the journals via dual entry system to account for a debit and credit transaction. Double bookkeeping system envisages that each transaction has dual effect on company accounts and every transaction is recorded to account for these effects.

To journalize the entries for recording the transaction of Stoll Co.

Answer 7

Chapter 15, Problem 3APSA

Requirement 1:

To determine

Journalize the transaction:

Any financial transactions entered into by an organization are first entered into the journals via dual entry system to account for a debit and credit transaction. Double bookkeeping system envisages that each transaction has dual effect on company accounts and every transaction is recorded to account for these effects.

To journalize the entries for recording the transaction of Stoll Co.

Answer 8

Requirement 2:

To determine

The reporting on 31^s^t December Balance sheet consists of assets and liabilities that the firm owns on that particular date.

The amount to be reported to the 31^s^t December balance sheet for its long-term investments available for sale securities.

Answer 9

Requirement 2:

To determine

The reporting on 31^s^t December Balance sheet consists of assets and liabilities that the firm owns on that particular date.

The amount to be reported to the 31^s^t December balance sheet for its long-term investments available for sale securities.

Answer 10

Requirement 3:

To determine

The reporting on 31^s^t December Income statement consists an account for all the expenses and gains that the company incurred during the entire fiscal year. All the gains from the sale of securities are reported as income in the income statement.

The amount to be reported to the 31^s^t December income statement pertaining to the gain or loss for its available for sale securities.

Answer 11

Requirement 3:

To determine

The reporting on 31^s^t December Income statement consists an account for all the expenses and gains that the company incurred during the entire fiscal year. All the gains from the sale of securities are reported as income in the income statement.

The amount to be reported to the 31^s^t December income statement pertaining to the gain or loss for its available for sale securities.

Answer 12

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Ch. 15 - Prob. 1DQ Ch. 15 - Prob. 2DQ Ch. 15 - Prob. 3DQ Ch. 15 - Prob. 4DQ Ch. 15 - Prob. 5DQ Ch. 15 - Prob. 6DQ Ch. 15 - Prob. 7DQ Ch. 15 - Prob. 8DQ Ch. 15 - Prob. 9DQ Ch. 15 - Prob. 10DQ

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The reporting on 31^s^t December Balance sheet consists of assets and liabilities that the firm owns on that particular date.

The amount to be reported to the 31^s^t December balance sheet for its long-term investments available for sale securities.

Chapter 15 Solutions

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The reporting on 31st December Balance sheet consists of assets and liabilities that the firm owns on that particular date. The amount to be reported to the 31st December balance sheet for its long-term investments available for sale securities.

Chapter 15 Solutions

The reporting on 31^s^t December Balance sheet consists of assets and liabilities that the firm owns on that particular date.

The amount to be reported to the 31^s^t December balance sheet for its long-term investments available for sale securities.