Horngren's Financial & Managerial Accounting, The Managerial Chapters, Student Value Edition (6th Edition)
6th Edition
ISBN: 9780134491844
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 15, Problem 7RQ
To determine
Benchmarking
Benchmarking is a technique used by a company to compare its performance with other companies in the same industry or other industry. Benchmarking is done mainly shown using graphs and common-size percentages.
Types of Benchmarking
Figure -1
To explain: The types of benchmarks in the financial statement analysis.
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Problem 3-2B
Preparing adjusting and subsequent journal entries
P1 P2 P3 P4
Natsu Company's annual accounting period ends on October 31. The following information concerns the adjusting entries that need to be recorded as of that date.
Entries can draw from the following partial chart of accounts: Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Building; Accumulated Depreciation-
Building; Salaries Payable; Unearned Revenue; Rent Revenue; Salaries Expense; Office Supplies Expense; Insurance Expense; and Depreciation Expense-Building.
a.
b.
c.
d.
e.
f.
The Office Supplies account started the fiscal year with a $600 balance. During the fiscal year, the company purchased supplies for $4,570, which was added to
the Office Supplies account. The supplies available at October 31 totaled $800.
The Prepaid Insurance account had a $12,000 debit balance at October 31 before adjusting for the costs of any expired coverage for the fiscal year. An analysis
of prepaid insurance shows…
Problem 3-1B
Identifying adjusting entries with explanations
P1 P2 P3 P4
For journal entries 1 through 12, indicate the explanation that most closely describes it. You can use
explanations more than once.
A.
To record payment of a prepaid expense.
B.
To record this period's use of a prepaid expense.
C.
To record this period's depreciation expense.
D.
To record receipt of unearned revenue.
E.
To record this period's earning of prior unearned revenue.
F.
To record an accrued expense.
G.
To record payment of an accrued expense.
H.
To record an accrued revenue.
I.
To record receipt of accrued revenue.
1.
Interest Receivable
3,500
7. Cash
1,500
Interest Revenue
3,500
Accounts Receivable (from services)
1,500
2.
Salaries Payable
9,000
8. Salaries Expense
7,000
Cash
9,000
Salaries Payable
7,000
3. Depreciation Expense
8,000
9.
Cash
1,000
Accumulated Depreciation.
8,000
Interest Receivable
1,000
4.
Cash
9,000
10.
Unearned Revenue
9,000
Prepaid Rent
Cash
3,000
3,000
5.
Insurance Expense
4,000…
None
Chapter 15 Solutions
Horngren's Financial & Managerial Accounting, The Managerial Chapters, Student Value Edition (6th Edition)
Ch. 15 - What part of the Libertys annual report is written...Ch. 15 - Prob. 2QCCh. 15 - Prob. 3QCCh. 15 - Prob. 4QCCh. 15 - Prob. 5QCCh. 15 - Prob. 6QCCh. 15 - Prob. 7QCCh. 15 - Prob. 8QCCh. 15 - Prob. 9QCCh. 15 - Prob. 10QC
Ch. 15 - What ate the three main ways to analyze financial...Ch. 15 - What is an annual report? Briefly describe the key...Ch. 15 - Prob. 3RQCh. 15 - What is trend analysis, and how does it differ...Ch. 15 - Prob. 5RQCh. 15 - Prob. 6RQCh. 15 - Prob. 7RQCh. 15 - Briefly describe the ratios that can be used to...Ch. 15 - Prob. 9RQCh. 15 - Briefly describe the ratios that can be used to...Ch. 15 - Briefly describe the ratios that can be used to...Ch. 15 - Prob. 12RQCh. 15 - Prob. 13RQCh. 15 - Prob. 15.1SECh. 15 - Prob. 15.2SECh. 15 - Prob. 15.3SECh. 15 - Prob. 15.4SECh. 15 - Prob. 15.5SECh. 15 - Prob. 15.6SECh. 15 - Prob. 15.7SECh. 15 - Prob. 15.8SECh. 15 - Prob. 15.9SECh. 15 - Prob. 15.10SECh. 15 - Prob. 15.11SECh. 15 - Prob. 15.12SECh. 15 - E15-13 Performing horizontal analysis—income...Ch. 15 - Prob. 15.14ECh. 15 - Prob. 15.15ECh. 15 - Prob. 15.16ECh. 15 - Prob. 15.17ECh. 15 - Prob. 15.18ECh. 15 - Prob. 15.19ECh. 15 - E15-20 Analyzing profitability
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