INTERMEDIATE ACCOUNTING-MYLAB W/ETEXT
3rd Edition
ISBN: 9780136946601
Author: GORDON
Publisher: PEARSON
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Chapter 2, Problem 2.20BE
To determine
Introduction: The line item in the
The three-line items from the balance sheet, also identification and description of additional information for a one-line item, that can be included in a note to the financial statement.
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Identify how each of the following separate transactions through 10 affects financial statements. For increases, place a "i" and the
dollar amount in the column or columns. For decreases, place a"- and the dollar amount in the column or columns. Some cells may
contain both an increase (+) and a decrease (-) along with dollar amounts. The first transaction is completed as an example.
Required:
a. For the balance sheet, identify how each transaction affects total essets, total abilities, and total equity For the income statement,
identify how each transaction affects net income.
b. For the statement of cash flows, identify how each transaction affects cash flows from operating activities, cash flows from investing
activities, and cash flows from Snancing activities.
Transaction
1. Owner invest $300 cash in business in exchange for vock
2 Rives $700 cash for services provided
3 Pays $500 cash for employee wages
& Buys $100 of equipment on cred
5 Purchases $200 af supplies on credit
&…
The income statement is drawn up from the figures in the _________________
Select one:
a. Accounts Receivable ledger
b. Accounts payable ledger
c. Trial Balance
d. Cash Flow Statement
What are the different parts of notes to financial statements? Briefly describe each section.
Chapter 2 Solutions
INTERMEDIATE ACCOUNTING-MYLAB W/ETEXT
Ch. 2 - Prob. 2.1QCh. 2 - Why is a conceptual framework of accounting...Ch. 2 - Prob. 2.3QCh. 2 - Prob. 2.4QCh. 2 - Prob. 2.5QCh. 2 - Prob. 2.6QCh. 2 - What is predictive value?Ch. 2 - Prob. 2.8QCh. 2 - When is financial information considered...Ch. 2 - Prob. 2.10Q
Ch. 2 - Prob. 2.11QCh. 2 - Prob. 2.12QCh. 2 - What is the recognition principle and when is an...Ch. 2 - What is the revenue recognition principle and when...Ch. 2 - Prob. 2.15QCh. 2 - When are expenses recognized under IFRS?Ch. 2 - How are transactions recorded under accrual...Ch. 2 - Prob. 2.18QCh. 2 - Prob. 2.19QCh. 2 - Prob. 2.20QCh. 2 - Prob. 2.21QCh. 2 - Prob. 2.22QCh. 2 - Prob. 2.23QCh. 2 - Prob. 2.1BECh. 2 - Prob. 2.2BECh. 2 - Objective of Financial Reporting. Explain the...Ch. 2 - Prob. 2.4BECh. 2 - Fundamental and Enhancing Characteristics....Ch. 2 - Prob. 2.6BECh. 2 - Prob. 2.7BECh. 2 - Prob. 2.8BECh. 2 - Fundamental and Enhancing Characteristics....Ch. 2 - Faithful Representation. Match the component of a...Ch. 2 - Prob. 2.11BECh. 2 - Prob. 2.12BECh. 2 - Expense Recognition. Discuss the three main...Ch. 2 - Element Definitions. Identify whether the...Ch. 2 - Prob. 2.15BECh. 2 - Element Definitions, U.S. GAAP, IFRS. Identify...Ch. 2 - Prob. 2.17BECh. 2 - Measurement Bases. Match the measurement basis...Ch. 2 - Cash versus Accrual Bases of Accounting. The...Ch. 2 - Prob. 2.20BECh. 2 - Prob. 2.21BECh. 2 - Assumptions in Financial Reporting. Indicate the...Ch. 2 - Conceptual Framework. Noeleen Auto Mall, Ltd....Ch. 2 - Qualitative Characteristics. Referring to the...Ch. 2 - Prob. 2.3ECh. 2 - Prob. 2.4ECh. 2 - Terms and Concepts. Complete the following...Ch. 2 - Prob. 2.6ECh. 2 - Cash versus Accrual Bases of Accounting. Top Notch...Ch. 2 - Cash vs. Accrual. you are provided the following...
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- Identify the order in which the four financial statements are prepared, and explain how the first three statements are interrelated.arrow_forwardIdentify how each of the following separate transactions through 10 affects financial statements. For increases, place a "+" and the dollar amount in the column or columns. For decreases, place a "-" and the dollar amount in the column or columns. Some cells may contain both an increase (+) and a decrease (-) along with dollar amounts. The first transaction is completed as an example. Required a. For the balance sheet, identify how each transaction affects total assets, total liabilities, and total cq- A1 P1 uity. For the income statement, identify how each transaction affects net income. b. For the statement of cash flows, identify how each transaction affects cash flows from operating ac- tivities, cash flows from investing activities, and cash flows from financing activities. 2 3 4 5 6 7 8 9 10 Transaction Owner invests $800 cash in business in exchange for stock Purchases $100 of supplies on credit Buys equipment for $400 cash Provides services for $900 cash Pays $400 cash for rent…arrow_forwardBills for collection are shown O a. On Assets side of the balance sheet O b. On liabilities side of the balance sheet Oc. On the income side of the income statement Od. As note below the balance sheetarrow_forward
- The normal balance of the Input VAT account that can be credited in the financial statements is presented at:a. Debit Balanceb. Debit Balance Sheet and Profit and Loss Debitc. Debit Profit and loss on the balance sheetd. Credit Balancearrow_forwardfor each of the financial statement items, identify the estimate(s) from the following (1-11) list that are required in the measurement of that item on the financial statements. For each select 3 of them. Account Receivable A. b, C, • Inventory A. b, C, Equipment A. b, C, Warranty Liability A. b, C, Sales revenue А, b, C, Revenue from long term contract b, A. Cost of good sold. C, A. C, 1. Cost to repair or replace product. 2. Cost of each item sold/held. 3. Customer default rate 4. Degree of progress fulfilling contract. 5. Pattern of benefit obtained. 6. Prices of inventory items 7. Profitability of contract 8. Rate of defect 9. Residual value at end of useful life 10. Speed of collection 11. Useful livesarrow_forwardDescribe the purpose of the balance sheet and disclosure notes in the financial statement, give examples.arrow_forward
- a. List the four types of financial statements b.Describe the interrelationshipbetween balance sheet and the income statementarrow_forwardList and explain the five elements of financial statements.arrow_forward100) Trial Balance is prepared to check accuracy of A. Ledger account balances B.Balance sheet balances c.Income statement balances D.Cash flow statement balancesarrow_forward
- How to complete a balance sheet notearrow_forwardfollowing is a list of several accounts. Using the letters, A through K, indicate in which section of the statement of financial position each of the accounts would be classified. Place a check mark beside each item that is a contra-account. If an account cannot be classified in any of the preceding sections, indicate with an X and explain.arrow_forwardInventories, cash and equivalents, and accounts receivables are listed as Select one: a. Payments on Income Statement b. Liabilities on the Balance Sheet c. Assets on the Balance Sheet d. Earnings on Income Statementarrow_forward
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