Financial Accounting (12th Edition) (What's New in Accounting)
12th Edition
ISBN: 9780134725987
Author: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Publisher: PEARSON
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Textbook Question
Chapter 2, Problem 2.36BE
LO 5
(Learning Objective 5: Solve for cash and construct a
| $ 4 | Revenues........................... | $ 33 | |
| Accounts payable......................................... | 5 | Expenses........................... | 16 |
| Other assets................................................. | 21 | Cash.................................. | ? |
| Other liabilities............................................ | 1 |
*Stockholders’ equity does not include the current period net income.
Requirements
- 1. Solve for Cash.
- 2. Prepare the trial balance of All Towne at September 30, 2018. List the accounts in their proper order. How much was All Towne Company’s net income or net loss?
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Calculate liquidity measures The following amounts were reported on theDecember 31, 2013, balance sheet:
Cash.......................................... $ 8,000Accounts receivable .................. 22,000Common stock ......................... 40,000Wages payable ......................... 5,000Retained earnings ..................... 80,000Land .......................................... 20,000Accounts payable ..................... $ 15,000Bonds payable .......................... 120,000Merchandise inventory .............. 30,000Buildings and equipment, net ofaccumulated depreciation ..... 180,000
Required:a. Calculate working capital at December 31, 2013.b. Calculate the current ratio at December 31, 2013.c. Calculate the acid-test ratio at December 31, 2013.
Q. No. 3.
ABC Industries
Balance sheet ending December 31, 2016
Assets Liabilities and stockholder's Equity
cash 32,720 Accounts Payable 120,000
Marketable securities 25,000 Notes payable Accounts Accruals 20000
account receivables .......... Total current liabiliyies ..........
inventories .......... Long-term debt ..........
total current assets .......... Stockholder's equity 600,000 ..........
net fixed assets .......... Total liabilities and stockholder's equity ..........
Total assets ........
The following financial data for 2016 is also available;
(a) Sales totalled $1,800,000.
(b) The gross profit margin was 25%.
(c) Inventory turnover was 6.0.
(d) There are 365 days in the year.
(e) The average collection period was 40 days.
(f) The current ratio was 1.60.
(g) The total asset turnover ratio was 1.20.
(h) The debt ratio was 60%.
Complete the 2016 balance sheet for ABC Industries using the given information
Moon Corporation
JULY 31, 2011Balance sheet
July 31, 2011
AssetsLiabilities & Owners’ Equity
Cash . . . . . . . . . . . . . . . . $ 18,000Liabilities:
Accounts Receivable . . . 26,000Notes Payable
Land . . . . . . . . . . . . . . . . 37,200(due in 60 days). . . . . . . . . . . . . $ 12,400
Building. . . . . . . . . . . . . . 38,000Accounts Payable . . . . . . . . . . . . . 9,600
Office Equipment . . . . . . 1,200Total liabilities . . . . . . . . . . . . . . $ 22,000
Stockholders’ equity:
Capital Stock . . . . . . . . . $60,000
Retained Earnings. . . . . 38,400 98,400
Total . . . . . . . . . . . . . . . . $120,400 Total . . . . . . . . . . . . . . . . . . . . . . . . . $120,400
STAR CORPORATIONBALANCE SHEET
Star Corporation
JULY 31, 20112011Balance sheet
July 31, 2011
Assets Liabilities & Owners’ Equity
Cash . . . . . . . . . . . . . . . . $ 4,800Liabilities:
Accounts Receivable . . . 9,600Notes Payable
Land . . . . . . . . . . . . . . . . 96,000(due in 60 days). . . . . . . .…
Chapter 2 Solutions
Financial Accounting (12th Edition) (What's New in Accounting)
Ch. 2 - All of the following events at a sandwich shop are...Ch. 2 - Identify the asset from the following list of...Ch. 2 - Amounts owed to a company by its customers would...Ch. 2 - Thorpe Corporation purchases a new delivery truck...Ch. 2 - Adam Corporation issues stock to Cara Riley in...Ch. 2 - Blake Company completed a consulting job and...Ch. 2 - Prob. 7QCCh. 2 - Accounts Payable had a normal beginning balance of...Ch. 2 - Which of the following debit and credit rules is...Ch. 2 - A companys beginning Cash balance was 8,000. At...
Ch. 2 - Prob. 11QCCh. 2 - Prob. 12QCCh. 2 - Prob. 13QCCh. 2 - In a double-entry accounting system, a. a debit...Ch. 2 - Prob. 15QCCh. 2 - Prob. 16QCCh. 2 - Prob. 2.1ECCh. 2 - LO 1 (Learning Objective 1: Identify transactions)...Ch. 2 - (Learning Objective 1: Differentiate between...Ch. 2 - (Learning Objective 1: Differentiate between...Ch. 2 - (Learning Objective 2: Show the impact of...Ch. 2 - (Learning Objective 2: Show the impact of...Ch. 2 - LO 3 (Learning Objective 3: Analyze the impact of...Ch. 2 - (Learning Objective 3: Analyze the impact of...Ch. 2 - (Learning Objective 3: Analyze the impact of...Ch. 2 - (Learning Objective 4: Journalize transactions)...Ch. 2 - (Learning Objective 4: Journalize and post...Ch. 2 - (Learning Objective 4: Journalize and post...Ch. 2 - (Learning Objective 4: Journalize transactions)...Ch. 2 - Prob. 2.13SCh. 2 - (Learning Objective 5: Use a trial balance)...Ch. 2 - Prob. 2.15SCh. 2 - (Learning Objectives 1, 2, 3, 4, 5: Define...Ch. 2 - Group A LO 1, 2, 4 (Learning Objectives 1, 2, 4:...Ch. 2 - LO 3 (Learning Objective 3: Analyze the impact of...Ch. 2 - (Learning Objective 3: Analyze the impact of...Ch. 2 - (Learning Objective 2: Show the impact of business...Ch. 2 - (Learning Objective 4: Journalize transactions in...Ch. 2 - (Learning Objectives 4, 5: Post journal entries...Ch. 2 - Prob. 2.23AECh. 2 - (Learning Objective 5: Construct and use a trial...Ch. 2 - (Learning Objective 5: Construct and use a trial...Ch. 2 - (Learning Objective 5: Solve for cash and...Ch. 2 - (Learning Objectives 1, 2, 4: Identify...Ch. 2 - (Learning Objective 3: Analyze the impact of...Ch. 2 - (Learning Objective 3: Analyze the impact of...Ch. 2 - (Learning Objective 2: Show the impact of business...Ch. 2 - LO 4 (Learning Objective 4: Journalize...Ch. 2 - Prob. 2.32BECh. 2 - (Learning Objective 4: Journalize entries and...Ch. 2 - (Learning Objective 5: Construct and use a trial...Ch. 2 - Prob. 2.35BECh. 2 - LO 5 (Learning Objective 5: Solve for cash and...Ch. 2 - (Learning Objectives 4, 5; Journalize and poet...Ch. 2 - Which of the following is an asset? a. Common...Ch. 2 - Prob. 2.39QCh. 2 - The journal entry to record the acquisition of...Ch. 2 - The journal entry to record the purchase of...Ch. 2 - If the credit to record the purchase of supplies...Ch. 2 - The journal entry to record a payment on account...Ch. 2 - If the credit to record the payment of an account...Ch. 2 - Which statement is false? a. A trial balance lists...Ch. 2 - If a corporation purchases a delivery van for...Ch. 2 - Prob. 2.47QCh. 2 - Prob. 2.48QCh. 2 - Prob. 2.49QCh. 2 - Prob. 2.50QCh. 2 - Receiving cash from a customer on account will a....Ch. 2 - Prob. 2.52QCh. 2 - Purchasing a building for 115,000 by paying cash...Ch. 2 - Prob. 2.54QCh. 2 - Prob. 2.55QCh. 2 - Prob. 2.56QCh. 2 - Prob. 2.57QCh. 2 - (Learning Objective 5: Construct and use a trial...Ch. 2 - LO 2,3 (Learning Objectives 2, 3: Analyze the...Ch. 2 - (Learning Objective 4: Journalize transactions and...Ch. 2 - LO 4,5 (Learning Objectives 4, 5: Journalize and...Ch. 2 - Prob. 2.62APCh. 2 - Prob. 2.63BPCh. 2 - Prob. 2.64BPCh. 2 - Prob. 2.65BPCh. 2 - (Learning Objectives 4, 5: Journalize and post...Ch. 2 - (Learning Objectives 3, 5: Analyze the impact of...Ch. 2 - (Learning Objective 5: Analyzing accounts) The...Ch. 2 - Prob. 2.69CEPCh. 2 - Prob. 2.70CEPCh. 2 - (Learning Objectives 2, 3, 4: Analyze the impact...Ch. 2 - Prob. 2.72SCCh. 2 - Prob. 2.73DCCh. 2 - Prob. 2.74DCCh. 2 - Prob. 2.75EICCh. 2 - Prob. 2.76EICCh. 2 - Prob. 1FFCh. 2 - Prob. 1FA
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