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 2.40Q
The
- a. debits Lane and credits Common Stock.
- b. debits Lane and Building and credits Common Stock.
- c. debits Land. Building, and Common Stock.
- d. debits Common Stock and credits Land and Building.
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48. Land is shown in the statement of financial position as:
A. Investments.
B. Property, plant and equipment.
C. Current liabilities.
D. Current assets.
Classifying balance sheet accounts
For each account listed, identify the category that it would appear on a classified balance sheet. Use the following categories: Current Assets, Long-term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-term Liabilities, and Stockholders’ Equity. If the item does not belong on the classified balance sheet, put an X.
a. Land (used in operations)
b. Accumulated Depreciation—Equipment
c. Common Stock
d. Service Revenue
e. Investment in Starbucks Corporation (to be held long-term)
f. Accounts Receivable
g. Equipment
h. Buildings
i. Notes Payable (due in 10 years)
j. Unearned Revenue
k. Cash
l. Accounts Payable
m. Prepaid Rent
n.Dividends
o. Land (held for investment purposes)
p. Depreciation Expense
The journal entry to record the amount receivable when a call is made by the company is:
Select one:
a. DR Allotment CR Share capital
b. DR Cash Trust CR Call
c. DR Call CR Share capital
d. DR Share capital CR Call
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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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Items such as buildings and land are: Select one: O a. assets. b. equity. O c. liabilities. O d. revenues.arrow_forwardTransactions that affect the debit and creditof the following: A. CashB. Accounts ReceivableC. InventoryD. InvestmentsE. PPE (Property, Plant, and Equipment)F. VehiclesG. FurnitureH. Patents (intangible asset)arrow_forwardClassify the accounts listed below by matching the account name with one of the following financial statementsections in which the account would be reported:a. Current Assetsb. Fixed Assetsc. Intangible Assetsd. Current Liabilitye. Long-Term Liabilityf. Owners’ Equityg. Revenuesh. Operating Expensesi. Other Income/Expense____ 31. Buildings____ 32. Accumulated Depreciation - Buildings____ 33. Depreciation Expense____ 34. Trademarks____ 35. Amortization Expense____ 36. Repairs Expense____ 37. Land Improvements____ 38. Gain on sale of equipment____ 39. Loss on disposal of asset____ 40. Loss from Impaired Goodwillarrow_forward
- Which should be classified as a financial asset? a. Patentb. Trade Accounts Receivablec. Inventoryd. Landarrow_forwardTransaction: Company received land in exchange for ownership in company. In the table below, show the effect of the transaction above to each of the categories below (Assets, Liabilities, Equity) and the specific account within the category. (Note: every dropdown box requires an answer. Assets Assets will account. Liabilities Liabilities will account. Equity Equity will account. due to the due to the due to the <><>arrow_forwardThe following are an example of Real assets EXCEPT Select one: a. Common stock b. Machines c. Buildings d. Landarrow_forward
- Classifying balance sheet accounts For each account listed, identify the category that it would appear on a classified balance sheet. Use the following categories: Current Assets, Long-term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-term Liabilities, and Stockholders’ Equity. If the item does not belong on the classified balance sheet, put an X. Land (used in operations) Accumulated Depreciation—Equipment Common Stock Service Revenue Investment in Starbucks Corporation (to be held long-term) Accounts Receivable Equipment Buildings Notes Payable (due in 10 years) Unearned Revenue Cash Accounts Payable Prepaid Rent Dividends Land (held for investment purposes) Depreciation Expensearrow_forward(a) (b) (c) (d) ID Exchange of land for patent. Sale of building at book value. Payment of dividends. Depreciation. Conversion of bonds into common stock. select an option Operating Activity Noncash Investing and Financing Activity Financing Activity Investing Activity select an option Investing Activity Financing ActivityNoncash Investing and Financing Activity Operating Activity select an option Noncash Investing and Financing Activity Operating ActivityInvesting Activity Financing Activity select an option Financing ActivityOperating ActivityInvesting Activity Noncash Investing and Financing Activity select an option Noncash Investing and Financing Activity Operating ActivityFinancing ActivityInvesting Activityarrow_forwardAccounting for property dividends and accounting for property payables explanation and example.arrow_forward
- Identify transaction belonging to Investing Activities O a. Interest received O b. Marketable securities Oc. Purchase of investments by a finance company Od. Interest paidarrow_forward8. Realized gains and losses on investments available for sale are reported a. as a current assetb. on the income statementc. on the balance sheet as part of stockholders' equityd. as a contra assetarrow_forwardHow is the account Land classified and what kind of balance should it have? Group of answer choices fixed, credit current asset, debit fixed, debit current asset, creditarrow_forward
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