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Financial Accounting (5th Edition) (What's New in Accounting)
5th Edition
ISBN: 9780134727790
Author: Robert Kemp, Jeffrey Waybright
Publisher: PEARSON
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Textbook Question
Chapter 2, Problem 9SE
Re-creating
Haskins, Inc., began operations on January 1, 2018. The seven transactions recorded during January by the company accountant are shown in the following T-accounts:
Cash | 111 | ||
(1) | 15,000 | (2) | 3,000 |
(5) | 250 | ||
(6) | 2,300 | ||
(7) | 1,000 | ||
Bal | 8,450 |
112 | |||
(4) | 4,500 | ||
Bal | 4,500 |
Supplies | 113 | ||
(3) | 600 | ||
Bal | 600 |
Equipment | 114 | |||
(2) | 3,000 | |||
Bal | 3,000 |
Accounts Payable | 211 | ||
(5) | 250 | (3) | 600 |
Bal | 350 |
Common Stock | 311 | ||||
(1) | 15,000 | ||||
Bal | 15,000 |
Dividends | 322 | ||
(7) | 1,000 | ||
Bal | 1,000 |
Service Revenue | 411 | ||
(4) | 4,500 | ||
Bal | 4,500 |
Operating Expenses | 511-524 | ||
(6) | 2,300 | ||
Bal | 2,300 |
Complete the following table. For each transaction shown, determine the accounts affected, the type of account, whether the account increases or decreases, and whether it would be recorded in the journal on the debit or credit side.
Transaction | Accounts Affected | Type | ⇅ | Dr. or Cr. |
(1) | Cash | Asset | Increase | Dr. |
Common Stock | Stockholders’ Equity | Increase | Cr. |
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What is the correct option general Accounting
XYZ Company had the following information as of Dec 31, 2013 and 2014.
In Units
2013
2014
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7,000
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18,000
Available for Sale
20,000
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7,000
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260,000
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135,000
Fixed Manufacturing Cost
50,000
54,000
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45,000
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Selling and administrative expenses are 60% fixed and 40% variable.
Required:
(1) Prepare the comparative income statements of XYZ company for 2013 and 2014 using
A. Variable Costing
B. Absorption Costing
(2) Prepare the reconciliation of the net income differences
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Chapter 2 Solutions
Financial Accounting (5th Edition) (What's New in Accounting)
Ch. 2 - The order in which assets were listed and...Ch. 2 - Prob. 2DQCh. 2 - How is revenue related to retained earnings?Ch. 2 - Prob. 4DQCh. 2 - Prob. 5DQCh. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Distinguish between journalizing and posting.Ch. 2 - True or false: If the trial balance is in balance,...Ch. 2 - When it is time to prepare the financial...
Ch. 2 - Which sequence of actions correctly summarizes the...Ch. 2 - Prob. 2SCCh. 2 - Prob. 3SCCh. 2 - Prob. 4SCCh. 2 - Prob. 5SCCh. 2 - Which journal entry records obtaining a bank loan...Ch. 2 - RV Wholesale, Inc., paid 1,200 for supplies and...Ch. 2 - Prob. 8SCCh. 2 - Prob. 9SCCh. 2 - Prob. 10SCCh. 2 - Prob. 11SCCh. 2 - Prob. 12SCCh. 2 - Prob. 1SECh. 2 - Prob. 2SECh. 2 - Prob. 3SECh. 2 - Prob. 4SECh. 2 - Accounting terminology (Learning Objectives 2, 3, ...Ch. 2 - Effects of debits and credits on accounts...Ch. 2 - Balancing accounts and normal balances (Learning...Ch. 2 - Types of accounts and effects of debits and...Ch. 2 - Re-creating journal entries from T-account...Ch. 2 - Journalizing transactions (Learning Objective 3)...Ch. 2 - Prob. 11SECh. 2 - Prob. 12SECh. 2 - Prob. 13SECh. 2 - Accounting terminology (Learning Objectives 1, 2,...Ch. 2 - Prob. 15AECh. 2 - Journalizing transactions (Learning Objective 3)...Ch. 2 - Prob. 17AECh. 2 - Balancing accounts and preparing a trial balance...Ch. 2 - Prob. 19AECh. 2 - Prob. 20AECh. 2 - Prob. 21AECh. 2 - Prob. 22AECh. 2 - Prob. 23BECh. 2 - Prob. 24BECh. 2 - Prob. 25BECh. 2 - Balancing accounts and preparing a trial balance...Ch. 2 - Recording transactions and preparing a trial...Ch. 2 - Prob. 28BECh. 2 - Prob. 29BECh. 2 - Prob. 30BECh. 2 - Prob. 31APCh. 2 - Prob. 32APCh. 2 - Journalizing, posting, and preparing a trial...Ch. 2 - Prob. 34APCh. 2 - Preparing a trial balance, income statement,...Ch. 2 - Prob. 36APCh. 2 - Prob. 37BPCh. 2 - Prob. 38BPCh. 2 - Prob. 39BPCh. 2 - Prob. 40BPCh. 2 - Prob. 41BPCh. 2 - Prob. 42BPCh. 2 - Prob. 1CECh. 2 - Prob. 1CPCh. 2 - Prob. 1CFSAPCh. 2 - Prob. 1EIACh. 2 - Prob. 2EIACh. 2 - Prob. 1FACh. 2 - Prob. 1IACh. 2 - Prob. 1SBACh. 2 - Prob. 1WC
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