Financial Accounting for Undergr. -Text Only (Instructor's)
3rd Edition
ISBN: 9781618531629
Author: WALLACE
Publisher: Cambridge Business Publishers
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Chapter 3, Problem 11SE
To determine
Prepare closing entries using income summary account.
To determine
Prepare the Retained earnings account and calculate the ending balance of retained earnings account.
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Question 1181 28
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Here are comparative balance sheets for Migitsu Company. Prepare a statement of cash flows-indirect method.
MIGITSU COMPANY
Comparative Balance Sheets
December 31
Assets
2020
2019
Cash
$73,000
$22,000
Accounts receivable
87,000
76.000
Inventory
170,000
191.000
Land
72,000
100.000
Equipment
260,000
200.000
Accumulated depreciation - equipment
(66,000)
(32.000)
Total
$596,000
$557,000
Liabilities and Stockholders' Equity
Accounts payable
$37,000
$47.000
Bonds payable
150,000
210,000
Common stock ($1 par)
216.000
174,000
Retained earnings
193,000
126.000
Total
$596,000
$557,000
Additional information:
1
Net income for 2020 was $100,000.
N
Cash dividends of $33,000 were declared and paid.
3. Bonds payable amounting to $60,000 were redeemed for cash $60,000.
-18
4.
Common stock was issued for $42,000 cash.
5.
Equipment that cost $50,000 and had a book value of $30,000 was sold for $36,000 during 2020; land was sold at cost.
I need guidance with this general accounting problem using the right accounting principles.
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Chapter 3 Solutions
Financial Accounting for Undergr. -Text Only (Instructor's)
Ch. 3 - Prob. 1SSQCh. 3 - Prob. 2SSQCh. 3 - Prob. 3SSQCh. 3 - Prob. 4SSQCh. 3 - Prob. 5SSQCh. 3 - Prob. 6SSQCh. 3 - Prob. 7SSQCh. 3 - Prob. 1QCh. 3 - Prob. 2QCh. 3 - Prob. 3Q
Ch. 3 - Prob. 4QCh. 3 - Prob. 5QCh. 3 - Prob. 6QCh. 3 - Prob. 7QCh. 3 - Prob. 8QCh. 3 - Prob. 9QCh. 3 - Prob. 10QCh. 3 - Prob. 11QCh. 3 - Prob. 12QCh. 3 - Prob. 1SECh. 3 - Prob. 2SECh. 3 - Prob. 3SECh. 3 - Prob. 4SECh. 3 - Prob. 5SECh. 3 - Prob. 6SECh. 3 - Prob. 7SECh. 3 - Prob. 8SECh. 3 - Prob. 9SECh. 3 - Prob. 10SECh. 3 - Prob. 11SECh. 3 - Prob. 12SECh. 3 - Prob. 1AECh. 3 - Prob. 2AECh. 3 - Prob. 3AECh. 3 - Prob. 4AECh. 3 - Prob. 5AECh. 3 - Prob. 6AECh. 3 - Prob. 7AECh. 3 - Prob. 8AECh. 3 - Prob. 9AECh. 3 - Prob. 10AECh. 3 - Prob. 11AECh. 3 - Prob. 12AECh. 3 - Prob. 13AECh. 3 - Prob. 14AECh. 3 - Prob. 15AECh. 3 - Prob. 16AECh. 3 - Prob. 1BECh. 3 - Prob. 2BECh. 3 - Prob. 3BECh. 3 - Prob. 4BECh. 3 - Prob. 5BECh. 3 - Prob. 6BECh. 3 - Prob. 7BECh. 3 - Prob. 8BECh. 3 - Prob. 9BECh. 3 - Prob. 10BECh. 3 - Prob. 11BECh. 3 - Prob. 12BECh. 3 - Prob. 13BECh. 3 - Prob. 14BECh. 3 - Prob. 15BECh. 3 - Prob. 16BECh. 3 - Prob. 1APCh. 3 - Prob. 2APCh. 3 - Prob. 3APCh. 3 - Prob. 4APCh. 3 - Prob. 5APCh. 3 - Prob. 6APCh. 3 - Prob. 7APCh. 3 - Prob. 8APCh. 3 - Prob. 9APCh. 3 - Prob. 10APCh. 3 - Prob. 11APCh. 3 - Prob. 12APCh. 3 - Prob. 13APCh. 3 - Prob. 14APCh. 3 - Prob. 15APCh. 3 - Prob. 16APCh. 3 - Prob. 17APCh. 3 - Prob. 18APCh. 3 - Prob. 19APCh. 3 - Prob. 20APCh. 3 - Prob. 1BPCh. 3 - Prob. 2BPCh. 3 - Prob. 3BPCh. 3 - Prob. 4BPCh. 3 - Prob. 5BPCh. 3 - Prob. 6BPCh. 3 - Prob. 7BPCh. 3 - Prob. 8BPCh. 3 - Prob. 9BPCh. 3 - Prob. 10BPCh. 3 - Prob. 11BPCh. 3 - Prob. 12BPCh. 3 - Prob. 13BPCh. 3 - Prob. 14BPCh. 3 - Prob. 15BPCh. 3 - Prob. 16BPCh. 3 - Prob. 17BPCh. 3 - Prob. 18BPCh. 3 - Prob. 19BPCh. 3 - Prob. 20BPCh. 3 - Prob. 1EYKCh. 3 - Prob. 2EYKCh. 3 - Prob. 3EYKCh. 3 - Prob. 4EYKCh. 3 - Prob. 6EYKCh. 3 - Prob. 7EYKCh. 3 - Prob. 8EYKCh. 3 - Prob. 9EYKCh. 3 - Prob. 10EYKCh. 3 - Prob. 11EYK
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