Horngren's Accounting (12th Edition)
12th Edition
ISBN: 9780134486444
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 3, Problem S3.14SE
Determining the effects on financial statements
| Learning Objective 5 |
In recording
- Office supplies on hand, $100.
- Accrued revenues, $5,000.
- Accrued interest expense, $250.
Depreciation , $800.- Unearned revenue that has been earned, $550.
Determine the effects on the income statement and
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Chapter 3 Solutions
Horngren's Accounting (12th Edition)
Ch. 3 - Prob. 1QCCh. 3 - Get Fit Now gains a client who prepays S540 for a...Ch. 3 - The revenue recognition principle requires...Ch. 3 - Adjusting the accounts is the process of Learning...Ch. 3 - Which of the following is an example of a deferral...Ch. 3 - Assume that the weekly payroll of In the Woods...Ch. 3 - Prob. 7QCCh. 3 - A equity overstated income statement: expense...Ch. 3 - A worksheet Learning Objective 6 is a journal used...Ch. 3 - On February 1, Clovis Wilson Law Firm contracted...
Ch. 3 - What is the difference between cash basis...Ch. 3 - Which method of accounting (cash or accrual basis)...Ch. 3 - Prob. 3RQCh. 3 - What is a fiscal year? Why might companies choose...Ch. 3 - Under the revenue recognition principle, when is...Ch. 3 - Under the matching principle, when are expenses...Ch. 3 - When are adjusting entries completed and what is...Ch. 3 - What are the two basic categories of adjusting...Ch. 3 - What is a deferred expense? Provide an example.Ch. 3 - What is the process of allocating the cost of a...Ch. 3 - What is a contra account?Ch. 3 - Prob. 12RQCh. 3 - What does accumulated depreciation represent?Ch. 3 - Prob. 14RQCh. 3 - What is a deferred revenue? Provide an example.Ch. 3 - What is an accrued expense? Provide an example.Ch. 3 - What is an accrued revenue? Provide an example.Ch. 3 - What are the two rules to remember about adjusting...Ch. 3 - When is an adjusted trial balance prepared, and...Ch. 3 - Prob. 20RQCh. 3 - What is a worksheet, and how is it used to help...Ch. 3 - If a payment of a deferred expense was recorded...Ch. 3 - If a payment of a deferred expense was recorded...Ch. 3 - Comparing cash and accrual basis accounting for...Ch. 3 - Comparing cash and accrual basis accounting for...Ch. 3 - Applying the revenue recognition principle...Ch. 3 - S3-4 Applying the matching principle Learning...Ch. 3 - S3-5 Identifying types of adjusting entries...Ch. 3 - Journalizing and posting adjusting entries for...Ch. 3 - Journalizing and posting an adjusting entry for...Ch. 3 - Journalizing and posting an adjusting entry for...Ch. 3 - Journalizing and posting an adjusting entry for...Ch. 3 - Journalizing and posting an adjusting entry for...Ch. 3 - Prob. S3.11SECh. 3 - Journalizing an adjusting entry for accrued...Ch. 3 - Preparing an adjusted trial balance Learning...Ch. 3 - Determining the effects on financial statements...Ch. 3 - Preparing a partial worksheet Learning Objective 6...Ch. 3 - Prob. S3A.16SECh. 3 - Prob. S3A.17SECh. 3 - E3-18 Comparing cash and accrual basis accounting...Ch. 3 - Comparing cash and accrual basis accounting and...Ch. 3 - Determining the amount of prepaid expenses...Ch. 3 - E3-21 Journalizing adjusting entries Learning...Ch. 3 - E3-22 Journalizing adjusting entries Learning...Ch. 3 - Journalizing adjusting entries Learning Objective...Ch. 3 - Journalizing adjusting entries and posting to...Ch. 3 - Journalizing adjusting entries and posting to...Ch. 3 - Preparing an adjusted trial balance Learning...Ch. 3 - Identifying the impact of adjusting entries on the...Ch. 3 - Journalizing adjusting entries and analyzing their...Ch. 3 - Using the worksheet to record the adjusting...Ch. 3 - Using the worksheet to prepare the adjusted trial...Ch. 3 - Understanding the alternative treatment of prepaid...Ch. 3 - Understanding the alternative treatment of...Ch. 3 - Journalizing adjusting entries and subsequent...Ch. 3 - Journalizing adjusting entries and identifying the...Ch. 3 - Journalizing and posting adjustments to the...Ch. 3 - Journalizing and posting adjustments to the...Ch. 3 - Using the worksheet to record the adjusting...Ch. 3 - Prob. P3A.38APGACh. 3 - Prob. P3.39BPGBCh. 3 - P3-40B Journalizing adjusting entries and...Ch. 3 - P3-41B Journalizing and posting adjustments to the...Ch. 3 - Prob. P3.42BPGBCh. 3 - Prob. P3.43BPGBCh. 3 - Prob. P3A.44BPGBCh. 3 - Using Excel to journalize and post adjusting...Ch. 3 - Prob. P3.46CPCh. 3 - Prob. P3.47PSCh. 3 - Tying It All Together Case 3-1
Before you begin...Ch. 3 - One year ago, Tyler Stasney founded Swift...Ch. 3 - Prob. 3.1EICh. 3 - Prob. 3.1FCCh. 3 - Prob. 3.1FSC
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- Alpha Company uses a process cost system. During 2017, Alpha had no beginning work in process inventory. In 2017, Alpha started 700 units. Alpha had 200 units in work in process at the end of 2017. These units were 50% done with respect to materials. Use this information to determine the equivalent units for direct materials.arrow_forwardFinancial Account Questions.....arrow_forwardIt is December 31, the end of the year, and the controller of Raney Corporation is applying the lower-of-cost-or-market (LCM) rule to inventories. Before any year-end adjustments, Raney reports the following data: Cost of goods sold Historical cost of ending inventory as determined by a physical count $ 3,80,000 56,000 Raney determines that the current replacement cost of ending inventory is $52,000. Show what Raney should report for ending inventory and for cost of goods sold. Identify the financial statement where each item appears.arrow_forward
- Sunland Co. follows the practice of valuing its inventory at the lower-of- cost-or-market. The following information is available from the company's inventory records as of December 31, 2017. Uni It Qua t Replace e ntity Co m ment Cost/Unit Price/Unit Estimated Selling Completion & Disposal Normal Profit Margin/ Cost/Unit st Unit A 1,500 $ 8.4 $ 9.41 $11.76 $ 1.68 $ 2.02 B 1,200 9.18 8.85 10.53 1.01 1.34 C 1,400 6.27 6.05 8.06 1.29 0.67 D 1,400 4.26 4.70 7.06 0.90 1.68 E 1,800 7.17 7.06 7.50 0.78 1.12 Greg Forda is an accounting clerk in the accounting department of Sunland Co., and he cannot understand why the market value keeps changing from replacement cost to net realizable value to something that he cannot even figure out. Greg is very confused, and he is the one who records inventory purchases and calculates ending inventory. You are the manager of the department and an accountant. (a) Calculate the lower-of-cost-or-market using the individual-item approach.…arrow_forwardX Topic: Discussion - What is the rol X + rses/1545/discussion_topics/15677?module_item_id=111468 Q Search entries or author... All > ↓ Sort View Split Screen Expand Threads You must post before seeing replies. Edit history will be available to instructors. Due Jan 4, 2025 11:59pm 时☆ 10 points possib Discussion - What is the role of ethics in accounting? Requirement: Include Introduction, Body, and Conclusion. Your initial Discussion posting should be at least 150 words in length. 9 Replies, 9 Unread Be sure to include a related Title, at least two different citations and references to support your statement Read and post brief responses to at least two of your classmates' postings (minimum 75 words).arrow_forwardGet correct answer accounting questionsarrow_forward
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