Financial Accounting
14th Edition
ISBN: 9781305088436
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 4, Problem 2PEB
To determine
Prepare a statement of owners’ equity for the year ended December 31, 2015.
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Zoe Backus owns and operates Backus Advertising Services. On January 1, 2018, Zoe Backus, Capital had a balance of $233,300. During the year, Zoe invested an additional $11,700 and withdrew $81,700. For the year ended December 31, 2018, Backus Advertising Services reported a net income of $107,000.
Prepare a statement of owner's equity for the year ended December 31, 2018. Use the minus sign to indicate negative values.
Backus Advertising Services
Statement of Owner's Equity
For the Year Ended December 31, 2018
Zoe Backus, capital, January 1, 2018
Additional investment during 2018
Net income
Withdrawals
Increase in owner's equity
Zoe Backus, capital, December 31, 2018
The following account balances are for the Agee Company as of January 1, 2017, and December 31, 2017. All amounts are denominated in kroner (Kr).Additional Information• Agee issued additional shares of common stock during the year on April 1, 2017. Common stock at January 1, 2017, was sold at the start of operations in 2010.• Agee purchased buildings in 2011 and sold one building with a book value of Kr 1,500 on July 1 of the current year.• Equipment was acquired on April 1, 2017.Relevant exchange rates for 1 Kr were as follows:a. Assuming the U.S. dollar is the functional currency, what is the remeasurement gain or loss for 2017? The December 31, 2016, U.S. dollar–translated balance sheet reported retained earnings of $145,200, which included a remeasurement loss of $28,300.b. Assuming the foreign currency is the functional currency, what is the translation adjustment for 2017? The December 31, 2016, U.S. dollar–translated balance sheet reported retained earnings of $162,250 and a…
On January 1, 2017, Rama Corporation paid
$150,000 for 30% of Samer Company's
stock. Rama reported a net income of
$25,000 in 2017, paid out $10,000 in
dividends, and the annual amortization was
$1,000 due to the undervaluation of the
buildings (F.V> B.V). Rama uses the equity
method.
What is the balance of investment in Samer
Company that will be reported on December
31, 2017?
a. $157,500
O b. $153,500
O c. $150,000
d. $153,400
Chapter 4 Solutions
Financial Accounting
Ch. 4 - Prob. 1DQCh. 4 - Describe the nature of the assets that compose the...Ch. 4 - Prob. 3DQCh. 4 - Prob. 4DQCh. 4 - Why are closing entries required at the end of an...Ch. 4 - Prob. 6DQCh. 4 - What is the purpose of the post-closing trial...Ch. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Recent fiscal years for several well-known...
Ch. 4 - The balances for the accounts that follow appear...Ch. 4 - The balances for the accounts that follow appear...Ch. 4 - Marcie Davies owns and operates Gemini Advertising...Ch. 4 - Prob. 2PEBCh. 4 - The following accounts appear in an adjusted trial...Ch. 4 - The following accounts appear in an adjusted trial...Ch. 4 - After the accounts have been adjusted at October...Ch. 4 - After the accounts have been adjusted at April 30,...Ch. 4 - From the following list of steps in the accounting...Ch. 4 - From the following list of steps in the accounting...Ch. 4 - Balance sheet data for HQ Properties Company...Ch. 4 - Balance sheet data for Brimstone Company follows:...Ch. 4 - The balances for the accounts that follow appear...Ch. 4 - Prob. 2ECh. 4 - Bamboo Consulting is a consulting firm owned and...Ch. 4 - Elliptical Consulting is a consulting firm owned...Ch. 4 - The following account balances were taken from the...Ch. 4 - The following revenue and expense account balances...Ch. 4 - FedEx Corporation had the following revenue and...Ch. 4 - Apex Systems Co. offers its services to residents...Ch. 4 - Selected accounts from the ledger of Restoration...Ch. 4 - Prob. 10ECh. 4 - At the balance sheet date, a business owes a...Ch. 4 - Prob. 12ECh. 4 - List the errors you find in the following balance...Ch. 4 - Prob. 14ECh. 4 - Prior to its closing, Income Summary had total...Ch. 4 - After all revenue and expense accounts have been...Ch. 4 - Prob. 17ECh. 4 - Prob. 18ECh. 4 - An accountant prepared the following post-closing...Ch. 4 - Rearrange the following steps in the accounting...Ch. 4 - The following data (in thousands) were taken from...Ch. 4 - Prob. 22ECh. 4 - Prob. 23ECh. 4 - Alert Security Services Co. offers security...Ch. 4 - Alert Security Services Co. offers security...Ch. 4 - Prob. 26ECh. 4 - Based on the data in Exercise 4-24, prepare the...Ch. 4 - Based on the data in Exercise 4-25, prepare the...Ch. 4 - Prob. 1PACh. 4 - Finders Investigative Services is an investigative...Ch. 4 - The unadjusted trial balance of Epicenter Laundry...Ch. 4 - The unadjusted trial balance of Lakota Freight Co....Ch. 4 - For the past several years, Steffy Lopez has...Ch. 4 - Last Chance Company offers legal consulting advice...Ch. 4 - The Gorman Group is a financial planning services...Ch. 4 - The unadjusted trial balance of La Mesa Laundry at...Ch. 4 - The unadjusted trial balance of Recessive...Ch. 4 - For the past several years, Jeff Horton has...Ch. 4 - The unadjusted trial balance of PS Music as of...Ch. 4 - Kelly Pitney began her consulting business, Kelly...Ch. 4 - Picasso Graphics is a graphics arts design...Ch. 4 - The following is an excerpt from a telephone...Ch. 4 - Prob. 3CP
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