FIN. ACCT.-TOOLS FOR BUS.DEC.MAKING-CODE

9th Edition

ISBN: 9781119595724

Author: Kimmel

Publisher: WILEY C

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The Effect Of Prepaid Taxes On Assets And Liabilities

Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can resu…

Final Accounts

Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.

Ledger Posting

A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the a…

Trial Balance and Final Accounts

In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately…

Adjustment Entries

At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial repor…

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Textbook Question

Chapter 4, Problem 33Q

Identify, in the sequence in which they are prepared, the three trial balances that are required in the accounting cycle.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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Chapter 4, Problem 32Q

Chapter 4, Problem 34Q

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Suppose you take out a five-year car loan for $14000, paying an annual interest rate of 4%. You make monthly payments of $258 for this loan. Complete the table below as you pay off the loan. Months Amount still owed 4% Interest on amount still owed (Remember to divide by 12 for monthly interest) Amount of monthly payment that goes toward paying off the loan (after paying interest) 0 14000 1 2 3 + LO 5 6 7 8 9 10 10 11 12 What is the total amount paid in interest over this first year of the loan?

Suppose you take out a five-year car loan for $12000, paying an annual interest rate of 3%. You make monthly payments of $216 for this loan. mocars Getting started (month 0): Here is how the process works. When you buy the car, right at month 0, you owe the full $12000. Applying the 3% interest to this (3% is "3 per $100" or "0.03 per $1"), you would owe 0.03*$12000 = $360 for the year. Since this is a monthly loan, we divide this by 12 to find the interest payment of $30 for the month. You pay $216 for the month, so $30 of your payment goes toward interest (and is never seen again...), and (216-30) = $186 pays down your loan. (Month 1): You just paid down $186 off your loan, so you now owe $11814 for the car. Using a similar process, you would owe 0.03* $11814 = $354.42 for the year, so (dividing by 12), you owe $29.54 in interest for the month. This means that of your $216 monthly payment, $29.54 goes toward interest and $186.46 pays down your loan. The values from above are included…

Suppose you have an investment account that earns an annual 9% interest rate, compounded monthly. It took $500 to open the account, so your opening balance is $500. You choose to make fixed monthly payments of $230 to the account each month. Complete the table below to track your savings growth. Months Amount in account (Principal) 9% Interest gained (Remember to divide by 12 for monthly interest) Monthly Payment 1 2 3 $500 $230 $230 $230 $230 + $230 $230 10 6 $230 $230 8 9 $230 $230 10 $230 11 $230 12 What is the total amount gained in interest over this first year of this investment plan?

Chapter 4 Solutions

FIN. ACCT.-TOOLS FOR BUS.DEC.MAKING-CODE

Ch. 4 - Prob. 1Q Ch. 4 - Identify and stale two generally accepted...Ch. 4 - Prob. 4Q Ch. 4 - Prob. 5Q Ch. 4 - Prob. 6Q Ch. 4 - Why may the financial information in an unadjusted...Ch. 4 - Distinguish between the two categories of...Ch. 4 - What types of accounts does a company debit and...Ch. 4 - Prob. 10Q Ch. 4 - Prob. 11Q

Ch. 4 - Prob. 12Q Ch. 4 - What types of accounts are debited and credited in...Ch. 4 - Prob. 14Q Ch. 4 - Prob. 15Q Ch. 4 - Prob. 16Q Ch. 4 - A company fails to recognize an expense incurred...Ch. 4 - A company makes an accrued revenue adjusting entry...Ch. 4 - Prob. 19Q Ch. 4 - For each of the following items before adjustment,...Ch. 4 - One-half of the adjusting entry is given below....Ch. 4 - Prob. 22Q Ch. 4 - Prob. 23Q Ch. 4 - Prob. 24Q Ch. 4 - (a) What information do accrual-basis financial...Ch. 4 - What is the relationship, if any, between the...Ch. 4 - Identify the account(s) debited and credited in...Ch. 4 - Prob. 28Q Ch. 4 - Prob. 29Q Ch. 4 - What items are disclosed on a post-closing trial...Ch. 4 - Prob. 31Q Ch. 4 - Indicate, in the sequence in which they are made,...Ch. 4 - Identify, in the sequence in which they are...Ch. 4 - Prob. 34Q Ch. 4 - Prob. 35Q Ch. 4 - Prob. 36Q Ch. 4 - Prob. 37Q Ch. 4 - Prob. 4.2BE Ch. 4 - Prob. 4.3BE Ch. 4 - Prob. 4.4BE Ch. 4 - Prob. 4.5BE Ch. 4 - Prob. 4.6BE Ch. 4 - Prob. 4.10BE Ch. 4 - Prob. 4.12BE Ch. 4 - Prob. 4.15BE Ch. 4 - Prob. 4.16BE Ch. 4 - Prob. 4.17BE Ch. 4 - The required steps in the accounting cycle are...Ch. 4 - Prob. 4.1DIE Ch. 4 - Prob. 4.4aDIE Ch. 4 - Prob. 4.4bDIE Ch. 4 - The following independent situations require...Ch. 4 - These accounting concepts were discussed in this...Ch. 4 - Prob. 4.3E Ch. 4 - Prob. 4.5E Ch. 4 - Prob. 4.6E Ch. 4 - Prob. 4.8E Ch. 4 - Prob. 4.9E Ch. 4 - Prob. 4.11E Ch. 4 - Prob. 4.13E Ch. 4 - Prob. 4.14E Ch. 4 - Prob. 4.24E Ch. 4 - Prob. 4.2EYCT Ch. 4 - Prob. 4.3EYCT Ch. 4 - Prob. 4.4EYCT Ch. 4 - Prob. 4.7EYCT Ch. 4 - Prob. 4.8EYCT Ch. 4 - Companies prepare balance sheets in order to know...

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Identify, in the sequence in which they are prepared, the three trial balances that are required in the accounting cycle.

Solution Summary: The author explains that trial balance is the summary of accounts, and their debit and credit balances at a given time. It is useful in the preparation of the financial statements.

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