FUND.ACCT.PRIN.(LOOSELEAF)
25th Edition
ISBN: 9781260780208
Author: Wild
Publisher: MCG
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Textbook Question
Chapter 4, Problem 3PSA
Problem 4-3A Determining
In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on the balance sheet, enter a Z in the blank.
A. Current assets
B. Long-term investments
C. Plant assets
D. Intangible assets
E. Current liabilities
F. Long-term liabilities
| G. Equity | _______ |
| 1. | Long-term investment in stock_______ |
| 2. | |
| 3. | Prepaid rent (2 months of rent)_______ |
| 4. | Interest receivable_______ |
| 5. | Taxes payable (due in 5 weeks)_______ |
| 6. | Automobiles_______ |
| 7. | Notes payable (due in 3 years)_______ |
| 8. | Accounts payable_______ |
| 9. | Cash_______ |
| 10. | Owner, Capital_______ |
| 11. | Unearned services revenue_______ |
| 12. | |
| 13. | Prepaid insurance (expires in 5 months)_______ |
| 14. | Buildings_______ |
| 15. | Store supplies_______ |
| 16. | Office equipment_______ |
| 17. | Land (used in operations)_______ |
| 18. | Repairs expense_______ |
| 19. | Office supplies_______ |
| 20. | Current portion of long-term note payable_______ |
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Required information
Problem 12-6A (Algo) Use ratios to analyze risk and profitability (LO12-3, 12-4)
[The following information applies to the questions displayed below.]
Income statements and balance sheets data for Virtual Gaming Systems are provided below.
Net sales
Cost of goods sold
Gross profit
Expenses:
VIRTUAL GAMING SYSTEMS
Income Statements
For the Years Ended December 31
2025
$3,495,000
2,477,000
1,018,000
Operating expenses
Depreciation expense
Loss on sale of land
Interest expense
Income tax expense
Total expenses
Net income
952,000
27,000
16,500
7,700
1,003, 200
14,800
2024
$3,021,000
1,947,000
1,074,000
855,000
25,500
7,700
13,500
46,500
948, 200
125,800
Chapter 4 Solutions
FUND.ACCT.PRIN.(LOOSELEAF)
Ch. 4 - Prob. 1QSCh. 4 - Prob. 2QSCh. 4 - Computing ending capital balance using work sheet...Ch. 4 - Preparing a partial work sheet P1 The ledger of...Ch. 4 - Explaining temporary and permanent accounts Choose...Ch. 4 - Preparing closing entries from the ledger P2 The...Ch. 4 - Prob. 7QSCh. 4 - Prob. 8QSCh. 4 - Prob. 9QSCh. 4 - Prob. 10QS
Ch. 4 - Prob. 11QSCh. 4 - Prob. 12QSCh. 4 - Prob. 13QSCh. 4 - Prob. 14QSCh. 4 - Prob. 15QSCh. 4 - Prob. 16QSCh. 4 - Prob. 17QSCh. 4 - Prob. 18QSCh. 4 - Prob. 19QSCh. 4 - Prob. 20QSCh. 4 - Exercise 4-1 Extending adjusted account balances...Ch. 4 - Exercise 4-2 Extending accounts in a work sheet Pl...Ch. 4 - Exercise 4-3 Preparing adjusting entries from a...Ch. 4 - Exercise 4-4 Preparing unadjusted and adjusted...Ch. 4 - Exercise 4-5 Determining effects of closing...Ch. 4 - Exercise 4-6 Completing the income statement...Ch. 4 - Exercise 4-7 Preparing a work sheet and recording...Ch. 4 - Exercise 4-8
Preparing and posting closing...Ch. 4 - Exercise 4-9 Preparing closing entries and a...Ch. 4 - Exercise 4-10 Preparing closing entries and a...Ch. 4 - Prob. 11ECh. 4 - Exercise 4-12 Preparing a classified balance sheet...Ch. 4 - Exercise 4-13 Computing the current ratio A1 Use...Ch. 4 - Exercise 4-14 Preparing closing entries P2...Ch. 4 - Exercise 4-15 Computing and analysing the current...Ch. 4 - Exercise 4.16A Preparing reversing entries P4 Hawk...Ch. 4 - Exercise 4-17APreparing reversing entries P4 The...Ch. 4 - Problem 4-1A Applying the accounting cycle C2 P2...Ch. 4 - Problem 4-2A Preparing a work sheet, adjusting and...Ch. 4 - Problem 4-3A Determining balance sheet...Ch. 4 - Problem 4-4A Preparing closing entries, financial...Ch. 4 - Problem 4-5A Preparing trial balances, closing...Ch. 4 - Problem 4-6AA Preparing adjusting, reversing, and...Ch. 4 - Problem 4-1B Applying the accounting cycle C2 P2...Ch. 4 - Prob. 2PSBCh. 4 - Problem 4-3B Determining balance sheet...Ch. 4 - Prob. 4PSBCh. 4 - Problem 4-5B Preparing trial balances, closing...Ch. 4 - Problem 4-6BAPreparing adjusting, reversing, and...Ch. 4 - The December 31. 2019= adjusted trial balance of...Ch. 4 - Transactions from the Fast Forward illustration in...Ch. 4 - Prob. 2GLPCh. 4 - Prob. 3GLPCh. 4 - Based on Problem 4-6ACh. 4 - Prob. 5GLPCh. 4 - Refer to Apple' s financial statements in Appendix...Ch. 4 - Prob. 2AACh. 4 - Prob. 3AACh. 4 - Prob. 1DQCh. 4 - That accounts are affected by closing entries?...Ch. 4 - Prob. 3DQCh. 4 - What is the purpose of the Income Summary account?Ch. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - Why are the debit and credit entries in the...Ch. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - How is unearned revenue classified on the balance...Ch. 4 - Prob. 11DQCh. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 1BTNCh. 4 - Prob. 2BTNCh. 4 - Prob. 3BTNCh. 4 - The unadjusted trial balance and information for...
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