Financial & Managerial Accounting, Loose-Leaf Version
14th Edition
ISBN: 9781337270700
Author: Carl S. Warren, James M. Reeve, Jonathan Duchac
Publisher: South-Western College Pub
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Textbook Question
Chapter 4, Problem 4.28EX
Appendix 2
Adjusting and reversing entries
On the basis of the following data, (A) journalize the
1. Sales salaries are uniformly $11,750 for a five-day workweek, ending on Friday. The last payday of the year was Friday, December 26.
2. Accrued fees earned but not recorded at December 31, $51,300.
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Marin Company is a manufacturer of smartphones. Its controller resigned in October 2025. An inexperienced assistant
accountant has prepared the following income statement for the month of October 2025.
Marin Company
Income Statement
For the Month Ended October 31, 2025
Sales revenue
$998,400
Less: Operating expenses
Raw materials purchases
$337,920
Direct labor cost
243,200
Advertising expense
115,200
Selling and administrative salaries
96,000
Rent on factory facilities
76,800
Depreciation on sales equipment
57,600
Depreciation on factory equipment
39,680
Indirect labor cost
35,840
Utilities expense
15,360
Insurance expense
10,240
1,027,840
Net loss
$(29,440)
Prior to October 2025, the company had been profitable every month. The company's president is concerned about the
accuracy of the income statement. As her friend, you have been asked to review the income statement and make
necessary corrections. After examining other manufacturing cost data, you have acquired additional…
Chapter 4 Solutions
Financial & Managerial Accounting, Loose-Leaf Version
Ch. 4 - Why do some accountants prepare an end-of-period...Ch. 4 - Describe the nature of the assets that compose the...Ch. 4 - Prob. 3DQCh. 4 - What types of accounts are referred to as...Ch. 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 - Flow of accounts into financial statements The...Ch. 4 - Retained earnings statement Blake Knudson owns and...Ch. 4 - Classified balance sheet The following accounts...Ch. 4 - Closing entries After the accounts have been...Ch. 4 - Accounting cycle From the following list of steps...Ch. 4 - Flow of accounts into financial statements The...Ch. 4 - Classifying accounts Balances for each of the...Ch. 4 - Financial statements from the end-of-period...Ch. 4 - Financial statements from the end-of-period...Ch. 4 - Income statement The following account balances...Ch. 4 - Income statement; net loss The following revenue...Ch. 4 - Income statement FedEx Corporation had the...Ch. 4 - Retained earnings statement Climate Control...Ch. 4 - Retained earnings statement; net loss Selected...Ch. 4 - Classifying assets Identify each of the following...Ch. 4 - Balance sheet classification At the balance sheet...Ch. 4 - Balance sheet Dynamic Weight Loss Co. offers...Ch. 4 - Balance sheet List the errors you find in the...Ch. 4 - Prob. 4.14EXCh. 4 - Closing entries Prior to its closing, Income...Ch. 4 - Closing entries with net income After all revenue...Ch. 4 - Prob. 4.17EXCh. 4 - Identifying permanent accounts Which of the...Ch. 4 - Post-closing trial balance An accountant prepared...Ch. 4 - Steps in the accounting cycle Rearrange the...Ch. 4 - Appendix 1 Completing an end-of-period spreadsheet...Ch. 4 - Appendix 1 Adjustment data on an end-of-period...Ch. 4 - Appendix 1 Completing an end-of-period spreadsheet...Ch. 4 - Prob. 4.24EXCh. 4 - Prob. 4.25EXCh. 4 - Appendix 1 Closing entries from an end-of-period...Ch. 4 - Appendix 2 Reversing entry The following adjusting...Ch. 4 - Appendix 2 Adjusting and reversing entries On the...Ch. 4 - Appendix 2 Adjusting and reversing entries On the...Ch. 4 - Appendix 2 Entries posted to wages expense account...Ch. 4 - Appendix 2 Entries posted to wages expense account...Ch. 4 - Financial statements and closing entries Lamp...Ch. 4 - Financial statements and closing entries Foxy...Ch. 4 - Prob. 4.3APRCh. 4 - Ledger accounts, adjusting entries, financial...Ch. 4 - Complete accounting cycle For the past several...Ch. 4 - Financial statements and closing entries Last...Ch. 4 - Financial statements and closing entries The...Ch. 4 - Prob. 4.3BPRCh. 4 - Ledger accounts, adjusting entries, financial...Ch. 4 - Complete accounting cycle For the past several...Ch. 4 - The unadjusted trial balance of PS Music as of...Ch. 4 - Kelly Pitney began her consulting business, Kelly...Ch. 4 - Continuing Company Analysis- Amazon: Working...Ch. 4 - Under Armour: Current ratio The following year-end...Ch. 4 - Prob. 3ADMCh. 4 - Google and Microsoft: Current ratio Google, Inc....Ch. 4 - Ethics in Action New Wave Images is a graphics...Ch. 4 - Prob. 4.3TIF
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