Horngren's Financial & Managerial Accounting, Student Value Edition (5th Edition)

5th Edition

ISBN: 9780133851267

Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura

Publisher: PEARSON

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Textbook Question

Chapter 4, Problem 4.31AP

Completing the accounting cycle from adjusting entries to post-closing trial balance with an optional worksheet

The unadjusted trial balance of Williamson Anvils at December 31, 2016, and the data for the adjustments follow:

Chapter 4, Problem 4.31AP, Completing the accounting cycle from adjusting entries to post-closing trial balance with an

Adjustment data:

a. Unearned Revenue still unearned at December 31, $3,300.

b. Prepaid Rent still in force at December 31, $2,400.

c. Office Supplies used, $1,200.

d. Depreciation, $350.

e. Accrued Salaries Expense at December 31, $230.

Requirements

1. Open the T-accounts using the balances in the unadjusted trial balance.

2. Complete the worksheet for the year ended December 31, 2016. (optional)

3. Prepare the adjusting entries, and post to the accounts.

4. Prepare an adjusted trial balance.

5. Prepare the income statement, the statement of retained earnings, and the classified balance sheet in report form.

6. Prepare the closing entries, and post to the accounts.

7. Prepare a post-closing trial balance.

8. Calculate the current ratio for the company.

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 4.30AP

Chapter 4, Problem 4.32AP

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Chapter 4 Solutions

Horngren's Financial & Managerial Accounting, Student Value Edition (5th Edition)

Ch. 4 - Assets are listed on the balance sheet in the...Ch. 4 - Which of the following accounts would be included...Ch. 4 - Which situation indicates a net loss within the...Ch. 4 - Which of the following accounts is not closed? a....Ch. 4 - What do closing entries accomplish? a. Zero out...Ch. 4 - Which of the following is not a closing entry?Ch. 4 - Which of the following accounts may appear on a...Ch. 4 - Which of the following steps of the accounting...Ch. 4 - Clean Water Softener Systems has Cash of 600,...Ch. 4 - Which of the following statements concerning...

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Solution Summary: The author explains T-accounts using the balances in the unadjusted trial balance.

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