Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN: 9781305654174
Author: Gary A. Porter, Curtis L. Norton
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 4, Problem 4.33E
To determine
Concept Introduction:
Accounting is an art of recording, classifying, and summarizing business transactions or business events. It also includes interpretation and communication of results to the users of accounting.
To Calculate: Amount of assets recorded.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Please help me with show all calculation thanku
Please Help
Suppose the income statement for Goggle Company reports $95 of net income, after deducting depreciation of $35. The company bought equipment costing $60 and obtained a long-term bank loan for $70. The company’s comparative balance sheet, at December 31, is presented here.
Chapter 4 Solutions
Financial Accounting: The Impact on Decision Makers
Ch. 4 - Read each definition below and write the number of...Ch. 4 - Prob. 4.1ECh. 4 - Comparing the Income Statement and the Statement...Ch. 4 - Prob. 4.3ECh. 4 - Accruals and Deferrals For the following...Ch. 4 - Office Supplies Somerville Corp. purchases office...Ch. 4 - Prepaid Rent—Quarterly Adjustments On September...Ch. 4 - Prob. 4.7ECh. 4 - Depreciation On July 1, 2016, Dexter Corp. buys a...Ch. 4 - Working Backward: Depreciation Polk Corp....
Ch. 4 - Prob. 4.10ECh. 4 - Subscriptions Horse Country Living publishes a...Ch. 4 - Customer Deposits Wolfe $ Wolfe collected $9,000...Ch. 4 - Concert Tickets Sold in Advance Rock N Roll...Ch. 4 - Prob. 4.14ECh. 4 - Wages Payable Denton Corporation employs 50...Ch. 4 - Prob. 4.16ECh. 4 - Prob. 4.17ECh. 4 - Interest Payable—Quarterly Adjustments Glendive...Ch. 4 - Prob. 4.19ECh. 4 - Interest Receivable On June 1, 2016, MicroTel...Ch. 4 - Rent Receivable Hudson Corp. has extra space in...Ch. 4 - Working Backward: Rent Receivable Randys Rentals...Ch. 4 - The Effect of Ignoring Adjusting Entries on Net...Ch. 4 - The Effect of Adjusting Entries on the Accounting...Ch. 4 - Reconstruction of Adjusting Entries from...Ch. 4 - The Accounting Cycle The steps in the accounting...Ch. 4 - Trial Balance The following account titles,...Ch. 4 - Prob. 4.28ECh. 4 - Preparation of a Statement of Retained Earnings...Ch. 4 - Reconstruction of Closing Entries The following T...Ch. 4 - Closing Entries for Nordstrom The following...Ch. 4 - Prob. 4.32ECh. 4 - Prob. 4.33ECh. 4 - Prob. 4.34ECh. 4 - Revenue Recognition, Cash and Accrual Bases...Ch. 4 - Depreciation Expense During 2016, Carter Company...Ch. 4 - Prob. 4.37MCECh. 4 - Adjusting Entries Kretz Corporation prepares...Ch. 4 - Prob. 4.2PCh. 4 - Prob. 4.3PCh. 4 - Recurring and Adjusting Entries Following are...Ch. 4 - Prob. 4.5PCh. 4 - Prob. 4.6PCh. 4 - Prob. 4.7PCh. 4 - Prob. 4.8PCh. 4 - Prob. 4.9PCh. 4 - Prob. 4.10PCh. 4 - Prob. 4.1IPCh. 4 - Prob. 4.2APCh. 4 - Prob. 4.3APCh. 4 - Prob. 4.7APCh. 4 - Prob. 4.9APCh. 4 - Prob. 4.10APCh. 4 - Prob. 4.11MCPCh. 4 - Prob. 4.12MCPCh. 4 - Prob. 4.13MCPCh. 4 - Prob. 4.11AMCPCh. 4 - Prob. 4.12AMCPCh. 4 - Prob. 4.13AMCPCh. 4 - Prob. 4.1APCh. 4 - Prob. 4.4APCh. 4 - Prob. 4.5APCh. 4 - Prob. 4.6APCh. 4 - Prob. 4.8APCh. 4 - Prob. 4.1DCCh. 4 - Prob. 4.2DCCh. 4 - Prob. 4.3DCCh. 4 - Prob. 4.4DCCh. 4 - Depreciation Jensen Inc., a graphic arts studio,...Ch. 4 - Prob. 4.6DCCh. 4 - Prob. 4.7DC
Knowledge Booster
Similar questions
- Assume that Denis Savard Inc. has the following accounts at the end of the current year. 1. 2. 3. 4 5. 6. 7. 8. 9. 10. 11. 12. Common Stock. Discount on Bonds Payable. Treasury Stock (at cost). Notes Payable (short-term). Raw Materials. Equity Investments (long-term). Unearned Rent Revenue. Work in Process. Copyrights. Buildings. Notes Receivable (short-term). Cash. Current Assets Cash 13. Less 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. Prepare a classified balance sheet in good form. (No monetary amounts are necessary.) (For Land, Treasury Stock, Notes Payable, Preferred Stock Investments, Notes Receivable, Receivables-Officers, Inventory, Bonds Payable, and Restricted Cash, enter the account name only and do not provide the descriptive information provided in the question.) Salaries and Wages Payable. Accumulated Depreciation-Buildings. Restricted Cash for Plant Expansion.. Land Held for Future Plant Site. Allowance for Doubtful Accounts. Retained Earnings. Paid-in Capital in Excess…arrow_forwardThe December 31, Year 4, balance sheet for Finch Corporation is presented here. These are the only accounts on Finch's balance sheet. Amounts indicated by question marks (?) can be calculated using the following additional information: Assets Cash FINCH CORPORATION Balance Sheet As of December 31, Year 4 Accounts receivable (net) Inventory Property, plant, and equipment (net) Liabilities and Stockholders' Equity Accounts payable (trade) Income taxes payable (current) Long-term debt Common stock Retained earnings Additional Information Current ratio (at year end) Total liabilities + Total stockholders' equity Gross margin percentage $35,000 a. Accounts payable b. Retained earnings Inventory C. 292,000 $442,000 $ ? P $ P 35,000 298,000 Inventory turnover (Cost of goods sold + Ending inventory) Gross margin for Year 4 12 1.6 to 1.0 70% 40% 9.6 times Required a. Compute the balance in trade accounts payable as of December 31, Year 4. b. Compute the balance in retained earnings as of…arrow_forwardThe balance sheet debit column of the worksheet for Sandhill Company includes the following accounts: Accounts Receivable $ 11,800, Prepaid Insurance $ 3,600, Cash $ 4,000, Supplies $ 4,400, and Debt Investments (short-term) $ 7,100. Prepare the current assets section of the balance sheet, listing the accounts in proper sequence. (List Current Assets in order of liquidity.) SANDHILL COMPANY Partial Balance Sheet %24 %24 >arrow_forward
- Please need answer for this accounting questionarrow_forwardThe balance sheet debit column of the worksheet for Ivanhoe Company includes the following accounts: Accounts Receivable $ 11,800, Prepaid Insurance $ 4,300, Cash $ 4,200, Supplies $ 4,900, and Debt Investments (short-term) $ 5,500. Prepare the current assets section of the balance sheet, listing the accounts in proper sequence. (List Current Assets in order of liquidity.) IVANHOE COMPANY Partial Balance Sheet 24 %24 >arrow_forwardA company reports the following income statement and balance sheet information for the current year: Net income $638,800 Interest expense 112,730 Average total assets 5,330,000 Determine the return on total assets. If required, round the answer to one decimal place.fill in the blank 1 %arrow_forward
- A company reports the following income statement and balance sheet information for the current year: Net income $435,590 Interest expense 76,870 Average total assets 4,380,000 Determine the return on total assets. If required, round the answer to one decimal place. %arrow_forwardAssume that Dennis Savard Inc. has the following accounts at the end of the current year. 1. Common Stock 2. Discount on Bonds Payable 3. Treasury Stock (at cost) 4. Notes Payable (short-term) 5. Raw Materials 6. Equity Investments (long-term) 7. Unearned Rent Revenue 8. Work in Progress 9. Copyrights 10. Buildings 11. Notes Receivable (short-term) 12. Cash 13. Salaries and Wages Payable 14. Accumulated Depreciation-Buildings 15. Restricted Cash for Plant Expansion 16. Land Held for Future Plant Site 17. Allowance for Doubtful Accounts 18. Retained Earnings 19. Paid-in Capital in Excess of Par-Common Stock 20. Unearned Subscriptions Revenue 21. Receivables-Officers (due in on year) 22. Inventory (finished goods) 23. Accounts Receivable 24. Bonds Payab;e (due in 4 years) Prepare a classified balance sheet in good form. (No monetary amounts are necessary). (For Land, Treasury Stock, Notes Payable, Preferred Stock Investments, Notes Receivable, Receivables-Officers, Inventory, Bonds…arrow_forwardThe current asset section of the Excalibur Tire Company's balance sheet consists of cash, marketable securities, accounts receivable, and inventory. The balance sheet revealed the following: Inventory Total assets Current ratio Acid-test ratio Debt to equity ratio 1. Current assets 2. Shareholders' equity 3. Long-term assets 4. Long-term liabilities $ 840,000 $ 2,800,000 Required: Determine the following balance sheet items: $ $ $ $ 2.25 1.2 1.8 1,800,000 1,000,000 1,000,000 1,000,000 PLEASE SHOW STEP BY STEP SOLUTION ESPECIALLY FOR QUESTION 2 AND 3arrow_forward
- Return on Total Assets A company reports the following income statement and balance sheet information for the current year: Net income Interest expense Average total assets $325,820 57,500 5,180,000 Determine the return on total assets. If required, round the answer to one decimal place.arrow_forwardPlease help me.arrow_forwardPlease given answer Accountingarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Financial Accounting: The Impact on Decision Make...AccountingISBN:9781305654174Author:Gary A. Porter, Curtis L. NortonPublisher:Cengage LearningManagerial Accounting: The Cornerstone of Busines...AccountingISBN:9781337115773Author:Maryanne M. Mowen, Don R. Hansen, Dan L. HeitgerPublisher:Cengage LearningCollege Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
Financial Accounting: The Impact on Decision Make...
Accounting
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Cengage Learning
Managerial Accounting: The Cornerstone of Busines...
Accounting
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub