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

5th Edition

ISBN: 9780133866292

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

Publisher: PEARSON

See similar textbooks

Videos

Textbook Question

Chapter 4, Problem 4.37BP

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

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

Chapter 4, Problem 4.37BP, Completing the accounting cycle from adjusting entries to post-dosing trial balance with an optional

Adjustment data:

a. Unearned Revenue still unearned at December 31, $3,000.

b. Prepaid Rent still in force at December 31, $2,900.

c. Office Supplies use d, $1, 600.

d. Depreciation, $340.

e. Accrued Salaries Expense at December 31, $280.

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.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Chapter 4, Problem 4.36BP

Chapter 4, Problem 4.38BP

Students have asked these similar questions

No wrong answer

L.L. Bean operates two factories that produce its popular Bean boots (also known as "duck boots") in its home state of Maine. Since L.L. Bean prides itself on manufacturing its boots in Maine and not outsourcing, backorders for its boots can be high. In 2014, L.L. Bean sold about 450,000 pairs of the boots. At one point during 2014, it had a backorder level of about 100,000 pairs of boots. L.L. Bean can manufacture about 2,200 pairs of its duck boots each day with its factories running 24/7. In 2015, L.L. Bean expects to sell more than 500,000 pairs of its duck boots. As of late November 2015, the backorder quantity for Bean Boots was estimated to be about 50,000 pairs. Question: Now assume that 5% of the L.L. Bean boots are returned by customers for various reasons. L. Bean has a 100% refund policy for returns, no matter what the reason. What would the journal entry be to accrue L.L. Bean's sales returns for this one pair of boots?

The following data were taken from the records of Splish Brothers Company for the fiscal year ended June 30, 2025. Raw Materials Inventory 7/1/24 $58,100 Accounts Receivable $28,000 Raw Materials Inventory 6/30/25 46,600 Factory Insurance 4,800 Finished Goods Inventory 7/1/24 Finished Goods Inventory 6/30/25 99,700 Factory Machinery Depreciation 17,100 21,900 Factory Utilities 29,400 Work in Process Inventory 7/1/24 21,200 Office Utilities Expense 9,350 Work in Process Inventory 6/30/25 29,400 Sales Revenue 560,500 Direct Labor 147,550 Sales Discounts 4,700 Indirect Labor 25,360 Factory Manager's Salary 63,400 Factory Property Taxes 9,910 Factory Repairs 2,500 Raw Materials Purchases 97,300 Cash 39,200 SPLISH BROTHERS COMPANY Income Statement (Partial) $

Chapter 4 Solutions

Horngren's Financial & Managerial Accounting (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...

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Solution Summary: The author explains T-accounts using the balances in the unadjusted trial balance. Cash, accounts receivable, prepaid rent, office supplies, and equipment belong to assets section of the accounting

Videos

Want to see the full answer?

Chapter 4 Solutions