Compare the amounts in the columns before and after the adjusting entries and to reconstruct the adjusting entries made in the current year.

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Answer 1

Question

Chapter 4, Problem 4.6P

1.

To determine

Compare the amounts in the columns before and after the adjusting entries and to reconstruct the adjusting entries made in the current year.

2.

To determine

Compute the amount of net income assuming which it is based on the amounts before adjusting entries and after adjusting entries and explain which net income amount is correct.

3.

To determine

Compute Earnings per share

4.

To determine

Compute the total asset turnover ratio and to suggest about the Company R.

5.

To determine

Record the closing entry at December 31 of the current year.

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The following data were selected from the records of Fluwars Company for the year ended December 31, current year: Balances at January 1, current year: Accounts receivable (various customers) $ 111,500 Allowance for doubtful accounts 11,200 The company sold merchandise for cash and on open account with credit terms 1/10, n/30, without a right of return. The following transactions occurred during the current year: Sold merchandise for cash, $252,000. Sold merchandise to Abbey Corp; invoice amount, $36,000. Sold merchandise to Brown Company; invoice amount, $47,600. Abbey paid the invoice in (b) within the discount period. Sold merchandise to Cavendish Inc.; invoice amount, $50,000. Collected $113,100 cash from customers for credit sales made during the year, all within the discount periods. Brown paid its account in full within the discount period. Sold merchandise to Decca Corporation; invoice amount, $42,400. Cavendish paid its account in full after the…

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Answer 2

Question

Chapter 4, Problem 4.6P

1.

To determine

Compare the amounts in the columns before and after the adjusting entries and to reconstruct the adjusting entries made in the current year.

2.

To determine

Compute the amount of net income assuming which it is based on the amounts before adjusting entries and after adjusting entries and explain which net income amount is correct.

3.

To determine

Compute Earnings per share

4.

To determine

Compute the total asset turnover ratio and to suggest about the Company R.

5.

To determine

Record the closing entry at December 31 of the current year.

Expert Solution & Answer

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Answer 3

Question

Chapter 4, Problem 4.6P

1.

To determine

Compare the amounts in the columns before and after the adjusting entries and to reconstruct the adjusting entries made in the current year.

2.

To determine

Compute the amount of net income assuming which it is based on the amounts before adjusting entries and after adjusting entries and explain which net income amount is correct.

3.

To determine

Compute Earnings per share

4.

To determine

Compute the total asset turnover ratio and to suggest about the Company R.

5.

To determine

Record the closing entry at December 31 of the current year.

Expert Solution & Answer

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Answer 4

Question

Chapter 4, Problem 4.6P

1.

To determine

Compare the amounts in the columns before and after the adjusting entries and to reconstruct the adjusting entries made in the current year.

2.

To determine

Compute the amount of net income assuming which it is based on the amounts before adjusting entries and after adjusting entries and explain which net income amount is correct.

3.

To determine

Compute Earnings per share

4.

To determine

Compute the total asset turnover ratio and to suggest about the Company R.

5.

To determine

Record the closing entry at December 31 of the current year.

Expert Solution & Answer

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Answer 5

Chapter 4, Problem 4.6P

1.

To determine

Compare the amounts in the columns before and after the adjusting entries and to reconstruct the adjusting entries made in the current year.

2.

To determine

Compute the amount of net income assuming which it is based on the amounts before adjusting entries and after adjusting entries and explain which net income amount is correct.

3.

To determine

Compute Earnings per share

4.

To determine

Compute the total asset turnover ratio and to suggest about the Company R.

5.

To determine

Record the closing entry at December 31 of the current year.

Answer 6

Chapter 4, Problem 4.6P

1.

To determine

Compare the amounts in the columns before and after the adjusting entries and to reconstruct the adjusting entries made in the current year.

Answer 7

Chapter 4, Problem 4.6P

1.

To determine

Compare the amounts in the columns before and after the adjusting entries and to reconstruct the adjusting entries made in the current year.

Answer 8

2.

To determine

Compute the amount of net income assuming which it is based on the amounts before adjusting entries and after adjusting entries and explain which net income amount is correct.

Answer 9

2.

To determine

Compute the amount of net income assuming which it is based on the amounts before adjusting entries and after adjusting entries and explain which net income amount is correct.

Answer 10

3.

To determine

Compute Earnings per share

Answer 11

3.

To determine

Compute Earnings per share

Answer 12

4.

To determine

Compute the total asset turnover ratio and to suggest about the Company R.

Answer 13

4.

To determine

Compute the total asset turnover ratio and to suggest about the Company R.

Answer 14

5.

To determine

Record the closing entry at December 31 of the current year.

Answer 15

5.

To determine

Record the closing entry at December 31 of the current year.

Answer 16

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Answer 17

Expert Solution & Answer

Answer 18

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Answer 19

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Compare the amounts in the columns before and after the adjusting entries and to reconstruct the adjusting entries made in the current year.

Solution Summary: The author compares the amounts in the columns before and after the adjusting entries and reconstructs them.

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Compare the amounts in the columns before and after the adjusting entries and to reconstruct the adjusting entries made in the current year.

Compute the amount of net income assuming which it is based on the amounts before adjusting entries and after adjusting entries and explain which net income amount is correct.

Compute Earnings per share

Compute the total asset turnover ratio and to suggest about the Company R.

Record the closing entry at December 31 of the current year.

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Chapter 4 Solutions