Working Papers, Chapters 1-17 for Warren/Reeve/Duchac's Accounting, 26th and Financial Accounting, 14th
Working Papers, Chapters 1-17 for Warren/Reeve/Duchac's Accounting, 26th and Financial Accounting, 14th
26th Edition
ISBN: 9781305392373
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 4, Problem 4DQ
To determine

Temporary accounts:

Temporary accounts are the accounts that occurred during a particular accounting year and are closed in the same accounting year. These accounts are also known as nominal accounts. These accounts include all expenses and losses, all revenues and gains, and dividends.

To List: The types of temporary accounts.

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Selected comparative financial statements of Korbin Company follow. Sales KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 512,008 $ 392,240 2019 $ 272,200 Cost of goods sold 308,229 245,542 174,208 Gross profit 203,779 146,698 97,992 Selling expenses 72,705 54,129 35,930 Administrative expenses 46,081 34,517 22,593 Total expenses 118,786 88,646 58,523 Income before taxes .84,993 58,052 39,469 Income tax expense 15,809 11,901 8,012 Net income $ 69,184 $ 46,151 $ 31,457 KORBIN COMPANY Comparative Balance Sheets Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings December 31 2021 2020 2019 $ 54,370 0 $ 36,390 600 $ 48,645 3,870 99,436 90,776 53,339 Total liabilities and equity $ 153,806 $ 127,766 $ 105,854 $ 22,456 $ 19,037 $ 18,524 68,000 68,000 50,000 8,500 8,500 5,556 54,850 32,229 31,774 $ 153,806 $ 127,766 $ 105,854

Chapter 4 Solutions

Working Papers, Chapters 1-17 for Warren/Reeve/Duchac's Accounting, 26th and Financial Accounting, 14th

Ch. 4 - Prob. 4.1APECh. 4 - Flow of accounts into financial statements The...Ch. 4 - Statement of owner's equity Marcie Davies owns and...Ch. 4 - Statement of owners equity Blake Knudson owns and...Ch. 4 - Classified balance sheet The following accounts...Ch. 4 - Prob. 4.3BPECh. 4 - Closing entries After the accounts have been...Ch. 4 - Closing entries After the accounts have been...Ch. 4 - Accounting cycle From the following list of steps...Ch. 4 - Accounting cycle From the following list of steps...Ch. 4 - Prob. 4.6APECh. 4 - Prob. 4.6BPECh. 4 - Flow of accounts into financial statements The...Ch. 4 - Prob. 4.2EXCh. 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 - Prob. 4.6EXCh. 4 - Prob. 4.7EXCh. 4 - Statement of owner's equity Apex Systems Co....Ch. 4 - Statement of owners equity; net loss Selected...Ch. 4 - Prob. 4.10EXCh. 4 - Balance sheet classification At the balance sheet...Ch. 4 - Balance sheet Optimum Weight Loss Co. offers...Ch. 4 - Prob. 4.13EXCh. 4 - Prob. 4.14EXCh. 4 - Closing entries Prior to its closing, Income...Ch. 4 - Closing entries with net income After all revenue...Ch. 4 - Closing entries with net loss Mira Services Co....Ch. 4 - Prob. 4.18EXCh. 4 - Prob. 4.19EXCh. 4 - Steps in the accounting cycle Rearrange the...Ch. 4 - Prob. 4.21EXCh. 4 - Prob. 4.22EXCh. 4 - Completing an end-of-period spreadsheet List (a)...Ch. 4 - Prob. 4.24EXCh. 4 - Prob. 4.25EXCh. 4 - Appendix Completing an end-of-period spreadsheet...Ch. 4 - Appendix Adjustment data on an end-of-period...Ch. 4 - Appendix Completing an end-of-period spreadsheet...Ch. 4 - Prob. 4.1APRCh. 4 - Financial statements and closing entries Finders...Ch. 4 - T accounts, adjusting entries, financial...Ch. 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 - T accounts, adjusting entries, financial...Ch. 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 - Prob. 4.1CPCh. 4 - Financial statements The following is an excerpt...Ch. 4 - Financial statements Assume that you recently...
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