Horngren's Accounting (11th Edition)
11th Edition
ISBN: 9780133856781
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 4, Problem P4.30APGA
Preparing a worksheet, financial statements, and i losing <-ntrl< J he /nW/w/rt/
Adjustment data at December 31, 2016:
- Unearned Revenue earned during the year, $ 100.
- Office Supplies on hand, $4,000.
Depreciation for the year, $7,000.- Accrued Salaries Expense, $2,000.
- Accrued Service Revenue, $6,000.
Requirements
- Prepare a worksheet for Frank Investment Advisers at December 31, 2016.
- Prepare the income statement, the statement of owner’s equity, and the classified
balance sheet in account loimat. Assume there were no contributions made by the owner during the year. - Prepare closing entries.
Expert Solution & Answer
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Students have asked these similar questions
Reconstruct an adjusted trial balance for the company, from the information presented in the specified financial statement.
(Amounts in millions)
2020
ASSETS
Current assets:
Cash and cash equivalents
$
9,465
$
Receivables, net
6,284
Inventories
44,435
Prepaid expenses and other
1,622
Total current assets
61,806
Property and equipment, net
105,208
Operating lease right-of-use assets
17,424
—
Finance lease right-of-use assets, net
4,417
—
Property under capital lease and financing obligations, net
—
Goodwill
31,073
Other long-term assets
16,567
Total assets
$
236,495
LIABILITIES AND EQUITY…
Given the following account balances of MASK RIDER Co. for the year ended December 31,
2020, propare a Statomont of Financial Position using the report form.
Mask Rider, capital
Beg. Balance
PO
Contribution
30, 000
DUE ON MAY 15, 2021
Withdrawal
15, 000
Additional contribution
5, 000
Net Income
Ending Balance
57, 450
Property, Plant and Equipment
P 300, 000
Accumulated Depreciation
5, 000
Accounts payable
8, 110
Unearned income
1, 395
Cash
44, 535
Prepaid rent
5, 000
Salaries payable
1, 000
Long-term note payable
23, 000
Accounts receivable
575
Merchandise Inventory
15,345
Utlities payable
4, 000
Scanned with CamScanner
Scanned with CamScanner
Balance Sheets as at 31 December
Non current asse
Current assets
ess depreciation
Accounts reco
Total assets
Accounts pavable
oan hotes
Net awetse
entory at 1 January 2018 was E50,000.
Required:
2018 and 2019
Cn Net promt capons for and signi
of any changes in the ratios shown by your calaton
Scanned with CamScanner
given below.
Income Statements for the years ending 31 December
2018
2019
£00
£000
£000
E000
Sales
Less Cost of sales
Gross profit
200
(150)
50
280
(210)
70
Less
Administration expenses
38
46
Loan note interest
4
(50)
(38)
12
Net profit
20
Chapter 4 Solutions
Horngren's Accounting (11th 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?...Ch. 4 - What do closing entries accomplish? Learning...Ch. 4 - Which of the following is not a closing entry?...Ch. 4 - Which of the following accounts may appear on a...Ch. 4 - 8. 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...
Ch. 4 - What document are financial statements prepared...Ch. 4 - What does the income statement report?Ch. 4 - Prob. 3RQCh. 4 - Prob. 4RQCh. 4 - Why are financial statements prepared in a...Ch. 4 - Prob. 6RQCh. 4 - Prob. 7RQCh. 4 - Prob. 8RQCh. 4 - Prob. 9RQCh. 4 - How could a worksheet help in preparing financial...Ch. 4 - If a business had a net loss for the year, where...Ch. 4 - Prob. 12RQCh. 4 - What are temporary accounts? Are temporary...Ch. 4 - What are permanent accounts? Are permanent...Ch. 4 - How is the Income Summary account used? Is it a...Ch. 4 - Prob. 16RQCh. 4 - If a business had a net loss for the year, what...Ch. 4 - What types of accounts are listed on the...Ch. 4 - Prob. 19RQCh. 4 - What is the current ratio, and how is it...Ch. 4 - Prob. 21ARQCh. 4 - Prob. S4.1SECh. 4 - Prob. S4.2SECh. 4 - Prob. S4.3SECh. 4 - Preparing a balance sheet (classified, report...Ch. 4 - Classifying balance sheet accounts Learning...Ch. 4 - Prob. S4.6SECh. 4 - Prob. S4.7SECh. 4 - Prob. S4.8SECh. 4 - Prob. S4.9SECh. 4 - Prob. S4.10SECh. 4 - S412 Identifying accounts included on a...Ch. 4 - Identifying steps in the accounting cycle Learning...Ch. 4 - Prob. S4.13SECh. 4 - Prob. S4.14SECh. 4 - Prob. E4.15ECh. 4 - Classifying balance sheet accounts Learning...Ch. 4 - Prob. E4.17ECh. 4 - Prob. E4.18ECh. 4 - Prob. E4.19ECh. 4 - Prob. E4.20ECh. 4 - Prob. E4.21ECh. 4 - Prob. E4.22ECh. 4 - Preparing a worksheet and closing entries Jadence...Ch. 4 - I 2 I I’rcpai ing t losing end ics I rom an...Ch. 4 - a post-dosing trial balance rics* illic r. s ano a...Ch. 4 - Prob. E4.26ECh. 4 - Prob. E4A.27ECh. 4 - Prob. P4.28APGACh. 4 - 'v"-1 evaluate a company •""' UM"B tl,e r“" ratio...Ch. 4 - Preparing a worksheet, financial statements, and i...Ch. 4 - WIUIAMt Osy ANVILS UrMdjuMvd lr „ ik'Uno. l>cu...Ch. 4 - Completing the accounting cycle from journal...Ch. 4 - Prob. P4.33APGACh. 4 - Prob. P4.34BPGBCh. 4 - Prob. P4.35BPGBCh. 4 - Preparing a worksheet, financial statements, and...Ch. 4 - Prob. P4.37BPGBCh. 4 - Completing d««„„„u„g cycle 6mm inn.n.l cn.ric, .0...Ch. 4 - Prob. P4.39BPGBCh. 4 - Completing the accounting cycle from adjusted...Ch. 4 - Prob. P4.41PSCh. 4 - Prob. 1.1CPCh. 4 - Prob. 1.2CPCh. 4 - Prob. 1.3CPCh. 4 - Prob. 1.4CPCh. 4 - Magness Delivery Service completed the fblowing...Ch. 4 - Prob. 1.6CPCh. 4 - Prob. 1.7CPCh. 4 - Prob. 1.8CPCh. 4 - Prob. 1.9CPCh. 4 - Prob. 2.1CPCh. 4 - Prob. 2.2CPCh. 4 - Prob. 2.3CPCh. 4 - Prob. 2.4CPCh. 4 - Prob. 2.5CPCh. 4 - Prob. 2.6CPCh. 4 - Prob. 2.7CPCh. 4 - Prob. 2.8CPCh. 4 - Prob. 4.1EICh. 4 - Prob. 4.1FCCh. 4 - Prob. 4.1FSC
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