Horngren's Accounting, Student Value Edition (12th Edition)

12th Edition

ISBN: 9780134487151

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

Publisher: PEARSON

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Textbook Question

Chapter 4, Problem P4.32APGA

Completing the accounting cycle from adjusting entries to post-closing trial balance with an optional worksheet
Learning Objectives 1, 2, 3,4,5,6
5. Net Income $18,890
The unadjusted trial balance of Walton Anvils at December 31,2018, and the data forthe adjustments follow:

Chapter 4, Problem P4.32APGA, Completing the accounting cycle from adjusting entries to post-closing trial balance with an

Adjustment data:

Unearned Revenue still unearned at December 31, $1,800 t. Prepaid Rent still in force at December 31,$2,100.
Office Supplies used$1,500.
Depreciation, $390.
Accrued Salaries Expense at December 31, $20

Requirements

Open the T-accounts using the balances in the unadjusted trial balance.
Complete the worksheet for the year ended December 31,2018 (optional).
Prepare the adjusting entries, and post to the accounts.
Prepare an adjusted trial balance.
Prepare the income statement, the statement of owner's equity, and the classified balance sheet in report form. Assume that there were no contributions made by the owner during the year.
Prepare the closing entries, and post to the accounts.
Prepare a post-closing trial balance.
Calculate the current ratio for the company.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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Chapter 4, Problem P4.31APGA

Chapter 4, Problem P4.33APGA

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Microsoft or Tableau Using the skills you have gained throughout this text, use Microsoft Power BI or Tableau Desktop to complete the generic tasks presented below: Build a new dashboard (Tableau) or page (Power BI) called Financial that includes the following: Create a new workbook, connect to 10-1 O2C Data.xlsx, and import all seven tables. Double-check the data model to ensure relationships are correctly defined as shown in Exhibit 10-1. Add a table to your worksheet or page called Sales and Receivables that shows the invoice month in each row and the invoice amount, receipt amount, adjustment amount, AR balance, and write-off percentage in the columns. Tableau Hint: Use Measure Names in the columns and Measure Values in the marks to create your table. Then once your table is complete, use Analytics > Summarize > Totals to calculate column totals. You will need to create a new measure or calculated field showing the account AR Balance, or the total invoice amount minus…

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Chapter 4 Solutions

Horngren's Accounting, Student Value Edition (12th 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...

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