Horngren's Accounting, The Financial Chapters (12th Edition)
12th Edition
ISBN: 9780134486789
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 4, Problem S4.5SE
Classifying
Learning Objective 1
For each account instead, identify the category in which it would appear on a classified balance sheet.
- Office Supplies
- Interest Payable
- Golub, Capital
- Copyright
- Land
Accumulated Depreciation -Furniture- Land (held for long-term investment purposes)
- Unearned revenue
- Notes Payable (due in six years)
Expert Solution & Answer
Learn your wayIncludes step-by-step video
schedule04:52
Students have asked these similar questions
in
CengageNOWv2| Online teachi x
Cengage Learning
8-1 Problem Set: Module Eight X
how.comn/akeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=D&inprogress3false
eBook
Show Me How
Changes in Current Operating Assets and Liabilities-Indirect Method
Covington Corporation's comparative balance sheet for current assets and liabilities was as follows:
Dec. 31, 20Y2
Dec. 31, 20Y1
Accounts receivable
$15,300
Inventory
66,500
67,200
Accounts payable
20,100
0098
Dividends payable
000'
Adjust net income of $84,200 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.
( Previou:
Check My Work
レ
AD
12
answer the questions thank you
SCORE:
SECTION:
PROFESSOR:
Problem #21
Preparation of Financial Statements
2019:
Accounts Payable
Accounts Receivable
Accumulated Depreciation-Equipment
Allowance for Uncollectible Accounts
Cash
Calamba, Capital
Calamba, Drawing
Equipment
Transportation In
General Expenses (control)
Interest Expense
Merchandise Inventory, December 31
Notes Payable
Prepaid Insurance
P 677,820
545,070
462,870
18,790
132,310
612,000
326,400
753,150
224,880
149,390
35,000
1,320,420
299,000
7,350
5,407,160
43,050
259,600
499,600
Purchases
Purchases Discounts
Purchases Returns and Allowances
Santiago, Capital
Santiago, Drawing
Sales
Sales Returns and Allowances
244,800
7,155,000
375,750
385,880
Selling Expenses (control)
There were no changes in the partners' Capital accounts during the year. The
merchandise inventory at the beginning of the year was P1,440,590. The partnership
agreement provides for salary allowances of P330,000 for Calamba and P290,000 for
Santiago. It also stipulates an interest allowance…
Chapter 4 Solutions
Horngren's Accounting, The Financial Chapters (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...
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 - Preparing an income statement Learning Objective 1Ch. 4 - Preparing a statement of owner’s equity. Learning...Ch. 4 - Preparing a balance sheet (unclassified, account...Ch. 4 - Preparing a balance sheet (classified, report...Ch. 4 - Classifying balance sheet accounts Learning...Ch. 4 - Prob. S4.6SECh. 4 - Prob. S4.7SECh. 4 - Determine net loss using a worksheet Learning...Ch. 4 - Identifying temporary and permanent accounts...Ch. 4 - Prob. S4.10SECh. 4 - Posting closing entries directly to Taccounts...Ch. 4 - S412 Identifying accounts included on a...Ch. 4 - Identifying steps in the accounting cycle Learning...Ch. 4 - Calculating the current ratio Learning Objective 6...Ch. 4 - Journalizing reversing entries Learning Objective...Ch. 4 - E416 Preparing the financial statements The...Ch. 4 - Classifying balance sheet accounts Learning...Ch. 4 - Preparing a classified balance sheet and...Ch. 4 - Preparing a worksheet Learning Objective 2: Title...Ch. 4 - Preparing financial statements from the completed...Ch. 4 - Preparing closing entries from an adjusted trial...Ch. 4 - Preparing closing entries from T-accounts Learning...Ch. 4 - Determining the effects of closing entries on the...Ch. 4 - Preparing a worksheet and closing entries Learning...Ch. 4 - Preparing closing entries from an adjusted trial...Ch. 4 - Preparing a worksheet, closing entries, and a...Ch. 4 - Journalizing reversing entries. Learning Objective...Ch. 4 - Journalizing reversing entries Leaning Objectives...Ch. 4 - Preparing financial statements including a...Ch. 4 - Preparing financial statements including a...Ch. 4 - Preparing a worksheet, financial statements, and...Ch. 4 - Completing the accounting cycle from adjusting...Ch. 4 - Completing the accounting cycle from journal...Ch. 4 - Preparing adjusting entries and reversing entries...Ch. 4 - Preparing financial statements including a...Ch. 4 - Preparing financial statements including a...Ch. 4 - Preparing a worksheet financial statements, and...Ch. 4 - Completing the accounting cycle from adjusting...Ch. 4 - Completing the accounting cycle from journal...Ch. 4 - Preparing adjusting entries and reversing entries...Ch. 4 - Using Excel to prepare financial statements,...Ch. 4 - Completing the accounting cycle from adjusted...Ch. 4 - Completing the accounting cycle from adjusted...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - Comprehensive Problem 2 for Chapters 1 —4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 —4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Prob. 4.1TIATCCh. 4 - Prob. 4.1EICh. 4 - Prob. 4.1FSC
Additional Business Textbook Solutions
Find more solutions based on key concepts
Discussion Analysis A13-41 Discussion Questions 1. How do managers use the statement of cash flows? 2. Describ...
Managerial Accounting (4th Edition)
Prepare a production cost report and journal entries (Learning Objectives 4 5) Antique Accessories manufacture...
Managerial Accounting (5th Edition)
Fundamental and Enhancing Characteristics. Identify whether the following items are fundamental characteristics...
Intermediate Accounting
Account for mortgages. (LO 3). Curtain Company borrowed $10,000 at 9% for seven years. The loan requires annual...
Financial Accounting
(Record inventory transactions in the periodic system) Wexton Technologies began the year with inventory of 560...
Financial Accounting (11th Edition)
Basic accounting equation (Learning Objective 5) 10-15 min. Hanson Corp. ? 44,900 + 10,300 Tiny Tots Daycare In...
Financial Accounting, Student Value Edition (5th Edition)
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.Similar questions
- istory Bookmarks Window Help A v2.cengagenow.com ent. C https://geyser.cl-cms.com/assets/fr5am... Bb Learning Module 1- ACCT1105: Financi. : CengageNOWv2 | Online teachin еВook Show Me How Fixed Asset Turnover Ratio Financial statement data for years ending December 31 for Xiong Company follow: Year 2 Year 1 Sales $1,560,000 $1,026,000 Fixed assets: Beginning of year 580,000 500,000 End of year 620,000 580,000 a. Determine the fixed ass nover ratio for Year 1 and Year 2. Round your answers to one decimal place. Fixed asset turnover Year 1 ET Year 2 b. Does the change in the fixed asset turnover ratio from Year 1 to Year 2 indicate a favorable or an unfavorable change? Check My Work ms Save and Exit ctv 31 MacBook Air DII DD F10 80 888 F9 F8 F7 F6 F5 F4 F3 F2 #3 2$ 6. 7 8. 2 * LOarrow_forwardlem Set: Modx * CengageNOWv2 | Onl X * Cengage Learning B Milestone Two Guideli x G module ow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=.. eBook Show Me How Quick ratio Adieu Company reported the following current assets and current liabilities for two recent years: Dec. 31, 20Y4 Dec. 31, 20Y3 Cash $830 $1,090 Temporary investments 1,200 1,500 Accounts receivable 820 910 Inventory 2,100 2,500 Accounts payable 1,900 2,500 a. Compute the quick ratio on December 31 for each year. Round to one decimal place. 20Υ4 20Υ3 Quick Ratio b. Is the quick ratio improving or declining? Check My Work 56°F Mostly 39arrow_forwardStrictly type-written Required: • Ledger • Guide Questionsarrow_forward
- Return total assetsarrow_forwardPROGRAMS SELF DEVELOPMENT E-LIBRARY 8. 6. 10 11 12 13 14 15 16 Your company wants to invest JD 10,000,000 in network, taking into consideration the below table Investment 10,000,000.00 Lifetime Annual Revenues in Yearl 2,000,000.00 2% Annual decline in revenues from Y2 30% Direct Cost % of revenues 15% OPEX % of revenues 7% Interest Discount rate/fWACC) COarrow_forwardExport PDF as long image without watermark Export FUNDAMENTALS OF ACCOUNTANCY BUSINESS AND MANAGEMENT 2 Self-Learning Activity 9 Name Year/Block: Date Direction: Write your answers on the space provided at the back of this Self Learning Activity. Learning Objective: After reading the module, the learners shall be able to: 4. Describe the nature of a bank reconciliation statement. 5. Identify common reconciling items and describe each of them. 6. Analyze the effects of the identified reconciling items. Reference: Quarter 1 Module 9 – Fundamentals of Accountancy, Business and Management 2 LEARNING ACTIVITY 9:1 Presented hereunder are the details of your Cash Receipts Journal, Cash Disbursements Journal and the Bank Statement of Banco de Oro. Cash Receipts Journal O.R. Number Amount Payor Odessa Alera Date 0001 P 30,000 June 3 0002 0003 20,000 5,000 20 Arnold Navales 29 Juanita Nambatac 0004 10,000 30 Kyle Jamora Cash Disbursements Journal Check Number Amount Payee Star 5 Grocery DX…arrow_forward
- Dlhos - YouT A Apex Learning - Apex Learning - Courses A https://course.apexlearning.com/public/activity/7001002/assessment cial Literacy 1 7.1.2 Exam: Exam Question 1 of 40 Which of these options for saving money offers the most liquidity? A. A savings bond B. A money market account C. A piggy bank D. A basic savings account SUBMIT E PREVIOUS re to searcharrow_forwardDigital Learning * CengageNOwv2 | Online teachir * Cengage Learning + Assignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false A eBook Show Me How Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $555,000; Allowance for Doubtful Accounts has a credit balance of $5,000; and sales for the year total $2,500,000. Bad debt expense is estimated at 1/4 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable 24 Allowance for Doubtful Accounts Bad Debt Expense %24 c. Determine the net realizable value of accounts receivable. Feedback Check My Work a. Remember that since accounts receivable are created by credit sales, uncollectible accounts çan be estimated as a percent of credit sales. If the portion of credit sales to sales id relatively constant, the…arrow_forwardgage Learning * CengageNOWv2 | Online teachin x Cengage Learning ignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook Show Me How Estimating Allowance for Doubtful Accounts Evers Industries has a past history of uncollectible accounts, as follows. Age Class Percent Uncollectible Not past due 1 % 1-30 days past due 31-60 days past due 12 61-90 days past due 30 Over 90 days past due 75 Estimate the allowance for doubtful accounts, based on the aging of receivables information provided in the chart below. Evers Industries Estimate of Allowance for Doubtful Accounts Not Past Days Past Days Past Days Past Days Past Due 1-30 Due 31-60 Due 61-90 Due Over 90 Balance Due Total receivables 1,124,500 607,400 233,000 121,600 96,500 66,000 1% 3% 12% 30% 75% Percentage uncollectible Allowance for doubtful accounts Check My Work All work saved. Email Instructor Save and Exit Suarrow_forward
- Cengage Learning * CengageNOWv2 | Online teachin x * Cengage Learning Assignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress-false eBook Show Me How Analysis of Receivables Method At the end of the current year, Accounts Receivable has balance of $4,375,000; Allowance for Doubtful Accounts has a debit balance of $21,300; and sale for the year total $102,480,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $205,000. a. Determine the amount of the adjusting entry for uncollectible acfounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable. Feedback T Check My Work The analysis of receivables method is based on the assumption that the longer an account receivable is outstanding the less likely that it will be collected. The…arrow_forwardDashboard / My courses / FINA 415-1-20201 / General / FINAL EXAM- FINA 415- FALL 2020-21 Quiz nav Question 18 Which of the deposits are used by business people in majority? Answer saved 1 Marked out of 2 Select one: 10 11 Flag question O a. None O b. Recurring Deposits 20 19 O c. Savings Deposits Finish atte O d. Current Deposits O e. Time Deposits Clear my choice Next page Previous page Unit 4 (3).pptx Unit 3 (2).pptx Unit 5 (1) (1).pptxarrow_forwardWhat is the answer A thru D?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Excel Applications for Accounting PrinciplesAccountingISBN:9781111581565Author:Gaylord N. SmithPublisher:Cengage Learning
Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Excel Applications for Accounting Principles
Accounting
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY