College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Textbook Question
Chapter 5, Problem 12RQ
Identify the five major column headings on a work sheet.
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Q1. S-Sports Ltd specialises in selling premium sports equipment. Over the month, it recorded the following transactions.
-Incurred $10,000 on credit for a one-time promotional event organised for its customers and local sports team. This amount will be paid in the coming month.
-Made sales of $50,000 to customers, of which $5,000 is credit sales and will be collected in the following month. The goods sold were purchased from a local supplier at $20,000.
-Purchased $15,000 of goods from a supplier on credit, with payment due in 30 days.
-Paid rents of $12,000 for three months, with this month being the first month.
-Repaired a window broken by a typhoon in summer. The repair cost is $3,000 in cash.
-Paid supplier $25,000 for goods purchased last month.
-Collected $8,000 in advance and promised to deliver goods the following month.
-Incurred $1,800 depreciation expense and $9,000 other operating expenses. The operating expenses will be paid early next month.
Q.For each item…
I am having trouble getting the balance sheet to balance.
Additional information:
Loan and Company Information
• The new facility would be a 10-year lease beginning on 01/01/202X and ending on 12/31/203X. The annual payments are $500,000 with a discount rate of 5% and no annual rate increase. The CFO has verified that this would be treated as a lease under ASC 842 guidance.o Present value of annuity due of $1: n=10, i = 5% is 8.10782
• An additional cash investment of $5 million is needed to support the purchase of inventory, cups, and packaging. The bank has pre-approved Rebel Dog Coffee for the loan for a term of 24 months at an interest rate of 5%, to be repaid in a balloon payment in the final month of the loan.o The following are the required debt covenants that Rebel Dog must carry: general, fire, theft, and destruction insurance on the inventory.o Rebel Dog must also maintain a positive credit rating during the loan.
• Rebel Dog’s LLC founding members have…
Cullumber Company
Income Statements
For the Years Ended December 31
2025
2024
Net
$2,400,400
$2,240,000
Cost of good
1127000
1,307,000
Gross profit
1,072,400
522,200
Selling and administrative
650,000
622,700
Income from operations
422,400
309,500
Other and lac
Intereat ex
20,500
25,000
Income before income tax
254,300
203,500
Income
118,440
35,050
Net Income
$274.200
$198,480
Ast
Cullumber Company
Balance Sheets
December 33
2025
2024
Current act
Cash
$78.130
$23,450
Debt Investments (short)
96,200
65,000
Accounts recchable (net)
153,140
133,640
Inventory
163,000
150,150
Total current acts
471,370
422,250
Plantasacts (nct)
$43,700
676,390
Total
$1,324,970
$1,100,640
Lablities and Stockholders' Equity
Current Tablitics
Accountab
$200,000 $189,020
Income tax payable
56.550
54,500
Total current tic
254,330
243,620
Bonds payable
286,000
250,000
Total Tablice
550,510
502,420
Stockholders' equity
Comment($
377,000
270,000
Retained carnings
407 420
215,020
Total stockholders' equity
784,420…
Chapter 5 Solutions
College Accounting, Chapters 1-27
Ch. 5 - The matching principle in accounting requires the...Ch. 5 - Prob. 2TFCh. 5 - LO1 As part of the adjustment of supplies, an...Ch. 5 - LO1 Depreciable cost is the difference between the...Ch. 5 - LO1 The purpose of depreciation is to record the...Ch. 5 - LO1 The purpose of depreciation is to (a) spread...Ch. 5 - Prob. 2MCCh. 5 - Prob. 3MCCh. 5 - Prob. 4MCCh. 5 - The first step in preparing a work sheet is to (a)...
Ch. 5 - On December 31, the trial balance indicates that...Ch. 5 - LO2 When posting adjusting entries to the general...Ch. 5 - Prob. 3CECh. 5 - Prob. 4CECh. 5 - LO5 Using the following partial work sheet...Ch. 5 - Prob. 6CECh. 5 - Prob. 1RQCh. 5 - Prob. 2RQCh. 5 - Prob. 3RQCh. 5 - Prob. 4RQCh. 5 - Prob. 5RQCh. 5 - Prob. 6RQCh. 5 - Prob. 7RQCh. 5 - Prob. 8RQCh. 5 - What is an assets depreciable cost?Ch. 5 - Prob. 10RQCh. 5 - Prob. 11RQCh. 5 - Identify the five major column headings on a work...Ch. 5 - List the five steps taken in preparing a work...Ch. 5 - Prob. 14RQCh. 5 - Explain when revenues are recorded under the cash...Ch. 5 - Prob. 16RQCh. 5 - ADJUSTMENT FOR SUPPLIES On December 31, the trial...Ch. 5 - Prob. 2SEACh. 5 - ADJUSTMENT FOR WAGES On December 31, the trial...Ch. 5 - ADJUSTMENT FOR DEPRECIATION OF ASSET On December...Ch. 5 - CALCULATION OF BOOK VALUE On June 1, 20--, a...Ch. 5 - ANALYSIS OF ADJUSTING ENTRY FOR SUPPLIES Analyze...Ch. 5 - Prob. 7SEACh. 5 - POSTING ADJUSTING ENTRIES Two adjusting entries...Ch. 5 - WORK SHEET AND ADJUSTING ENTRIES A partial work...Ch. 5 - JOURNALIZING ADJUSTING ENTRIES From the...Ch. 5 - Prob. 11SEACh. 5 - ANALYSIS OF NET INCOME OR NET LOSS ON THE WORK...Ch. 5 - CASH, MODIFIED CASH, AND ACCRUAL BASES OF...Ch. 5 - ADJUSTMENTS AND WORK SHEET SHOWING NET INCOME The...Ch. 5 - ADJUSTMENTS AND WORK SHEET SHOWING A NET LOSS...Ch. 5 - JOURNALIZE AND POST ADJUSTING ENTRIES FROM THE...Ch. 5 - Prob. 17SPACh. 5 - ADJUSTMENT FOR SUPPLIES On July 31, the trial...Ch. 5 - ADJUSTMENT FOR INSURANCE On July 1, a six-month...Ch. 5 - ADJUSTMENT FOR WAGES On July 31, the trial balance...Ch. 5 - ADJUSTMENT FOR DEPRECIATION OF ASSET On July 1,...Ch. 5 - CALCULATION OF BOOK VALUE On January 1, 20--, a...Ch. 5 - ANALY SIS OF ADJUSTING ENTRY FOR SUPPLIES Analyze...Ch. 5 - ANALY SIS OF ADJUSTING ENTRY FOR INSURANCE Analyze...Ch. 5 - POSTING ADJUSTING ENTRIES Two adjusting entries...Ch. 5 - WORK SHEET AND ADJUSTING ENTRIES A partial work...Ch. 5 - JOURNALIZING ADJUSTING ENTRIES From the...Ch. 5 - EXTENDING ADJUSTED BALANCES TO THE INCOME...Ch. 5 - Prob. 12SEBCh. 5 - CASH, MODIFIED CASH, AND ACCRUAL BASES OF...Ch. 5 - Prob. 14SPBCh. 5 - Prob. 15SPBCh. 5 - JOURNALIZE AND POST ADJUSTING ENTRIES FROM THE...Ch. 5 - CORRECTING WORK SHEET WITH ERRORS A beginning...Ch. 5 - Delia Alvarez, owner of Delias Lawn Service, wants...Ch. 5 - Prob. 1MPCh. 5 - Prob. 1CP
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