Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 5, Problem 13EA
Using the following account balances, calculate for the two years presented:
A.
B.
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In horizontal analysis, each item is expressed as a percentage of the
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O d. earliest year figure.
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Chapter 5 Solutions
Principles of Accounting Volume 1
Ch. 5 - Which of the following accounts is considered a...Ch. 5 - Which of the following accounts is considered a...Ch. 5 - If a journal entry includes a debit or credit to...Ch. 5 - If a journal entry includes a debit or credit to...Ch. 5 - Which of these accounts would be present in the...Ch. 5 - Which of these accounts would not be present in...Ch. 5 - Which of these accounts is never closed? A....Ch. 5 - Which of these accounts is never closed? A....Ch. 5 - Which account would be credited when closing the...Ch. 5 - Which account would be credited when closing the...
Ch. 5 - Which of these accounts is included in the...Ch. 5 - Which of these accounts is not included in the...Ch. 5 - On which of the following would the year-end...Ch. 5 - Which of these accounts is included in the...Ch. 5 - If current assets are $112,000 and current...Ch. 5 - If current assets are $100,000 and current...Ch. 5 - Explain what is meant by the term real accounts...Ch. 5 - Explain what is meant by the term nominal accounts...Ch. 5 - What is the purpose of the closing entries?Ch. 5 - What would happen if the company failed to make...Ch. 5 - Which of these account types (Assets, Liabilities,...Ch. 5 - Which of these account types (Assets, Liabilities,...Ch. 5 - The account called Income Summary is often used in...Ch. 5 - What are the four entries required for closing,...Ch. 5 - After the first two closing entries are made,...Ch. 5 - After the first two closing entries are made,...Ch. 5 - What account types are included in a post-closing...Ch. 5 - Which of the basic financial statements can be...Ch. 5 - Describe the calculation required to compute...Ch. 5 - Describe the calculation required to compute the...Ch. 5 - Describe the progression of the three trial...Ch. 5 - Identify whether each of the following accounts is...Ch. 5 - For each of the following accounts, identify...Ch. 5 - For each of the following accounts, identify...Ch. 5 - The following accounts and normal balances existed...Ch. 5 - The following accounts and normal balances existed...Ch. 5 - Use the following excerpts from the year-end...Ch. 5 - Use the following T-accounts to prepare the four...Ch. 5 - Use the following T-accounts to prepare the four...Ch. 5 - Identify whether each of the following accounts...Ch. 5 - Identify which of the following accounts would not...Ch. 5 - For each of the following accounts, identify in...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following account balances, calculate...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following account balances, calculate:...Ch. 5 - Identify whether each of the following accounts...Ch. 5 - For each of the following accounts, identify...Ch. 5 - For each of the following accounts, identify...Ch. 5 - The following accounts and normal balances existed...Ch. 5 - The following accounts and normal balances existed...Ch. 5 - Use the following excerpts from the year-end...Ch. 5 - Use the following T-accounts to prepare the four...Ch. 5 - Use the following T-accounts to prepare the four...Ch. 5 - Identify which of the following accounts would be...Ch. 5 - Identify which of the following accounts would not...Ch. 5 - For each of the following accounts, identify in...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following account balances, calculate...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - From the following Company B adjusted trial...Ch. 5 - Identify whether each of the following accounts...Ch. 5 - The following selected accounts and normal...Ch. 5 - The following selected accounts and normal...Ch. 5 - Use the following Adjusted Trial Balance to...Ch. 5 - Use the following Adjusted Trial Balance to...Ch. 5 - Use the following T-accounts to prepare the four...Ch. 5 - Assume that the first two closing entries have...Ch. 5 - Correct any obvious errors in the following...Ch. 5 - Assuming the following Adjusted Trial Balance,...Ch. 5 - The following Post-Closing Trial Balance contains...Ch. 5 - Assuming the following Adjusted Trial Balance,...Ch. 5 - Use the following Adjusted Trial Balance to...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following account balances, calculate...Ch. 5 - From the following Company R adjusted trial...Ch. 5 - From the following Company T adjusted trial...Ch. 5 - Identify whether each of the following accounts...Ch. 5 - The following selected accounts and normal...Ch. 5 - The following selected accounts and normal...Ch. 5 - Use the following Adjusted Trial Balance to...Ch. 5 - Use the following Adjusted Trial Balance to...Ch. 5 - Use the following T-accounts to prepare the four...Ch. 5 - Assume that the first two closing entries have...Ch. 5 - Correct any obvious errors in the following...Ch. 5 - Assuming the following Adjusted Trial Balance,...Ch. 5 - The following Post-Closing Trial Balance contains...Ch. 5 - Assuming the following Adjusted Trial Balance,...Ch. 5 - Use the following Adjusted Trial Balance to...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following Balance Sheet summary...Ch. 5 - Using the following account balances, calculate...Ch. 5 - From the following Company S adjusted trial...Ch. 5 - Assume you are the controller of a large...Ch. 5 - Assume you are a senior accountant and have been...
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Similar questions
- Using the following Balance Sheet summary information, for the two years presented calculate: A. working capital B. current ratioarrow_forwardUsing the following Balance Sheet summary information, calculate for the two years presented: A. working capital B. current ratioarrow_forwardUsing the following account balances, calculate: A. working capital B. current ratioarrow_forward
- List the amount of Current Assets and Current Liabilities for the currently reported year, and for the previous year. Use these amounts to calculate the company's working capital and current ratio.arrow_forwarda. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year when compared with the previous year. If required, round to one decimal place.arrow_forwardCurrent Position Analysis The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years: Current Year Previous Year Current assets: Cash $413,400 $330,400 371,700 Marketable securities 478,700 Accounts and notes receivable (net) 195,900 123,900 Inventories 1,481,000 1,007,700 Prepaid expenses 763,000 644,300 Total current assets $3,332,000 $2,478,000 Current liabilities: Accounts and notes payable (short-term) $394,400 $413,000 Accrued liabilities 285,600 177,000 $680,000 $590,000 Total current liabilities a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place.arrow_forward
- To calculate a year-to-year percentage change in any financial statement line item such as sales, you determine the current-year amount and prior-year amount and divide the difference by: A) Total assets B) Net income C) The current year’s amount D) The prior years amountarrow_forwardDefine the terms annual percentage rate (APR), effective annual rate (EFF%), and nominalinterest rate (INOM).arrow_forwardRatio of Liabilities to Stockholders' Equity and Times Interest Earned The following data were taken from the financial statements of Hunter Inc. for December 31 of two recent years: Current Year Prior Year Accounts payable $552,000 $162,000 Current maturities of serial bonds payable 370,000 370,000 Serial bonds payable, 10% 1,520,000 1,890,000 Common stock, $1 par value 80,000 100,000 Paid-in capital in excess of par 900,000 900,000 Retained earnings 3,090,000 2,460,000 The income before income tax expense was $491,400 and $430,000 for the current and prior years, respectively. a. Determine the ratio of liabilities to stockholders' equity at the end of each year. Round to one decimal place. Current year Prior year b. Determine the times interest earned ratio for both years. Round to one decimal place. Current year Prior yeararrow_forward
- Required: (a) You are required to calculate the following ratios:(iv) Return on Capital Employed(v) Asset turnover(vi) Non-current asset turnover(vii) Current Ratio(viii) Quick Ratio(ix) Inventory days(x) Receivables days(xi) Payable days(xii) Interest cover (b) In light of your calculations comment on the performance of the company over thelast two years.arrow_forwardThe following items are reported on a companys balance sheet: Determine (a) the current ratio and (b) the quick ratio. Round to one decimal place.arrow_forwardWhen performing a horizontal analysis on an income statement, the percentage change inany individual item is calculated by dividing the dollar amount of the change from the baseperiod to the current period bya. the base period amount.b. the current period amount.c. the amount estimated for the future period.d. the average of the base and the current period amounts.arrow_forward
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