FINANCIAL ACCOUNTING (LL)
10th Edition
ISBN: 9781266449512
Author: Libby
Publisher: MCG
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Question
Chapter 5, Problem 6E
1.
To determine
Prepare the classified consolidated
2.
To determine
Explain every items ending with the term net in the balance sheet.
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Students have asked these similar questions
Innovative Consulting Co. has the following accounts in its ledger: Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, Common
Stock, Retained Earnings, Dividends, Fees Earned, Rent Expense, Advertising Expense, Utilities Expense, Miscellaneous Expense.
Journalize the following selected transactions for October 2012 in a two-column journal. Journal entry explanations may be omitted. If an amount box does
not require an entry, leave it blank.
Oct. 1. Paid rent for the month, $2,500.
4. Paid advertising expense, $1,000.
5. Paid cash for supplies, $1,800.
6. Purchased office equipment on account, $11,500.
12. Received cash from customers on account, $7,500.
20. Paid creditor on account, $2,700.
27. Paid cash for miscellaneous expenses, $700.
30. Paid telephone bill for the month, $475.
31. Fees earned and billed to customers for the month, $42,400.
31. Paid electricity bill for the month, $900.
31. Paid dividends, $1,500.
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Equipment
Notes Payable
Accounts Payable
Debit Balances Credit Balances
20,350
37,000
1,100
200
171,175
36,000
26,000
Common Stock
50,000
Retained Earnings
94,150
Dividends
15,000
Fees Earned
429,850
Wages Expense
270,000
Rent Expense
63,000
Advertising Expense
25,200
Miscellaneous Expense
5,100
608,125
636,000
On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month:
Oct.
1
Jay Crowley transferred cash from a personal bank account to an account to be used for the business
in exchange for common stock, $40,000.
2
Paid rent on office and equipment for the month, $4,800.
3 Purchased supplies on account, $2,150.
4
Paid creditor on account, $1,100.
10
5
Earned sales commissions, receiving cash, $18,750.
6
Paid automobile expenses (including rental charge) for month, $1,580, and miscellaneous expenses,
$800.
7
Paid office salaries, $3,500.
8
Determined that the cost of supplies used was $1,300.
9
Paid dividends, $1,500.
Chapter 5 Solutions
FINANCIAL ACCOUNTING (LL)
Ch. 5 - Prob. 1QCh. 5 - Prob. 2QCh. 5 - Prob. 3QCh. 5 - 4. Explain what a material amount is.
Ch. 5 - 5. What basis of accounting (cash or accrual) does...Ch. 5 - Prob. 6QCh. 5 - Prob. 7QCh. 5 - 8. What are the four major subtotals or totals on...Ch. 5 - Prob. 9QCh. 5 - 10. For property, plant, and equipment, as...
Ch. 5 - Prob. 11QCh. 5 - Prob. 12QCh. 5 - Prob. 13QCh. 5 - 14. Briefly define return on assets and what it...Ch. 5 - 1. If average total assets increase, but net...Ch. 5 - 2. If a company plans to differentiate its...Ch. 5 - 3. If a company reported the following items on...Ch. 5 - 4. Which of the following is one of the possible...Ch. 5 - Prob. 5MCQCh. 5 - Prob. 6MCQCh. 5 - Prob. 7MCQCh. 5 - Prob. 8MCQCh. 5 - Prob. 9MCQCh. 5 - 10. Net income was $850,000. Beginning and ending...Ch. 5 - Prob. 1MECh. 5 - Prob. 2MECh. 5 - Finding Financial Information: Matching Financial...Ch. 5 - Prob. 4MECh. 5 - Determining Financial Statement Effects of Sales...Ch. 5 - Recording Sales and Cost of Goods Sold and...Ch. 5 - Computing and Interpreting Return on...Ch. 5 - E5-1 Matching Players in the Accounting...Ch. 5 - Prob. 2ECh. 5 - E5-3 Finding Financial Information: Matching...Ch. 5 - Prob. 4ECh. 5 - Campbell Soup Company is the world’s leading maker...Ch. 5 - Prob. 6ECh. 5 - Macy’s, Inc., operates the two best-known high-end...Ch. 5 - E5-8 Preparing a Classified (Multiple-Step) Income...Ch. 5 - Tableau Software provides business analytics...Ch. 5 - Prob. 10ECh. 5 - Prob. 11ECh. 5 - Prob. 12ECh. 5 - Pacific Gas and Electric Company is a giant public...Ch. 5 - Hasbro is one of the world’s leading toy...Ch. 5 - Prob. 15ECh. 5 - Prob. 16ECh. 5 - The TJX Companies, Inc., which operates the T.J....Ch. 5 - Analyzing and Evaluating Return on Assets from a...Ch. 5 - What would be the direction of the effect of the...Ch. 5 - Prob. 1PCh. 5 - Matching Definitions with Balance Sheet-Related...Ch. 5 - Exquisite Jewelers is developing its annual...Ch. 5 - Prob. 4PCh. 5 - Prob. 5PCh. 5 - Prob. 6PCh. 5 - Prob. 7PCh. 5 - Prob. 8PCh. 5 - Preparing a Multiple-Step Income Statement with...Ch. 5 - Prob. 1APCh. 5 - Prob. 2APCh. 5 - Prob. 3APCh. 5 - Prob. 4APCh. 5 - Prob. 1CONCh. 5 - Prob. 2CONCh. 5 - Refer to the financial statements of American...Ch. 5 - Refer to the financial statements of Express, Inc....Ch. 5 - Prob. 3CPCh. 5 - Prob. 4CPCh. 5 - Making Decisions as a Manager: Evaluating the...Ch. 5 - Megan Company (not a corporation) was careless...Ch. 5 - Prob. 7CP
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