College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Textbook Question
Chapter 6, Problem 3SEA
BALANCE SHEET From the statement of owner’s equity prepared in E 6-2A and the partial work sheet below, prepare a balance sheet.
(FOR EXERCISES 6-1A, 6-2A, 6-3A, AND 6-4A)
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Please prepare classified balance sheet and statement of owners equity.
Classifying Balance Sheet Accounts
Use the letters a to k from the balance sheet classifications provided below to indicate the usual classification for each of the 22 balance sheet items listed below. Also indicate whether an account is a contra account. If the item is not a contra account, select "N/A" as your answer..
Balance Sheet Classification
a. Current assets.
g. Long-term liabilities.
b. Investments.
h. Paid-in capital.
c. Property, plant, and equipment.
i. Retained earnings.
d. Intangible assets.
j. Accumulated other comprehensive income.
e. Other assets.
k. Noncontrolling interests.
f. Current liabilities.
Balance Sheet Item
Classification
Contra account
1. Accumulated depreciation.
Answer
Answer
2. Bonds payable (due in 10 years).
Answer
Answer
3. Accounts payable (trade).
Answer
Answer
4. Investment in stock of another company (long-term holding).
Answer
Answer
5. Land (in use).
Answer
Answer
6.…
State the normal balances for the following accounts: a. Assets b. Liabilities c. Capital d. Drawing e. Revenue/Sales f. Expenses and Briefly explaining how revenue/sales, expenses and drawings affect owner’s capital/equity.
Chapter 6 Solutions
College Accounting, Chapters 1-27
Ch. 6 - Expenses are listed on the income statement as...Ch. 6 - Additional investments of capital during the month...Ch. 6 - Prob. 3TFCh. 6 - Prob. 4TFCh. 6 - Temporary accounts are closed at the end of each...Ch. 6 - Multiple choice Which of these types of accounts...Ch. 6 - Which of these accounts is considered a temporary...Ch. 6 - Which of these is the first step in the closing...Ch. 6 - The ________ is prepared after closing entries are...Ch. 6 - Steps that begin with analyzing source documents...
Ch. 6 - Joe Fisher operates Fisher Consulting. A partial...Ch. 6 - Prob. 2CECh. 6 - Prob. 3CECh. 6 - Identify the source of the information needed to...Ch. 6 - Describe two approaches to listing the expenses in...Ch. 6 - Prob. 3RQCh. 6 - If additional investments were made during the...Ch. 6 - Identify the sources of the information needed to...Ch. 6 - What is a permanent account? On which financial...Ch. 6 - Prob. 7RQCh. 6 - Prob. 8RQCh. 6 - Prob. 9RQCh. 6 - Prob. 10RQCh. 6 - List the 10 steps in the accounting cycle.Ch. 6 - Prob. 1SEACh. 6 - STATEMENT OF OWNERS EQUITY From the partial work...Ch. 6 - BALANCE SHEET From the statement of owners equity...Ch. 6 - CLOSING ENTRIES (NET INCOME) Set up T accounts for...Ch. 6 - CLOSING ENTRIES (NET INCOME) Using the following...Ch. 6 - CLOSING ENTRIES (NET LOSS) Using the following...Ch. 6 - FINANCIAL STATEMENTS Page 206 shows a work sheet...Ch. 6 - PROBLEM 6-7A CLOSING ENTRIES AND POST-CLOSING...Ch. 6 - STATEMENT OF OWNERS EQUITY The capital account for...Ch. 6 - INCOME STATEMENT From the partial work sheet for...Ch. 6 - STATEMENT OF OWNERS EQUITY From the partial work...Ch. 6 - BALANCE SHEET From the statement of owners equity...Ch. 6 - CLOSING ENTRIES (NET INCOME) Set up T accounts for...Ch. 6 - CLOSING ENTRIES (NET INCOME) Using the following...Ch. 6 - CLOSING ENTRIES (NET LOSS) Using the following...Ch. 6 - FINANCIAL STATEMENTS A work sheet for Juanitas...Ch. 6 - PROBLEM 6-7B CLOSING ENTRIES AND POST-CLOSING...Ch. 6 - STATEMENT OF OWNERS EQUITY The capital account for...Ch. 6 - MASTERY PROBLEM Elizabeth Soltis owns and operates...Ch. 6 - CHALLENGE PROBLEM This problem challenges you to...
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- Under the column Financial Statement, choose from the list of codes below, the appropriate financial statement where the accounts listed would appear. Financial Statement Code Income Statement I/S Balance Sheet B/S Statement of Owner's Equity O/E b. For the column Balance Sheet Classification, choose the appropriate balance sheet classification from the list of codes below. If the account does not belong on the balance sheet, use the code n/a. Balance Sheet Classification Code Current Assets CA Long-term Investments LTI Property, Plant and Equipment PPE Intangibles I Goodwill G Current Liabilities CL Non-Current Liabilities NCL Owner's Equity OE Not on the Balance Sheet n/a a. b. Accounts in financial statement Financial Statement Balance Sheet Classification Accumulated depreciation – furniture Interest…arrow_forwardFINANCIAL STATEMENT ACCOUNTS Label each of the following accounts as an asset (A), liability (L), owners equity (OE), revenue (R), or expense (E). Indicate the financial statement on which the account belongsincome statement (IS), statement of owners equity (SOE), or balance sheet (BS)in a format similar to the following.arrow_forwardFINANCIAL STATEMENT ACCOUNTS Label each of the following accounts as an asset (A), liability (L), owners equity (OE), revenue (R), or expense (E). Indicate the financial statement on which the account belongsincome statement (IS), statement of owners equity (SOE), or balance sheet (BS)in a format similar to the following.arrow_forward
- On which financial statement(s) would R. Flores, Drawing appear? a. Income statement b. Balance sheet c. Statement of owners equity d. Income statement and statement of owners equityarrow_forwardCClassify each of the following items as an Asset (A), Liability (L), or part of Owner’s Equity (OE). a. Computer Tabletb. Accounts Payablec. Accounts Receivabled. Cashe. A. Jones, Capitalarrow_forwardClassify each of the accounts listed below as assets (A), liabilities (L), owners equity (OE), revenue (R), or expenses (E). Indicate the normal debit or credit balance of each account. Indicate whether each account will appear in the Income Statement columns (IS) or the Balance Sheet columns (BS) of the work sheet. Item 0 is given as an example.arrow_forward
- Classify each of the accounts listed below as assets (A), liabilities (L), owners equity (OE), revenue (R), or expenses (E). Indicate the normal debit or credit balance of each account. Indicate whether each account will appear in the Income Statement columns (IS) or the Balance Sheet columns (BS) of the work sheet. Item 0 is given as an example.arrow_forwardSTATEMENT OF OWNERS EQUITY The capital account for Mintas Editorial Services, including an additional investment, and a partial work sheet are shown below. REQUIRED Prepare a statement of owners equity.arrow_forwardSTATEMENT OF OWNERS EQUITY From the partial work sheet below, prepare a statement of owners equity, assuming no additional investment was made by the owner. (FOR EXERCISES 6-1A, 6-2A, 6-3A, AND 6-4A)arrow_forward
- Explain the components of income statement, Owners equity Statement and Balance sheet statement? Use the financial statement chart.arrow_forwardThe balance sheet lists which of the following?A. assets, liabilities, and owners’ equityB. revenues, expenses, gains, and lossesC. assets, liabilities, and investments by ownersD. revenues, expenses, gains, and distributions to ownersarrow_forwardprovide statement of owners equityarrow_forward
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