Accounts payable: The accounts payable is a liability account and it records the amount which is due by the business to the suppliers. To determine: The ending balance of accounts payable.

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Answer 1

Question

Chapter 7, Problem 7.14E

(a)

To determine

Accounts payable: The accounts payable is a liability account and it records the amount which is due by the business to the suppliers.

To determine: The ending balance of accounts payable.

(b)

To determine

Accounts receivable: The accounts receivable is an asset account and it records the balances which are to be received by the company in future for the goods and services provided by it.

To determine: the ending balance of accounts receivable.

(c)

To determine

Cash: The cash account is an asset account which is held by the business to pay off its liabilities and expenses.

To determine: the ending balance of cash

(d)

To determine

Inventory: Inventory account is an asset account and it refers to the raw materials, work-in-progress and the finished goods in the business.

To determine: the ending balance of inventory.

(e)

To determine

Sales revenue: The sales revenue is an asset account and it records the income from the sale of goods and services.

To determine: the ending balance of sales revenue.

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Kendrick Industries provided the following financial data: ⚫ Net Income = $30,120 Assets at the Beginning of the Year = $220,000 Assets at the End of the Year = $270,000 Find the return on assets (ROA) in percentage.

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Answer 2

Question

Chapter 7, Problem 7.14E

(a)

To determine

Accounts payable: The accounts payable is a liability account and it records the amount which is due by the business to the suppliers.

To determine: The ending balance of accounts payable.

(b)

To determine

Accounts receivable: The accounts receivable is an asset account and it records the balances which are to be received by the company in future for the goods and services provided by it.

To determine: the ending balance of accounts receivable.

(c)

To determine

Cash: The cash account is an asset account which is held by the business to pay off its liabilities and expenses.

To determine: the ending balance of cash

(d)

To determine

Inventory: Inventory account is an asset account and it refers to the raw materials, work-in-progress and the finished goods in the business.

To determine: the ending balance of inventory.

(e)

To determine

Sales revenue: The sales revenue is an asset account and it records the income from the sale of goods and services.

To determine: the ending balance of sales revenue.

Expert Solution & Answer

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Answer 3

Question

Chapter 7, Problem 7.14E

(a)

To determine

Accounts payable: The accounts payable is a liability account and it records the amount which is due by the business to the suppliers.

To determine: The ending balance of accounts payable.

(b)

To determine

Accounts receivable: The accounts receivable is an asset account and it records the balances which are to be received by the company in future for the goods and services provided by it.

To determine: the ending balance of accounts receivable.

(c)

To determine

Cash: The cash account is an asset account which is held by the business to pay off its liabilities and expenses.

To determine: the ending balance of cash

(d)

To determine

Inventory: Inventory account is an asset account and it refers to the raw materials, work-in-progress and the finished goods in the business.

To determine: the ending balance of inventory.

(e)

To determine

Sales revenue: The sales revenue is an asset account and it records the income from the sale of goods and services.

To determine: the ending balance of sales revenue.

Expert Solution & Answer

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Answer 4

Question

Chapter 7, Problem 7.14E

(a)

To determine

Accounts payable: The accounts payable is a liability account and it records the amount which is due by the business to the suppliers.

To determine: The ending balance of accounts payable.

(b)

To determine

Accounts receivable: The accounts receivable is an asset account and it records the balances which are to be received by the company in future for the goods and services provided by it.

To determine: the ending balance of accounts receivable.

(c)

To determine

Cash: The cash account is an asset account which is held by the business to pay off its liabilities and expenses.

To determine: the ending balance of cash

(d)

To determine

Inventory: Inventory account is an asset account and it refers to the raw materials, work-in-progress and the finished goods in the business.

To determine: the ending balance of inventory.

(e)

To determine

Sales revenue: The sales revenue is an asset account and it records the income from the sale of goods and services.

To determine: the ending balance of sales revenue.

Expert Solution & Answer

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Answer 5

Chapter 7, Problem 7.14E

(a)

To determine

Accounts payable: The accounts payable is a liability account and it records the amount which is due by the business to the suppliers.

To determine: The ending balance of accounts payable.

(b)

To determine

Accounts receivable: The accounts receivable is an asset account and it records the balances which are to be received by the company in future for the goods and services provided by it.

To determine: the ending balance of accounts receivable.

(c)

To determine

Cash: The cash account is an asset account which is held by the business to pay off its liabilities and expenses.

To determine: the ending balance of cash

(d)

To determine

Inventory: Inventory account is an asset account and it refers to the raw materials, work-in-progress and the finished goods in the business.

To determine: the ending balance of inventory.

(e)

To determine

Sales revenue: The sales revenue is an asset account and it records the income from the sale of goods and services.

To determine: the ending balance of sales revenue.

Answer 6

Chapter 7, Problem 7.14E

(a)

To determine

Accounts payable: The accounts payable is a liability account and it records the amount which is due by the business to the suppliers.

To determine: The ending balance of accounts payable.

Answer 7

Chapter 7, Problem 7.14E

(a)

To determine

Accounts payable: The accounts payable is a liability account and it records the amount which is due by the business to the suppliers.

To determine: The ending balance of accounts payable.

Answer 8

(b)

To determine

Accounts receivable: The accounts receivable is an asset account and it records the balances which are to be received by the company in future for the goods and services provided by it.

To determine: the ending balance of accounts receivable.

Answer 9

(b)

To determine

Accounts receivable: The accounts receivable is an asset account and it records the balances which are to be received by the company in future for the goods and services provided by it.

To determine: the ending balance of accounts receivable.

Answer 10

(c)

To determine

Cash: The cash account is an asset account which is held by the business to pay off its liabilities and expenses.

To determine: the ending balance of cash

Answer 11

(c)

To determine

Cash: The cash account is an asset account which is held by the business to pay off its liabilities and expenses.

To determine: the ending balance of cash

Answer 12

(d)

To determine

Inventory: Inventory account is an asset account and it refers to the raw materials, work-in-progress and the finished goods in the business.

To determine: the ending balance of inventory.

Answer 13

(d)

To determine

Inventory: Inventory account is an asset account and it refers to the raw materials, work-in-progress and the finished goods in the business.

To determine: the ending balance of inventory.

Answer 14

(e)

To determine

Sales revenue: The sales revenue is an asset account and it records the income from the sale of goods and services.

To determine: the ending balance of sales revenue.

Answer 15

(e)

To determine

Sales revenue: The sales revenue is an asset account and it records the income from the sale of goods and services.

To determine: the ending balance of sales revenue.

Answer 16

Expert Solution & Answer

Answer 17

Expert Solution & Answer

Answer 18

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Answer 19

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Accounts payable: The accounts payable is a liability account and it records the amount which is due by the business to the suppliers. To determine: The ending balance of accounts payable.

Concept explainers

Videos

Accounts payable: The accounts payable is a liability account and it records the amount which is due by the business to the suppliers.

To determine: The ending balance of accounts payable.

Accounts receivable: The accounts receivable is an asset account and it records the balances which are to be received by the company in future for the goods and services provided by it.

To determine: the ending balance of accounts receivable.

Cash: The cash account is an asset account which is held by the business to pay off its liabilities and expenses.

To determine: the ending balance of cash

Inventory: Inventory account is an asset account and it refers to the raw materials, work-in-progress and the finished goods in the business.

To determine: the ending balance of inventory.

Sales revenue: The sales revenue is an asset account and it records the income from the sale of goods and services.

To determine: the ending balance of sales revenue.

Want to see the full answer?

Chapter 7 Solutions

Accounts payable: The accounts payable is a liability account and it records the amount which is due by the business to the suppliers. To determine: The ending balance of accounts payable.

Concept explainers

Videos

Accounts payable: The accounts payable is a liability account and it records the amount which is due by the business to the suppliers. To determine: The ending balance of accounts payable.

Accounts receivable: The accounts receivable is an asset account and it records the balances which are to be received by the company in future for the goods and services provided by it. To determine: the ending balance of accounts receivable.

Cash: The cash account is an asset account which is held by the business to pay off its liabilities and expenses. To determine: the ending balance of cash

Inventory: Inventory account is an asset account and it refers to the raw materials, work-in-progress and the finished goods in the business. To determine: the ending balance of inventory.

Sales revenue: The sales revenue is an asset account and it records the income from the sale of goods and services. To determine: the ending balance of sales revenue.

Want to see the full answer?

Chapter 7 Solutions

Accounts payable: The accounts payable is a liability account and it records the amount which is due by the business to the suppliers.

To determine: The ending balance of accounts payable.

Accounts receivable: The accounts receivable is an asset account and it records the balances which are to be received by the company in future for the goods and services provided by it.

To determine: the ending balance of accounts receivable.

Cash: The cash account is an asset account which is held by the business to pay off its liabilities and expenses.

To determine: the ending balance of cash

Inventory: Inventory account is an asset account and it refers to the raw materials, work-in-progress and the finished goods in the business.

To determine: the ending balance of inventory.

Sales revenue: The sales revenue is an asset account and it records the income from the sale of goods and services.

To determine: the ending balance of sales revenue.