FINANCIAL ACCT.FUND.(LOOSELEAF)
7th Edition
ISBN: 9781260482867
Author: Wild
Publisher: MCG
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Chapter 9, Problem 6PSA
To determine
Journal is the book for recording financial transactions in chronological order. It is the first step of accounting. In this process each transaction has two sides- debit side and credit side. Total of debit side must be equal to total of credit side.
Accounting rules for journal entries:
- To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.
- To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.
1.
To record: Journal entries for March and April
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I need answer of this question solution general accounting
Condensed data from the comparative statement of financial position of Vermillion Inc. follow:
2024
2023
2022
Current assets
$120,000
$114,000 $104,000
Non-current assets
404,000
328,000
298,000
Current liabilities
111,000
100,000
95,000
Non-current liabilities
89,000
110,000
121,000
Common shares
109,000
100,000
100,000
Retained earnings
215,000
132,000
86,000
(a)
Your answer is correct.
Using horizontal analysis, calculate the percentage of a base-year amount, using 2022 as the base year. (Round answers to 1
decimal place, e.g. 15.2%.)
(b)
Current
assets
Non-current
2024
VERMILLION INC.
Horizontal Analysis of Statement of Financial Position
(% of base-year amount)
115.4
%
2023
109.6 %
2022
100.0
%
assets
135.6
%
110.1
%
100.0
%
Current
116.8
%
105.3
%
100.0
%
liabilities
Non-current
73.6
%
90.9
%
100.0
%
liabilities
Common
109.0
%
100.0
%
100.0
%
shares
Retained
250.0
%
153.5
%
%
earnings
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Using horizontal analysis, calculate the percentage…
Chapter 9 Solutions
FINANCIAL ACCT.FUND.(LOOSELEAF)
Ch. 9 - Prob. 1MCQCh. 9 - Prob. 2MCQCh. 9 - Prob. 3MCQCh. 9 - Prob. 4MCQCh. 9 - Prob. 5MCQCh. 9 - Prob. 1DQCh. 9 - Prob. 2DQCh. 9 - Prob. 3DQCh. 9 - Prob. 4DQCh. 9 - Prob. 5DQ
Ch. 9 - Prob. 6DQCh. 9 - Prob. 7DQCh. 9 - Prob. 8DQCh. 9 - Prob. 9DQCh. 9 - Prob. 10DQCh. 9 - Prob. 11DQCh. 9 - Prob. 12DQCh. 9 - Prob. 13DQCh. 9 - Prob. 14DQCh. 9 - Prob. 15DQCh. 9 - Prob. 16DQCh. 9 - Prob. 1QSCh. 9 - Prob. 2QSCh. 9 - Prob. 3QSCh. 9 - Prob. 4QSCh. 9 - Prob. 5QSCh. 9 - Prob. 6QSCh. 9 - Prob. 7QSCh. 9 - Prob. 8QSCh. 9 - Prob. 9QSCh. 9 - Prob. 10QSCh. 9 - Prob. 11QSCh. 9 - Prob. 12QSCh. 9 - Prob. 13QSCh. 9 - Prob. 14QSCh. 9 - Prob. 15QSCh. 9 - Prob. 1ECh. 9 - Prob. 2ECh. 9 - Prob. 3ECh. 9 - Prob. 4ECh. 9 - Prob. 5ECh. 9 - Prob. 6ECh. 9 - Prob. 7ECh. 9 - Prob. 8ECh. 9 - Prob. 9ECh. 9 - Prob. 10ECh. 9 - Prob. 11ECh. 9 - Prob. 12ECh. 9 - Prob. 13ECh. 9 - Prob. 14ECh. 9 - Preparing a balance sheet C1 P2 P3 Selected...Ch. 9 - Prob. 16ECh. 9 - Prob. 17ECh. 9 - Prob. 18ECh. 9 - Prob. 1PSACh. 9 - Prob. 2PSACh. 9 - Prob. 3PSACh. 9 - Prob. 4PSACh. 9 - Prob. 5PSACh. 9 - Prob. 6PSACh. 9 - Prob. 1PSBCh. 9 - Prob. 2PSBCh. 9 - Prob. 3PSBCh. 9 - Prob. 4PSBCh. 9 - Prob. 5PSBCh. 9 - Prob. 6PSBCh. 9 - Prob. 9SPCh. 9 - Prob. 11CPCh. 9 - Prob. 1GLPCh. 9 - Prob. 1AACh. 9 - Prob. 2AACh. 9 - Prob. 3AACh. 9 - Prob. 1BTNCh. 9 - Prob. 2BTNCh. 9 - Prob. 3BTNCh. 9 - Prob. 4BTNCh. 9 - Prob. 5BTNCh. 9 - Prob. 6BTN
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- Exercise 18-5 (Algo) Issuance of shares; noncash consideration [LO18-4] During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating to shareholders' equity. The articles of incorporation authorized the issue of 8 million common shares, $1 par per share, and 2 million preferred shares, $50 par per share. February 12 Sold 4 million common shares, for $10 per share.. February 13 Issued 47,000 common shares to attorneys in exchange for legal services. February 13 Sold 75,000 of its common shares and 4,580 preferred shares for a total of $995,000. November 15 Issued 380,000 of its common shares in exchange for equipment for which the cash price was known to be $3,828,000. Required: Prepare the appropriate journal entries to record each transaction. Note: If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions.arrow_forwardNelson Corporation sells three different products. Please provide answer the general accounting question not use aiarrow_forwardAccounting question please solve correct answer not use aiarrow_forward
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