Homework Answers
Q1 c affect both income statement and balance sheet accounts - because two heads are affected while doing adjusting entries
Q2 d. Matching Principle - This principle matches the revenue and expenses of the current year
Q3 b.Overstate net income by 3000 - Because by 3000 expense will not be recorded and overstatement will occur
Q4 b Current Assets,Long Term Investments ,Plan assets and Intangible assets
Q5. b 4000
Total Assets = Liabilities + Opening Capital
40000 = 30000 + Opening Capital
10000= Opening Capital
Now
Opening Capital + additions + Profit - drawing = Closing capital
10000 + 2000 + Profit -1000 = 15000
12000 + Profit -1000 = 15000
11000 + profit = 15000
profit = 15000 - 11000 = 4000
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ACCOUNTING 1. Adjusting entries: A. Affect only income statement accounts. B. Affect only balance sheet accounts....
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prepare a classified balance sheet
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In Accounting Classify each of the following financial statement items taken from Ming Corporation's balance sheet....
In Accounting
Classify each of the following financial statement items taken from Ming Corporation's balance sheet. Stockholders' Equity Accounts payable Property, Plant, and Equipment Accounts receivable Stockholders' Equity Accumulated depreciation equipment Intangible Assets Buildings Current Assets Cash Intangible Assets Interest payable Current Assets Goodwill Intangible Assets Income taxes payable Intangible Assets Inventory Current Liabilities Stock investments (to be sold in 7 months) Long-term Liabilities Land (in use) Long-term Investments Mortgage payable Current Liabilities Supplies Property, Plant, and Equipment Equipment Long-term...
Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments...
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Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments...
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please help me find the followings. question #2) a,b, c,d from this balance sheet. please only for year 2018 pl...
please help me find the followings.
question #2) a,b, c,d from this balance sheet.
please only for year 2018
please also explain how you solved it.
thank you very much.
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Pharoah Company has collected the following
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Accounts receivable $15,000 Equipment $188,000 Accumulated
depreciation-equipment 46,300 Inventory 63,000 Cash 19,500 Supplies
6,300 Stock investments (long-term) 1,500 Goodwill 5,000
Do It! Review 2-012 Pharoah Company has collected the following information related to its December 31, 2022, balance sheet. Accounts receivable Accumulated depreciation-equipment Cash Stock investments (long-term) $15,000 46,300 19,500 1,500 Equipment Inventory Supplies Goodwill $188,000 63,000 6,300 5,000 Prepare the assets section of Pharoah...
Adjusting entries affect at least one balance sheet account and at least one income statement account....
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prepare a classified balance sheet
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In Accounting
Classify each of the following financial statement items taken from Ming Corporation's balance sheet. Stockholders' Equity Accounts payable Property, Plant, and Equipment Accounts receivable Stockholders' Equity Accumulated depreciation equipment Intangible Assets Buildings Current Assets Cash Intangible Assets Interest payable Current Assets Goodwill Intangible Assets Income taxes payable Intangible Assets Inventory Current Liabilities Stock investments (to be sold in 7 months) Long-term Liabilities Land (in use) Long-term Investments Mortgage payable Current Liabilities Supplies Property, Plant, and Equipment Equipment Long-term...
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Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments Property, plant, and equipment Intangible assets Total assets Current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 640,000 530,000 2,280,000 220,000 $3,670,000 $ 440.000 830,000 2,400,000 $3,670,000 The captions shown in the summarized statement above include the following: a. Current assets: cash, $160,000; accounts receivable (net). $210,000; inventory, $235,000; and prepaid insurance, $35,000 b. Investments: investment in equity securities, short term,...
please help me find the followings.
question #2) a,b, c,d from this balance sheet.
please only for year 2018
please also explain how you solved it.
thank you very much.
What is the largest expense and its amount? a. Study the company's 2018 balance sheet and answer the following questions: a. What classes of stock(shares) did the company issued? b. Which item carries a larger balance-the Common Stock account or Paid-In Capital in Excess of Par (also labeled Additional Paid-In...
Balance Sheet Calculations Dawson Company's balance sheet information at the end of 2019 and 2020 is as follows: 2019 2020 Current assets $ (a) $25,000 Long-term liabilities (b) 34,900 Total contributed capital (c) (9) Long-term investments 19,200 (h) Retained earnings 49,800 60,100 Total liabilities (d) (i) Intangible assets 10,400 9,000 Current liabilities 14,500 13,000 Common stock, $5 par (e) 20,000 Total assets 141,800 (1) Additional paid-in capital 15,000 (k) Property, plant, and equipment (net) 85,700 92,800 Accumulated other comprehensive income...
Adjusting entries affect at least one balance sheet account and at least one income statement account. For the entries below, identify the account to be debited and the account to be credited. Indicate which of the accounts is the income statement account and which is the balance sheet account. Assume the company records prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. B a. Entry to record revenue earned but not yet billed (nor...
Pharoah Company has collected the following
information related to its December 31, 2022, balance sheet.
Accounts receivable $15,000 Equipment $188,000 Accumulated
depreciation-equipment 46,300 Inventory 63,000 Cash 19,500 Supplies
6,300 Stock investments (long-term) 1,500 Goodwill 5,000
Do It! Review 2-012 Pharoah Company has collected the following information related to its December 31, 2022, balance sheet. Accounts receivable Accumulated depreciation-equipment Cash Stock investments (long-term) $15,000 46,300 19,500 1,500 Equipment Inventory Supplies Goodwill $188,000 63,000 6,300 5,000 Prepare the assets section of Pharoah...
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