Homework Answers
| S.No | Business Transactions | Account name | Classification |
| a. | Coins and currency | Cash | A |
| b. | Amounts K-Swiss owes to suppliers of shoes | Accounts Payable | L |
| c. | Amounts K-Swiss can collect from customers | Accounts Receivable | A |
| d. | Amount owed to bank for loan to buy buildings | Notes payable | L |
| e. | Property on which buildings will be built | Land | A |
| f. | Amounts distributed from profits to stockholders | Dividends | L |
| g. | Amounts earned by K-Swiss by selling shoes | Sales Revenue | R |
| h. | Unused paper in K-swiss head office | Supplies | A |
| i | Cost of paper used up during month | Supplies Expense | E |
| j | Amounts contributed by stockholders for K-swiss stock | Common Stock | SE |
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010, what would be the LO 1-2 K-Swiss Inc. a. C. E1-5 Labeling and Classifying Business...
The following items relate to business transactions involving K-Swiss Inc. Required: 1. & 2. Identify an...
The following items relate to business transactions involving K-Swiss Inc. Required: 1. & 2. Identify an appropriate label (account name) for each item as it would be heported in the compan type of account. Type Label Accounts Payable 'Accounts Receivable a. Coins and currency b. Amounts K Swiss owes to suppliers of shoes c. Amounts K-Swiss can collect from customers d. Amounts owed to bank for loan to buy building e. Property on which buildings will be built f. Amounts...
E1-5 Labelling and Classifying Business Transactions (LO2) The following items relate to business transactions involving Collectibles...
E1-5 Labelling and Classifying Business Transactions (LO2) The following items relate to business transactions involving Collectibles Canada. Identify an appropriate label (account name) for each item as it would be reported in the company's financial statements and classify each item as an asset (A), llability (L). shareholders equity (SE), revenue (R), or expense (E). Type Label Accounts payable Land A Coins and currency b. Amounts that Collectibles Canada owes to suppliers of coins and currency C Amounts that Collectibles Canada...
Exercises Saved Match each element with its financial statement by selecting the appropriate financial statement. 1....
Exercises Saved Match each element with its financial statement by selecting the appropriate financial statement. 1. Cash Flows from Financing Activities Balance Sheet 2. Expensers 3. Cash Flows from Investing Activities 4. Assets 5. Dividends 6. Revenues 7. Cash Flows from Operating Activities 8. Liabilities くPrev 60t 36… Next > 2 41) 41% tatic Exercises The following items relate to business transactions involving K-Swiss Inc. Required: 1.& 2. Identify an appropriate label (account name) for each tem as it would...
E1-10 E1-11 E1-12 E1-13 E1 Accounting equation and income statement Staples, Inc. ) islading of the...
E1-10
E1-11
E1-12
E1-13
E1 Accounting equation and income statement Staples, Inc. ) islading of the p a Canada Asia and South A The werede ancial stat e s h en data 510 Totales 5.00 SOS Cost of goods sold Operating expenses Otherine 5.518 D in the missing data indicated for Using the income data for and an determine the E1-10 Balance sheet items From the following list of selected hems taken from the records of p op Sandals Incas...
Seved Help Sav E1-3 Preparing a Balance Sheet (LO 1-2, LO 1-3] DSW, Inc., is a...
Seved Help Sav E1-3 Preparing a Balance Sheet (LO 1-2, LO 1-3] DSW, Inc., is a designer shoe warehouse, selling luxurious and fashionable shoes. Its balance sheet, at July 30, 2016 (he last Saturday of the month). contained the following (listed alphabetically, amounts in thousands). points Accounts Payable Accounts Receivable eBook $ 297,700 118,000 321,200 849, 600 459,500 397,000 129,800 18,600 1,295, 700 Hint Cash Common Stock Equipment Inventory Notes Payable Retained Earnings Total Assets Total Liabilities and Stockholders' Equity...
Required Information E1-4 Completing a Balance Sheet and Inferring Net Income [LO 1-2, LO 1-3] [The...
Required Information E1-4 Completing a Balance Sheet and Inferring Net Income [LO 1-2, LO 1-3] [The following information applies to the questions displayed below.] Ken Young and Kim Sherwood organized Reader Direct as a corporation: each contributed $49.000 cash to start the business and received 4.000 shares of stock. The store completed its first year of operations on December 31, 2017. On that date, the following financial items for the year were determined: cash on hand and in the bank....
EXERCISES Exercise 2-1 Classifying accounts LO 2, 3 The following accounts are from Yoojin Chang's interior...
EXERCISES Exercise 2-1 Classifying accounts LO 2, 3 The following accounts are from Yoojin Chang's interior design company, Big Apple Design. For each account, complete the following. The first one has been completed for you as an example, (1) The basic account category (asset. liability, owner's capital, withdrawal, revenue, or expense) 2) The financial statement the account is recorded on (Income Statement, Statement of Changes in Equity, or Balance Sheet). (3) The normal balance (debit or credit). (4) The effect...
can you answer the summarize question 2 MIX Inc. is a service business incorporated on January,...
can you answer the summarize question
2 MIX Inc. is a service business incorporated on January, 2018 to provide personal training for athletes aspiring to play college sports. The following is a simplified list of accounts and amounts reported in its accounting records at the beginning of its second quarter of operations on April 1, 2018(the amounts are in thousands of dollars). The accounts have normal debit or credit balances. Accounts Payable $ 600 Notes Payable (long-term) $ 200 Accounts...
Classifying Balance Sheet Accounts Use the letters a to k from the balance sheet classifications provided...
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....
Problem 3-5 Sage Hill Inc. was started on May 1. A summary of May transactions is...
Problem 3-5 Sage Hill Inc. was started on May 1. A summary of May transactions is presented below. 1. Stockholders invested $24,500 cash in the business in exchange for common stock. 2. Purchased equipment for $5,000 cash. 3. Paid $300 cash for May office rent. Paid $500 cash for supplies. Incurred $300 of advertising costs in the Beacon News on account. Received $4,400 in cash from customers for performing repair service. Paid a $1,600 cash dividend. 8. Paid part-time employee...
The following items relate to business transactions involving K-Swiss Inc. Required: 1. & 2. Identify an appropriate label (account name) for each item as it would be heported in the compan type of account. Type Label Accounts Payable 'Accounts Receivable a. Coins and currency b. Amounts K Swiss owes to suppliers of shoes c. Amounts K-Swiss can collect from customers d. Amounts owed to bank for loan to buy building e. Property on which buildings will be built f. Amounts...
E1-5 Labelling and Classifying Business Transactions (LO2) The following items relate to business transactions involving Collectibles Canada. Identify an appropriate label (account name) for each item as it would be reported in the company's financial statements and classify each item as an asset (A), llability (L). shareholders equity (SE), revenue (R), or expense (E). Type Label Accounts payable Land A Coins and currency b. Amounts that Collectibles Canada owes to suppliers of coins and currency C Amounts that Collectibles Canada...
Exercises Saved Match each element with its financial statement by selecting the appropriate financial statement. 1. Cash Flows from Financing Activities Balance Sheet 2. Expensers 3. Cash Flows from Investing Activities 4. Assets 5. Dividends 6. Revenues 7. Cash Flows from Operating Activities 8. Liabilities くPrev 60t 36… Next > 2 41) 41% tatic Exercises The following items relate to business transactions involving K-Swiss Inc. Required: 1.& 2. Identify an appropriate label (account name) for each tem as it would...
E1-10
E1-11
E1-12
E1-13
E1 Accounting equation and income statement Staples, Inc. ) islading of the p a Canada Asia and South A The werede ancial stat e s h en data 510 Totales 5.00 SOS Cost of goods sold Operating expenses Otherine 5.518 D in the missing data indicated for Using the income data for and an determine the E1-10 Balance sheet items From the following list of selected hems taken from the records of p op Sandals Incas...
Seved Help Sav E1-3 Preparing a Balance Sheet (LO 1-2, LO 1-3] DSW, Inc., is a designer shoe warehouse, selling luxurious and fashionable shoes. Its balance sheet, at July 30, 2016 (he last Saturday of the month). contained the following (listed alphabetically, amounts in thousands). points Accounts Payable Accounts Receivable eBook $ 297,700 118,000 321,200 849, 600 459,500 397,000 129,800 18,600 1,295, 700 Hint Cash Common Stock Equipment Inventory Notes Payable Retained Earnings Total Assets Total Liabilities and Stockholders' Equity...
Required Information E1-4 Completing a Balance Sheet and Inferring Net Income [LO 1-2, LO 1-3] [The following information applies to the questions displayed below.] Ken Young and Kim Sherwood organized Reader Direct as a corporation: each contributed $49.000 cash to start the business and received 4.000 shares of stock. The store completed its first year of operations on December 31, 2017. On that date, the following financial items for the year were determined: cash on hand and in the bank....
EXERCISES Exercise 2-1 Classifying accounts LO 2, 3 The following accounts are from Yoojin Chang's interior design company, Big Apple Design. For each account, complete the following. The first one has been completed for you as an example, (1) The basic account category (asset. liability, owner's capital, withdrawal, revenue, or expense) 2) The financial statement the account is recorded on (Income Statement, Statement of Changes in Equity, or Balance Sheet). (3) The normal balance (debit or credit). (4) The effect...
can you answer the summarize question
2 MIX Inc. is a service business incorporated on January, 2018 to provide personal training for athletes aspiring to play college sports. The following is a simplified list of accounts and amounts reported in its accounting records at the beginning of its second quarter of operations on April 1, 2018(the amounts are in thousands of dollars). The accounts have normal debit or credit balances. Accounts Payable $ 600 Notes Payable (long-term) $ 200 Accounts...
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....
Problem 3-5 Sage Hill Inc. was started on May 1. A summary of May transactions is presented below. 1. Stockholders invested $24,500 cash in the business in exchange for common stock. 2. Purchased equipment for $5,000 cash. 3. Paid $300 cash for May office rent. Paid $500 cash for supplies. Incurred $300 of advertising costs in the Beacon News on account. Received $4,400 in cash from customers for performing repair service. Paid a $1,600 cash dividend. 8. Paid part-time employee...
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