Principles of Accounting
12th Edition
ISBN: 9781133626985
Author: Belverd E. Needles, Marian Powers, Susan V. Crosson
Publisher: Cengage Learning
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Question
Chapter 1, Problem 10EA
To determine
Prepare a statement of retained earnings. State the reason for the Mrs S is restraining from making a withdrawal.
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Emerson Real Estate Appralsal
Adjusted Trial Balance
June 30, 2016
Balance
Account Title
Debit
Credit
Cash
%24
4,200
Accounts Recelvable
5,500
Office Supplies
2,300
Prepaid Insurance
2,000
Building
73,000
Accumulated Depreciation-Bullding
$
25,300
Land
13,400
Accounts Payable
19,500
Interest Payable
8,500
Salaries Payable
1,600
Uneamed Revenue
4,300
Notes Payable (long-term)
35,000
Emerson, Capital
41,500
Emerson, Withdrawals
27,600
Service Revenue
48,200
Insurance Expense
4,400
Salaries Expense
32,600
Supplies Expense
700
Interest Expense
8,500
Utilities Expense
2,400
Depreciation Expense-Building
7.300
Total
183,900 $
183,900
41.500
Luisa is concerned about risks and liabilities involved with business ownership.
What actions can she take to BEST protect her personal property against the
financial obligations of her business?
Register the business name; patent the logo
O Establish an IRA; set up automatic withdrawals
O Seek legal counsel; choose the right legal structure
O Hire an accountant; enroll in online banking
O
14 of 15
10
Sep 18
Real Life Situation:
You are a company owner and you decide to sell your own personal computer to your own business for $1,200. From now on, that computer will be used only for business purposes.
How would you record the related transactions regarding the above decision in your company accounting books?
Chapter 1 Solutions
Principles of Accounting
Ch. 1 - What makes accounting a valuable discipline?Ch. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - How are expenses and withdrawals similar, and how...Ch. 1 - How do generally accepted accounting principles...Ch. 1 - Why do managers in governmental and not-for-profit...Ch. 1 - Prob. 1SECh. 1 - Match the descriptions that follow with the...Ch. 1 - Determine the amount missing from each accounting...Ch. 1 - Use the accounting equation to answer each...
Ch. 1 - Use the accounting equation to answer each...Ch. 1 - Prob. 6SECh. 1 - Use the following accounts and balances to prepare...Ch. 1 - Randall Company engaged in activities during the...Ch. 1 - Prob. 9SECh. 1 - Prob. 10SECh. 1 - Prob. 1EACh. 1 - Financial accounting uses money measures to gauge...Ch. 1 - You have been asked to compare the sales and...Ch. 1 - Use the accounting equation to answer each...Ch. 1 - Daiichi Companys total assets and liabilities at...Ch. 1 - 1. Indicate whether each of the following accounts...Ch. 1 - Listed in random order are some of Oxford Services...Ch. 1 - Dukakis Company had the following accounts and...Ch. 1 - Prob. 9EACh. 1 - Prob. 10EACh. 1 - Complete the financial statements that follow by...Ch. 1 - Prob. 12EACh. 1 - Match the terms that follow with the appropriate...Ch. 1 - Prob. 14EACh. 1 - Prob. 15EACh. 1 - Prob. 1PCh. 1 - The following three independent sets of financial...Ch. 1 - Fuel Designs financial accounts follow. The...Ch. 1 - The accounts of Frequent Ad, an agency that...Ch. 1 - Athena Riding Clubs financial statements follow.Ch. 1 - A list of financial statement items follows....Ch. 1 - Three independent sets of financial statements...Ch. 1 - Prob. 8APCh. 1 - Prob. 9APCh. 1 - Aqua Swimming Clubs financial statements follow....Ch. 1 - Costco Wholesale Corporation is Americas largest...Ch. 1 - Prob. 2CCh. 1 - Prob. 3CCh. 1 - Prob. 4CCh. 1 - Refer to the CVS annual report and the financial...
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