FINANCIAL ACCOUNTING: TOOLS FOR BUSINES
9th Edition
ISBN: 9781119595649
Author: Kimmel
Publisher: WILEY
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Chapter 1, Problem 21Q
To determine
Introduction:
Accounting Equation
Figure (1)
- Assets (A): Assets are those items that provide value for money and future economic benefit for an organization. Assets of an organization may be in these two forms: Tangible or intangible form. Example: Cash, Short-term investments, Inventories, Accounts receivable, Equipment, Supplies and
Goodwill . - Liabilities (L): Liabilities are obligations of the business. These are the claims against the resources that a business owes to outsiders of the company. Liabilities may be Current liabilities, Long-term liabilities. Example: Creditors, Bills payable, Bank overdraft, Salaries and wages payable, and Notes payable.
- Stockholders’ equity (SE): Stockholders’ equity are those assets of the business to which they stake claim. It consists of two parts: Common stock and Retained earnings.
To represent: The accounting equation with dollar amounts of Incorporation A.
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Use Google’s December 31, 2017, financial statements, in Appendix A near the end of the text, to answer the following. a). Identify the amounts (in $ millions) of its 2017 (1) assets, (2) liabilities, and (3) equity. b). Using amounts from part a, verify that Assets = Liabilities + Equity.
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Dakota Company experienced the following events during Year 2.
1. Acquired $30,000 cash from the issue of common stock.
2. Paid $12,000 cash to purchase land.
3. Borrowed $10,000 cash.
4. Provided services for $20,000 cash.
5. Paid $1,000 cash for utilities expense.
6. Paid $15,000 cash for other operating expenses.
7. Paid a $2,000 cash dividend to the stockholders.
8. Determined that the market value of the land purchased in Event 2 is now $12,700.
Required
a. The January 1, Year 2, general ledger account balances are shown in the following accounting equation. Record the eight events in
the…
https://massygroup.com/wp-content/uploads/2022/11/MASSY-DIGITAL-ANNUALREPORT-2022 (answer the following questions) Evaluate the company’s latest annual financial statements (balance sheet, income statement, and cash flow statement) and comment on the company's financial performance and position. In your response, use the requirements of IAS 1 as a guide. b) Identify and discuss key accounting principles and standards applied in the company’s financial reporting process indicating their reasons for choosing these and how they were applied. Comment briefly on the appropriateness of the choices made given the company’s industry, location and type (e.g. MNC, regional conglomerate, etc.) c) Critically analyze any significant accounting policies and estimates disclosed in the notes to the financial statements. In your answer, indicate whether the company complied with the accounting standards and conventions.
Chapter 1 Solutions
FINANCIAL ACCOUNTING: TOOLS FOR BUSINES
Ch. 1 - Prob. 1QCh. 1 - Prob. 2QCh. 1 - Prob. 3QCh. 1 - Accounting is ingrained in our society and is...Ch. 1 - Prob. 5QCh. 1 - Prob. 6QCh. 1 - What are the three main types of business...Ch. 1 - Prob. 8QCh. 1 - Prob. 9QCh. 1 - Prob. 10Q
Ch. 1 - Prob. 11QCh. 1 - What are the three main categories of the...Ch. 1 - Prob. 13QCh. 1 - Prob. 14QCh. 1 - Prob. 15QCh. 1 - Which of these items are liabilities of White...Ch. 1 - How are each of the following financial statements...Ch. 1 - What is the purpose of the management discussion...Ch. 1 - Prob. 19QCh. 1 - Prob. 20QCh. 1 - Prob. 21QCh. 1 - Prob. 1.1BECh. 1 - Match each of the following types of evaluation...Ch. 1 - Indicate in which part of the statement of cash...Ch. 1 - Prob. 1.4BECh. 1 - Prob. 1.6BECh. 1 - Indicate which statement you would examine to find...Ch. 1 - Prob. 1.8BECh. 1 - Prob. 1.9BECh. 1 - Prob. 1.10BECh. 1 - Prob. 1.11BECh. 1 - Prob. 1.1DIECh. 1 - Prob. 1.2DIECh. 1 - Prob. 1.3bDIECh. 1 - Here is a list of words or phi uses discussed in...Ch. 1 - Prob. 1.4ECh. 1 - Prob. 1.9ECh. 1 - Prob. 1.12ECh. 1 - Prob. 1.19ECh. 1 - Prob. 1.21ECh. 1 - Prob. 1.1APCh. 1 - Financial decisions often place heavier emphasis...Ch. 1 - INTERPRETING FINANCIAL STATEMENTS Xerox was not...Ch. 1 - Prob. 1.5EYCTCh. 1 - Prob. 1.9EYCTCh. 1 - Prob. 1.10EYCTCh. 1 - Prob. 1.1IPCh. 1 - Prob. 1.2IPCh. 1 - Prob. 1.3IP
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