FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can resu…
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the a…
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately…
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial repor…
Question
Answer questions 1 through 4
What closing entries would McDonald's have made in 2019 based on its trial balance? McDonald's Corporation (NYSE: MCD) is a publicly held corporation and issued its financial statements for 2019 at year end in 2019. To follow is a condensed and adapted trial balance as of December 31, 2019, that was constructed from those financial statements McDonald's Corporation Trial Balance (adapted for classroom use) For Year Ended December 31, 2019 Balance In millions Debit Credit Cash and cash equivalents $ 1,223.4 Accounts receivable, net 1,474.1 Inventories 58.9 Prepaid and other expenses 2,092.2 Property and equipment, net 21,257.6 Other long-term assets 4,917.7 Accounts payable 2$ 756.0 Other current liabilities 2,712.3 25,878.5 Long-term debt Other long-term liabilities 3,881.4
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Transcribed Image Text:What closing entries would McDonald's have made in 2019 based on its trial balance? McDonald's Corporation (NYSE: MCD) is a publicly held corporation and issued its financial statements for 2019 at year end in 2019. To follow is a condensed and adapted trial balance as of December 31, 2019, that was constructed from those financial statements McDonald's Corporation Trial Balance (adapted for classroom use) For Year Ended December 31, 2019 Balance In millions Debit Credit Cash and cash equivalents $ 1,223.4 Accounts receivable, net 1,474.1 Inventories 58.9 Prepaid and other expenses 2,092.2 Property and equipment, net 21,257.6 Other long-term assets 4,917.7 Accounts payable 2$ 756.0 Other current liabilities 2,712.3 25,878.5 Long-term debt Other long-term liabilities 3,881.4
Common stock 16.6 Other stockholders' equity items* 48,443.6 Retained earnings 44,594.5 Net revenues 24,621.9 Expenses 16,877.4 Other expenses and adjustments 3,058.0 Dividends (adjusted) 3,058.3 Total 102,461.2 $ 102,461.2 *includes treasury stock and other items Please note that the accounts have been adapted and condensed for educational use and should not be used for investment decisions. McDonald's complete, unabridged financial statements can be found on its investor relations website. Note: Dividends are the equivalent of drawings for a corporation. Discussion Questions 1. What are closing entries? Why are they made? 2. What accounts on McDonald's trial balance should be closed? 3. Using the McDonald's trial balance, what closing entries would McDonald's make for 2019? 4. What was McDonald's net income for the year ended December 31, 2019?
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Transcribed Image Text:Common stock 16.6 Other stockholders' equity items* 48,443.6 Retained earnings 44,594.5 Net revenues 24,621.9 Expenses 16,877.4 Other expenses and adjustments 3,058.0 Dividends (adjusted) 3,058.3 Total 102,461.2 $ 102,461.2 *includes treasury stock and other items Please note that the accounts have been adapted and condensed for educational use and should not be used for investment decisions. McDonald's complete, unabridged financial statements can be found on its investor relations website. Note: Dividends are the equivalent of drawings for a corporation. Discussion Questions 1. What are closing entries? Why are they made? 2. What accounts on McDonald's trial balance should be closed? 3. Using the McDonald's trial balance, what closing entries would McDonald's make for 2019? 4. What was McDonald's net income for the year ended December 31, 2019?
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