2 Semester Cengage Now, Warren Accounting
26th Edition
ISBN: 9781305662308
Author: WARREN
Publisher: Cengage
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Chapter 1, Problem 1.2APR
a)
To determine
Financial statements:
Financial statements refer to those statements, which are prepared by the Company according to particular formats in accounting to show its financial position. The financial statements consist of the
Income statement:
Income statement is a financial statement that shows the net income or net loss by deducting the expenses from the revenues and vice versa.
Statement of owner's’ equity:
The statement of owner's equity reports the changes in the owner's equity for a period of time.
Balance Sheet:
Balance Sheet summarizes the assets, the liabilities, and the Shareholder’s equity of a company at a given date. It is also known as the statement of financial status of the business.
To prepare: The income statement for the year ended December 31, 2016 for NT Agency.
b)
To determine
To prepare: The statement of owner's equity for the year ended December 31, 2016 for NT Agency.
c)
To determine
To prepare: The balance sheet for the year ended December 31, 2016 for NT Agency.
d)
To determine
To Identify: The items that appear on both statement of owner's equity and balance sheet of NT Agency.
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Students have asked these similar questions
Assets
Current assets
Net fixed assets
INCOME STATEMENT, 2022
(Figures in $ millions)
Revenue
Cost of goods sold
Depreciation
Interest expense
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$ 101
2022
$ 195
910 1,010
$ 2,005
1,085
405
251
Req A and B Req C and D
BALANCE SHEET AT END OF YEAR
(Figures in $ millions)
Liabilities and Shareholders' Equity
Current liabilities
Long-term debt
Req E
Complete this question by entering your answers in the tabs below.
a&b. What is shareholders' equity in 2021 and 2022?
c&d. What is net working capital in 2021 and 2022?
e. What are taxes paid in 2022? Assume the firm pays taxes equal to 21% of taxable income.
f. What is cash provided by operations during 2022?
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Answer is complete but not entirely correct.
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Displayed here are the draft financial statements which have been prepared for Valerie’s business for the year ended 30 April 2021.
Draft Statement of Financial Position as at 30 April 2021
Assets
Non-current assets
see point a. below
Cost
90,000
Provision for depreciation
30,600
Net Book Value
59,400
Current assets
Inventory
To be advised
Trade receivables
43,200
Cash
4,680
47,880
Total assets
107,280
Liabilities
Current liabilities
Trade payables
17,280
Non-current liabilities
Bank loan
16,000
Total liabilities
33,280
Net assets
74,000
Owner’s interest
Capital invested
24,000
Profit and Loss Reserve:
Opening balance
34,720
Draft profit for the year…
Keurig Green Mountain's Current Liabilities
Following is the current assets and current liabilities portion of the balance sheet of Keurig Green Mountain for the years ended September 26, 2015, and September 27, 2014:
(Dollars in thousands)
September 26, 2015
September 27, 2014
Current assets:
Cash and cash equivalents
$59,334
$761,214
Restricted cash and cash equivalents
30,460
378
Short-term investment
—
100,000
Receivables, less uncollectible accounts and return allowances of $35,459 and $66,120 at September 26, 2015 and September 27, 2014, respectively
517,936
621,451
Inventories
691,980
835,167
Income taxes receivable
51,786
—
Other current assets
95,526
69,272
Deferred income taxes, net
70,181
58,038
Total current assets
$1,517,203
$2,445,520
Current liabilities:
Current portion of long-term debt…
Chapter 1 Solutions
2 Semester Cengage Now, Warren Accounting
Ch. 1 - Name some users of accounting information.Ch. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - Josh Reilly is the owner of Dispatch Delivery...Ch. 1 - On July 12, Reliable Repair Service extended an...Ch. 1 - Prob. 6DQCh. 1 - Describe the difference between an account...Ch. 1 - A business had revenues of 679,000 and operating...Ch. 1 - A business had revenues of 640,000 and operating...Ch. 1 - The financial statements are interrelated. (a)...
Ch. 1 - Prob. 1.1APECh. 1 - Prob. 1.1BPECh. 1 - Accounting equation Brock Hahn is the owner and...Ch. 1 - Accounting equation Fritz Evans is the owner and...Ch. 1 - Transactions Arrowhead Delivery Service is owned...Ch. 1 - Transactions Interstate Delivery Service is owned...Ch. 1 - Income statement The revenues and expenses of...Ch. 1 - Prob. 1.4BPECh. 1 - Statement of owners equity Using the income...Ch. 1 - Prob. 1.5BPECh. 1 - Balance sheet Using the following data for Ousel...Ch. 1 - Prob. 1.6BPECh. 1 - Prob. 1.7APECh. 1 - Prob. 1.7BPECh. 1 - Ratio of liabilities to owners equity The...Ch. 1 - Prob. 1.8BPECh. 1 - Types of businesses The following is a list of...Ch. 1 - Prob. 1.2EXCh. 1 - Prob. 1.3EXCh. 1 - Prob. 1.4EXCh. 1 - Prob. 1.5EXCh. 1 - Prob. 1.6EXCh. 1 - Accounting equation Annie Rasmussen is the owner...Ch. 1 - Asset, liability, and owners equity items Indicate...Ch. 1 - Effect of transactions on accounting equation...Ch. 1 - Effect of transactions on accounting equation a.A...Ch. 1 - Effect of transactions on owner's equity Indicate...Ch. 1 - Transactions The following selected transactions...Ch. 1 - Nature of transactions Teri West operates her own...Ch. 1 - Net income and owner's withdrawals The income...Ch. 1 - Net income and owner's equity for four businesses...Ch. 1 - Balance sheet items From the following list of...Ch. 1 - Income statement items Based on the data presented...Ch. 1 - Prob. 1.18EXCh. 1 - Income statement Dairy Services was organized on...Ch. 1 - Missing amounts from balance sheet and income...Ch. 1 - Prob. 1.21EXCh. 1 - Financial statements Each of the following items...Ch. 1 - Statement of cash flows Indicate whether each of...Ch. 1 - Prob. 1.24EXCh. 1 - Financial statements We-Sell Realty, organized...Ch. 1 - Ratio of liabilities to stockholders equity The...Ch. 1 - Ratio of liabilities to stockholders equity Lowes...Ch. 1 - Transactions On April 1 of the current year,...Ch. 1 - Prob. 1.2APRCh. 1 - Financial statements Seth Feye established...Ch. 1 - Transactions; financial statements On July 1,...Ch. 1 - Transactions; financial statements DLite Dry...Ch. 1 - Prob. 1.6APRCh. 1 - Transactions Amy Austin established an insurance...Ch. 1 - Financial statements The amounts of the assets and...Ch. 1 - Financial statements Jose Loder established Bronco...Ch. 1 - Transactions; financial statements On April 1,...Ch. 1 - Transactions; financial statements Bevs Dry...Ch. 1 - Prob. 1.6BPRCh. 1 - Peyton Smith enjoys listening to all types of...Ch. 1 - Prob. 1.1CPCh. 1 - Prob. 1.2CPCh. 1 - Prob. 1.3CP
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