MyLab Accounting with Pearson eText -- Access Card -- for Horngren's Financial & Managerial Accounting (My AccountingLab)
5th Edition
ISBN: 9780133877601
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 1, Problem 1.43AP
Preparing financial statements
Click a Pix Photography works weddings and prom-type parties. The balance of
| Insurance Expense | $ 11,000 |
| Cash | 40,000 |
| Accounts Payable | 6,000 |
| Advertising Expense | 3,200 |
| Service Revenue | 95,000 |
| Dividends | 10,000 |
| $ 12,000 | |
| Notes Payable | 9,000 |
| Retained Earnings, Dec. 31, 2016 | ? |
| Salaries Expense | 20,000 |
| Equipment | 73,800 |
| Common Stock | 34,000 |
Prepare the following financial statements for Click a Pix Photography for the year ended December 31, 2016:
- a. Income statement.
- b. Statement of retained earnings.
- c.
Balance sheet .
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Students have asked these similar questions
Wolfe Inc.
Wolfe Inc. reports these account balances at January 1, 2016:
Retained Earnings
$ 49,000
Accounts Receivable
20,000
Accounts Payable
24,000
Capital Stock
185,000
Land
153,000
Cash
13,000
Equipment
20,000
Notes Payable
28,000
Buildings
80,000
See the account balances for Wolfe Inc.
On January 31, Wolfe collected $12,000 of its accounts receivable and paid $11,000 on its note payable. In Wolfe’s trial balance prepared on January 31, 2016, the total of the credit column is:
a. $297,000
$287,000
$286,000
$275,000
Consider this balance sheet:
Green Valley Nursing Home, Inc.
Balance Sheet
December 31, 2015
Current Liabilities:
Accounts payable
Accrued expenses
Notes payable
Total current liabilities
Assets
Long-term debt
Current Assets:
Cash
Short-term investments
Net patient accounts receivable
Supplies
Total current assets
Property and equipment
$ 105,737
Total liabilities
Shareholders' Equity:
200,000
215,600
Common stock, $10 par value
Retained earnings
87,655
$ 608,992
Less accumulated depreciation
$2,250,000
356,000
Net property and equipment
Total assets
$1,894,000
$2,502,992
Liabilities and Shareholders'
Equity
Total shareholders' equity
Total liabilities and shareholders'
equity
$
72,250
192,900
180,000
EXHIBIT 4.1
Sunnyvale
Clinic:
Balance Sheets
December 31,
2015 and 2014
$ 445,150
1,700,000
$2,145,150
$ 100,000
(in thousands)
257,842
$ 357,842
$2,502,992
a. How does this balance sheet differ from the ones presented in
Exhibit 4.1 and Problem 4.5?
b. What is Green Valley's net working…
Given the ledger accounts of Bastoni Company as of January 31, 2020:
Cash
$40,500
Accounts Payable $11,000
Supplies
5,200
Rent Expense
4,100
Share Capital-Ordinary 33,200
Accounts
8,700
Receivable
Notes Payable
3,500
Service Revenue
10,800
Required:
Compute the total of the debit side of the trial balance. (show your
computation).
1.
Compute the total of the credit side of the trial balance. (show your
computation).
2.
Chapter 1 Solutions
MyLab Accounting with Pearson eText -- Access Card -- for Horngren's Financial & Managerial Accounting (My AccountingLab)
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