HORNGREN'S FINANCIAL & MANAGERIAL ACCO
16th Edition
ISBN: 9781323425084
Author: MILLER-NOBLES
Publisher: PEARSON C
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Chapter 1, Problem 1.50BP
(a)
To determine
Income statement: The financial statement which reports revenues and expenses from business operations, and the result of those operations as net income or net loss for a particular time period is referred to as income statement.
To prepare: Income statement of P Pics for the year ended December 31, 2016
(b)
To determine
Statement of
To prepare: Statement of retained earnings of P Pics for the year ended December 31, 2016
(c)
To determine
To prepare: Balance sheet of P Pics as of December 31, 2016
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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
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.
Question: Perform the following accounting for the receivables of A & G, an accounting firm, at December 31, 2014.
1. Start with the beginning balances for these T-accounts:
Accounts Receivable, $80,000
Allowance for Uncollectible Accounts, $9,000
Post the following 2014 transactions to the T-accounts:
a. Service revenue of $850,000, all on account
b. Collections on account, $790,000
c. Write-offs of uncollectible accounts, $7,000
d. Bad debt expense (allowance method), $8,000
2. What are the ending balances of Accounts Receivable and Allowance for Uncollectible Accounts?
3. Show two ways A & G could report accounts receivable on its balance sheet at December 31, 2014.
Please explain & show steps, thank you.
Chapter 1 Solutions
HORNGREN'S FINANCIAL & MANAGERIAL ACCO
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