Survey Of Accounting
5th Edition
ISBN: 9781259631122
Author: Edmonds, Thomas P.
Publisher: Mcgraw-hill Education,
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Textbook Question
Chapter 1, Problem 15E
Exercise 1-15 Preparing an income statement and a
Mijka Company was started on January 1, 2018. During 2018, the company experienced the following three accounting events: (1) earned cash revenues of $28,600, (2) paid cash expenses of $13,200, and (3) paid a $1,500 cash dividend to its stockholders. These were the only events that affected the company during 2018.
Required
a. Create an
b. Prepare an income statement, statement of changes in stockholders’ equity, and a balance sheet dated December 31, 2018, for Mijka Company.
c. Explain why the income statement uses different terminology to date the income statement than is used to date the balance sheet.
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Cycle Project i
The generunouyer or une nuumpury, cursuruny company, assumuury 1, aver, Lummen Tonering aa
Account Title
Cash
Accounts receivable
Equipment
Accumulated depreciation
Salaries payable
Common stock
Retained earnings
Total
50
The following is a summary of the transactions for the year:
a. Provided services, $136,000, of which $40,800 was on account and the balance was received in cash.
b. Collected on accounts receivable, $27,100.
c. Issued shares of common stock in exchange for $16,500 in cash.
d. Paid salaries, $49,750 (of which $10,250 was for salaries payable at the end of the prior year).
e. Paid miscellaneous expense for various items, $26,800.
f. Purchased equipment for $19,000 in cash.
g. Paid $3,300 in cash dividends to shareholders.
Additional information:
h. Accrued salaries at year-end amounted to $995.
i. Depreciation for the year on the equipment is $3,200.
S
Debits
$ 28,400
18,500
32,000
E
$ 78,900
D
Required:
1 to 3. Prepare a general journal entry for each…
PROBLEM 1
You have been engaged to prepare audited financial statement figures for BOURNE, Inc. The records are in agreement with the following balance sheet:
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BOURNE, INC.
Balance Sheet December 31, 2017
Assets
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Liabilities and Capital
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Cash
P10,000
Accounts Payable
P10,000
Accounts
12,000
Notes Payable
3,000
receivable
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Notes receivable
13,000
Common Stock
20,000
Inventory
25,000
Additional      paid-in
40,000
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capital
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Equipment- net
   40,000
P100,000
Retained Earnings
   27,000
P100,000
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A review of the records of the corporation indicates that the errors and omissions listed in the table below had not been corrected during the applicable years:
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Inventory
Inventory
Depreciation
Prepaid
Unearned
Accrued
December
Overstated
Understated
Expense
Expense
Income
Expense
31
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2014
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P6,000
P250
P900
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P200…
Study the following balance sheet to help you prepare for your upcoming interview for an entry-level analyst position at Galaxy Corporation.
Galaxy Corporation Balance Sheet
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Cash
$656,250
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Accounts payable
$1,575,000
Accounts receivable
$2,296,875
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Accruals
$984,375
Inventory
$3,609,375
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Notes payable
$1,378,125
Total current assets
$6,562,500
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Total current liabilities
$3,937,500
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Long-term debt
$6,562,500
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 Total debt
$10,500,000
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Common equity
$2,100,000
Net plant and equipment
$10,937,500
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Retained earnings
$4,900,000
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 Total equity
$7,000,000
Total assets
$17,500,000
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Total liabilities and equity
$17,500,000
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During your interview for an introductory-level analyst position at Galaxy Corporation, the interviewer asks you to complete the following table using the information provided in the preceding balance sheet.
Net Working Capital
$__________________________Â Â Â
Current Ratio…
Chapter 1 Solutions
Survey Of Accounting
Ch. 1 - Prob. 1QCh. 1 - Prob. 2QCh. 1 - Prob. 3QCh. 1 - 4. In a business context, what does the term...Ch. 1 - 5. What market trilogy components are involved in...Ch. 1 - 6. Give an example of a financial resource, a...Ch. 1 - Prob. 7QCh. 1 - 8. How do financial and managerial accounting...Ch. 1 - Prob. 9QCh. 1 - Prob. 10Q
Ch. 1 - Prob. 11QCh. 1 - 12. Distinguish between elements of financial...Ch. 1 - Prob. 13QCh. 1 - 14. To whom do the assets of a business belong?Ch. 1 - 15. Describe the differences between creditors and...Ch. 1 - Prob. 16QCh. 1 - Prob. 17QCh. 1 - Prob. 18QCh. 1 - 19. What does a double-entry bookkeeping system...Ch. 1 - 22. How does acquiring capital from owners affect...Ch. 1 - Prob. 21QCh. 1 - Prob. 22QCh. 1 - 25. What are the three primary sources of assets?Ch. 1 - 26. What is the source of retained earnings?Ch. 1 - 27. How does distributing assets (paying...Ch. 1 - 28. What are the similarities and differences...Ch. 1 - Prob. 27QCh. 1 - 30. Which of the general-purpose financial...Ch. 1 - 31. What causes a net loss?Ch. 1 - 35. What three categories of cash receipts and...Ch. 1 - Prob. 31QCh. 1 - 37. Discuss the term articulation as it relates to...Ch. 1 - 38. How do temporary accounts differ from...Ch. 1 - Prob. 34QCh. 1 - 41. Identify the three types of accounting...Ch. 1 - Prob. 36QCh. 1 - Prob. 37QCh. 1 - Prob. 1ECh. 1 - Prob. 2ECh. 1 - Exercise 1-3A Identifying the reporting entities...Ch. 1 - Exercise 1-4A Define Terms and Identify Missing...Ch. 1 - Exercise 1-5 Effect of events on the accounting...Ch. 1 - Exercise 1-6 Effect of transactions on general...Ch. 1 - Exercise 1-7 Missing information and recording...Ch. 1 - Prob. 8ECh. 1 - Exercise 1-9A Record events and interpret...Ch. 1 - Exercise 1-10 Interpreting the accounting equation...Ch. 1 - Prob. 11ECh. 1 - Exercise 1-12A Differences between interest and...Ch. 1 - Exercise 1-13A Classifying events as asset source,...Ch. 1 - Prob. 14ECh. 1 - Exercise 1-15 Preparing an income statement and a...Ch. 1 - Prob. 16ECh. 1 - Prob. 17ECh. 1 - Prob. 18ECh. 1 - Prob. 19ECh. 1 - Riley Company paid 60,000 cash to purchase land...Ch. 1 - Prob. 21ECh. 1 - As of January 1, 2018, Room Designs, Inc. had a...Ch. 1 - As of December 31, 2018, Flowers Company had total...Ch. 1 - Prob. 24ECh. 1 - Critz Company was started on January 1, 2018....Ch. 1 - The Candle Shop experienced the following events...Ch. 1 - Prob. 27ECh. 1 - Prob. 28PCh. 1 - Prob. 29PCh. 1 - Match the terms (identified as a through r) with...Ch. 1 - Problem 1-30A Classifying events as asset source,...Ch. 1 - Problem 1-31A Relating titles and accounts to...Ch. 1 - Marks Consulting experienced the following...Ch. 1 - Prat Corp. started the 2018 accounting period with...Ch. 1 - Maben Company was started on January 1, 2018, and...Ch. 1 - Required Use the Target Corporations Form 10-K to...Ch. 1 - ATC 1-5 Writing Assignment Elements of financial...
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