FUNDAMENTALS OF FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781260664386
Author: PHILLIPS, LIBB
Publisher: MCG
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Textbook Question
Chapter 1, Problem 3E
Preparing a
DSW, Inc., is a designer shoe warehouse, selling luxurious and fashionable shoes. Its balance sheet, at July 30, 2016 (the last Saturday of the month), contained the following (listed alphabetically, amounts in thousands).
Required:
- 1. Prepare the balance sheet as of July 30, 2016, solving for the missing amount.
- 2. As of July 30, did most of the financing for assets come from creditors or stockholders?
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Students have asked these similar questions
I. Prepare the financial statements of OCHEI SALON AND SPA as of the fiscal year March 31,
2015.
ACCOUNT TITLE
DEBIT CREDIT
Accounts Receivable
28,600
Additional Investment
6,500
Utilities Expense
Ochei, Capital
Accounts Payable
36,000
148,250
84,200
Furniture and Fixtures
225,000
Notes Payable
Income from Salon and Spa
Office Supplies
Advertising Expense
Accumulated Depreciation- F and F
Cash
35,800
78,800
6,300
45,500
51,300
63,450
FINANCIAL MANAGEMENT
Example
. The table below shows transactions from Mr. Situmbeko's business
for the year ended 31 December, 2016. Prepare a trading and
profit and loss account for the year ended 31 December 2016
Prepare also a balance sheet as at December 2016. Stock at 31-
December 2016 was K12.408.
Sales
Purchases
Salaries
Motor expenses
Rent
Insurance
General expenses
Premises
Motor vehicles
Debtors
Creditors
Cash at bank
Cash in hand
Drawings
Capital
K
190,576
119,832
56,527
2,416
1,894
372
85
95,420
16,594
26,740
16,524
16,519
342
8,425
138,066
Below are the accounts of J.L Laundry for the month ended March 31, 2015
Instructions: Prepare a statement of financial position and label its parts. After which, answer the following questions.
How much is the total current asset of the entity?
Delivery Truck
120,000.00
Cash
22,400.00
Accounts Payable
120,000.00
Laundry Supplies
2,000.00
Inerest Payable
1,200.00
Laundry Equipment
80,000.00
Accounts Recievable
₱3,900.00
Net profit for the month
11,100.00
J.L Capital
104,000.00
J.L Drawing
1,000.00
Filipinas Hotel
4,600.00
D & E Coffee Shop
2,400.00
Chapter 1 Solutions
FUNDAMENTALS OF FINANCIAL ACCOUNTING
Ch. 1 - Define accounting.Ch. 1 - Prob. 2QCh. 1 - Briefly distinguish financial accounting from...Ch. 1 - The accounting process generates financial reports...Ch. 1 - Explain what the separate entity assumption means...Ch. 1 - List the three main types of business activities...Ch. 1 - What information should be included in the heading...Ch. 1 - What are the purposes of (a) the balance sheet,...Ch. 1 - Explain why the income statement, statement of...Ch. 1 - Briefly explain the difference between net income...
Ch. 1 - Describe the basic accounting equation that...Ch. 1 - Describe the equation that provides the structure...Ch. 1 - Describe the equation that provides the structure...Ch. 1 - Prob. 14QCh. 1 - Prob. 15QCh. 1 - Prob. 16QCh. 1 - Briefly define what an ethical dilemma is and...Ch. 1 - Prob. 18QCh. 1 - Prob. 1MCCh. 1 - Which of the following is true regarding the...Ch. 1 - Which of the following is false regarding the...Ch. 1 - Which of the following regarding retained earnings...Ch. 1 - Prob. 5MCCh. 1 - Which of the following statements regarding the...Ch. 1 - Prob. 7MCCh. 1 - Which of the following is true? a. FASB creates...Ch. 1 - Which of the following would not be a goal of...Ch. 1 - Prob. 10MCCh. 1 - Prob. 1MECh. 1 - Matching Definitions with Terms or Abbreviations...Ch. 1 - Matching Definitions with Terms Match each...Ch. 1 - Matching Financial Statement Items to Balance...Ch. 1 - Matching Financial Statement Items to Balance...Ch. 1 - Matching Financial Statement Items to Balance...Ch. 1 - Matching Financial Statement Items to Balance...Ch. 1 - Matching Financial Statement Items to the Basic...Ch. 1 - Matching Financial Statement Items to the Four...Ch. 1 - Reporting Amounts on the Statement of Cash Flows...Ch. 1 - Prob. 11MECh. 1 - Preparing a Statement of Retained Earnings Stone...Ch. 1 - Relationships among Financial Statements Items...Ch. 1 - Prob. 14MECh. 1 - Relationships among Financial Statements Items...Ch. 1 - Preparing an Income Statement, Statement of...Ch. 1 - Reporting Amounts on the Four Basic Financial...Ch. 1 - Reporting Amounts on the Four Basic Financial...Ch. 1 - Preparing a Balance Sheet DSW, Inc., is a designer...Ch. 1 - Completing a Balance Sheet and Inferring Net...Ch. 1 - Labeling and Classifying Business Transactions The...Ch. 1 - Preparing an Income Statement and Inferring...Ch. 1 - Preparing an Income Statement Home Realty,...Ch. 1 - Prob. 8ECh. 1 - Preparing an Income Statement and Balance Sheet...Ch. 1 - Analyzing and Interpreting an Income Statement...Ch. 1 - Prob. 11ECh. 1 - Matching Cash Flow Statement Items to Business...Ch. 1 - Preparing an Income Statement. Statement of...Ch. 1 - Interpreting the Financial Statements Refer to...Ch. 1 - Reporting Amounts on the Four Basic Financial...Ch. 1 - Evaluating Financial Statements Refer to CP1-3....Ch. 1 - Preparing an Income Statement, Statement of...Ch. 1 - Prob. 2PACh. 1 - Reporting Amounts on the Four Basic Financial...Ch. 1 - Evaluating Financial Statements Refer to PA1-3....Ch. 1 - Preparing an Income Statement and Balance Sheet...Ch. 1 - Interpreting the Financial Statements Refer to PB...Ch. 1 - Reporting Amounts on the Four Basic Financial...Ch. 1 - Evaluating Financial Statements Refer to PB1-3....Ch. 1 - Finding Financial Information Answer the following...Ch. 1 - Comparing Financial Information Refer to the...Ch. 1 - Prob. 5SDCCh. 1 - Prob. 6SDCCh. 1 - Prob. 1CC
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