Survey Of Accounting
5th Edition
ISBN: 9781259631122
Author: Edmonds, Thomas P.
Publisher: Mcgraw-hill Education,
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Chapter 1, Problem 4ATC
ATC 1-5 Writing Assignment Elements of financial statements defined
Sam and his sister Blair both attend the state university. As a reward for their successful completion of the past year (Sam had a 3.2 GPA in business, and Blair had a 3.7 GPA in art), their father gave each of them 100 shares of The Walt Disney Company stock. They have just received their first annual report. Blair does not understand what the information means and has asked Sam to explain it to her. Sam is currently taking an accounting course, and she knows he will understand the financial statements.
Required
Assume you are Sam. Write Blair a memo explaining the following financial statement items to her. In your explanation, describe each of the two financial statements and explain the financial information each contains. Also, define each of the elements listed for each financial statement and explain what it means.
| Balance Sheets |
| Assets |
| Liabilities |
| Stockholder’s equity |
| Income Statements |
| Revenue |
| Expense |
| Net Income |
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BUS 208 - Principles of Accounting II
Chapter 12
Karen Smith and Abby Jones formed a partnership, investing $250,000 and $125,000,
respectively. Determine their participation in the year's net income of $420,000 under each of
the following independent assumptions. Please show your calculations.
a. No agreement concerning division of net income.
b. Divided in the ratio of original capital investment.
c. Interest at the rate of 4% allowed on original investments and the remainder divided in
the ratio of 4:1.
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d. Salary allowances of $50,000 and $60,000, respectively, and the remainder divided
equally.
e. Allowance of interest at the rate of 5% on original investments, salary allowances
of $40,000 and $80,000 respectively and the remainder divided equally.
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Exercise 3
Food for the Golden Years is a private, not-for-profit organization that provides free meals for the post-65 age group in the suburbs
of a large city. Record the following transactions in the accounts of Food for the Golden Years. The following transactions affected
the accounts of Food for the Golden Years.
1.
Unrestricted cash gifts that were received last year, but designated for use in the current year, totaled $20,000.
2. Unrestricted pledges of $40,000 were received. Five percent of the pledges typically prove uncollectible. Additional cash
contributions during the year totaled $25,000.
3.
4.
Donations of food totaled $100,000. The inventory of food on hand decreased by $1,500 during the year.
The following expenses were incurred: Salary of director, $15,000; facility rental for the meals program, $2,500; and purchases
of food, $45,000.
5. Pledges of $250,000 were received during the year. The pledges were restricted for use in purchasing new delivery vans. All of…
cademic Calendar My MCBS Library English (en)
Fundamentals of Financial AcCo nting
/Summer Session 1 2021/ACT 140/D2 / Course Documents/ Quiz126-5-2021
Cato Supplies opening and closing balance of retained earnings were $5,000 and $6,000,
respectively. The total revenue earned during the year was $40,000, and the expenses
incurred during the period was $35,000. The cash dividend paid during the year is
a. $5,000
b. $6,000
c. $3,000
d. $4,000
Next p
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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