Survey Of Accounting
5th Edition
ISBN: 9781259631122
Author: Edmonds, Thomas P.
Publisher: Mcgraw-hill Education,
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Textbook Question
Chapter 1, Problem 9E
Exercise 1-9A Record events and interpret information in an
Jones Enterprises was started when it acquired $6,000 cash from creditors and $10,000 from owners. The company immediately purchased land that cost $12,000.
Required
- a. Record the events under an accounting equation.
- b. After all events have been recorded, Jones’ obligations to creditors represent what percentage of total assets?
- c. After all events have been recorded, Jones’ stockholders’ equity represents what percentage of total assets?
- d. Assume the debt is due. Given that Jones has $10,000 in stockholders’ equity, can the company repay the creditors at this point? Why or why not?
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Exercises
Exercise 1
When examining the accounts of Tripoli Company, you ascertain that
balances relating to both receivables and payables are included in a single
controlling account (called receivables), which has a P23,050 debit balance.
An analysis of the details of this account revealed the following:
Items
customers
Accounts receivable
Accounts receivable - officers
(current collection expected)
Debit balances-creditors
Expense advances to salespersons
Share capital subscriptions receivable
Accounts payable for merchandise
Unpaid salaries
Credit balance in customer accounts
Cash received in advance from customers for goods
not yet shipped
Expected bad debts, cumulative
Debit
P40,000
2,500
450
1,000
4,600
Credit
P 19,250
3,300
2,000
450
500
Required:
1. Give the journal entry to eliminate the above account and to set up the
appropriate accounts to replace it.
2.
How should the items be reported on Tripoli Company's statement of
financial position?
i have partially answered please complete the answer
Balance Sheet
The balance sheet provides a snapshot of the financial condition of a company at the end of an accounting period. It shows the assets, liabilities, and owner’s equity in the business.
Identify each of the following as an asset (A), contra asset (C), liability (L), or equity (E).
Item
Category
Cash
A
Depreciation
C
Equipment
A
Inventory
A
Loans
L
Item
Category
Paid-in Capital
E
Prepaid Insurance
A
Retained Earnings
E
Taxes Owed
L
Utility Deposit
A
In early December, Alice and Bob decided to open the Sample Café with $15,000 of their own money and $20,000 borrowed from a friend. They have spent $12,000 on equipment and furniture, and they have purchased $3,000 worth of inventory. Having put down a $2,500 deposit for a location on Main St., they will pay the first month’s rent when they open their doors on January…
Simple Accounting – Balance Sheet.
Assets
Liabilities
Shareholders' Equity
$567,005.00
$389,055.00
O a. $567,005.00
O b. $389,055.00
O c. $177,950.00
O d. $744,955.00
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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