Horngren's Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (12th Edition)
12th Edition
ISBN: 9780134642932
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 1, Problem E1.28E
Using the
| ASSETS | LIABILITIES + | EQUITY | ||||||||||
| Cash | + | Accounts + Equipment | Accounts | + | Wei, | − Wei. + | Service − Salaries | |||||
| Receivable | Payable | Capital | Withdrawals | Revenue Expense | ||||||||
| 1 | +31,000 | +31,000 | ||||||||||
| 2 | +3,800 | + 3,800 | ||||||||||
| Bal. | $31,000 | + + | $3,000 | $31,000 | + | $3,800 | ||||||
| 1 | +13,400 | +13,400 | ||||||||||
| Bal. | $31,000 | + | $3,000 | + | $13,300 | $13,400 | + | $31,000 | + | $3,800 | ||
| 4 | +190 | -190 | ||||||||||
| Bal. | $31,190 | + ++ | $3,610 | + | $13,400 | $13,400 | + | $31,000 | + | $3,800 | ||
| 5 | -410 | + 410 | ||||||||||
| Bal. | $30,780 | + | $3,610 | + | $13,810 | $13,400 | + | $31,000 | + | $3,800 | ||
| 6 | -8.000 | -8,000 | ||||||||||
| Bal. | $22,780 | + | $3,610 | + | $13,810 | $5,400 | + | $31,000 | + | $3,800 | ||
| 7 | +790 | +790 | ||||||||||
| Bal. | $23,570 | + | $3,610 | + | $13,810 | $5,400 | + | $31,000 | + | $4,590 | ||
| 8 | -1,500 | -1,500 | ||||||||||
| Bal. | $22,070 | + | $3,610 | + | $13,810 | $5,400 | + | $31,000 | + | $4,590 $1,500 $1500$$$1,500 | ||
The analysis of the first eight transactions of Advanced Accounting Service follows. Describe each transaction
Learning Objective 4
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1. Compute the current assets.Cash Php 25,867.00Barney’s drawing 50,485.00Accounts Payable 78,584.00Notes Receivable 45,051.00Building 1,500,125.00Inventory 33,669.002. Compute the Net Income.Service Income Php 356,867.00Prepaid Rent 16,800.00Interest Expense 1,523.00Barney’s drawing 21,786.00Taxes 4,544.00Utilities Expense 3,651.003. The liabilities of Bb Barn are equal to 1/3 of thetotal assets. The owner's equity is P 6,300,500. Whatis the amount of the liabilities?4. Prepare journal entries to the following transactionsfor the year 2020.Sept. 1 V Barney invested Php 150,000 in Barney repair ShopSept 3 Purchased equipment worth Php 80,000 on account.Sept. 12 Paid Php 25, 000 for the equipmentpurchased dated Sept. 3, 2020.Sept. 15 Rendered service amounting toPhp 45,000.Sept. 17 Paid salaries to employees, Php16,000
Use the following information to answer all accounting questions
Category
Accounts payable
Accounts receivable
Accruals
Additional paid in capital
Cash
Common Stock @ par value
COGS
Depreciation expense
Interest expense
Inventories
Long-term debt
Net fixed assets
Notes payable
Operating expenses (excl. depr.)
Retained earnings
Sales
Taxes
2020
1726
2812
705
2000
4028
170
1755
99
185
2574
8754
8312
750
799
3621
4338
450
2021
1120
2254
800
2300
175
2056
120
271
1829
8245
10254
547
1021
4021
5768
690
Using balance sheet what is the quick ratio?
BALANCE SHEET
($ in millions)
ASSETS
LIABILITIES
Cash & Marketable Securities
449.90
Accounts Payable
1,611.20
Accounts Receivable
954.80
Salaries Payable
225.20
Inventories
3,645.20
Other Current Liabilities
1,118.80
Other Current Assets
116.60
Total Current Liabilities
2,955.20
Total Current Assets
5,166.50
Other Liabilities
693.40
Machinery & Equipment
1,688.90
Land
1,129.70
Total Liabilities
3,648.60
Buildings
2,348.40
Depreciation
(575.60)
SHAREHOLDER'S EQUITY
Property, Plant & Equip. - Net
4,591.40
Common Stock
828.50
Other Long Term Assets
120.90
Retained Earnings
5,401.70
Total Long-Term Assets
4,712.30
Total Shareholder's Equity
6,230.20
Total Assets
9,878.80
Total Liabilities & Equity
9,878.80
Chapter 1 Solutions
Horngren's Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (12th Edition)
Ch. 1 - Prob. 1QCCh. 1 - Which of the following is not an external user of...Ch. 1 - Prob. 3QCCh. 1 - Prob. 4QCCh. 1 - Prob. 5QCCh. 1 - Which of the following requires accounting...Ch. 1 - At the end of a recent year, Global Cleaning...Ch. 1 - Consider the overall effects on Global Cleaning...Ch. 1 - Assume that Global Cleaning Service performed...Ch. 1 - The balance sheet reports the Learning Objective 5...
Ch. 1 - Assume Global Cleaning Service had net income of...Ch. 1 - What is accounting?Ch. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - A business purchases an acre of land for $5,000....Ch. 1 - What does the going concern assumption mean for a...Ch. 1 - Which concept states that accounting information...Ch. 1 - Financial statements in the United States are...Ch. 1 - Prob. 12RQCh. 1 - What is the accounting equation? Briefly explain...Ch. 1 - What are two ways that equity increases? What are...Ch. 1 - How is net income calculated? Define revenues and...Ch. 1 - What are the steps used when analyzing a business...Ch. 1 - List the four financial statements. Briefly...Ch. 1 - What is the calculation for ROA? Explain what ROA...Ch. 1 - Prob. S1.1SECh. 1 - Determining organizations that govern accounting...Ch. 1 - Identifying types of business organizations...Ch. 1 - Prob. S1.4SECh. 1 - Applying accounting assumptions and principles...Ch. 1 - Prob. S1.6SECh. 1 - Using the accounting equation Learning Objective 3...Ch. 1 - Identifying accounts Learning Objective 3 Consider...Ch. 1 - Prob. S1.9SECh. 1 - Using the accounting equation to analyze...Ch. 1 - Identifying accounts on the financial statements...Ch. 1 - Preparing the income statement Learning Objective...Ch. 1 - Preparing the statement of owner’s equity Learning...Ch. 1 - Prob. S1.14SECh. 1 - Preparing the statement of cash flows Learning...Ch. 1 - Calculating ROA Learning Objective 6 Matured Water...Ch. 1 - Prob. E1.17ECh. 1 - Prob. E1.18ECh. 1 - 1. Accounting equation a. An economic resource...Ch. 1 - Using the accounting equation Learning Objective 3...Ch. 1 - E1-21 Using the accounting equation Learning...Ch. 1 - Using the accounting equation Learning Objective 3...Ch. 1 - Using the accounting equation Learning Objective 3...Ch. 1 - E1-24 Using the accounting equation Learning...Ch. 1 - Using the accounting equation to analyze...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Preparing the financial statements Learning...Ch. 1 - Preparing the income statement Learning Objective...Ch. 1 - Prob. E1.32ECh. 1 - Prob. E1.33ECh. 1 - Prob. E1.34ECh. 1 - Preparing the statement of owner’s equity Learning...Ch. 1 - Prob. E1.36ECh. 1 - Prob. E1.37ECh. 1 - Jan. 1 The owner contributed an additional $5,000...Ch. 1 - Calculating Return on Assets Learning Objective 6...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Prob. P1.41APGACh. 1 - P1-42A Preparing financial statements Learning...Ch. 1 - Preparing financial statements Learning Objective...Ch. 1 - Prob. P1.44APGACh. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Preparing financial statements Presented here are...Ch. 1 - Prob. P1.50BPGBCh. 1 - Prob. P1.51BPGBCh. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Prob. P1.54CTCh. 1 - P1-55 is the first problem in a continuing problem...Ch. 1 - Prob. 1.1TIATCCh. 1 - Decision Case 1-1 Let’s examine a case using...Ch. 1 - The tobacco companies have paid billions because...Ch. 1 - Prob. 1.1FCCh. 1 - Prob. 1.1FSC
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- BALANCE SHEET INCOME STATEMENT ($ in millions) ($ in millions) ASSETS Cash & Marketable Securities LIABILITIES Revenue Cost Of Goods Sold 28,681. 10 Accounts Payable Salaries Payable 449.90 1,611.20 20,768.80 Accounts Receivable 954.80 225.20 Gross Profit 7.912.30 Inventories 3,645.20 Other Current Liabilities 1,118.80 Operating Expenses: Selling, General & Admin. Depreciation Operating income Other Current Assets Total Current Assets 116.60 5,166.50 Total Current Liabilities 2,955.20 5,980.80 Other Liabilities 693.40 307.30 1,688.90 1,129.70 2,348.40 (575.60) Machinery & Equipment Land 1,624.20 Total Liabilities 3,648.60 Buildings Depreciation Property, Plant & Equip. - Net Other Long Term Assets Total Long-Term Assets Interest SHAREHOLDER'S EQUITY Other Expense (Income) (13.10) 4,591.40 120.90 828.50 5.401.70 1,637.30 618.10 1,019.20 Common Stock Income Before Taxes Retained Earnings Total Shareholder's Equity Income Taxes 4,712.30 6,230.20 Net Income Total Assets 9,878.80 Total…arrow_forwardAPPLICATION. Problem Solving. A. Exercise 1. Describe each transaction. DATE ASSETS LIABILITIES EQUITY Cash Supplies Equipment Balance 1 (20,000.00) 3 (112,500.00) 60,000.00 7,500.00 300,000.00 75,000.00 292,500.00 150,000.00 150,000.00 2 20,000.00 {112,500.00) 4 5,000.00 5,000.00 5 (15,000.00)| (53,000.00) (15,000.00) (53,000.00) 7 (8,000.00) (8,000.00) Balance 9,500.00 4,500.00 320,000.00 27,000.00 307,000.00 334,000.00 334,000.00arrow_forwardMazaya Company has the following information available Net Income RO 55.000, Cash Provided by Operations RO 68,200; Cash Sales R.O 143.000, Capital Expenditures RO.24.200; Dividends Paid RO. 6.600. What is Mazaya's free cash flow? Select one O a. RO61,600 O bRO 37.40o O CRO44,000arrow_forward
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