Horngren's Accounting
11th Edition
ISBN: 9780133851151
Author: MILLER-NOBLES, Tracie L., Mattison, Brenda., Matsumura, Ella Mae, Horngren, Charles T.
Publisher: Pearson,
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Textbook Question
Chapter 1, Problem P1.50BPGB
PI-SOB Preparing financial italtmmu
Precision Pies work* weddings and prom-type panics. The balance of I amar. Capital was $26,000 at December 31 2015. At December 51 2016, die business's aixountmg records show these halaiKCs
| Insurance Expense | S 14,000 | Accounts Rer≫i*at>* | I 7.000 |
| Cash | 38,000 | Notes Payaole | 9.000 |
| Accounts Pay.shie | 13.000 | Lamar, CaptaL Dec 31 2016 | 7 |
| Advertiwnq Expense | 3,500 | Saianes Expense | 21 000 |
| Service Revenue | 110,000 | Equipment | 96.500 |
| Lamar Withdrawal | 11,000 | Owner contr-bufon. 2016 | 33.000 |
Prepare the following financial watements for Precision Pics f≪x the year ended December 31,2016;
- Income statement
- Statement of owners equity.
Balance sheet
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2017-10-03 Previous Balance
2017-10-05 Check Number 256
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2017.10.17 Point of Sale Grocery Store
2017-10-25 Funds Transfer from Savings
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39.87
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13.Surekha 's trial balance was as follows.
Trial Balance for the year ended 31st March, 2008
Debit Balances
Amt?
Credit Balances
Amt
1,50,000 By Provident Fund
10,000 By Interest on Provident
50,000 fund Investment
15,500 By Purchase return
10,000 By Sundry Creditors
5,800 By Sales
7,200 By Capital
17,500
300
To Purchases
11,000
To Sales return
To Sundry Debtors
To Opening Stock
To Salaries
500
10,000
20,000
2,06,300
50,000
To Wages
To Furniture
To Machinery
To Bad debts
To Advertisement(for 3 years from
1" Oct.,2007)
3,000
10,000
1,000
3,000
4,500
10,000
2,97,800
To 10% Provident Fund Investment
To Provident Fund contribution
To Insurance
To Drawings:
To Deferred Revenue expenses
2,97,800
Adjustments : 1.Closing stock on 31* March 2008 -Cost price ? 70,000
2.Depreciate - Machinery by 10% and Furniture by 20%
3.Goods worth 78,000 sold by 25% profit on keep or return scheme.
4.Outstanding expenses – Wages 2,000; Salaries 35,000
5.Write off 1,000 as bad debts and provide reserve for…
Exercise No.(7): From the following ledger balances of Nizwa Bank as on 31st Dec.2016
prepare income statement and Balance Sheet
OMR
OMR
('000)
3,250
('000)
2,500
Share Capital
Statutory Reserves 2
Profit (previous year)
Bills Payable
Sundry Creditors
General reserve
Fixed Deposit
Savings Deposit
Current Accounts 3
17,750
1,500
38,750
100
Money at call and short notice
3.
2,400
4,000
15,500
1,000
Investments
250
Interest accrued
700
General Expenses
16
50
Borrowed from other banks
4 4,800
Dividend
11
Non-Banking assets
Interest and Discount 3
250
1,200
Cash in hand
750
3,250
Premises
10
6,500
Unclaimed Dividends 5
50
Cash at Central Bank 6
7,050
Loans, Overdrafts
35,000
Cash at Other Banks
5,200
Payment to Employees (6
400
Bills
Discounted
and
Deposits from other banks 3
1,000
Purchased
141
2,500
Rent, taxes
16
100
Additional Information:
a. Rebate on bills discounted to OMR 25
b. Allow 5% depreciation on Premises on cost.
c. Provide OMR 250 for provision for doubtful debts
Chapter 1 Solutions
Horngren's Accounting
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 - Prob. S1.7SECh. 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 -
I rhr JoUou'ing ittfonnatioH to antovr Short...Ch. 1 -
I rhr JoUou'ing ittfonnatioH to antovr Short...Ch. 1 - Irhr JoUou'ing ittfonnatioH to antovr Short...Ch. 1 - Prob. S1.15SECh. 1 - Prob. S1.16SECh. 1 - Prob. E1.17ECh. 1 - Prob. E1.18ECh. 1 - 1. Accounting equation a. An economic resource...Ch. 1 - Prob. E1.20ECh. 1 - Prob. E1.21ECh. 1 - Prob. E1.22ECh. 1 - Prob. E1.23ECh. 1 - Prob. E1.24ECh. 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 - Prob. E1.29ECh. 1 - Preparing the financial statements Learning...Ch. 1 - Prob. E1.31ECh. 1 - Prob. E1.32ECh. 1 - Use the following information to answer Exercises...Ch. 1 - Prob. E1.34ECh. 1 - Prob. E1.35ECh. 1 - Prob. E1.36ECh. 1 - Prob. E1.37ECh. 1 - Prob. E1.38ECh. 1 - Prob. E1.39ECh. 1 - Prob. P1.40APGACh. 1 - Prob. P1.41APGACh. 1 - Prob. P1.42APGACh. 1 - Prob. P1.43APGACh. 1 - Prob. P1.44APGACh. 1 - Prob. P1.45APGACh. 1 - Prob. P1.46APGACh. 1 -
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•ArtA* V...Ch. 1 - Prob. P1.48BPGBCh. 1 - PI »9K Preparing financial »uifmrnn I’kvx-nii.i...Ch. 1 - PI-SOB Preparing financial italtmmu Precision Pies...Ch. 1 - Prob. P1.51BPGBCh. 1 - Prob. P1.52BPGBCh. 1 - 1*1 S 4H I *it»g the jsi nmn|i equation foi...Ch. 1 - || V. , -
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4 «k»wl Ml*«...Ch. 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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