ACCOUNTING PRINCIPLES 122 5/16 >C<
17th Edition
ISBN: 9781323461471
Author: Horngren
Publisher: PEARSON C
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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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Exercise No. (7): From the following ledger balances of Nizwa Bank as on 31 st Dec.2016,
prepare income statement and Balance Sheet
OMR
OMR
(o0o.)
2,500
Fixed Deposit
Savings Deposit
Current Accounts 3
Share Capital
Statutory Reserves 2
Profit (previous year)
Bills Payable
Sundry Creditors
General reserve
000 0
3,250
(o0o.)
17,750
1,500
38,750
Money at call and short notice
000
250
Investments
15,500
Interest accrued
General Expenses
Borrowed from other banks | 4 4,800
Non-Banking assets
Interest and Discount 13
Unclaimed Dividends 5
Loans, Overdrafts
Payment to Employees (6
Dividend
16
1,200
3,250
250
Cash in hand
10
Cash at Central Bank 6
Premises
7,050
5,200
Cash at Other Banks 6
9.
Discounted
Bills
Purchased
and
Deposits from other banks
2,500
Rent, taxes
16
Additional Information:
a. Rebate on bills discounted to OMR 25
b. Allow 5% depreciation on Premises on cost.
Provide OMR 250 for provision for doubtful debts
LIABILITIES +
%3D
Cash
Laundry
Accounts
Laundry
Accounts
King
Capltal
Utlitles
King
Withdrawals
Advertising
Expense
Service
Wages
Supplles
Expense
+Equipment + Recelvable+ Supplles
Payable
+]
Revenue
Expense
Expense
Date
10
15
16
17
19
23
25
27
30
Joanna King statred a laundry buslness and called It the King Laundry Company. She had the followlng transactlons during September, 2017:
Sept 1: Deposited $9,000 In a bank account In the name of King Laundry,
Sept 5: Purchased $650 worth of laundry supplles on account.
Sept 7: Purchased washIng machlne for $7,400. Pald cash.
Sept 10: Pald $300 to credltor on account.
Sept 17: Pald Wages Expense $500
Sept 19: Recelved $700 from customers bllled on account
Sept 23: Pald Utilltles expense, $125
Sept 15: Klng Laundry earned $2000, received $500 In cash and blled customer for balance.
Sept 16: Invested an additional $1,000
Sept 25: Withdrew $500
Sept 27: Pald for ad In local newspaper $100
Sept 30: Determlned that the value of laundry supplles at…
Chapter 1 Solutions
ACCOUNTING PRINCIPLES 122 5/16 >C<
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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