Financial Accounting, Student Value Edition (5th Edition)
5th Edition
ISBN: 9780134728520
Author: Robert Kemp, Jeffrey Waybright
Publisher: PEARSON
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Textbook Question
Chapter 11, Problem 1COP
Comprehensive Problem
The Accounting Cycle and Preparation of Financial Statements Including a Statement of
Haskins Supply, Inc., supplies industrial tools to local businesses. Haskins Supply’s November 30, 2018,
Haskins Supply, Inc. Balance Sheet November 30, 2018 |
||||
ASSETS | ||||
Current Assets: | ||||
Cash | $ 26,487 | |||
accounts of $2,140 | 43,350 | |||
Inventory | 87,244 | |||
Supplies | 682 | |||
Prepaid Insurance | 4,800 | |||
Total Current Assets | 162,563 | |||
Long-term assets | ||||
Office Equipment | 19,460 | |||
Less: Accumulated Depreciation, Office Equipment | 4,880 | 14,580 | ||
Total Assets | $177,143 | |||
LIABILITIES | ||||
Current Liabilities: | ||||
Accounts Payable | $ 25,673 | |||
Salaries Payable | 885 | |||
Total Current Liabilities | 26,558 | |||
Long-Term Liabilities: | ||||
Notes Payable. Long-Term | 7,500 | |||
Total Liabilities | 34,058 | |||
STOCKHOLDERS’ EQUITY | ||||
Common Stock, $10 par value, 100,000 shares | ||||
authorized, 3,000 shares issued and outstanding | 30,000 | |||
Paid-in capital in Excess of Par, Common | 10,000 | |||
Total Paid-in Capital | 40,000 | |||
103,085 | ||||
Total Stockholders’ Equity | 143,085 | |||
Total Liabilities and Stockholders’ Equity | $177,143 |
During the month of December 2018, Haskins Supply, Inc., had the following transactions:
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Current Attempt in Progress
Sheridan Inc. owns these assets at the statement of financial position date:
Cash in bank (savings account)
$20,240
Cash on hand
1,540
Prepaid insurance
1.840
Cash in bank (chequing account)
12,880
Postdated cheques received from customers
920
(a)
What amount should be reported as cash and cash equivalents in the statement of financial position?
Cash
$
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Chapter 11 Solutions
Financial Accounting, Student Value Edition (5th Edition)
Ch. 11 - Prob. 1DQCh. 11 - Prob. 2DQCh. 11 - Prob. 3DQCh. 11 - A company issued bonds during the year. Would this...Ch. 11 - Prob. 5DQCh. 11 - When using the indirect method, why are gains on...Ch. 11 - Prob. 7DQCh. 11 - Prob. 8DQCh. 11 - Prob. 9DQCh. 11 - Prob. 10DQ
Ch. 11 - Prob. 1SCCh. 11 - Operating activities are most closely related to:...Ch. 11 - Prob. 3SCCh. 11 - Prob. 4SCCh. 11 - Finlay, Inc., earned net income of 63,000 after...Ch. 11 - Prob. 6SCCh. 11 - Prob. 7SCCh. 11 - Prob. 8SCCh. 11 - Prob. 9SCCh. 11 - Elliot Enterprises had operating expenses of...Ch. 11 - Prob. 11SCCh. 11 - Prob. 12SCCh. 11 - Prob. 1SECh. 11 - Prob. 2SECh. 11 - Prob. 3SECh. 11 - Prob. 4SECh. 11 - Prob. 5SECh. 11 - Prob. 6SECh. 11 - Operating activitiesindirect method (Learning...Ch. 11 - Prob. 8SECh. 11 - Operating activitiesdirect method (Learning...Ch. 11 - Prob. 10SECh. 11 - Prob. 11SECh. 11 - Prob. 12SECh. 11 - Prob. 13AECh. 11 - Prob. 14AECh. 11 - Prob. 15AECh. 11 - Preparing a statement of cash flowsindirect method...Ch. 11 - Prob. 17AECh. 11 - Prob. 18AECh. 11 - Prob. 19AECh. 11 - Prob. 20AECh. 11 - Prob. 21AECh. 11 - Prob. 22BECh. 11 - Prob. 23BECh. 11 - Preparing a statement of cash flowsindirect method...Ch. 11 - Prob. 25BECh. 11 - Prob. 26BECh. 11 - Prob. 27BECh. 11 - Prob. 28BECh. 11 - Prob. 29BECh. 11 - Calculating certain information using the direct...Ch. 11 - Prob. 31APCh. 11 - Prob. 32APCh. 11 - Prob. 33APCh. 11 - Prob. 34APCh. 11 - Prob. 35APCh. 11 - Prob. 36APCh. 11 - Prob. 37BPCh. 11 - Prob. 38BPCh. 11 - Prob. 39BPCh. 11 - Prob. 40BPCh. 11 - Prob. 41BPCh. 11 - Prob. 42BPCh. 11 - Prob. 1CECh. 11 - Prob. 1CPCh. 11 - Apply Your Knowledge Ethics In Action Case 1....Ch. 11 - Case 2. Kevin Sailors, the CEO of Candle...Ch. 11 - Financial Analysis Purpose: To help to familiarize...Ch. 11 - Prob. 1IACh. 11 - Small Business Analysis Purpose: To help you...Ch. 11 - Written Communication Prepare a paper outlining...Ch. 11 - Comprehensive Problem The Accounting Cycle and...
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