Cengagenowv2, 1 Term Printed Access Card For Scott's College Accounting: A Career Approach, 13th
13th Edition
ISBN: 9781337280730
Author: Scott, Cathy J.
Publisher: Cengage Learning
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Chapter 12, Problem 2PB
Here is the partial work sheet for Meyer Mountain Shop.
Required
- 1. Prepare a statement of owner’s equity (no additional investment).
- 2. Prepare a balance sheet.
- 3. Determine the amount of the
working capital . - 4. Determine the
current ratio (carry to two decimal places).
Check Figure
Working capital, $73,602
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Complete the following problem in Excel. Use a different tab for each financial
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A. Calculate the ending balance for each account. (The area shaded in yellow)
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$50,000
(6,000) 6,000
1,250
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(1,000)
22,000
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(750)
(600)
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Complete the following problem in Excel. Use a different tab for each financial
statement.
A. Calculate the ending balance for each account. (The area shaded in yellow)
B. Create the income statement.
C. Create the statement of owner's equity.
D. Create the balance sheet.
Cash
$50,000
(6,000) 6,000
1,250
(750)
3,200
Assets
Inventory Equipment Accounts Wages
Payable Payable
(1,000)
22,000
1,000
22,000
600
Liabilities
175
3,000
Owner's Equity
Common Retained
Stock
Earnings
50,000
1,250
(750)
(600)
(3,000)
3,200
(175)
Chapter 12 Solutions
Cengagenowv2, 1 Term Printed Access Card For Scott's College Accounting: A Career Approach, 13th
Ch. 12 - What is the term used for the profit on a sale...Ch. 12 - Which of the following is not an example of a...Ch. 12 - Prob. 3QYCh. 12 - What is the third entry of the closing procedure...Ch. 12 - What general journal entry is used to undo a...Ch. 12 - Prob. 1DQCh. 12 - What is the difference between the cost of goods...Ch. 12 - Prob. 3DQCh. 12 - Prob. 4DQCh. 12 - Prob. 5DQ
Ch. 12 - Explain the calculation of net sales and net...Ch. 12 - Prob. 7DQCh. 12 - What are the rules for recognizing whether an...Ch. 12 - Prob. 9DQCh. 12 - Calculate the missing items in the following:Ch. 12 - Using the following information, prepare the Cost...Ch. 12 - Identify each of the following items relating to...Ch. 12 - The Income Statement columns of the August 31...Ch. 12 - Prob. 5ECh. 12 - Prob. 6ECh. 12 - From the following T accounts, journalize the...Ch. 12 - From the following information, journalize the...Ch. 12 - A partial work sheet for The Fan Shop is presented...Ch. 12 - Prob. 2PACh. 12 - The following partial work sheet covers the...Ch. 12 - The following accounts appear in the ledger of...Ch. 12 - A partial work sheet for McKnight Music Store is...Ch. 12 - Here is the partial work sheet for Meyer Mountain...Ch. 12 - The following partial work sheet covers the...Ch. 12 - The following accounts appear in the ledger of...Ch. 12 - Costco is the largest chain of membership...Ch. 12 - A music store sells new instruments. The store...Ch. 12 - You are an owner/bookkeeper in a country whose...Ch. 12 - Prob. 4ACh. 12 - Prob. 5ACh. 12 - It is now August 31. You have journalized and...
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