Excel Applications for Accounting Principles

4th Edition

ISBN: 9781111581565

Author: Gaylord N. Smith

Publisher: Cengage Learning

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Concept explainers

Reporting Cash Flows

Reporting of cash flows means a statement of cash flow which is a financial statement. A cash flow statement is prepared by gathering all the data regarding inflows and outflows of a company. The cash flow statement includes cash inflows and outflows fro…

Balance Sheet

A balance sheet is an integral part of the set of financial statements of an organization that reports the assets, liabilities, equity (shareholding) capital, other short and long-term debts, along with other related items. A balance sheet is one of the …

Financial Statements

Financial statements are written records of an organization which provide a true and real picture of business activities. It shows the financial position and the operating performance of the company. It is prepared at the end of every financial cycle. It…

Owner's Capital

Before we begin to understand what Owner’s capital is and what Equity financing is to an organization, it is important to understand some basic accounting terminologies. A double-entry bookkeeping system Normal account balances are those which are expect…

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Textbook Question

Chapter 14, Problem 4R

Suppose that an audit of Prime Sports Gear encountered the following two errors:

a. Inventory totaling $4,500 should have been written off as worthless at the end of the year. Year-end inventory should be only $195,600. Net income is reduced to $117,110.
b. Checks totaling $20,000 for some of the salaries payable at year-end had in fact been written and mailed out on December 31, 2013. Thus, both the cash account and the salaries payable account are overstated at year-end.

Correct both errors on the worksheet. Save your completed file as CASHFLOW4. Print the worksheet when done. What impact did each of these adjustments have on cash flow for 2013?

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Chapter 14, Problem 3R

Chapter 14, Problem 5R

Students have asked these similar questions

Everton Manufacturing reported the following liabilities on its trial balance at December 31, 2021: Accounts payable: $45,000 Unearned revenue: $12,000 Bonds payable, due 2031: $75,000 Salaries payable: $22,000 Note payable, due 2022: $30,000 Note payable, due 2027: $55,000 What amount should be reported as current liabilities on Everton's December 31, 2021 balance sheet? a) $109,000 b) $67,000 c) $77,000 d) $87,000

Can you help me with accounting questions

An asset owned by Carlisle Industries has a book value of $22,500 on December 31, Year 7. The asset has been depreciated at an annual rate of $5,000 using the straight-line method. Assuming the asset is sold on December 31, Year 7 for $19,000, how should the company record the transaction?

Chapter 14 Solutions

Excel Applications for Accounting Principles

Ch. 14 - The comparative balance sheet of Prime Sports...Ch. 14 - The comparative balance sheet of Prime Sports...Ch. 14 - In the space provided on the next page, prepare a...Ch. 14 - Suppose that an audit of Prime Sports Gear...Ch. 14 - Prob. 5R

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