College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 15, Problem 2CE
To determine
Prepare a statement of owner’ equity for Company YCS, assume the opening capital account balance was $88,000.
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Highlight the data in column B, the 2nd column next to year column., the Revenue ($m) data. Then create a Column Chart illustrating the Revenue ($m) data.
Year
Revenue ($ million)
IVA ($ million)
Establishments (Units)
Enterprises (Units)
Employment (Units)
Wages ($ million)
Corporate profits ($ billion)
2002
19429.1
11352.6
16633.0
15452.0
349652.0
10095.2
1124.9
2003
19200.9
11385.2
16638.0
15413.0
395140.0
10086.6
1279.5
2004
19787.6
12425.6
16932.0
15686.0
403789.0
11088.0
1520.9
2005
20294.5
12541.8
16835.0
15649.0
394396.0
11162.6
1703.0
2006
21337.1
13678.0
19024.0
17841.0
397106.0
11687.3
1827.9
2007
21578.0
14071.1
24087.0
22741.0
404551.0
12266.9
1657.8
2008
21953.0
12777.7
23113.0
21907.0
446480.0
11543.4
1363.7
2009
21737.9
12508.1
22827.0
21598.0
449850.0
11430.2
1459.8
2010
20628.1
13236.7
22578.0
21368.0
412348.0
11881.0
1798.8
2011
21082.2
13314.9
22817.0
21619.0
422687.0
12200.7
1844.6
2012
22140.3
14792.9
24514.0
23280.0
454038.0
13202.2…
Solar Solutions began operations on January 1, 2015, and is now in its sixth year of operations. It is a retail sales company with a large amount of online sales.
The adjusted trial balance as of December 31, 2020 appears below, along with prior year balance sheet data and some additional transaction data for 2020.
SOLAR SOLUTIONS
Adjusted Trial Balance
12/31/2020
2020
2019
Account Title
Adjusted Trial Balance
Post-Closing Trial Balance
Debit
Credit
Debit
Credit
Cash
$
122,200
55,000
125,600
Accounts Receivable
35,000
Prepaid Insurance
5,000
6,000
|Inventory
Office Equipment
Machinery & Tools
Accumulated Depreciation
Accounts Payable
Salaries Payable
Sales Tax Payable
Note Payable-Long Term
Common Stock, $10 par
46,000
15,600
63,000
47,000
59,000
21,000
21,000
16,000
11,200
16,800
2,600
2,700
2,000
4,000
31,000
22,100
240,000
160,000
Retained Earnings
28,600
28,600
Dividends
10,000
Sales Revenue
Cost of Goods Sold
Rent Expense
Salaries Expense
235,000
127,600
20,000
36,000
Insurance…
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.
Assets
Liabilities
Owner's Equity
Equipment Accounts
Рayable
Cash
Inventory
Wages
Payable
Common
Retained
Stock
Earnings
$50,000
(6,000)
50,000
6,000
22,000
22,000
1,250
(750)
1,250
(750)
(600)
600
3,000
(3,000)
3,200
(175)
3,200
175
(1,000)
1,000
Chapter 15 Solutions
College Accounting, Chapters 1-27
Ch. 15 - LO1 A multiple-step form of income statement...Ch. 15 - Prob. 2TFCh. 15 - Prob. 3TFCh. 15 - Prob. 4TFCh. 15 - LO4 Accounts receivable turnover is the number of...Ch. 15 - Prob. 1MCCh. 15 - Prob. 2MCCh. 15 - Prob. 3MCCh. 15 - Prob. 4MCCh. 15 - Prob. 5MC
Ch. 15 - Prob. 1CECh. 15 - Prob. 2CECh. 15 - Prob. 3CECh. 15 - Prob. 4CECh. 15 - Prob. 5CECh. 15 - Prob. 6CECh. 15 - Prob. 1RQCh. 15 - Prob. 2RQCh. 15 - Describe how to calculate the following ratios (a)...Ch. 15 - Where is the information obtained that is needed...Ch. 15 - Explain the function of each of the four closing...Ch. 15 - What is the purpose of a post-closing trial...Ch. 15 - What is the primary purpose of reversing entries?Ch. 15 - What is the customary date for reversing entries?Ch. 15 - What adjusting entries should be reversed?Ch. 15 - REVENUE SECTION. MULTIPLE-STEP INCOME STATEMENT...Ch. 15 - COST OF GOODS SOLD SECTION, MULTIPLE-STEP INCOME...Ch. 15 - MULTIPLE-STEP INCOME STATEMENT Use the following...Ch. 15 - FINANCIAL RATIOS Based on the financial statements...Ch. 15 - CLOSING ENTRIES Using the spreadsheet and...Ch. 15 - REVERSING ENTRIES From the spreadsheet used in...Ch. 15 - ADJUSTING, CLOSING, AND REVERSING ENTRIES Prepare...Ch. 15 - INCOME STATEMENT, STATEMENT OF OWNERS EQUITY, AND...Ch. 15 - FINANCIAL RATIOS Use the spreadsheet and financial...Ch. 15 - END-OF-PERIOD SPREADSHEET, ADJUSTING, CLOSING, AND...Ch. 15 - REVENUE SECTION, MULTIPLE-STEP INCOME STATEMENT...Ch. 15 - COST OF GOODS SOLD SECTION, MULTIPLE-STEP INCOME...Ch. 15 - MULTIPLE-STEP INCOME STATEMENT Use the following...Ch. 15 - FINANCIAL RATIOS Based on the financial...Ch. 15 - CLOSING ENTRIES Using the spreadsheet and...Ch. 15 - Prob. 6SEBCh. 15 - Prob. 7SEBCh. 15 - INCOME STATEMENT, STATEMENT OF OWNERS EQUITY, AND...Ch. 15 - FINANCIAL RATIOS Use the work sheet and financial...Ch. 15 - END-OF-PERIOD SPREADSHEET, ADJUSTING, CLOSING, AND...Ch. 15 - Prob. 1MYWCh. 15 - Dominique Fouque owns and operates Dominiques Doll...Ch. 15 - Prob. 1CPCh. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Prob. 2.1COPCh. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Prob. 2.4COPCh. 15 - Prob. 2.5COPCh. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Prob. 2.8COP
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- Avatar Corp Journal entries. What is the correct titles and how does the $180000 net income get journaled? See attached image. I keep striking out with my entriesarrow_forwardIn this exercise, you will create a monthly income statement, statement of owner's equity, and balance sheet in Excel for Deep Freeze Co. With the exception of the Alistair Rowe, Capital account (the balance for which is from 6/1/2026), the company had the following account balances as of 6/30/2026: Accounts Payable Alistair Rowe, Capital - 6/1/2026 Alistair Rowe, Drawing Building Cash Insurance Expense $1,100 $21,700 $1,600 $9,500 $14,000 $2,100 Rent Revenue Sales Revenue Shipping Expense Supplies Telephone Expense Utilities Expense $2,000 $8.100 $1,000 $600 $1,800 $2,300arrow_forwardComplete 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 Liabilities Inventory Equipment Accounts Wages Payable Payable (1,000) 22,000 1,000 22,000 600 175 3,000 Owner's Equity Common Stock 50,000 Retained Earnings 1,250 (750) (600) (3,000) 3.200 (175)arrow_forward
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