Fundamental Accounting Principles
24th Edition
ISBN: 9781259916960
Author: Wild, John J., Shaw, Ken W.
Publisher: Mcgraw-hill Education,
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Textbook Question
Chapter 2, Problem 12QS
Preparing an income statement P3
Liu Zhang operates Lawson Consulting, which began operations on June 1. On June 30, the company's records show the following selected accounts and amounts for the month of June. Prepare a June income statement for the business.
Cash..........$5,000 L. Zhang, Withdrawals.......$ 1,500 Rent expense......$2,000 Accounts receivable........4,500 Service revenue.........12,000 Wages expense.........6,000 Accounts payable.......... 3,500 Equipment.........6,500
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July 1 Purchased merchandise from Griffin Company for $10,400 under credit terms of 1/15, n/30, FOB shipping point,
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Current Attempt in Progress
Presented below is information related to Sheridan Company for its first month of operations.
Jan. 06
Jan. 10
Jan. 23
Balance
of
Credit Purchases
Gorst Company
Tian Company
Accounts
Payable
$9,000
11,800
Maddox Company 12,300
$
Gorst Company
Jan. 11
Determine the balances that appear in the accounts payable subsidiary ledger. What Accounts Payable balance appears in the general
ledger at the end of January?
$
Jan. 16
Jan. 29
Cash Paid
Gorst Company
Tian Company
Maddox Company
Subsidary Ledger
Tian Company
69
$6,800
11,800
7,400
$
Maddox Company
$
General Ledge
Problem 1. The following pertains to the financial records of SinoTrump Company:
Sales
Month
January
February
March
P30.000
P40,000
P50,000
Purchases
P16.000
P20.000
P28.000
Additional information:
a. Cash is collected from customers in the following manner:
Month of sale
30%
70%
Month following the sale
b. 40% of purchases are paid for in cash in the month of purchase, and the balance is paid the following
month.
c. Labor costs are 20% of sales. Other operating cost are P15,000 per month (including P4.000 depreciation
expense). Both of these are paid in the month incurred.
d. The cash balance on March 1 is P4,000. A minimum cash balance of P3,000 is required at the end of the
month. e. A standby credit is available and money can be borrowed in multiples of P1.000.
Requirements:
1. Cash collections from customers in March.
2. Cash paid to suppliers in March.
3. Total cash disbursement in March.
4. Ending cash balance for March.
Chapter 2 Solutions
Fundamental Accounting Principles
Ch. 2 - Prob. 1DQCh. 2 - What is the difference between a note payable and...Ch. 2 - Prob. 3DQCh. 2 - What kinds of transactions can be recorded in a...Ch. 2 - Are debits or credits typically listed first in...Ch. 2 - Should a transaction be recorded first in a...Ch. 2 - If assets are valuable resources asset accounts...Ch. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Identify the four financial statements of a...
Ch. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 14DQCh. 2 - Prob. 15DQCh. 2 - Prob. 16DQCh. 2 - Prob. 17DQCh. 2 - Prob. 18DQCh. 2 - Identifying source documents C1 Identify the items...Ch. 2 - Identifying financial statement accounts C2...Ch. 2 - Reading a chart of accounts C3 A chart of accounts...Ch. 2 - Identifying normal balance C4 Identify the normal...Ch. 2 - QS 2–5
Linking debit or credit with normal...Ch. 2 - Prob. 6QSCh. 2 - Analyzing debit or credit by account A1 Identify...Ch. 2 - Prob. 8QSCh. 2 - Prob. 9QSCh. 2 - Prob. 10QSCh. 2 - Preparing journal entries P1 Prepare general...Ch. 2 - Preparing an income statement P3 Liu Zhang...Ch. 2 - Preparing a statement of owner's equity P3 Use the...Ch. 2 - Prob. 14QSCh. 2 - Prob. 15QSCh. 2 - Exercise 21 Steps in analyzing and recording...Ch. 2 - Prob. 2ECh. 2 - Exercise 2-3 Identifying a ledger and chart of...Ch. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Exercise 28 Preparing Taccounts (ledger) and a...Ch. 2 - Prob. 9ECh. 2 - Exercise 2-10 Preparing a trial balance P2 After...Ch. 2 - Prob. 11ECh. 2 - Prob. 12ECh. 2 - Exercise 2-13 Entering transactions into...Ch. 2 - Exercise 2-14 Preparing general journal entries P1...Ch. 2 - Prob. 15ECh. 2 - Prob. 16ECh. 2 - Prob. 17ECh. 2 - Prob. 18ECh. 2 - Prob. 19ECh. 2 - Prob. 20ECh. 2 - Prob. 21ECh. 2 - Exercise 2-22 Calculating and interpreting the...Ch. 2 - Exercise 2-23 Preparing journal entries P1 Prepare...Ch. 2 - Prob. 1APSACh. 2 - Prob. 2APSACh. 2 - Prob. 3APSACh. 2 - Prob. 4APSACh. 2 - Prob. 6APSACh. 2 - Prob. 7APSACh. 2 - Prob. 1BPSBCh. 2 - Prob. 2BPSBCh. 2 - Prob. 3BPSBCh. 2 - Prob. 4BPSBCh. 2 - Problem 2-5B Computing net income from equity...Ch. 2 - Prob. 6BPSBCh. 2 - Problem 2-7B Preparing an income statement,...Ch. 2 - SP 2 On October 1, 2019, Santana Rey launched a...Ch. 2 - Using transactions from the following assignments...Ch. 2 - Prob. 2GLPCh. 2 - Prob. 3GLPCh. 2 - Prob. 4GLPCh. 2 - Prob. 5GLPCh. 2 - Prob. 6GLPCh. 2 - Prob. 7GLPCh. 2 - Prob. 8GLPCh. 2 - Refer to Apple's financial statements in Appendix...Ch. 2 - Prob. 2AACh. 2 - Key comparative figures for Apple, Google, and...Ch. 2 - Prob. 1BTNCh. 2 - Prob. 2BTNCh. 2 - Prob. 3BTNCh. 2 - Prob. 4BTNCh. 2 - Prob. 5BTNCh. 2 - Prob. 6BTNCh. 2 - Prob. 7BTN
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