Principles of Financial Accounting.
22nd Edition
ISBN: 9780077632892
Author: John J. Wild
Publisher: McGraw Hill
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Chapter 2, Problem 16E
To determine
Prepare the income statement of company H.
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Presented below is the balance sheet for Sabino Family Dentistry on January 1 of the current year.
SABINO FAMILY DENTISTRY
Statement of Financial Position (Balance Sheet)
January 1, 20__
Assets Liabilities & Shareholders’ Equity
Cash $ 33,000 Liabilities:
Accounts receivable......... 51,150 Accounts payable .............................. $ 74,250
Land 313,500 Total liabilities................................. $ 74,250
Building........................... 371,250 Equity:
Equipment........................ 57,750 Share capital.................................... 752,400
Total liabilities and
Total assets....................... $826,650 equity................................................... $826,250
During the…
Accounting
The accountant for Gizmo Traders provides you with the following information for the financial years ended 31 May 20.2; 31 May 20.3 and 31 May 20.4:
20.4
20.3
20.2
Revenue
800 000
500 000
400 000
Cost of sales
(400 000)
(300 000)
(300 000)
Gross profit
400 000
200 000
100 000
The gross profit percentage on sales for the year ended 31 May 20.3 is …
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. Don't show the % sign only the numbers (eg: 70.01% is 70.01)
Selected accounts from Lue Co.'s adjusted trial balance for the year ended December 31 follow. Prepare a
classified balance sheet. Total equity........
....... $30,000 Employee federal income taxes payable
$9,000
Equipment......
..725
Salaries payable....
Accounts receivable.
Cash..........
3,100
40,000 Federal unemployment taxes payable .......... 200
34,000 FICA-Medicare taxes payable......
5,100 FICA-Social Security taxes payable..
50,000 Employee medical insurance payable.
..4,000 State unemployment taxes payable.
. 10,000 Sales tax payable (due in 2 weeks).
.2,000
Current portion of long-term debt.........
Notes payable (due in 6 years)...
.275
1,800
Chapter 2 Solutions
Principles of Financial Accounting.
Ch. 2 - Amalia Company received its utility bill for the...Ch. 2 - On May 1, Mattingly Lawn Service collected 2,500...Ch. 2 - Prob. 3MCQCh. 2 - A trial balance prepared at year-end shows total...Ch. 2 - Prob. 5MCQCh. 2 - Prob. 1DQCh. 2 - What is the difference between a note payable and...Ch. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Are debits or credits typically listed first in...
Ch. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Prob. 10DQCh. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Define (a) assets, (b) liabilities, (c) equity,...Ch. 2 - Which financial statement is sometimes called the...Ch. 2 - APPLE Review the Apple balance sheet in Appendix...Ch. 2 - Prob. 17DQCh. 2 - Prob. 18DQCh. 2 - Prob. 1QSCh. 2 - Identifying financial statement accounts C2...Ch. 2 - Prob. 3QSCh. 2 - Prob. 4QSCh. 2 - Linking debit or credit with normal balance C4...Ch. 2 - Analyzing transactions and preparing journal...Ch. 2 - Prob. 7QSCh. 2 - Identifying a posting error A trial balance has...Ch. 2 - Prob. 9QSCh. 2 - Prob. 10QSCh. 2 - Prob. 1ECh. 2 - Prob. 2ECh. 2 - Prob. 3ECh. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Prob. 10ECh. 2 - Prob. 11ECh. 2 - Prob. 12ECh. 2 - Prob. 13ECh. 2 - Prob. 14ECh. 2 - Prob. 15ECh. 2 - Prob. 16ECh. 2 - Prob. 17ECh. 2 - Prob. 18ECh. 2 - Prob. 19ECh. 2 - Identifying effects of posting errors on the trial...Ch. 2 - Analyzing a trial balance error You are told the...Ch. 2 - Prob. 22ECh. 2 - Prob. 23ECh. 2 - Prob. 5APCh. 2 - Prob. 6APCh. 2 - Prob. 5BPCh. 2 - Prob. 6BPCh. 2 - Prob. 2SPCh. 2 - Prob. 1BTNCh. 2 - Prob. 2BTNCh. 2 - Prob. 3BTNCh. 2 - COMMUNICATING IN PRACTICE Lila Corentine is an...Ch. 2 - Prob. 5BTNCh. 2 - Prob. 7BTNCh. 2 - Prob. 8BTNCh. 2 - Prob. 10BTN
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- Minden Company is a wholesale distributor of premium European chocolates. The company’s balance sheet as of April 30 is given below: Minden Company Balance Sheet April 30 Assets Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,000 Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,000 Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000 Buildings and equipment, net of depreciation . . . . . . . . . . . . . . . . . . 207,000 Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $300,000 Liabilities and Stockholders’ Equity Accounts payable . . . . . . . . . . . . . . . . . . .…arrow_forwardAt December 31, Rolison Consulting’s financial records show the following selected account information. Service revenue..................... $90,000Rent expense......................... $25,000Salaries expense.................... $54,000Supplies expense..................... $3,000Depreciation expense............... $6,000Retained earnings.................. $52,000 (credit balance)Contributed Capital................. $10,000 (credit balance) After all closing entries are recorded and posted, what is the balance of the retained earnings account? At December 31, Rolison Consulting’s financial records show the following selected account information. Service revenue..................... $90,000Rent expense......................... $25,000Salaries expense.................... $54,000Supplies expense..................... $3,000Depreciation expense............... $6,000Retained earnings.................. $52,000 (credit balance)Contributed Capital................. $10,000 (credit…arrow_forwardAt December 31, Rolison Consulting’s financial records show the following selected account information. Service revenue..................... $90,000Rent expense......................... $25,000Salaries expense.................... $54,000Supplies expense..................... $3,000Depreciation expense............... $6,000Retained earnings.................. $52,000 (credit balance)Contributed Capital................. $10,000 (credit balance) After all closing entries are recorded and posted, what is the balance of the contributed capital account?arrow_forward
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