FUND.ACCT.PRIN.
25th Edition
ISBN: 9781260247985
Author: Wild
Publisher: RENT MCG
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Chapter 2, Problem 17QS
To determine
Introduction: The financial statements of a company include a
To prepare: The balance sheet for the period.
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Content
QUESTION 3
At the beginning of the year, long-term debt of a firm is $272 and total liabilities is $321. At the end of the year, long-
term debt is $251 and total liabilities is $331. The interest paid is $17. What is the amount of the cash flow to
creditors?
-$38
$21
$38
-$21
$17
QUESTION 4
At the beginning of the year, a firm has current assets of $324 and current liabilities of $228. At the end of the year,
the current assets are $485 and the current liabilities are $268. What is the change in net working capital?
$121
$0
-$121
$201
$161
Sample Worksheet
Work Sheet
For the Month Ended January 31, 2020
Trial Balance
Adjustments
Adj. T/Balance
Income Statement
Balance Sheet
Account Title
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
13,200
22,000
5,400
29,250
22,000
5,400
Cash
20,000 b-h
3,950
29,250
22,000
a
CD'S
Other Securities
5,400
Loan Payable
Owner' Equity
25,000
15,600 b
25,000
15,100
25,000
15,100
500
Revenue
a
20,000
20,000
20,000
Interest Income
Utilities expense
Internet & Telephone
Advertising Expense
C
300
300
300
150
150
150
e
300
300
300
Rent Expense
f
2,000
2,000
2,000
Supplies expense
450
450
450
Insurance expense
250
250
250
40,100
16,550
56,650
40,600
23,950
60,100
3,450
16,550
20,000
40,600
23,950
60,100
20,000
56,650
Net income
20,000
56,650
1. Cash is overstate by 500.00 and Owners Equity is overstated by $500.00.
2. Utilities Expense of $300.00 was paid on January 25.
3. Insurance expense of $250.00 was paid on January 27.
4. supplies for the month in the amount of $450.00 was purchased.
5. Rent for…
2020.12.30 15:27
The for Planner has "a"
through "e" to at 31, All and equity
Completing the Accounting Cycle | 283
NAME:
SECTION:
SCORE:
PROFESSOR:
Problem #4
dentifying and Journalizing Closing Entries
of
accounts of the entity are listed here in T-account form:
Accounts Receivable
000'0e7
000'sE
(a)
Pascual, Withdrawals
Supplies
000'rzs
000'07
(e)
000'00
Service Revenues
Accumulated Depreciation-Furniture
1,030,000
Salaries Expense
(a) 000'sE
000'0E
(a)
000'0s
Accumulated Depreciation-Building
000'087
(p)
Supplies Expense
000'0ɛE
000'09
())
(a)
Salaries Payable
000'07
(p)
000's
Depreciation Expense-Furniture
(b)
000'0,
Pascual, Capital
Depreciation Expense-Building
000'
Required:
(c)
000'09
ournalize the closing entries.
Chapter 2 Solutions
FUND.ACCT.PRIN.
Ch. 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 - Prob. 7QSCh. 2 - Prob. 8QSCh. 2 - Prob. 9QSCh. 2 - Prob. 10QS
Ch. 2 - Prob. 11QSCh. 2 - Prob. 12QSCh. 2 - Prob. 13QSCh. 2 - Prob. 14QSCh. 2 - Prob. 15QSCh. 2 - Prob. 16QSCh. 2 - Prob. 17QSCh. 2 - Prob. 18QSCh. 2 - Prob. 19QSCh. 2 - Exercise 21 Steps in analyzing and recording...Ch. 2 - Prob. 2ECh. 2 - Prob. 3ECh. 2 - Exercise 2-3 Identifying a ledger and chart of...Ch. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Prob. 10ECh. 2 - Prob. 11ECh. 2 - Exercise 2-10 Preparing a trial balance P2 After...Ch. 2 - Prob. 13ECh. 2 - Prob. 14ECh. 2 - Prob. 15ECh. 2 - Prob. 16ECh. 2 - Prob. 17ECh. 2 - Prob. 18ECh. 2 - Prob. 19ECh. 2 - Prob. 20ECh. 2 - Prob. 21ECh. 2 - Prob. 22ECh. 2 - Prob. 23ECh. 2 - Prob. 24ECh. 2 - Prob. 25ECh. 2 - Prob. 26ECh. 2 - Prob. 27ECh. 2 - Prob. 28ECh. 2 - Prob. 29ECh. 2 - Prob. 1PSACh. 2 - Prob. 2PSACh. 2 - Prob. 3PSACh. 2 - Prob. 4PSACh. 2 - Prob. 5PSACh. 2 - Prob. 6PSACh. 2 - Prob. 7PSACh. 2 - Prob. 1PSBCh. 2 - Prob. 2PSBCh. 2 - Prob. 3PSBCh. 2 - Prob. 4PSBCh. 2 - Problem 2-5B Computing net income from equity...Ch. 2 - Prob. 6PSBCh. 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. 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. 1BTNCh. 2 - Prob. 2BTNCh. 2 - Prob. 3BTNCh. 2 - Prob. 4BTNCh. 2 - Prob. 5BTNCh. 2 - Prob. 6BTN
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