Survey Of Accounting
5th Edition
ISBN: 9781259631122
Author: Edmonds, Thomas P.
Publisher: Mcgraw-hill Education,
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Chapter 2, Problem 20E
a.
To determine
Determine the balance in the
b.
To determine
Determine the balance in the temporary accounts as of January 1, 2018.
c.
To determine
Determine the after-closing balance in the retained earnings as of December 31, 2017.
d.
To determine
Determine the balance in the retained earnings as of June 30, 2018.
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Problem 16-18 (IAA)
Emerald Company reported net income for 2021 at P1,550,000
before any adjustments. Upon inspection of the records, the
following facts we.e discovered for the year ended December
31, 2021.
A fire insurance premium of P40,000 was paid and charged
as insurance expense for 2021. The fire insurance policy
covers one year from April 1, 2021.
Inventory on January 1, 2021 was understated by P80,000.
Inventory on December 31, 2021 was understated by
P120,000.
Taxes of P60,000 for the fourth quarter of 2021 were paid
on January 20, 2022 and charged as expense of 2022.
On December 5, 2021 a cash advance of P100,000 by a
customer was received for goods to be delivered in January,
2022. The amount of P100,000 was credited to sales.
What amount should be reported as net income for 2021?
a. 1,440,000
þ. 1,470,000
c. .1,540,000
d. 1,600,000
Week 7 Discussion question
Accounting for Assets: Receivables
Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below:
January 15
Wrote of $440 account of Miller Company as uncollectible
April 2nd
Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier
July 31
Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible
August 15
Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200
September 26
Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible
October 16
Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible
December 31
Estimated uncollectible…
Question Content Area On October 1, Black Company receives a 4% interest-bearing note from Reese Company to
settle a $17,400 account receivable. The note is due in six months. At December 31, Black should record interest
revenue of a. $174 b. $181 c. $171 d. $184
Chapter 2 Solutions
Survey Of Accounting
Ch. 2 - 1. What does accrual accounting attempt to...Ch. 2 - 2. Define recognition. How is it independent of...Ch. 2 - 3. What does the term deferral mean?Ch. 2 - 4. If cash is collected in advance of performing...Ch. 2 - Prob. 5QCh. 2 - 6. What effect does the issue of common stock have...Ch. 2 - 7. How does the recognition of revenue on account...Ch. 2 - 8. Give an example of an asset source transaction....Ch. 2 - 9. When is revenue recognized under accrual...Ch. 2 - 10. Give an example of an asset exchange...
Ch. 2 - 11. What is the effect on the right side of the...Ch. 2 - Prob. 12QCh. 2 - Prob. 13QCh. 2 - Prob. 14QCh. 2 - Prob. 15QCh. 2 - Prob. 16QCh. 2 - 17. Why may net cash flow from operating...Ch. 2 - Prob. 18QCh. 2 - Prob. 19QCh. 2 - 20. What is the difference between a cost and an...Ch. 2 - Prob. 21QCh. 2 - Prob. 22QCh. 2 - 23. What does the term expense mean?Ch. 2 - Prob. 24QCh. 2 - 25. What is the purpose of the statement of...Ch. 2 - Prob. 26QCh. 2 - 27. Why is the balance sheet dated as of a...Ch. 2 - 28. In what order are assets listed on the balance...Ch. 2 - Prob. 29QCh. 2 - Prob. 30QCh. 2 - 31. What types of accounts are closed at the end...Ch. 2 - 32. Give several examples of period costs.Ch. 2 - 33. Give an example of a cost that can be directly...Ch. 2 - Prob. 34QCh. 2 - Prob. 1ECh. 2 - Exercise 2-2 Effect of accrued expenses on the...Ch. 2 - Prob. 3ECh. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Exercise 2-9 Supplies on financial statements Yard...Ch. 2 - Prob. 10ECh. 2 - Exercise 2-11 Prepaid items on financial...Ch. 2 - Exercise 2-12 Effect of an error on financial...Ch. 2 - Exercise 2-13 Unearned items on financial...Ch. 2 - Prob. 14ECh. 2 - Prob. 15ECh. 2 - Prob. 16ECh. 2 - Prob. 17ECh. 2 - Prob. 18ECh. 2 - Prob. 19ECh. 2 - Prob. 20ECh. 2 - Exercise 2-21 Adjusting the accounts Norell Inc....Ch. 2 - Prob. 22ECh. 2 - Prob. 23ECh. 2 - Prob. 24ECh. 2 - Prob. 25ECh. 2 - Prob. 26ECh. 2 - Exercise 2-27 Identifying transaction type and...Ch. 2 - Exercise 2-27A Effect of accounting events on the...Ch. 2 - Prob. 29ECh. 2 - Exercise 2-29A Identifying source, use, and...Ch. 2 - Prob. 31ECh. 2 - Problem 2-32 Recording events in a horizontal...Ch. 2 - Problem 2-37A Effect of adjusting entries on the...Ch. 2 - Prob. 34PCh. 2 - Prob. 35PCh. 2 - Problem 2-36 Identifying and arranging elements on...Ch. 2 - Problem 2-37 Missing information in financial...Ch. 2 - Problem 2-38 Events for two complete accounting...Ch. 2 - Prob. 1ATCCh. 2 - ATC 2-3 Research Assignment Identifying accruals...Ch. 2 - ATC 2-4 Writing Assignment Revenue Recognition and...
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