Accounting: What the Numbers Mean
11th Edition
ISBN: 9781259535314
Author: David Marshall, Wayne William McManus, Daniel Viele
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 2, Problem 2.23P
Problem 2.23
LO 2, 3, 5
Complete the balance sheet A partially completed balance sheet for Blue Co., Inc., as of October 31, 2016, is presented on the following page. Where amounts are shown for various items, the amounts are correct.
| Assets | Liabilities and |
|
| Cash | $ 3,500 Note payable | $ |
| Accounts receivable | Accounts payable | 16,000 |
| Land | ||
| Automobile | $ | |
Total liabilities
Required:
Using the following data, complete the balance sheet.
- Blue Co.’s records show that current and former customers owe the firm a total of $20,000; $3,000 of this amount has been due for more than a year from two customers who are notv bankrupt.
- The automobile, which is still being used in the business, cost $90,000 new’; a used car dealer’s Blue Book show's that it is now’ worth $50,000. Management estimates that the car has been used for one-third of its total potential use.
- The land cost Blue Co. $55,000; it was recently assessed for real estate tax purposes at a value of $75,000.
- Blue Co.’s president isn’t sure of the amount of the note payable, but he does know that he signed a note.
- Since Blue Co. was formed, net income has totaled $165,000, and dividends to stockholders have totaled $97,500.
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2,800
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Question 2
The following are financial statements of AR Sdn Bhd.
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COGS
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11201
+carriage inwards
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11435
15211
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GROSS PROFIT
7947
Other income
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8809
(-) Expenses
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Rent
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Sundry expenses
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3062
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Chapter 2 Solutions
Accounting: What the Numbers Mean
Ch. 2 - Prob. 2.1MECh. 2 - Prob. 2.2MECh. 2 - Prob. 2.3MECh. 2 - Prob. 2.4MECh. 2 - Mini-Exercise 2.5 LO 2. 4 Identify accounts by...Ch. 2 - Mini-Exercise 2.6 LO 2. 4 Identify accounts by...Ch. 2 - Prob. 2.7ECh. 2 - Exercise 2.8 LO 2. 4 Identify accounts by category...Ch. 2 - Exercise 2.9 LQ 2 , 3 Understanding financial...Ch. 2 - Exercise 2.10 LO 2 , 3 Understanding financial...
Ch. 2 - Prob. 2.11ECh. 2 - Exercise 2.12 LQ 2. 3 Calculate retained earnings...Ch. 2 - Prob. 2.13ECh. 2 - Prob. 2.14ECh. 2 - Prob. 2.15PCh. 2 - Prob. 2.16PCh. 2 - Problem 2.17 LO 2, 3, 4 Understanding and...Ch. 2 - Problem 2.18 LO 2. 3, 4 Understanding and...Ch. 2 - Problem 2.19 LO 2, 3, 4 Prepare an income...Ch. 2 - Prob. 2.20PCh. 2 - Problem 2.21
LO 2, 3
Transaction...Ch. 2 - Prob. 2.22PCh. 2 - Problem 2.23 LO 2, 3, 5 Complete the balance sheet...Ch. 2 - Prob. 2.24PCh. 2 - Prob. 2.25PCh. 2 - Prob. 2.26PCh. 2 - Case 2.27 LO 2, 4, 6, 7 Prepare a personal balance...
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