FUND.ACCT.PRIN.
25th Edition
ISBN: 9781260247985
Author: Wild
Publisher: RENT MCG
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Chapter 2, Problem 27E
To determine
Introduction: The financial statements of a company include a
To prepare: Balance sheet for the period.
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Lecture note page 15-16, 34-37, see Excel version of the example for detail) For projesct Z- year S inventories is estimated to be S00, accounts receivable is estimated to be $400, and accounts payable is estimated to be S100. a. Calculate the working capital for year 5. Answer b if the working capital in year 6 is estimated to be $600, calculate the CHANGE in working capital in year Answer c. Is this a cash outflow or cash inflow? cash outflow cash inflow
Question 13
Using the following balance sheet items and amounts, calculate the total liquid
assets.
• Money market account $4056
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• Checking account $8308
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Answer
exercise for finance acc.pdf
O File | C:/Users/User/Desktop/FIN%20ACC/exercise%20for%20finance%20acc.pdf
(D Page view
A Read aloud
T Add text
V Draw
E Highlight
2 Erase
of 4
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5 The companu purchases office equipment by cash.
Asset
Increase
Decrease
No Effect
Liability
Increase
Decrease
No Effect
Owner's Equity
Increase
Decrease
No Effect
6 The owner contributes his personal truck to the business.
Decrease
No Effect
Asset
Increase
Decrease
No Effect
Liability
Increase
Decrease
No Effect
Owner's Equity
Increase
5:29 PM
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IMI
26/10/2021
ENG
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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- exercise for finance acc.pdf O File | C:/Users/User/Desktop/FIN%20ACC/exercise%20for%20finance%20acc.pdf D Page view A Read aloud T Add text V Draw E Highlight O Erase of 4 EXERCISES For questions number 1 to 7, given the accounting transaction, indicate whether the asset, liability or owner's equity has increase or decrease or has no effect by circling the appropriate answer. 1 The owner invests personal cash in the business. (Example) Asset Increase Decrease No Effect Liability Increase Decrease No Effect Owner's Equity Increase Decrease No Effect 2 The owner withdraws cash from the business for personal use. Asset Increase Decrease No Effect Liability Increase Decrease No Effect Owner's Equity Increase Decrease No Effect 3 The company receives cash from a bank loan Asset Increase Decrease No Effect 5:29 PM O Type here to search IMI 26/10/2021 ENGarrow_forwardFor an accessible version, see the Excel spreadsheet. Blank 1 Blank 2 Example Blank 3 Cash and cash equivalents Total assets Add your answer Add your answer Add your answer 2022 Calculate the 2022 Vertical Analysis "Accounts Receivable" in % using total assets as your base. Fill in the numerator and denominator using the financial statements provided (no symbols or commas) and the answer should be in a XX.XX% format: Blank 1; + Blank 2; = Blank 3 % Last saved 3:49:34 PM $330 $2,340 Cash + Assets 0.1410 Update to % 14.10%arrow_forwardAPPLICATION. Problem Solving. A. Exercise 1. Describe each transaction. DATE ASSETS LIABILITIES EQUITY Cash Supplies Equipment Balance 1 (20,000.00) 3 (112,500.00) 60,000.00 7,500.00 300,000.00 75,000.00 292,500.00 150,000.00 150,000.00 2 20,000.00 {112,500.00) 4 5,000.00 5,000.00 5 (15,000.00)| (53,000.00) (15,000.00) (53,000.00) 7 (8,000.00) (8,000.00) Balance 9,500.00 4,500.00 320,000.00 27,000.00 307,000.00 334,000.00 334,000.00arrow_forward
- Question 1The following information was extracted from the financial statement of Barryfor the year ended 31 December 2020. RMSales 437,500Opening inventories 17,500Closing inventories 26,250Cost of sales 262,500Other income 3,750Expenses 61,250Current liabilities 47,250Trade receivables 39,375Bank 8,750Cash 31,500Required:(a) Show the formulae and compute the value of the following for Barry:(i) Purchases(ii) Gross profit(iii)Net Profitarrow_forwardComplete requirement 1 by using data tables . P.S The balance sheet is May 31, 2020 The choices of "Accounts" Column are showed in second picturearrow_forwardA moodle1.du.edu.om/mod/quiz/attempt.php?attempt33424918&cmid%3D226542 w Tab Google Translate DU - Moodle English (en) - 1. Deprecation 20000 2. Net income 75000 of The following accounts increased during 2020: Accounts receivable 18000 tion Loan 45000 Bonds 32000 Prepaid expenses 15000 Building 28000 The cash flow from investing activities are Select one: O a. The correct answer not available Ob. 28000 O c. (77000) O d. 77000 O e. (28000) Windosb ENG A 40) Aarrow_forward
- Good day, how do we calculate the missing amounts when doing a comparative balance sheet? Comparative Balance Sheet December 31, 2020 and 2019 2020 2019 Increase/Decrease Assets Cash and cash Equivalent $ 51,500.00 $ 45,400.00 Accounts Receivable Inventories $ 61,400.00 $ 9,500.00 Fixed Assets, net $ 160,000.00 $ 110,000.00 Total Assets $ 324,000.00 $ 268,700.00 $ 55,600.00 Liabilities Accounts Payable Accrued liabilities $ 31,000.00 -$ 6,550.00 Long-term notes payable $ 60,000.00 $ 78,540.00 Stockholders Equity: Common Stock $ 143,050.00 $ 105,110.00 $ 37,940.00 Retained Earnings $ 54,800.00 $ 19,700.00 $ 35,100.00 Total liabilities and Stockholders equity $ 324,300.00 $ 268,700.00 $ 55,600.00arrow_forwardA moodle1.du.edu.om/mod/quiz/attempt.php?attempt33424918&cmid%3D226542 w Tab Google Translate DU - Moodle English (en) - 1. Deprecation 20000 2. Net income 75000 of The following accounts increased during 2020: Accounts receivable 18000 tion Loan 45000 Bonds 32000 Prepaid expenses 15000 Building 28000 The cash flow from investing activities are Select one: O a. The correct answer not available Ob. 28000 O c. (77000) O d. 77000 O e. (28000) Windob ENG A 10) Aarrow_forwardengageNOWv2 | Online teachin X * CengageNOWv2 | Online teachin x+ com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre.. * eBook Show Me How Return on Total Assets A company reports the following income statement and balance sheet information for the current year: Net income $382,880 Interest expense 67,570 Average total assets 5,850,000 Determine the return on total assets. If required, round the answer to one decimal place. % Check My Work 67°F Sarrow_forward
- ! Required information [The following information applies to the questions displayed below.] The accounting records of Nettle Distribution show the following assets and liabilities as of December 31 for Year 1 and Year 2. W December 31 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable Numerator: Total assets $ 3. Compute the Year 2 year-end debt ratio. F2 OCT 11 #3 1 23,994 / 20 F3 ΕΙ Year 1 $ 56,382 30,605 4,828 148, 195 57,990 54 $ 0 80,460 0 Average total assets 0 Debt Ratio Denominator: ooo 000 F4 R Year 2 $ 11,206 23,994 3,536 157,856 66,990 193,317 48,241 39,906 141,558 % 5 F5 T = its Prey Debt Ratio Debt ration F7 U * 8 F8 ▶▶ O O 1arrow_forwardQuestion Completion Status: QUESTION 3 Using the following Balance Sheet summary information, calculate for the two years presented: A. working capital B. current ratio 12/31/2018 Current Assets 76,000 Current Liabilities A 8 48,000 Suppies Expense Unearned Fee Revenue 163,500 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial EE 12/31/2019 295,000 EE 医用照 28 BE V 10pt X² X₂G † {} >¶¶ > Sarrow_forwardplease answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) Tamarisk Inc. had the following balance sheet at December 31, 2024. Tamarisk Inc. Balance Sheet December 31, 2024 Cash $22,640 Accounts payable $32,640 Accounts receivable 23,840 Notes payable (long-term) 43,640 Investments 34,640 Common stock 102,640 Plant assets (net) 81,000 Retained earnings 25,840 Land 42,640 $204,760 $204,760 During 2025, the following occurred. 1. Tamarisk Inc. sold part of its debt investment portfolio for $16,327. This transaction resulted in a gain of $4,727 for the firm. The company classifies these investments as available-for-sale. 2. A tract of land was purchased for $15,640 cash. 3. Long-term notes payable in the amount of $17,327 were retired before maturity by…arrow_forward
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