Financial Accounting
3rd Edition
ISBN: 9780133791129
Author: Jane L. Reimers
Publisher: Pearson Higher Ed
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Chapter 2, Problem 27EA
To determine
Determine the
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Prepare the following for the year ended 31 December 2020
i. Accounts payable and accounts receivables accounts
ii. Income statement
iii. Balance sheet
Balance Sheet. Use Table 3.2 on page 82 as a guide to create a monthly balance sheet
1. Do the current Ration part
2. Please do a common-size comparative income statements for years Ended December 31,2022, 2019, and 2018
3. Do a balance sheet data in Trend Percents for December 31,2020, 2019, and 2018
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Chapter 2 Solutions
Financial Accounting
Ch. 2 - Prob. 1YTCh. 2 - Prob. 2YTCh. 2 - Is prepaid insurance an expense or an asset?...Ch. 2 - Prob. 4YTCh. 2 - Give an example of the matching principle from the...Ch. 2 - What is the difference between cash basis and...Ch. 2 - Prob. 7YTCh. 2 - What is GAAP? What is IFRS?Ch. 2 - Prob. 2QCh. 2 - Prob. 3Q
Ch. 2 - Prob. 4QCh. 2 - Prob. 5QCh. 2 - What are the four basic financial statements?Ch. 2 - Which financial statement pertains to a single...Ch. 2 - Prob. 8QCh. 2 - Prob. 9QCh. 2 - Prob. 10QCh. 2 - Prob. 11QCh. 2 - Prob. 12QCh. 2 - What does recognize revenue mean in accounting?Ch. 2 - Prob. 14QCh. 2 - What is an accrual? What is a deferral?Ch. 2 - Must a company collect the money from a sale...Ch. 2 - What is the cost of goods sold?Ch. 2 - Explain the difference between cash basis...Ch. 2 - Prob. 19QCh. 2 - Prob. 20QCh. 2 - Prob. 21QCh. 2 - Prob. 1MCQCh. 2 - Prob. 2MCQCh. 2 - Prob. 3MCQCh. 2 - Prob. 4MCQCh. 2 - Prob. 5MCQCh. 2 - Prob. 6MCQCh. 2 - Prob. 7MCQCh. 2 - Prob. 8MCQCh. 2 - Prob. 9MCQCh. 2 - Prob. 10MCQCh. 2 - Elements of the financial statements. (LO 3). For...Ch. 2 - Prob. 2SEACh. 2 - Prob. 3SEACh. 2 - Prob. 4SEACh. 2 - Prob. 5SEACh. 2 - Prob. 6SEACh. 2 - Cash versus credit sales. (LO 3, 4). Company A had...Ch. 2 - Prob. 8SEACh. 2 - Prob. 9SEACh. 2 - Prob. 10SEACh. 2 - Prob. 11SEBCh. 2 - Prob. 12SEBCh. 2 - Prob. 13SEBCh. 2 - Prob. 14SEBCh. 2 - Prob. 15SEBCh. 2 - Prob. 16SEBCh. 2 - Prob. 17SEBCh. 2 - Prob. 18SEBCh. 2 - Prob. 19SEBCh. 2 - Prob. 20SEBCh. 2 - Prob. 21EACh. 2 - Prob. 22EACh. 2 - Prob. 23EACh. 2 - Balance sheet and income statement transactions....Ch. 2 - Prob. 25EACh. 2 - Prob. 26EACh. 2 - Prob. 27EACh. 2 - Prob. 28EACh. 2 - Elements of the financial statements. (LO 3). The...Ch. 2 - Prob. 30EBCh. 2 - Elements of the financial statements. (LO 3)....Ch. 2 - Prob. 32EBCh. 2 - Prob. 33EBCh. 2 - Prob. 34EBCh. 2 - Prob. 35EBCh. 2 - Current ratio. (LO 5). The following data was...Ch. 2 - Prob. 37PACh. 2 - Prob. 38PACh. 2 - Prob. 39PACh. 2 - Prob. 40PACh. 2 - Prob. 41PACh. 2 - Prob. 42PBCh. 2 - Prob. 43PBCh. 2 - Prob. 44PBCh. 2 - Prob. 45PBCh. 2 - Prob. 46PBCh. 2 - Prob. 1FSACh. 2 - Prob. 2FSACh. 2 - Prob. 3FSA
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- Calculate the following ratios for 2025 and 2026. (Round current ratio to 2 decimal places, e.g. 12.61, debts to assets and gross profit rate to 0 decimal places, e.g.12, and all other answers to 1 decimal place, e.g. 12.6%) Please show your work. 1. Current ratio 2. Debts to assets 3. Gross profit rate 4. Profit margin 5. Return on assets (Total assets at November 1, 2024, were $35,180) 6. Return on common stockholder's equity (Total common stockholders' equity at November 1, 2024, was $25, 180. Dividends on preferred stock were $16,800 in 2025 and $18,000 in 2026)arrow_forwardBased on the financial statements provided, compute the following financial ratios. Show your workings and round your figures to 2 decimal places. Ratio 2020 2019 Current Ratio Quick Ratio Debt Ratio (%)arrow_forwardPerform a vertical analysis of the MLC balance sheet (Table 4-4) forDecember 31, 2012.arrow_forward
- In cell D22, by using cell references, calculate the total long-term assets for year 2014 Use the relevant cells from the given data in the balance sheet. In call D23, by using a cell reference, calculate the total assets for year 2014. Refer to the relevant cell from the given data in the balance sheet. Note: The total assets must equal the total liabilities and owners' equity." in cell D18, by using cell references, calculate the total current assets for year 2014. Use the relevant cells in the balance sheet. In cell D16, by using cell references, calculate the accounts receivable for year 2014. Use the relevant cells in the balance sheet, in cell H14, by using cell references, calculate the accounts payable for year 2014. Use the relevant cells from the given cata in the balance sheet. In cell H22, by using cell references, calculate the total owners' equity for year 2014. Use the relevant cells from the given data in the balance sheet. In cell H18, by using cell references,…arrow_forwardUsing available data in the case, calculate the requested financial ratios. Round all numbers to the nearest hundredth. For example, answers should look like -0.05 or 1.33. Use the following table to calculate Current Ratios for the years 2014, 2015, and 2016: Year 2014 2015 2016 Current Assets Current Liabilities 6,086 5,914 8,137 ROA ROE Current Ratio 2016 0.78 % % 8,532 8,516 10,397 2015 0.69 % % 2014 0.71 % %arrow_forwardPrepare the balance sheet extracts as at Dec 31 2010 & 2011 to show the net realizable value for the Accounts Receivable.arrow_forward
- Perform a vertical analysis for the balance sheet entry "Accounts Payable" given below (as a %). (Round your answer to one decimal place.)arrow_forwardGiven the data in the following table, accounts receivable in 2023 was…arrow_forwardUsing all the information detailed above, prepare and present: a) The Statement of Financial Performance (also known as the Profit and Loss Account or Income Statement) for the financial year ended 31 December 2020. b) The Statement of Financial Position (also known as the Balance Sheet) as at 31 December 2020.arrow_forward
- Complete a Vertical analysis of the "Unearned revenue" account using the balance sheet as at 30/06/2021. Round the percentage change to one decimal placearrow_forwardGiven the data in the following table, the entry for Inventories on the 2023 common-sized balance sheet was %.arrow_forwardUsing the following balance sheet summary information, for the two years presented calculate the current ratio for 2018 and 2019 respectively: current assets 101,600 97,350 current liabilities 33,650 32,800arrow_forward
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