FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781618533111
Author: DYCKMAN
Publisher: Cambridge Business Publishers
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Chapter 2, Problem 44E
To determine
Identify the effect of the given independent transactions using financial statements effect template.
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Create the financial statement ( Income statement and Balance sheet ) for NetSolutions using the Summary transaction.
Find the following using the data bellow
a. Accounts receivable
B. Current assets
C. Total assets
D. Return on assets
E. Common equity
F. Quick ratio
Required: For the following list of accounts select the type of account (Asset,Contra Asset, Liability, Equity, Revenue, or Expense), normal balance (debit or credit), and the financial statement the account would appear on (Income Statement, Retained Earnings Statement or Balance Sheet).
Classify Accounts
Chapter 2 Solutions
FINANCIAL ACCOUNTING
Ch. 2 - Prob. 1MCCh. 2 - Prob. 2MCCh. 2 - Prob. 3MCCh. 2 - Prob. 4MCCh. 2 - Prob. 5MCCh. 2 - Prob. 1QCh. 2 - Prob. 2QCh. 2 - Prob. 3QCh. 2 - Prob. 4QCh. 2 - Prob. 5Q
Ch. 2 - Prob. 6QCh. 2 - Prob. 7QCh. 2 - Prob. 8QCh. 2 - Prob. 9QCh. 2 - Prob. 10QCh. 2 - Prob. 11QCh. 2 - Prob. 12QCh. 2 - Prob. 13QCh. 2 - Prob. 14MECh. 2 - Prob. 15MECh. 2 - Prob. 16MECh. 2 - Prob. 17MECh. 2 - Prob. 18MECh. 2 - Prob. 19MECh. 2 - Prob. 20MECh. 2 - Prob. 21MECh. 2 - Prob. 22MECh. 2 - Prob. 23MECh. 2 - Prob. 24MECh. 2 - Prob. 25MECh. 2 - Prob. 26MECh. 2 - Prob. 27MECh. 2 - Prob. 28MECh. 2 - Prob. 29MECh. 2 - Prob. 30MECh. 2 - Prob. 31MECh. 2 - Prob. 32MECh. 2 - Prob. 33MECh. 2 - Prob. 34ECh. 2 - Prob. 35ECh. 2 - Prob. 36ECh. 2 - Prob. 37ECh. 2 - Prob. 38ECh. 2 - Prob. 39ECh. 2 - Prob. 40ECh. 2 - Prob. 41ECh. 2 - Prob. 42ECh. 2 - Prob. 43ECh. 2 - Prob. 44ECh. 2 - Prob. 45ECh. 2 - Prob. 46ECh. 2 - Prob. 47ECh. 2 - Prob. 48ECh. 2 - Prob. 49PCh. 2 - Prob. 50PCh. 2 - Prob. 51PCh. 2 - Prob. 52PCh. 2 - Prob. 53PCh. 2 - Prob. 54PCh. 2 - Prob. 55PCh. 2 - Prob. 56PCh. 2 - Prob. 57PCh. 2 - Prob. 58PCh. 2 - Prob. 59PCh. 2 - Prob. 60PCh. 2 - Prob. 61PCh. 2 - Prob. 62PCh. 2 - Prob. 63PCh. 2 - Prob. 64PCh. 2 - Prob. 65PCh. 2 - Prob. 66PCh. 2 - Prob. 67PCh. 2 - Prob. 68PCh. 2 - Prob. 69PCh. 2 - Prob. 70PCh. 2 - Prob. 71CPCh. 2 - Prob. 72CP
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- a. List the four types of financial statements b.Describe the interrelationshipbetween balance sheet and the income statementarrow_forwardWhich of the following correctly describes how accounts payable will appear on the financial statements? Multiple Choice O O Liability on the balance sheet Asset on the balance sheet Expense on the income statement Revenue on the income statementarrow_forwardUsing the transactions attached and the Unadjusted please create a Statement of Financial Position.arrow_forward
- (See chart below for the account titles) Identify or classify the different account titles as to whether they belong to Assets, Liabilities, Owners' Equity Revenue or Expense of the busi- ness. Fill the amounts of the following SFP and SCI elements: Current Assets: _________ Noncurrent Assets:_______ Current Liabilities: ________ Noncurrent Liabilities: _______ Sales: ________ Expenses: ________ Net Income (Loss): ________arrow_forwardClassify each of the following items as assets (A), liabilities (L), or equity (EQ). Accounts payablearrow_forwardIdentify the items or data that appear on multiple financial statements (income statement, statement of owners equity, balance sheet, statement of cash flow)arrow_forward
- Prepare the worksheet. Prepare the financial statements: a. Statement of Financial Position b. Statement of Comprehensive Income c. Cash Flow Statement d. Statement of Changes in Equityarrow_forwardincome statement, equity and balance sheet. show computaitonsarrow_forwardQUESTION ONE Identify and fully explain any FOUR qualitative characteristics of useful financial information. Outline the recognition criteria for the following elements of financial statements: Assets Liabilities Income Expensesarrow_forward
- Compute the following: A. Current Asset B. Non current asset C. Total asset D. Current liabilities E. Non current liabilities F. Total liabilities G. Equity H. Net income I. Total liabilities and equity J. Prepare a Statement of Financial Positionarrow_forwardPrepare income statement and financial position from following:Show all workingsarrow_forwardPerform the calculation for each ratio, and provide an explanation of the result. a. Return on equityb. Total assets turnoverc. Return on assetsd. Current ratioe. Receivables turnoverarrow_forward
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