Intermediate Accounting, 10 Ed
10th Edition
ISBN: 9781260310177
Author: Mark W. Nelson, Wayne B. Thomas J. David Spiceland
Publisher: McGraw-Hill Education
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Question
Chapter 21, Problem 21.4BE
To determine
Statement of
Journal: Journal is the method of recording monetary business transactions in chronological order. It records the debit and credit aspects of each transaction to abide by the double-entry system
Rules of Debit and Credit:
Following rules are followed for debiting and crediting different accounts while they occur in business transactions:
- Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.
- Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.
To Journalize: The given transaction of Company SBP, to determine the net effect of salaries expense incurred and paid in the accounting year.
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Question 12
The following data pertain to Gliezel company on December 31, 20B: Trade accounts payable, including cost of goods received on consignment of P180,000 is 1,620,000; Accrued taxes payable, 150,000; Customers' deposit, 120,000; Cherry company as guarantor, 240,000; Bank overdraft, 66,000; Accrued electric and power bills, 72,000; Reserve for contingencies, 180,000. How much should be shown as total current liabilities?
CHOICES
2,208,000
2,088,000
1,980,000
1,848,000
4213
PRACTICAL EXERCISE 1.4
A Payroll consists of Basic Pay, Allowances, Gross Salary, Deductions and
Net Salary. The Allowances are 23% of the Basic Pay while the Deductions
are 12% of the Gross Salary.
In the given worksheet, indicate in each cell what will be inserted, that is -
a value or a formula. In the case of a formula, write down the formula in the
cell.
A
C
E
F
Stationery Supplies Ltd
Name
Basic
Allowances Gross
Salary
Deductions
Net
Pay
Salary
4
Lewis
Francis
Edwin
13 Totals
Problem 12-197 (LO 12-2]
Selected balance sheet Informatlon and the Income statement for Ploneer Industries for the current year are presented
below.
Selected Balance Sheet Accounts
Prior Year
Current Year
Accounts Receivable
$26, 200
36, e0e
2,600
20,600
5,200
$18,000
39,600
Inventories
Prepaid Rent
Accounts Payable
Salaries and Wages Payable
26, 8ee
7,800
Income Statement
Sales Revenue
$540,000
Expenses:
Cost of Goods Sold
308, 000
Depreciation Expense
Salaries Expense
36, 000
54, 000
21,600
21,600
19,800
Rent Expense
Insurance Expense
Interest Expense
Utilities Expense
18,e00
Net Income
$ 61, 000
Required:
Prepare the cash flows from operating activities section of the statement of cash flows using the Indirect method. (Enter
any deductions and cash outflows as a negative value.)
Pioneer Industries
Cash Flows from Operating Activities
Adjustments to reconcile net income to net cash provided by operating activities:
Changes in current assets and current liabilities:
Chapter 21 Solutions
Intermediate Accounting, 10 Ed
Ch. 21 - Effects of all cash flows affect the balances of...Ch. 21 - Prob. 21.2QCh. 21 - Prob. 21.3QCh. 21 - Prob. 21.4QCh. 21 - Prob. 21.5QCh. 21 - Prob. 21.6QCh. 21 - Prob. 21.7QCh. 21 - The sale of stock and the sale of bonds are...Ch. 21 - Does the statement of cash flows report only...Ch. 21 - Prob. 21.10Q
Ch. 21 - Perhaps the most noteworthy item reported on an...Ch. 21 - Prob. 21.12QCh. 21 - Given sales revenue of 200,000, how can it be...Ch. 21 - Prob. 21.14QCh. 21 - When determining the amount of cash paid for...Ch. 21 - Prob. 21.16QCh. 21 - When using the indirect method of determining net...Ch. 21 - Prob. 21.18QCh. 21 - Prob. 21.19QCh. 21 - Where can we find authoritative guidance for the...Ch. 21 - U.S. GAAP designates cash outflows for interest...Ch. 21 - Prob. 21.1BECh. 21 - Prob. 21.2BECh. 21 - Prob. 21.3BECh. 21 - Prob. 21.4BECh. 21 - Investing activities LO215 Carter Containers sold...Ch. 21 - Financing activities LO216 Refer to the situation...Ch. 21 - Prob. 21.11BECh. 21 - Prob. 21.12BECh. 21 - Classification of cash flows LO213 through LO216...Ch. 21 - Indirect method; reconciliation of net income to...Ch. 21 - Prob. 21.29ECh. 21 - Prob. 21.30ECh. 21 - Prob. 21.31ECh. 21 - Prob. 21.32ECh. 21 - Prob. 21.1PCh. 21 - Research Case 219 FASB codification; locate and...Ch. 21 - IFRS Case 2110 Statement of cash flows...
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