FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781618533111
Author: DYCKMAN
Publisher: Cambridge Business Publishers
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Chapter 3, Problem 47P
a, b(3) and d(3).
To determine
Prepare T-account.
b (1)
To determine
Record the transactions using financial statements template.
b (2)
To determine
Record the using transactions using
c.
To determine
Prepare unadjusted
d (1)
To determine
Record the transactions using financial statements template.
d (2)
To determine
Record the using transactions using journal entry format.
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The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019:
1. Prepare a multiple-step income statement.2. Prepare a statement of owner’s equity.3. Prepare a balance sheet, assuming that the current portion of the note payable is$7,000.4. Briefly explain how multiple-step and single-step income statements differ.
Prepare a Balance Sheet using the following information for the Ginger Company as of March 31, 2019. When listing accounts for each category, you are to insert them in the order in which they are listed here. If used, type in the account names exactly as
written here.
Account
Normal Balances
Accounts Payable
$1,730
Cash
$11,050
Ginger Ale, Capital March 1
$17,300
Inventory
$8,230
Wages Payable
$2,150
Sales
$13,600
Product Expenses
$8,200
Ginger Ale, Capital March 31
$22,700
Equipment
$7,300
PLEASE NOTE:
When you fill in the dollar amounts, you must include a $ and commas as needed (i.e., $1,234).
Assets:
Total Assets
Liabilities:
Total Liabilities
Owner's Equity:
Total Liabilities and Owner's Equity
The following selected accounts and their current balances appear in the ledger of Maroon Co. for
the fiscal year ended December 31, 2019.
Accounts Payable
32,480
LT Note Payable
44,800
Misc. Administrative
Accounts Receivable
96,800
1,280
Accum Depr - Office Equip
Accum Depr - Store Equip
Advertising Expense
Expense
Misc. Selling Expense
Office Equipment
10,240
1,280
27,360
68,000
%3D
Office Salaries Expense
Office Supplies
Office Supplies Expense
Paid-in Capital
35,040
67,320
Cash
123,000
4,480
Common Stock
75,000
1,040
52,000
Cost of Goods Sold
Customer refunds Payable
Depr'Expense - Office Equip
Depr Expense - Store Equip
Dividends
620,000
2,720
Prepaid Insurance
Rent Expense
Retained Earnings
12,000
10,160
25,080
%3D
301,600
1,920
5,120
%3D
28,000
Salaries Payable
3,120
Sales
992,000
Insurance Expense
Interest Expense
Inventory
Sales salaries Expense
138,560
4,000
Store Equipment
122,400
140,000
Maroon Co. has 10,000 shares of common stock authorized and 7,500 shares issued and…
Chapter 3 Solutions
FINANCIAL ACCOUNTING
Ch. 3 - Prob. 1MCCh. 3 - Prob. 2MCCh. 3 - Prob. 3MCCh. 3 - Prob. 4MCCh. 3 - Prob. 5MCCh. 3 - Prob. 1QCh. 3 - Prob. 2QCh. 3 - Prob. 3QCh. 3 - Prob. 4QCh. 3 - Prob. 5Q
Ch. 3 - Prob. 6QCh. 3 - Prob. 7QCh. 3 - Prob. 8QCh. 3 - Prob. 9QCh. 3 - Prob. 10QCh. 3 - Prob. 11QCh. 3 - Prob. 12QCh. 3 - Prob. 13QCh. 3 - Prob. 14QCh. 3 - Prob. 15QCh. 3 - Prob. 16QCh. 3 - Prob. 17QCh. 3 - Prob. 18QCh. 3 - Prob. 19QCh. 3 - Prob. 20QCh. 3 - Prob. 21MECh. 3 - Prob. 22MECh. 3 - Prob. 23MECh. 3 - Prob. 24MECh. 3 - Prob. 25MECh. 3 - Prob. 26MECh. 3 - Prob. 27MECh. 3 - Prob. 28MECh. 3 - Prob. 29MECh. 3 - Prob. 30MECh. 3 - Prob. 31ECh. 3 - Prob. 32ECh. 3 - Prob. 33ECh. 3 - Prob. 34ECh. 3 - Prob. 35ECh. 3 - Prob. 36ECh. 3 - Prob. 37ECh. 3 - Prob. 38ECh. 3 - Prob. 39ECh. 3 - Prob. 40PCh. 3 - Prob. 41PCh. 3 - Prob. 42PCh. 3 - Prob. 43PCh. 3 - Prob. 44PCh. 3 - Prob. 45PCh. 3 - Prob. 46PCh. 3 - Prob. 47PCh. 3 - Prob. 48PCh. 3 - Prob. 49PCh. 3 - Prob. 50PCh. 3 - Prob. 51PCh. 3 - Prob. 52PCh. 3 - Prob. 53PCh. 3 - Prob. 54PCh. 3 - Prob. 55CPCh. 3 - Prob. 56CPCh. 3 - Prob. 57CPCh. 3 - Prob. 58CP
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