Fundamental Accounting Principles
24th Edition
ISBN: 9781259916960
Author: Wild, John J., Shaw, Ken W.
Publisher: Mcgraw-hill Education,
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Chapter 4, Problem 10QS
Preparing financial statements C2
Use the following adjusted
| Account Title | Debit | Credit |
| Cash | $5,000 | |
| Prepaid insurance | 500 | |
| Notes receivable {due in 5 years) | 4,000 | |
| Buildings | 20,000 | |
| Accumulated depreciation—Buildings | $12.0OO | |
| Accounts payable | 2,500 | |
| Motes payab e ;due n 3 yea'ii | 3,000 | |
| H. Sierra, Capital | 10,500 | |
| H. 5ierra, Withdrawals | 1,000 | |
| Consulting revenue | 9,500 | |
| Wages expense | 3,500 | |
| Depreciation expense—Buildings | 2,000 | |
| Insurance expense | 1,500 | |
| Totals | $37,500 | $37,500 |
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Question Content Area
Given the following data:
Dec. 31, Year 2
Dec. 31, Year 1
Total liabilities
$128,250
$120,000
Total owner's equity
95,000
80,000
Compute the ratio of liabilities to owner's equity for each year. Round to two decimal places.
View transaction list
Journal entry worksheet
<
1
Transaction
b.
2
3
During the current year, office supplies amounting to $930 were purchased for
cash and debited in full to Supplies. At the end of last year, the count of
supplies remaining on hand was $320. The inventory of supplies counted on
hand at the end of the current year was $250.
Note: Enter debits before credits.
Record entry
4 5 6 7 8
General Journal
Property tax expense
Property tax payable
Accounts receivable
Service revenue
Insurance expense
Prepaid insurance
Clear entry
Debit
1,500
7,900
Credit
1,500
7,900
View general journal
Assets
Liabilities
hig of year
End of year
Assets.
Liabilities
Changes during the year
Owner investments
Net income (loss)
Owner withdrawals
Required 2A
S
25,400
Required 28 Required 2C
$ 55,000
24,500
Liabilities. +
58,000
?
+
6,000
8,500
3,500
Complete this question by entering your answers in the tabs below.
Equity
$ 34,000
21,500
What is the amount of equity at the end of the year for Company B
Assets
40,000
26,500
1,400
2a. What is the amount of equity at the beginning of the year for Company B?
2b. What is the amount of equity at the end of the year for Company B?
2c. Compute the net income for the year for Company B by completing the Statement of Owner's
25,400
85,000
24,000
14,000
0
Chapter 4 Solutions
Fundamental Accounting Principles
Ch. 4 - Prob. 1DQCh. 4 - That accounts are affected by closing entries?...Ch. 4 - Prob. 3DQCh. 4 - What is the purpose of the Income Summary account?Ch. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - Why are the debit and credit entries in the...Ch. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - How is unearned revenue classified on the balance...
Ch. 4 - Prob. 11DQCh. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - Prob. 16DQCh. 4 - Prob. 17DQCh. 4 - Prob. 1QSCh. 4 - Preparing a work sheet P1 In the blank space...Ch. 4 - Computing ending capital balance using work sheet...Ch. 4 - Preparing a partial work sheet P1 The ledger of...Ch. 4 - Explaining temporary and permanent accounts Choose...Ch. 4 - Preparing closing entries from the ledger P2 The...Ch. 4 - Identifying post-closing accounts P3 Identify...Ch. 4 - Identifying the accounting cycle C2 List the...Ch. 4 - Classifying balance sheet items C3 The following...Ch. 4 - Preparing financial statements C2 Use the...Ch. 4 - Preparing a classified balance sheet C3 Use the...Ch. 4 - Identifying current accounts and computing the...Ch. 4 - Prob. 13QSCh. 4 - Exercise 4-1 Extending adjusted account balances...Ch. 4 - Exercise 4-2 Extending accounts in a work sheet Pl...Ch. 4 - Exercise 4-3 Preparing adjusting entries from a...Ch. 4 - Exercise 4-4 Preparing unadjusted and adjusted...Ch. 4 - Exercise 4-5 Determining effects of closing...Ch. 4 - Exercise 4-6 Completing the income statement...Ch. 4 - Exercise 4-7 Preparing a work sheet and recording...Ch. 4 - Exercise 4-8
Preparing and posting closing...Ch. 4 - Exercise 4-9 Preparing closing entries and a...Ch. 4 - Exercise 4-10 Preparing closing entries and a...Ch. 4 - Prob. 11ECh. 4 - Exercise 4-12 Preparing a classified balance sheet...Ch. 4 - Exercise 4-13 Computing the current ratio A1 Use...Ch. 4 - Exercise 4-14 Preparing closing entries P2...Ch. 4 - Exercise 4-15 Computing and analysing the current...Ch. 4 - Exercise 4.16A Preparing reversing entries P4 Hawk...Ch. 4 - Exercise 4-17APreparing reversing entries P4 The...Ch. 4 - Problem 4-1A Applying the accounting cycle C2 P2...Ch. 4 - Problem 4-2A Preparing a work sheet, adjusting and...Ch. 4 - Problem 4-3A Determining balance sheet...Ch. 4 - Problem 4-4A Preparing closing entries, financial...Ch. 4 - Problem 4-5A Preparing trial balances, closing...Ch. 4 - Problem 4-6AA Preparing adjusting, reversing, and...Ch. 4 - Problem 4-1B Applying the accounting cycle C2 P2...Ch. 4 - Prob. 2BPSBCh. 4 - Problem 4-3B Determining balance sheet...Ch. 4 - Prob. 4BPSBCh. 4 - Problem 4-5B Preparing trial balances, closing...Ch. 4 - Problem 4-6BAPreparing adjusting, reversing, and...Ch. 4 - The December 31. 2019= adjusted trial balance of...Ch. 4 - Transactions from the Fast Forward illustration in...Ch. 4 - Prob. 2GLPCh. 4 - Prob. 3GLPCh. 4 - Based on Problem 4-6ACh. 4 - Prob. 5GLPCh. 4 - Refer to Apple' s financial statements in Appendix...Ch. 4 - Prob. 2AACh. 4 - Prob. 3AACh. 4 - Prob. 1BTNCh. 4 - Prob. 2BTNCh. 4 - Prob. 3BTNCh. 4 - The unadjusted trial balance and information for...Ch. 4 - Prob. 5BTNCh. 4 - Prob. 6BTN
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