Corporate Financial Accounting
14th Edition
ISBN: 9781305653535
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 4, Problem 4.12EX
Dynamic Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on June 30, 2018, the end of the fiscal year, the balances of selected accounts from the ledger of Dynamic Weight Loss are as follows:
| Accounts Payable | $ 51,200 |
| Accounts Receivable | 187,500 |
| 186,000 | |
| Cash | ? |
| Common Stock | 100,000 |
| Equipment | 325,900 |
| Land | 375,000 |
| Prepaid Insurance | $ 8,400 |
| Prepaid Rent | 6,000 |
| Retained Earnings | 620,300 |
| Salaries Payable | 7,500 |
| Supplies | 11,200 |
| Unearned Fees | 21,000 |
Prepare a classified balance sheet that includes the correct balance for Cash.
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Optimum Weight Loss offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30, 2019, the end of the fiscal year, the balances of selected accounts from the ledger of Optimum Weight Loss are as follows. Prepare a classified balance sheet that includes the correct balance for cash.
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accounts payable
37,700
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prepaid insurance
7,200
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accounts receivable
116,750
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prepaid rent
21,000
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accumulated depreciation-equipment
186,400
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salaries payable
9,000
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cash
  ?
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Cheryl Viers, capital
710,300
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Equipment
474,150
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Supplies
4,800
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Land
300,000
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Unearned fees
18,000
Optimum Weight loss Co. Offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30,2019, the end of the fiscal year, the balances of selected accounts from the Ledger of Optimum Weight Loss Co. As follows:
Accounts payable $37,200
Accounts receivable 118,550
Accumulated Depreciation - Equipment 187,000
Cash ?
Equipment 477,200
Land 300,000
Prepaid insurance 6,200
Prepaid Rent 21,900
Salaries payable 9,300
Cheryl Viers , Capital 714,600
Supplies 4,500
Unearned fees 17,300
Prepare a classified balance sheet that includes the correct balance for cash. Fixed assets must be entered In order to according to account number. Be sure to complete the statement heading.
The following balances have been excerpted from Tito Piccolo's statement of financial position:
Prepaid Insurance
Interest Receivable
Salaries Payable
Accounts Receivable
December 31
January 1
P
6,000
P
7,500
3,700
14,500
61.500
53,000
550.000
415.000
Allowance for bad debts
40.000
25,000
Tito Piccolo Company reported the following during 2020 the following items:
Insurance premiums paid
Interest collected
Salaries paid
Sales
41,500
123,500
481,000
1,980,000
How much is the interest revenue on the income statement for 2020? (no peso sign, no comma, whole number only)
Chapter 4 Solutions
Corporate Financial Accounting
Ch. 4 - Prob. 1DQCh. 4 - Describe the nature of the assets that compose the...Ch. 4 - Prob. 3DQCh. 4 - Prob. 4DQCh. 4 - Why are closing entries required at the end of an...Ch. 4 - Prob. 6DQCh. 4 - What is the purpose of the post-closing trial...Ch. 4 - Prob. 8DQCh. 4 - What is the natural business year?Ch. 4 - Recent fiscal years for several well-known...
Ch. 4 - Flow of accounts into financial statements The...Ch. 4 - Retained earnings statement Blake Knudson owns and...Ch. 4 - Classified balance sheet The following accounts...Ch. 4 - Prob. 4.4BECh. 4 - Accounting cycle From the following list of steps...Ch. 4 - Flow of accounts into financial statements The...Ch. 4 - Classifying accounts Balances for each of the...Ch. 4 - Financial statements from the end-of-period...Ch. 4 - Financial statements from the end-of-period...Ch. 4 - Income statement The following account balances...Ch. 4 - Income statement; net loss The following revenue...Ch. 4 - Income statement FedEx Corporation had the...Ch. 4 - Retained earnings statement Climate Control...Ch. 4 - Retained earnings statement; net loss Selected...Ch. 4 - Classifying assets Identify each of the following...Ch. 4 - Balance sheet classification At the balance sheet...Ch. 4 - Balance sheet Dynamic Weight Loss Co. offers...Ch. 4 - Prob. 4.13EXCh. 4 - Identifying accounts to be closed From the list...Ch. 4 - Closing entries Prior to its closing, Income...Ch. 4 - Closing entries with net income After all revenue...Ch. 4 - Closing entries with net loss Rainbow Services Co....Ch. 4 - Identifying permanent accounts Which of the...Ch. 4 - Post-closing trial balance An accountant prepared...Ch. 4 - Steps in the accounting cycle Rearrange the...Ch. 4 - Appendix 1 Completing an end-of-period spreadsheet...Ch. 4 - Prob. 4.22EXCh. 4 - Appendix 1 Completing an end-of-period spreadsheet...Ch. 4 - Prob. 4.24EXCh. 4 - Prob. 4.25EXCh. 4 - Prob. 4.26EXCh. 4 - Appendix 2 Reversing entry The following adjusting...Ch. 4 - Appendix 2 Adjusting and reversing entries On the...Ch. 4 - Appendix 2 Adjusting and reversing entries On the...Ch. 4 - Appendix 2 Entries posted to wages expense account...Ch. 4 - Appendix 2 Entries posted to wages expense account...Ch. 4 - Financial statements and closing entries Lamp...Ch. 4 - Financial statements and closing entries Foxy...Ch. 4 - T accounts, adjusting entries, financial...Ch. 4 - Ledger accounts, adjusting entries, financial...Ch. 4 - Complete accounting cycle For the past several...Ch. 4 - Financial statements and closing entries Last...Ch. 4 - Financial statements and closing entries The...Ch. 4 - Prob. 4.3BPRCh. 4 - Ledger accounts, adjusting entries, financial...Ch. 4 - Complete accounting cycle For the past several...Ch. 4 - The unadjusted trial balance of PS Music as of...Ch. 4 - Kelly Pitney began her consulting business, Kelly...Ch. 4 - Continuing Company Analysis- Amazon: Working...Ch. 4 - Under Armour: Current ratio The following year-end...Ch. 4 - Prob. 4.3ADMCh. 4 - Google and Microsoft: Current ratio Google, Inc....Ch. 4 - Prob. 4.1TIFCh. 4 - Communication Your friend, Daniel Nat, recently...
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