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 4.23EX
Appendix 1
Completing an end-of-period spreadsheet
Alert Security Services Co. offers security services to business clients. Complete the following end-of-period spreadsheet for Alert Security Services Co.:
| Alert Security Services Co. End-of-Period Spreadsheet For the Year Ended October 31,2018 | ||||||
| Account Title | Adjusted |
Income Statement | Balance Sheet | |||
| Dr. | Cr. | Dr. | Cr. | Dr. | Cr. | |
| Cash | 12 | |||||
| Accounts Receivable | 103 | |||||
| Supplies | 4 | |||||
| Prepaid Insurance | 2 | |||||
| Land | 190 | |||||
| Equipment | 50 | |||||
| Accum. Depr.—Equipment | 7 | |||||
| Accounts Payable | 36 | |||||
| Wages Payable | 1 | |||||
| Common Stock | 50 | |||||
| 210 | ||||||
| Dividends | 8 | |||||
| Fees Earned | 213 | |||||
| Wages Expense | 111 | |||||
| Rent Expense | 12 | |||||
| Insurance Expense | 10 | |||||
| Utilities Expense | 6 | |||||
| Supplies Expense | 4 | |||||
| Depreciation Expense—Equip. | 3 | |||||
| Miscellaneous Expense | 2 | |||||
| Net income (loss) | 517 | 517 | ||||
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4
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690
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8
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Question 5 - Proctoring Enable X +
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The trial balance for Canton Incorporated, listed the following account balances at December 31, 2024, the end of Canton
Incorporated's fiscal year: cash, $32,000; accounts receivable, $27,000; inventory, $41,000; equipment (net), $96,000; accounts
payable, $30,000; salaries payable, $13,000; interest payable, $9,000; notes payable (due in 20 months), $46,000; common stock,
$82,000.
Current assets
Current liabilities
↑
Please calculate total current assets and total current liabilities that would appear in the year-end balance sheet of Canton
Incorporated.
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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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