Financial & Managerial Accounting
13th Edition
ISBN: 9781285866307
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 4, Problem 4.26EX
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.:
EX 4–26 Financial statements from an end-of-period spreadsheet
Based on the data in Exercise 4-25, prepare an income statement,
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Select 30 transactions of various kinds such as sales, costs (direct and indirect), revenues earned, revenue received in advance, expenses incurred, paid in advance, outstanding expenses, assets (current, non-current), liabilities (current, long term), Equity and so on.1. Record those transactions in journal,2. post them to ledger,3. Transfer the balances in trail balance,4. Prepare income statement and balance sheet.5. Follow the proper format considering IAS-1.6. Explanation: At the end, apply the concepts such as long term assets, capital or revenueincomes or expenses and their treatment involved in your above requirements
Transactions of Mr. Akram travel world business
Mr Akram started business with cash for rs 400,000.
Paid wages rs 20,000.
Paid office rent in advance 2000.
Paid rs 10000 for insurance in advance.
Babar and sons paid 2500 for goods on advance.
Purchased office equipment on credit rs 5000.
Paid 7000 for advertising expenses.
Paid 3000 to accounts payable.
Provided…
The step-by-step process to record business activities and events to keep financial records up todate is ________.A. day-to-day cycleB. accounting cycleC. general ledgerD. journal
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Match the following statements to the appropriate terms.
The entire group of accounts maintained by a company.
On-
Transferring journal entries to ledger accounts.
The side which increases an account.
A list of all the accounts used by a company.
An accounting record of increases and decreases in specific assets, liabilities, and stockholders' equity items.
Left side of an account.
Evidence that a transaction has taken place.
Shows the debit and credit effects of specific transactions.
A list of accounts and their balances at a given time.
Has a credit normal balance
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Chapter 4 Solutions
Financial & Managerial Accounting
Ch. 4 - Why do some accountants prepare an end-of-period...Ch. 4 - Describe the nature of the assets that compose the...Ch. 4 - Prob. 3DQCh. 4 - What types of accounts are referred to as...Ch. 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 - Prob. 9DQCh. 4 - Recent fiscal years for several well-known...
Ch. 4 - Prob. 4.1APECh. 4 - Flow of accounts into financial statements The...Ch. 4 - Retained earnings statement Marcie Davies owns and...Ch. 4 - Prob. 4.2BPECh. 4 - Prob. 4.3APECh. 4 - Prob. 4.3BPECh. 4 - Closing entries After the accounts have been...Ch. 4 - Closing entries After the accounts have been...Ch. 4 - Accounting cycle From the following list of steps...Ch. 4 - Accounting cycle From the following list of steps...Ch. 4 - Prob. 4.6APECh. 4 - Prob. 4.6BPECh. 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 - Prob. 4.4EXCh. 4 - Income statement The following account balances...Ch. 4 - Prob. 4.6EXCh. 4 - Prob. 4.7EXCh. 4 - Prob. 4.8EXCh. 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 - Prob. 4.12EXCh. 4 - Prob. 4.13EXCh. 4 - Prob. 4.14EXCh. 4 - Closing entries Prior to its closing, Income...Ch. 4 - Prob. 4.16EXCh. 4 - Closing entries with net loss Mira 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 - Working capital and current ratio The following...Ch. 4 - Prob. 4.22EXCh. 4 - Appendix 1 Completing an end-of-period spreadsheet...Ch. 4 - Prob. 4.24EXCh. 4 - Prob. 4.25EXCh. 4 - Completing an end-of-period spreadsheet Alert...Ch. 4 - Adjustment data on an end-of-period spreadsheet...Ch. 4 - Completing an end-of-period spreadsheet Alert...Ch. 4 - Financial statements and closing entries Lamp...Ch. 4 - Financial statements and closing entries Finders...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 dosing entries The Gorman...Ch. 4 - T accounts, adjusting entries, financial...Ch. 4 - Prob. 4.4BPRCh. 4 - Complete accounting cycle For the past several...Ch. 4 - Comprehensive problem 1 Kelly Pitney began her...Ch. 4 - Continuing Problem The unadjusted trial balance of...Ch. 4 - Prob. 4.1CPCh. 4 - Financial statements The following is an excerpt...Ch. 4 - Financial statements Assume that you recently...
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- Based on the data in Exercise 4-25, prepare the closing entries for Alert Security Services Co. Alert Security Services Co. offers security services to business clients. Complete the following end-of-period spreadsheet for Alert Security Services Co.:arrow_forward1. When should you select settings and customizations for your company file? A. At the time you create the company file B. As work related to the settings comes up C. Before the end of the business's first fiscal year D. In the second quarter 2. What is the Chart of Accounts? A. The list of accounts for each transaction in the accounting system or general ledger B. The menu of products and services that the company offers its customers C. The full list of account numbers associated with the company's customers and vendors D. The balance of each account as of the start date of the business 3. Which of these would be an appropriate start date for a business? A. December 31 of the current year B. The first day of a period, month, quarter, or year C. The day of your first expense D. The day of your first sale 4. What is an historical transaction? A. A transaction that occurred before the start date of the company B. A transaction that appears in the company file by default in QuickBooks…arrow_forwardIn Chapter 11, the first step of the computer accounting cycle is to: Question 26 options: Post entries to the general ledger Set up a business and select a chart of accounts Journalize entries Change accounting periods Print the general ledger trial balancearrow_forward
- Indicate the sequential order of the following steps in the accounting information processing cycle: Analyzing transactions Preparing financial statements Developing a trial balance Collecting original data Posting to the accounts Journalizing transactions 16. 17. 18. 19. 20. 21.arrow_forwardOutput results of computerized accounting system will be Journal Ledger Financial statements Day bookarrow_forwardQuestion 3 Specify what data you think should be collected on each of the following four documents: sales invoice, purchase order, receiving report, employee time cardarrow_forward
- Subject/Course: Financial Accounting. Note: Provide workings of each and every step. If possible, attach the excel file with the solution.arrow_forwardActivity 6: Problem Solving Directions: Make a table in your activity notebook by arranging the following asset, liability, and equity titles in the table: Cash; Accounts Receivable; Office Supplies; Office Equipment; Laundry Equipment; Accounts Payable; Dela Cruz, Capital; Dela Cruz, Withdrawals; Service Revenues; and Expenses. Use additions and subtractions or a () to show the effects of each transaction on the accounts in the accounting equation. Show the balances after each transaction. (See table on page 8 as your references) Feb. 1 Mr. Dela Cruz invested P50,000 cash in his laundry business. 1 Rented office space and paid P1,000 cash for the February rent. 2 Purchased laundry equipment for P25,000 with P10,000 as downpayment and the balances on equal installment for 5 months. Purchase office supplies by paying P1,000 cash. Completed laundry service and collected 550 cash. Purchased P1,550 office equipment on credit. 15 Completed laundry service on credit in the amount of P5,000.…arrow_forwardTopic: Accounts, Debits and Credits 1. Analyze in detail: Introduction to the study of financial statements and their main classifications of accounts: assets, debits, equity, income and expenses, as well as a review of the accounting cicle for this task. Instructions: 2. Prepare a description, compare, and contrast of accounts, debits, and credits and how they are used to record business transactions.*ImportantPlease contribute a minimum of 300 words. It must include at least 2 academic sources, formats and must be cited in accordance with current APA regulations.arrow_forward
- Define the following in relation to sage accounting pastel system 1. Computerized accounting system 2. Transaction processing system 3. Stock taking 4. Ageing 5. Supplier remittance 6. Bill of materialarrow_forwardd. assets and lHabilflie QUESTION 8 A ledger shows: a. A balance of all balance sheet accounts Ob. A balance of all income statement accounts OC. A balance of all accounts A chronological record of all accounting transactions QUESTION 9 021. Basic function of financial manager is to: Click Save and Submit to saue and submir. Click Save All Answers to sare al asUarrow_forwardJOURNALIZING SALES RETURNS AND ALLOWANCES Enter the following transactions starting on page 60 of a general journal and post them to the appropriate general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter. Beginning balance in Accounts Receivable is 3,900. Beginning balances in selected customer accounts are Adams, 850; Greene, 428; and Phillips, 1,018.arrow_forward
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