Horngren's Accounting (12th Edition)
12th Edition
ISBN: 9780134486444
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 4, Problem E4.24E
Preparing a worksheet and closing entries
Learning Objectives 2,3 1. Net Income S15,350
Cynthia Elmer, CPA, had the following partial worksheet:
Requirements
- Complete the worksheet.
- Prepare the closing entries for Cynthia Elmer. CPA.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Learning Outcome 7. Answer the following question in a short answer of 100-150 words; provide comprehensive information and examples in applicable, to support your answer. How Financial Statements are Interconnected? Explain.
1-9a44-40e8-b949-939756270518/pages/urn:pearson:entity:6def11ed-9afb-4e88-94c3-91... A
End of Chapter: Merchandising Options
E-F:5-24 Journalizing purchase and sales transactions (Learning
Objectives 2, 3)
Journalize the following transactions for Soul Art Gift Shop.
Explanations are not required.
Feb. 3
&
7
9
10
12
28
7
Purchased $3,300 of merchandise inventory on account under terms 3/10,
n/EOM and FOB shipping point from Still Waters Herbs.
Returned $900 of defective merchandise purchased on February 3.
Paid freight bill of $400 on February 3 purchase.
Sold merchandise inventory on account for $4,700 to Trybe Yoga Studio.
Payment terms were 2/15, n/30. These goods cost the company $2,350.
Paid amount owed on credit purchase of February 3, less the return and
the discount.
Received cash from Trybe Yoga Studio in full settlement of their debt.
E-F:5-25 Journalizing adjusting entries including estimating sales
returns (Learning Objective 4)
hp
44
8
► 11
F5-57
▶
+
insert
prt sc
←…
1. Journal all transactions in Part One 2. Using the chart of accounts, open ledger accounts and post journals to the ledger account. 3. Prepare a trial balance 4. Prepare the following statements: 1. Income Statement 2. Retained Earnings Statements 3. Balance Sheet You need to use Microsoft Excel. Do not use Google Docs or Apple’s numbers. Place your submission in the appropriate journal labeled final project in the learning modules tab in Blackboard. The project is due in Module 15. Three points extra credit to final grade if submitted during Module 14. Part One A. The following transaction occurred for Scrooge Inc. for the month of December 31, 1820. B. Ebenezer Scrooge invested $50,000 cash along in the company in exchange for common stock. C. The company prepaid $500 for 12 month’s rent. D. The company purchased $100 in office supplies. Payment due withing 10 days E. Scrooge Inc. completed services for a client and immediately received $2,000. F. The company completed $1,500…
Chapter 4 Solutions
Horngren's Accounting (12th Edition)
Ch. 4 - Assets are listed on the balance sheet in the...Ch. 4 - Which of the following accounts would be included...Ch. 4 - Which situation indicates a net loss within the...Ch. 4 - Which of the following accounts is not closed?...Ch. 4 - What do closing entries accomplish? Learning...Ch. 4 - Which of the following is not a closing entry?...Ch. 4 - Which of the following accounts may appear on a...Ch. 4 - 8. Which of the following steps of the accounting...Ch. 4 - Clean Water Softener Systems has Cash of $600,...Ch. 4 - Which of the following statements concerning...
Ch. 4 - What document are financial statements prepared...Ch. 4 - What does the income statement report?Ch. 4 - Prob. 3RQCh. 4 - Prob. 4RQCh. 4 - Why are financial statements prepared in a...Ch. 4 - Prob. 6RQCh. 4 - Prob. 7RQCh. 4 - Prob. 8RQCh. 4 - Prob. 9RQCh. 4 - How could a worksheet help in preparing financial...Ch. 4 - If a business had a net loss for the year, where...Ch. 4 - Prob. 12RQCh. 4 - What are temporary accounts? Are temporary...Ch. 4 - What are permanent accounts? Are permanent...Ch. 4 - How is the Income Summary account used? Is it a...Ch. 4 - Prob. 16RQCh. 4 - If a business had a net loss for the year, what...Ch. 4 - What types of accounts are listed on the...Ch. 4 - Prob. 19RQCh. 4 - What is the current ratio, and how is it...Ch. 4 - Prob. 21ARQCh. 4 - Preparing an income statement Learning Objective 1Ch. 4 - Preparing a statement of owner’s equity. Learning...Ch. 4 - Preparing a balance sheet (unclassified, account...Ch. 4 - Preparing a balance sheet (classified, report...Ch. 4 - Classifying balance sheet accounts Learning...Ch. 4 - Prob. S4.6SECh. 4 - Prob. S4.7SECh. 4 - Determine net loss using a worksheet Learning...Ch. 4 - Identifying temporary and permanent accounts...Ch. 4 - Prob. S4.10SECh. 4 - Posting closing entries directly to Taccounts...Ch. 4 - S412 Identifying accounts included on a...Ch. 4 - Identifying steps in the accounting cycle Learning...Ch. 4 - Calculating the current ratio Learning Objective 6...Ch. 4 - Journalizing reversing entries Learning Objective...Ch. 4 - E416 Preparing the financial statements The...Ch. 4 - Classifying balance sheet accounts Learning...Ch. 4 - Preparing a classified balance sheet and...Ch. 4 - Preparing a worksheet Learning Objective 2: Title...Ch. 4 - Preparing financial statements from the completed...Ch. 4 - Preparing closing entries from an adjusted trial...Ch. 4 - Preparing closing entries from T-accounts Learning...Ch. 4 - Determining the effects of closing entries on the...Ch. 4 - Preparing a worksheet and closing entries Learning...Ch. 4 - Preparing closing entries from an adjusted trial...Ch. 4 - Preparing a worksheet, closing entries, and a...Ch. 4 - Journalizing reversing entries. Learning Objective...Ch. 4 - Journalizing reversing entries Leaning Objectives...Ch. 4 - Preparing financial statements including a...Ch. 4 - Preparing financial statements including a...Ch. 4 - Preparing a worksheet, financial statements, and...Ch. 4 - Completing the accounting cycle from adjusting...Ch. 4 - Completing the accounting cycle from journal...Ch. 4 - Preparing adjusting entries and reversing entries...Ch. 4 - Preparing financial statements including a...Ch. 4 - Preparing financial statements including a...Ch. 4 - Preparing a worksheet financial statements, and...Ch. 4 - Completing the accounting cycle from adjusting...Ch. 4 - Completing the accounting cycle from journal...Ch. 4 - Preparing adjusting entries and reversing entries...Ch. 4 - Using Excel to prepare financial statements,...Ch. 4 - Completing the accounting cycle from adjusted...Ch. 4 - Completing the accounting cycle from adjusted...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - Comprehensive Problem 2 for Chapters 1 —4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 —4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Prob. 4.1TIATCCh. 4 - Prob. 4.1EICh. 4 - Prob. 4.1FSC
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- os.schoolsplp.com/enrollments/156569804/items/YUI32/work?prev3LNSDS O Western Brown Loc. Desmos | Graphing. A ALEKS- Gracie Glov. M My Classes | McGra. A Classes Next Activity > els B: Lesson 1 - Salary Target due: 1/14/21 58.33% $344.75 $700 2) Choose the best answer. Caleb has a job that pays $11.15 per hour for a 40-hour work week. He is paid time and a half for every hour over 40 that he works in a week. What will his gross pay be for a week in which he works 46 hours? NTT $546.35 $446 $512.90 $256.45 $769.35 O O O O Oarrow_forwardplease answer this question I need this for my assignment * please prepare general journal entry to record the above transaction . I need full answer please to help me on my assignment and better learningarrow_forwardQHorngre X G horngre X End of Chapter: Accounting and the Business Environment d:course:7710589/products/79c3fa4c-a84f-42ba-b87a-e36a400bca00/pages/urn:pearson Problems Group A P-F:1-41A. Using the accounting equation for transaction analysis (Learning Objective 4) ASSETS Meg McKinney opened a public relations firm called Solid Gold on August 1, 2024. The following amounts summarize her business on August 31, 2024: TutorM X | G horngre Cash + Accounts + Office + Land Receivable Supplies $0 Bal. $1,900 + $3.200 + transactions: +$15,000 LIABILITIES + Contributed Capital + Accounts + Common Stock Payable $5,000 $11.900 - EQUITY During September 2024, the business completed the following Retained Earnings Dividends & Service Rent - Advertising Revenue Expense Expense + $3,200 a. Received contribution of $17,000 cash from Meg McKinney in exchange for common stock. b. Performed service for a client and received cash of $800. c. Paid off the beginning balance of accounts payable. d. Purchased…arrow_forward
- vbbroncos.schoolsplp.com/enrollments/156569804/items/CL1W7/work?prev-YU132 A ALEKS - Gracie Glov. M My Classes | McGra.. A Classes O Western Brown Loc. Jal Desmos | Graphing... Glover Next Activity > Models B: Lesson 2 - Other Forms of Compensation Target due: 1/14/21 16.66% A O 3) Choose the correct answer. -Maribel is offered a job as a paralegal at an annual base salary of $47,000. In addition, the company will pay the following benefits: a retirement contribution that is 10.5% of Maribel’Ms base salary, disability insurance totaling $338, medical insurance totaling $6,500, and a year-end bonus of 17% of her base salary. What is the annual value of this job to Maribel? O $47,000 O $66,435 $58,773 $66,763 $58,435 口 O 4) Choose the correct answer. Marrow_forwardMindTap - Cengage Learning 2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false ork items week 6: Homework eBook Salary State income taxes Exercise 12-22 (Algorithmic) (LO. 2, 3, 5) Yanni, who is single, provides you with the following information for 2021: CengageNOWv2 | Online teachin X Print Item Mortgage interest expense on principal residence Charitable contributions Interest income a. Yanni's taxable income: b. Yanni's AMT base: Check My Work Click here to access the exemption table. If required, round your answers to the nearest dollar. Compute the following: c. Yanni's tentative minimum tax: $117,400 11,740 10,566 2,348 1,761 94,507 32,647 X + 8,488arrow_forward+ wbbroncos.schoolsplp.com/enrollments/156569804/items/YUI32/work?prev=LNSDS B. Jol Desmos | Graphing. A ALEKS - Gracie Glov. M My Classes | McGra. A Classes O Western Brown Loc. Glover Next Act n Models B: Lesson 1 - Salary Target due: 1/14/21 58 3) Choose the best answer. Andi has a job that pays $27.35 per hour for a 40-hour work week. She is paid time and a half for each hour over 40 that she works in a week. She is paid biweekly. What is her gross pay for a paycheck where she worked 40 hours in each of the two weeks for a total of 80 hours? $2,215.35 ST O $2,735.00 $3,283.00 $2,188.00 O $1,641.00 4) Choose the best answer.arrow_forward
- lem Set: Modx * CengageNOWv2 | Onl X * Cengage Learning B Milestone Two Guideli x G module ow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=.. eBook Show Me How Quick ratio Adieu Company reported the following current assets and current liabilities for two recent years: Dec. 31, 20Y4 Dec. 31, 20Y3 Cash $830 $1,090 Temporary investments 1,200 1,500 Accounts receivable 820 910 Inventory 2,100 2,500 Accounts payable 1,900 2,500 a. Compute the quick ratio on December 31 for each year. Round to one decimal place. 20Υ4 20Υ3 Quick Ratio b. Is the quick ratio improving or declining? Check My Work 56°F Mostly 39arrow_forwardConduct the below exercise Step-1: Click the link The student can use any of the below links to download the same a) https://www.imf.org/- /media/Files/Publications/WEO/2021/Update/January/English/data/WEOJan2021updat e.ashx b) https://www.imf.org/en/Publications/WEO/Issues/2021/01/26/2021-world-economicoutlook- update (And click on download data) Step-2: Answer the below questions What do you understand by Real GDP? What is the Real GDP Growth Rate of India and China in 2019? What is the estimated real GDP growth rate of India and China in 2020? What is the projected real GDP growth rate of India and China in 2021 and 2022? What is the estimated 2022 GDP Loss (in percentage) in comparison to pre-covid levels (January 2020 forecast) in China and Other Emerging Economies in Asia other than China?arrow_forwardNTEGRATE FABM1 21-22 WEEK 4 TASK Learning Competency • The learners shall be able to illustrate the accounting equation (ABM_FABM11-llb-c-8); Perform operations involving simple cases with the use of the accounting equation (ABM_FABM11-Illb-c-9) S.Y. 2021-2022 ARISTOTLE PARMENIDES EPICURUS WEEK 4- LEARNING TASK 3 PAGE 21 Learning Task 3: The following transactions were made during the first month of a single proprietor's business operation. 1. Mr. Y started a grocery store. He invested P 200,00 as initial investment. 2. He registered his business paying P 1,500 for registration. 3. He paid P 20,000 for store rent applicable for one year. 4. He incurred and paid P25,000 for the repair of the grocery store. 5. He purchased merchandise for sale amounting to P 300,000, paying P 200,000 with the balance to be paid after 60 days. 6. He paid P2,000 for the transportation of the merchandise purchased. 7. He hired a saleslady for a contract of P 5,000 per month salary. 8. He sold P100,000 worth…arrow_forward
- S Math Models B A wbbroncos.schoolsplp.com/enrollments/156569804/items/YU132/work?prev=LNSDS Classes * Western Brown Loc. A Planner - ProgressB. S Desmos | Graphing. A ALEKS - Gracie Glov. M My Classes | McGra. Gracie Glover Math Models B: Lesson 1 - Salary Next Activity > Cont ↑ Cour v Unit Target due: 1/14/21 58.33% 7) Choose the best answer. What is the gross annual pay for Saul if he works 40 hours each week but also works 4 hours of overtime every two weeks? (Saul makes $27.35 an hour and gets time and a half for overtime.) $61,154.60 O $57,052.10 NIT AM O $4,266.60 OH uis $65.421.20 O $56,888 O D 8) Choose the best answer. Caleb has worked hard and is offered a salaried position with the same company. He is offered $28,000, but will be expected to work 44 hours per week with no overtime pay. How much would he be paid per year if he remained in his present job andarrow_forwardCH1 HW (1).docx (Protected View) - Word Mailings Help the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. wout References W View Review Land Notes Payable Property Tax Expense Dividends P-F:1-43A. Preparing financial statements (Learning Objective 5) Presented here are the accounts of Hometown Décor Company for the year ended December 31, 2024. Rent Expense Salaries Expense Salaries Payable Service Revenue Office Supplies Retained Earnings, Dec. 31, 2023 Tell me what you want to do 1. Net Income $115,700 $ 13,000 Common Stock 33,000 Accounts Payable 2,800 Accounts Receivable 36,000 Advertising Expense 14,000 Building 67,000 Cash 1,300 Equipment 225,000 Insurance Expense 8,000 Interest Expense 56,000 Enable Editing Requirements 1. Prepare Hometown Décor Company's income statement for the year ended December 31, 2024. 2. Prepare the statement of retained earnings for the December 31, 2024. $ 28,000 14,000 800 17,000 170,400 2,800 17,000 1,700…arrow_forwardoncos.schoolsplp.com/enrollments/156569804/items/CL1W7/work?prev=YU132 A Desmos | Graphing.. A ALEKS - Gracie Glov. M My Classes | McGra. A Classes O Western Brown Loc. er odels B: Lesson 2 - Other Forms of Compensation Nex Target due: 1/14/21 I J 1) Choose the correct answer. Andres is offered a job as manager of a health club. The job will pay $3,100 per month, paid semimonthly. Along with the base salary, the company offers to pay half the cost of medical insurance and will match Andres' contribution to a retirement plan up to a total of $3,500. If the full cost of the medical insurance is $450 per month and Andres plans to contribute the full $3,500 every year to a retirement plan, what is the actual annual value of this job to Andres? $83,300 $43,400 $42,600 $46,100 T $37,200 2) Choose the correct answer. Marrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY