The following list of accounts, in alphabetical order, is for Aventura Inc. at November 30, 2012: Instructions
Question:
The following list of accounts, in alphabetical order, is for Aventura Inc. at November 30, 2012:
Instructions
(a) For each of the above accounts, identify whether it is an asset (A), liability (L), or shareholders' equity (SE) item.
(b) Prepare a statement of financial position at November 30.
Transcribed Image Text:
Accounts payable Accounts receivable Bank loan payable Buildings Cash Common shares Equipment Income tax payable Land Merchandise inventory Mortgage payable Other payables Retained earnings Supplies $ 26,200 19,500 30,000 100,000 20,000 20,000 30,000 12,000 50,000 18,000 97,500 4,000 48,500 700
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (12 reviews)
a L Accounts payable A Accounts receivable L Bank loan payable A Buildings A Cash SE Common shares A Equipment L Income tax payable A Land A Merchandi...View the full answer
Answered By
Amar Kumar Behera
I am an expert in science and technology. I provide dedicated guidance and help in understanding key concepts in various fields such as mechanical engineering, industrial engineering, electronics, computer science, physics and maths. I will help you clarify your doubts and explain ideas and concepts that are otherwise difficult to follow. I also provide proof reading services. I hold a number of degrees in engineering from top 10 universities of the US and Europe.
My experience spans 20 years in academia and industry. I have worked for top blue chip companies.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118024492
5th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
Question Posted:
Students also viewed these Cost Accounting questions
-
For each item listed below, identify whether it is an advantage or disadvantage of the income statement. Item Advantage/ Disadvantage 1. Can be manipulated and managed. _____________________ 2....
-
Prepare a statement of financial position using the proposed new format as described in thechapter. Balance Sheet at December 31, 2011 and 2010 December 31 , December 31, 2010 2011 35,000 26,000...
-
Prepare a statement of financial position and a statement of income for CS Co. as of, and for the year ended, December 31, 2020. You may combine accounts as appropriate (your judgment). Note that...
-
My division had another great year last year. We all worked hard, and the results were there. But again we got no reward for our hard work. It's very frustrating. - Division Manager, General Products...
-
Calculate with the Peng-Robinson equations for thermodynamic properties, the product compositions, stage temperatures, interstage flow rates and compositions, reboiler duty, and condenser duty for...
-
The following trading account for the year ended 31 December 20X8 is given to you by M Pole: Pole says that normally he adds 20% to the cost of goods to fix the sales price. However, this year saw...
-
Referring to Example 3, the nanopillar data on height (nm) and width ( \(\mathrm{nm})\) are (a) Fit a straight line with \(y=\) height and \(x=\) width by least squares. (b) Test, with...
-
Geoff Gullo owns a small firm that manufactures "Gullo Sunglasses." He has the opportunity to sell a particular seasonal model to Land's End. Geoff offers Land's End two purchasing options: Option 1....
-
Problem 3: (10 points) Determine the maximum live shear at C caused by the moving loads. 6 m 80 kN 60 kN 30 kN 30 kN B C 2 m -10 m. m Problem 4: (10 points) Determine the absolute positive maximum...
-
Carina Cooks has been employed by Realfood Restaurant Group (RRG) for around 3 years. Cooks was first hired as a line cook. After seeing Cooks potential, Cooks was quickly promoted to Sous Chef. At...
-
The following accounts and amounts (in thousands) were taken from the January 31, 2010, statement of financial position of The Forzani Group Ltd.: Instructions (a) Classify each account as an asset...
-
GG Corporation was formed on July 1, 2012. It is a small private corporation, run by Guy Gelinas. On July 31, Guy prepared the following statement of financial position: Guy admits that his knowledge...
-
Find the limit. lim e-+ 1 sint -j + cos 2tk
-
You, holding a (24kg) weight bar above your head, in the gym (sagittal plane view). Draw a free body diagram. a. What are the names of the forces? b. How big are the forces? c. What direction are the...
-
2. An activity director for a cruise ship has surveyed 240 passengers. Of the 240 passengers; 135 like swimming, 150 like dancing, 65 like games, 80 like swimming and dancing, 40 like swimming and...
-
OptiLux is considering investing in an automated manufacturing system. The system requires an initial investment of $ 4 . 6 million, has a 2 0 - year life, and will have zero salvage value. If the...
-
128. Select the set of characters which does not show defining properties of living organisms :- (1) Consciousness, metabolism (2) Cellular organisation, metabolism (3) Reproduction, growth (4)...
-
1. Identify the disease according to given points : (a) Sustained high fever (b) Weakness (c) Headache (d) Loss of appetite (1) Ascariasis (2) Amoebiasis (3) Typhoid (4) Cholera 2. Toxoids vaccines...
-
When does a JIT compiler perform its translation of a method?
-
Eleni Cabinet Company sold 2,200 cabinets during 2011 at $160 per cabinet. Its beginning inventory on January 1 was 130 cabinets at $56. Purchases made during the year were as follows: February . 225...
-
The following amounts (in thousands) were taken from the December 31 statements of financial position of Maple Leaf Foods Inc.: ___________________________2012......................... 2011 Total...
-
The following list of accounts, in alphabetical order, is for Aventura Inc. at November 30, 2015: ______________ Accounts payable........................................$ 26,200 ______________...
-
Financial decisions made by users often depend on one financial statement more than the others. Consider each of the following independent, hypothetical situations: 1. The South Face Inc. is...
-
A Quality Management System, often called a QMS, is a set of internal rules that are defined by a collection of policies, processes, documented procedures, and records. This system defines how a...
-
1. Mr. Alvis, the director of Match Lighting, has found himself with sorts of emails including customer complaints about incorrect order deliveries, periodic reports on products, stock, and sales,...
-
A nursing team is having a routine meeting. One of the nurses, Stephen, is at the end of a 12-hour shift, and another nurse, Tanya, is just beginning hers. Tanya is a senior nurse in the unit with...
Study smarter with the SolutionInn App