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Accounting 23rd Edition Carl S. Warren - Solutions
=+g. Paid automobile expenses (including rental charges) for month, $500, and miscellaneous expenses, $200.h. Paid office salaries, $1,000.i. Determined that the cost of supplies on hand was $800; therefore, the cost of supplies used was $950.j. Withdrew cash for personal use, $2,000.Instructions
=+On November 1 of the current year, Rhea Quade established a business to manage rental property. She completed the following transactions during November:a. Opened a business bank account with a deposit of $30,000 from personal funds.b. Purchased supplies (pens, file folders, and copy paper) on
=+4. (Optional) Prepare a statement of cash flows for November.
=+3. Prepare an income statement for November, a statement of owner’s equity for November, and a balance sheet as of November 30.
=+2. State the assets, liabilities, and owner’s equity as of November 1 in equation form similar to that shown in this chapter. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction.
=+1. Determine the amount of Maria Acosta’s capital as of November 1.
=+l. Withdrew $10,000 for personal use.Instructions
=+k. Determined that the cost of supplies on hand was $3,550; therefore, the cost of supplies used during the month was $4,250.
=+$1,575; miscellaneous expense, $850.
=+PR 1-6A Missing amounts from financial statements✔ i. $515,610b. Purchased land for use as a parking lot, paying cash of $30,000.c. Paid rent for the month, $4,500.d. Charged customers for dry cleaning revenue on account, $18,250.e. Paid creditors on account, $9,000.f. Purchased supplies on
=+(f)Less withdrawals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (g)Increase in owner’s equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (h)Jeremy Parks, capital, July 31, 2010. . . . . . . . . . . . . . . . . . . . . . . . . . .
=+The financial statements at the end of Four Corners Realty’s first month of operations are shown below and on the next page.Four Corners Realty Income Statement For the Month Ended July 31, 2010 Fees earned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
=+2. Prepare an income statement for April, a statement of owner’s equity for April, and a balance sheet as of April 30.objs. 4, 5 objs. 4, 5 Chapter 1 Introduction to Accounting and Business 39
=+PR 1-4A Transactions;financial statements✔ 2. Net income:$14,450 Assets Liabilities Owner’s Equity Ryan Ryan Office Accounts Barnes, Barnes, Sales Salaries Rent Auto Supplies Misc.Cash Supplies Payable Capital Drawing Commissions Expense Expense Expense Expense Expense
=+1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings:
=+i. Determined that the cost of supplies on hand was $150; therefore, the cost of supplies used was $750.Instructions
=+h. Withdrew cash for personal use, $3,000.
=+PR 1-5A Transactions;financial statements✔ 3. Net income:$13,950 On April 1, 2010, Ryan Barnes established Coyote Realty. Ryan completed the following transactions during the month of April:a. Opened a business bank account with a deposit of $25,000 from personal funds.b. Paid rent on office
=+Colfax Dry Cleaners is owned and operated by Maria Acosta. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company at wholesale rates. The assets and the liabilities of the business on November 1, 2010,
=+On April 1, 2010, Ryan Barnes established Coyote Realty. Ryan completed the following transactions during the month of April:a. Opened a business bank account with a deposit of $25,000 from personal funds.b. Paid rent on office and equipment for the month, $3,200.c. Paid automobile expenses
=+The amounts of the assets and liabilities of Heavenly Travel Service at April 30, 2010, the end of the current year, and its revenue and expenses for the year are listed below. The capital of Jennifer Burch, owner, was $45,540 at May 1, 2009, the beginning of the current year, and the owner
=+Jean Howard established an insurance agency on July 1 of the current year and completed the following transactions during July:a. Opened a business bank account with a deposit of $50,000 from personal funds.b. Purchased supplies on account, $1,600.c. Paid creditors on account, $500.d. Received
=+d. Using the balance sheet data for The Home Depot in Exercise 1-26, how does the ratio of liabilities to stockholders’ equity of Lowe’s compare to that of The Home Depot?
=+c. What conclusions regarding the margin of protection to the creditors can you draw from (b)?
=+b. Determine the ratio of liabilities to stockholders’ equity for 2007 and 2006. Round to two decimal places.
=+Lowe’s, a major competitor of The Home Depot in the home improvement business, operates over 1,300 stores. For the years ending February 2, 2007, and February 3, 2006, Lowe’s reported the following balance sheet data (in millions): 2007 2006 Total assets $27,767 $24,639 Total liabilities
=+b. Determine the ratio of liabilities to stockholders’ equity for 2007 and 2006. Round to two decimal places.c. What conclusions regarding the margin of protection to the creditors can you draw from (b)?
=+a. Determine the total liabilities as of January 28, 2007, and January 29, 2006.
=+The Home Depot, Inc., is the world’s largest home improvement retailer and one of the largest retailers in the United States based on net sales volume. The Home Depot operates over 2,000 Home Depot® stores that sell a wide assortment of building materials and home improvement and lawn and
=+j. Notes and loans payable k. Notes receivable l. Operating expenses m. Prepaid taxes n. Sales o. Selling expenses
=+August 31, 2010 Sales commissions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $467,100 Expenses:Office salaries expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $291,600 Rent expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
=+EX 1-24 Statement of cash flows 5 Driftwood Realty, organized July 1, 2010, is owned and operated by Steffy Owen. How many errors can you find in the following statements for Driftwood Realty, prepared after its second month of operations?Driftwood Realty Income Statement
=+Prepare a statement of cash flows for Pickerel Consulting Group for the year ended March 31, 2010.
=+The cash balance as of April 1, 2009, was $30,800.
=+cash flows 5 A summary of cash flows for Pickerel Consulting Group for the year ended March 31, 2010, is shown below.Cash receipts:Cash received from customers . . . . . . . . . . . . . . . . . . . . . $239,100 Cash received from additional investment of owner . . . . . . 50,000 Cash
=+5 Indicate whether each of the following activities would be reported on the statement of cash flows as (a) an operating activity, (b) an investing activity, or (c) a financing activity:1. Cash received as owner’s investment 2. Cash paid for land 3. Cash received from fees earned 4. Cash paid
=+e. Exploration expensesf. Income taxes payable g. Investments h. Long-term debt EX 1-22 Financial statements
=+Each of the following items is shown in the financial statements of ExxonMobil Corporation. Identify the financial statement (balance sheet or income statement) in which each item would appear.a. Accounts payableb. Cash equivalentsc. Crude oil inventoryd. Equipment
=+October 31 and as of November 30, 2010.b. Determine the amount of net income for November, assuming that the owner made no additional investments or withdrawals during the month.c. Determine the amount of net income for November, assuming that the owner made no additional investments but withdrew
=+Financial information related to the proprietorship of Plexiglass Interiors for October and November 2010 is as follows: October 31, 2010 November 30, 2010 Accounts payable $ 46,200 $ 49,800 Accounts receivable 102,000 117,375 Claudia Symonds, capital ? ? Cash 180,000 306,000 Supplies 9,000
=+Expenses 38,880 64,000 122,500 128,000 Determine the missing amounts, identifying them by letter. (Hint: First determine the amount of increase or decrease in owner’s equity during the year.)
=+One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different proprietorships: Earth Mars Neptune Pluto Beginning of the year: Assets $216,000 $250,000 $100,000 (d) Liabilities 129,600 130,000 76,000 $120,000 End of the year:
=+Net income and owner’s withdrawals 6. Supplies 7. Supplies Expense 8. Utilities Expense 9. Wages Expense 10. Wages Payable
=+Would it be correct to say that the business incurred a net loss of $25,000 during the month? Discuss.EX 1-14
=+5 The income statement of a proprietorship for the month of December indicates a net income of $75,000. During the same period, the owner withdrew $100,000 in cash from the business for personal use.
=+From the following list of selected items taken from the records of Hoosier Appliance Service as of a specific date, identify those that would appear on the balance sheet:1. Accounts Payable 2. Cash 3. Fees Earned 4. Land 5. Sarah Neil, Capital EX 1-16 Balance sheet items
=+Saturn: The owner had made an additional investment of $162,000 but had made no withdrawals.Venus: The owner had made an additional investment of $162,000 and had withdrawn $72,000.
=+vdetermine the net income (or loss) of each company for the year. (Hint: First determine the amount of increase or decrease in owner’s equity during the year.)Jupiter: The owner had made no additional investments in the business and had made no withdrawals from the business.Mercury: The owner
=+Four different proprietorships, Jupiter, Mercury, Saturn, and Venus, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of owner’s equity, are summarized as follows:Total Assets Total Liabilities Beginning of the year $ 810,000 $324,000 End
=+Would it be correct to say that the business incurred a net loss of $25,000 during the month? Discuss.
=+The income statement of a proprietorship for the month of December indicates a net income of $75,000. During the same period, the owner withdrew $100,000 in cash from the business for personal use.
=+e. How much of the net income for the month was retained in the business?
=+d. What is the amount of the net income for the month?
=+c. What is the amount of net increase in owner’s equity during the month?
=+b. What is the amount of net decrease in cash during the month?
=+a. Describe each transaction.
=+Murray Kiser operates his own catering service. Summary financial data for February are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction on the equation. Each increase and decrease in owner’s equity, except transaction (5), affects
=+10. Paid cash to owner for personal use, $3,000.Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions, (1) through (10), in a column, and inserting at the right of each number the appropriate letter from the following list:a.
=+7. Paid creditors on account, $9,280.8. Received cash from customers on account, $25,600.9. Determined that the cost of supplies on hand was $900; therefore, $1,600 of supplies had been used during the month.
=+3. Paid advertising expense, $4,000.4. Received cash for providing delivery services, $39,750.5. Purchased supplies for cash, $2,500.6. Billed customers for delivery services on account, $81,200.
=+vThe following selected transactions were completed by Lindbergh Delivery Service during October:1. Received cash from owner as additional investment, $75,000.2. Paid rent for October, $4,200.
=+b. Assume that the seller owes $80,000 on a loan for the land. After receiving the$290,000 cash in (a), the seller pays the $80,000 owed. What is the effect of the payment on the total amount of the seller’s (1) assets, (2) liabilities, and (3) owner’s equity?
=+a. A vacant lot acquired for $150,000 is sold for $290,000 in cash. What is the effect of the sale on the total amount of the seller’s (1) assets, (2) liabilities, and (3) owner’s equity?
=+4 Describe how the following business transactions affect the three elements of the accounting equation.a. Invested cash in business.b. Received cash for services performed.c. Paid for utilities used in the business.d. Purchased supplies for cash.e. Purchased supplies on account.
=+3 Indicate whether each of the following is identified with (1) an asset, (2) a liability, or(3) owner’s equity:a. accounts payableb. cashc. fees earnedd. lande. suppliesf. wages expense
=+e. Net income (or net loss) during 2010, assuming that as of December 31, 2010, assets were $960,000, liabilities were $156,000, and there were no additional investments or withdrawals.
=+and liabilities of $240,000. Using the accounting equation and considering each case independently, determine the following amounts:a. Donna Ahern, capital, as of December 31, 2009.b. Donna Ahern, capital, as of December 31, 2010, assuming that assets increased by$120,000 and liabilities
=+3 Donna Ahern is the owner and operator of Omega, a motivational consulting business.At the end of its accounting period, December 31, 2009, Omega has assets of $760,000
=+3 Determine the missing amount for each of the following:Assets Liabilities Owner’s Equitya. $250,000 $780,000b. $125,000 39,500c. 60,000 7,500
=+3 The total assets and total liabilities of eBay and Google are shown below.eBay (in millions) Google (in millions)Assets $13,494 $18,473 Liabilities 2,589 1,433 Determine the owners’ equity of each company.
=+The total assets and total liabilities of Coca-Cola and PepsiCo are shown below.Coca-Cola (in millions) PepsiCo (in millions)Assets $29,963 $29,930 Liabilities 13,043 14,483 Determine the owners’ equity of each company.
=+10. Judy purchased two dozen spring dresses from a Seattle designer for a special spring sale.
=+9. Cliff paid for dinner and a movie to celebrate their fifteenth wedding anniversary.
=+8. Judy donated several dresses from inventory for a local charity auction for the benefit of a women’s abuse shelter.
=+7. Judy authorized the trust fund to purchase mutual fund shares.
=+6. Cliff paid for an advertisement in a hunters’ magazine.
=+5. Judy deposited a $5,000 personal check in the trust fund at City Bank.
=+4. Cliff paid a breeder’s fee for an English springer spaniel to be used as a hunting guide dog.
=+3. Judy paid her dues to the YWCA.
=+2. Cliff received a cash advance from customers for a guided hunting trip.
=+1. Cliff paid a local doctor for his annual physical, which was required by the workmen’s compensation insurance policy carried by Chalet Sports.
=+record the transaction in its records.Entities C Chalet Sports B City Bank Trust Fund J Joliet Boutique X None of the above
=+clothing store. Cliff and Judy have established a trust fund to finance their children’s college education. The trust fund is maintained by City Bank in the name of the children, John and Morgan.For each of the following transactions, identify which of the entities listed should
=+2 Chalet Sports sells hunting and fishing equipment and provides guided hunting and fishing trips. Chalet Sports is owned and operated by Cliff Owen, a well-known sports enthusiast and hunter. Cliff’s wife, Judy, owns and operates Joliet Boutique, a women’s
=+1 A fertilizer manufacturing company wants to relocate to Collier County. A 13-year-old report from a fired researcher at the company says the company’s product is releasing toxic by-products. The company has suppressed that report. A second report commissioned by the company shows there is no
=+Indicate whether each of the following companies is primarily a service, merchandise, or manufacturing business. If you are unfamiliar with the company, use the Internet to locate the company’s home page or use the finance Web site of Yahoo.1. H&R Block 9. Procter & Gamble 2. eBay Inc. 10.
=+Accounts payable $ 12,000 Miscellaneous expense $ 8,000 Accounts receivable 32,000 Office expense 111,000 Cash 78,000 Supplies 6,000 Fees earned 475,000 Wages expense 239,000 Land 150,000 Prepare an income statement for the current year ended June 30, 2010.
=+ The assets and liabilities of Express Travel Service at June 30, 2010, the end of the current year, and its revenue and expenses for the year are listed at the top of the following page. The capital of the owner, Janis Paisley, was $125,000 at July 1, 2009, the beginning of the current year.
=+The assets and liabilities of Impeccable Travel Service at November 30, 2010, the end of the current year, and its revenue and expenses for the year are listed below. The capital of the owner, Charly Maves, was $380,000 at December 1, 2009, the beginning of the current year. Accounts payable $
=+and Expense) by listing the numbers identifying the transactions, (1) through (5). Also, indicate the specific item within the accounting equation element that is affected. To illustrate, the answer to (1) is shown below. (1) Asset (Cash) increases by $10,000; Owner’s Equity (Betty Pasha,
=+Yukon Delivery Service is owned and operated by Betty Pasha. The following selected transactions were completed by Yukon Delivery Service during June: 1. Received cash from owner as additional investment, $10,000. 2. Paid creditors on account, $1,500. 3. Billed customers for delivery services on
=+Expense) by listing the numbers identifying the transactions, (1) through (5). Also, indicate the specific item within the accounting equation element that is affected. To illustrate, the answer to (1) is shown below. (1) Asset (Cash) increases by $15,000; Owner’s Equity (Joey Bryant, Capital)
=+Zany Delivery Service is owned and operated by Joey Bryant. The following selected transactions were completed by Zany Delivery Service during February: 1. Received cash from owner as additional investment, $15,000. 2. Paid advertising expense, $900. 3. Purchased supplies on account, $600. 4.
=+b. Owner’s equity, as of December 31, 2010, assuming that assets increased by $90,000 and liabilities increased by $28,000 during 2010.
=+At the end of its accounting period, December 31, 2009, You’re Great has assets of $475,000 and liabilities of $115,000.Using the accounting equation,determine the following amounts:a. Owner’s equity, as of December 31, 2009.
=+Paul Eberly is the owner and operator of You’re Great, a motivational consulting business.
=+On February 7, Snap Repair Service extended an offer of $75,000 for land that had been priced for sale at $85,000. On February 21, Snap Repair Service accepted the seller’s counteroffer of $81,000. On April 30, the land was assessed at a value of $125,000 for property tax purposes. On August
=+What item appears on both the balance sheet and the statement of cash flows?
=+What item appears on both the balance sheet and the statement of owner’s equity?
=+12. What particular item of financial or operating data appears on both the income statement and the statement of owner’s equity?
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