Fundamentals of Financial Accounting
5th Edition
ISBN: 9780078025914
Author: Fred Phillips Associate Professor, Robert Libby, Patricia Libby
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 1, Problem 1.3E
Preparing a
DSW, Inc. is a designer shoe warehouse, selling some of the most luxurious and fashionable shoes at prices that people can actually afford. Its balance sheet, at February 2, 2013, contained the following (listed alphabetically, amounts in thousands).
Required:
1. Prepare the balance sheet as of February 2, 2013, solving for the missing amount.
2. As of February 2, did most of the financing for assets come from creditors or stockholders?
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The financial information below was taken from the annual financial statements of Cullumber Videos:
2014
2013
Current assets
$99,800
$101,200
Current liabilities
36,800
51,200
Total liabilities
158,000
168,800
Total assets
441,000
476,000
Net sales
473,800
512,000
Net credit sales
466,000
500,000
Cost of goods sold
262,000
264,000
Inventory
46,000
44,800
Receivables (net)
26,800
24,800
Dividends
7,600
10,400
Capital expenditures
13,400
19,200
Net income
45,200
36,800
Net cash provided by operating activities
28,600
35,200
Calculate the following ratios for Cullumber Videos for 2014. (Round Free cash flow to 0 decimal place, e.g. 12. Other all answers to 2 decimal places, e.g. 12.21.)
1.
Average collection period
enter a number…
8.
Presented below are the Statements of Financial Position of Vickie Merchandising, for the past
two calendar years, ending 2013 and 2014. Vickie is on the process of analyzing its financial
statements in order to ascertain changes in each of its account balances. Vickie would want to
identify account balances whose changes are worth investigating.
Cash
Assets
Marketable Securities
Accounts Receivable
Merchandise Inventory
Prepaid Expenses
Total Current Assets
Property, Plant, and Equipment (net)
Total Assets
Vickie Merchandising
Statements of Financial Position.
December 31
Liabilities and Owner's Equity
Accounts Payable
Salaries Payable
Utilities Payable
Taxes Payable
Total Current Liabilities
Notes Payable (due 2016)
Total Liabilities
Owner, Capital
Total Liabilities and Owner's Equity
2014
P 125,000
45,000
85,000
50,000
4,000
P 309,000
450,000
P 759,000
30,000
20,000
10,000
15,000
℗ 75,000
300,000
→ 375,000
384,000
℗ 759,000
2013
P 112,000
40,000
77,000
45,000
2,000
℗ 276,500…
Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity.
1. Buy $15,000 worth of manufacturing supplies on credit2. Issue $85,000 in stock3. Borrow $63,000 from a bank4. Pay $5,000 owed to a supplier
What is the net change in Total Liabilities?
Please don't provide answer in image format thank you
Chapter 1 Solutions
Fundamentals of Financial Accounting
Ch. 1 - Define accounting.Ch. 1 - Prob. 2QCh. 1 - Briefly distinguish financial accounting from...Ch. 1 - The accounting process generates financial reports...Ch. 1 - Explain what the separate entity assumption means...Ch. 1 - List the three main types of business activities...Ch. 1 - What information should be included in the heading...Ch. 1 - What are the purposes of (a) the balance sheet,...Ch. 1 - Prob. 9QCh. 1 - Briefly explain the difference between net income...
Ch. 1 - Describe the basic accounting equation that...Ch. 1 - Describe the equation that provides the structure...Ch. 1 - Describe the equation that provides the structure...Ch. 1 - Prob. 14QCh. 1 - Prob. 15QCh. 1 - Prob. 16QCh. 1 - Briefly define what an ethical dilemma is and...Ch. 1 - Prob. 18QCh. 1 - Prob. 1MCCh. 1 - Which of the following is true regarding the...Ch. 1 - Which of the following is false regarding the...Ch. 1 - Which of the following regarding retained earnings...Ch. 1 - Prob. 5MCCh. 1 - Which of the following statements regarding the...Ch. 1 - Prob. 7MCCh. 1 - Which of the following is true? a. FASB creates...Ch. 1 - Which of the following would not be a goal of...Ch. 1 - Prob. 10MCCh. 1 - Prob. 1.1MECh. 1 - Prob. 1.2MECh. 1 - Matching Definitions with Terms Match each...Ch. 1 - Matching Financial Statement Items to Balance...Ch. 1 - Matching Financial Statement Items to Balance...Ch. 1 - Matching Financial Statement Items to Balance...Ch. 1 - Matching Financial Statement Items to Balance...Ch. 1 - Matching Financial Statement Items to the Basic...Ch. 1 - Matching Financial Statement Items to the Four...Ch. 1 - Reporting Amounts on the Statement of Cash Flows...Ch. 1 - Prob. 1.11MECh. 1 - Prob. 1.12MECh. 1 - Prob. 1.13MECh. 1 - Prob. 1.14MECh. 1 - Relationships among Financial Statements Items...Ch. 1 - Prob. 1.16MECh. 1 - Reporting Amounts on the Four Basic Financial...Ch. 1 - Reporting Amounts on the Four Basic Financial...Ch. 1 - Preparing a Balance Sheet DSW, Inc. is a designer...Ch. 1 - Completing a Balance Sheet and Inferring Net...Ch. 1 - Prob. 1.5ECh. 1 - Prob. 1.6ECh. 1 - Preparing an Income Statement Home Realty,...Ch. 1 - Prob. 1.8ECh. 1 - Preparing an Income Statement and Balance Sheet...Ch. 1 - Analyzing and Interpreting an Income Statement...Ch. 1 - Prob. 1.11ECh. 1 - Matching Cash Flow Statement Items to Business...Ch. 1 - Preparing an Income Statement. Statement of...Ch. 1 - Prob. 1.2CPCh. 1 - Prob. 1.3CPCh. 1 - Prob. 1.4CPCh. 1 - Preparing an Income Statement, Statement of...Ch. 1 - Prob. 1.2PACh. 1 - Prob. 1.3PACh. 1 - Prob. 1.4PACh. 1 - Preparing an Income Statement and Balance Sheet...Ch. 1 - Preparing an Income Statement and Balance Sheet...Ch. 1 - Prob. 1.3PBCh. 1 - Prob. 1.4PBCh. 1 - Prob. 1.1SDCCh. 1 - Prob. 1.2SDCCh. 1 - Prob. 1.5SDCCh. 1 - Prob. 1.6SDCCh. 1 - Financial Statements for a Business Plan Nicole...
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