Financial Accounting
14th Edition
ISBN: 9781305088436
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Question
Chapter 1, Problem 22E
a)
To determine
Identify the list of items that will appear in the financial statements (income statement or
b)
To determine
Identify if an item can appear on more than one financial statement (income statement or balance sheet).
c)
To determine
Explain if the
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Illies Corporation's comparative balance sheet appears below:
Beginning
Balance
Assets:
Current assets
Cash and cash equivalents.
Accounts receivable.
Inventory.
Total current assets
Property, plant, and equipment.
Less accumulated depreciation.
Net property, plant, and equipment.
Total assets.
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable.
Accrued wages and salaries payable..
Accrued income taxes payable.
Notes payable.
Total current liabilities.
Long-term debt.
Deferred income taxes.
Total liabilities
Stockholders' equity:
Common stock.
Retained earnings.
Ending
Balance
Select one:
$ 40,000
19,000
O a. $7,000
O b. $40,000
O c. $29,000
O d. $33,000
67,000
126,000 123,000
358,000 339,000
156,000
132,000
202.000
$328,000
$ 33,000
21,000
69,000
$ 18,000
35,000
23,000
207.000
$330,000
23,000
103,000
22,000
102,000
Total stockholders' equity
126,000 124.000
Total liabilities and stockholders' equity.... $328,000 $330.000
$ 19,000
37,000
19,000
19,000 22,000…
The current balance sheet of J.J. Arvesen Company contains the following major sections:
A. Current assets
B. Long-term investments
C. Property, plant, and equipment
D. Intangible assets
E. Other assets
F. Current liabilities
G. Long-term liabilities
H. Contributed capital
I. Retained earnings
J. Accumulated other comprehensive income
The following is a list of accounts. Using the letters A through J, indicate in which section of the balance sheet each account would most likely be classified. If an account does not belong under one of the sections listed, select "Not under any of the choices" from the
classification drop down box. For all accounts, indicate if the account is a contra account or an account that would normally be deducted on the balance sheet by selecting "yes" from the second drop down box, otherwise select "no".
Contra or
Account
Classification
Deducted (Yes/No)
1. Patents (net)
2. Income taxes payable
3. Notes receivable (due in 5 months)
4. Unearned rent
5. Discount…
Presented below are the captions of Nikos SpA's statement of financial position. Indicate where each of the following items would be
classified.
Statement of Financial Position Accounts
Statement of Financial Position Classification
1.
Share capital-preference.
2.
Goodwill.
3.
Salaries and wages payable.
4.
Accounts payable.
5.
Buildings.
6.
Trading securities.
7.
Current portion of long-term debt.
8.
Patents.
9.
Allowance for doubtful accounts.
10.
Accounts receivable.
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Chapter 1 Solutions
Financial Accounting
Ch. 1 - Prob. 1DQCh. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - Josh Reilly is the owner of Dispatch Delivery...Ch. 1 - On July 12, Reliable Repair Service extended an...Ch. 1 - Prob. 6DQCh. 1 - Describe the difference between an account...Ch. 1 - A business had revenues of 679,000 and operating...Ch. 1 - A business had revenues of 640,000 and operating...Ch. 1 - The financial statements are interrelated. (a)...
Ch. 1 - On February 22, Kountry Repair Service extended an...Ch. 1 - On March 31, Higgins Repair Service extended an...Ch. 1 - Brock Hahn is the owner and operator of Dream-It...Ch. 1 - Fritz Evans is the owner and operator of...Ch. 1 - Arrowhead Delivery Service is owned and operated...Ch. 1 - Interstate Delivery Service is owned and operated...Ch. 1 - Prob. 4PEACh. 1 - The revenues and expenses of Sentinel Travel...Ch. 1 - Using the income statement for Ousel Travel...Ch. 1 - Using the income statement for Sentinel Travel...Ch. 1 - Using the following data for Ousel Travel Service...Ch. 1 - Using the following data for Sentinel Travel...Ch. 1 - A summary of cash flows for Ousel Travel Service...Ch. 1 - A summary of cash flows for Sentinel Travel...Ch. 1 - Prob. 8PEACh. 1 - Prob. 8PEBCh. 1 - The following is a list of well-known companies:...Ch. 1 - Prob. 2ECh. 1 - Ozark Sports sells hunting and fishing equipment...Ch. 1 - Prob. 4ECh. 1 - Prob. 5ECh. 1 - Prob. 6ECh. 1 - Annie Rasmussen is the owner and operator of Go44,...Ch. 1 - Indicate whether each of the following is...Ch. 1 - Describe how the following business transactions...Ch. 1 - Prob. 10ECh. 1 - Indicate whether each of the following types of...Ch. 1 - The following selected transactions were completed...Ch. 1 - Teri West operates her own catering service....Ch. 1 - The income statement of a proprietorship for the...Ch. 1 - Four different proprietorships, Jupiter, Mars,...Ch. 1 - From the following list of selected items taken...Ch. 1 - Based on the data presented in Exercise 1-16,...Ch. 1 - Financial information related to Udder Products...Ch. 1 - Dairy Services was organized on August 1, 2016. A...Ch. 1 - One item is omitted in each of the following...Ch. 1 - Prob. 21ECh. 1 - Prob. 22ECh. 1 - Indicate whether each of the following activities...Ch. 1 - A summary of cash flows for Ethos Consulting Group...Ch. 1 - Prob. 25ECh. 1 - Prob. 26ECh. 1 - Lowes Companies Inc., a major competitor of The...Ch. 1 - On April 1 of the current year, Andrea Byrd...Ch. 1 - The amounts of the assets and liabilities of...Ch. 1 - Seth Feye established Reliance Financial Services...Ch. 1 - On July 1, 2016, Pat Glenn established Half Moon...Ch. 1 - DLite Dry Cleaners is owned and operated by Joel...Ch. 1 - The financial statements at the end of Wolverine...Ch. 1 - Amy Austin established an insurance agency on...Ch. 1 - The amounts of the assets and liabilities of...Ch. 1 - Jose Loder established Bronco Consulting on August...Ch. 1 - On April 1, 2016, Maria Adams established Custom...Ch. 1 - Bevs Dry Cleaners is owned and operated by Beverly...Ch. 1 - The financial statements at the end of Atlas...Ch. 1 - Prob. 1COPCh. 1 - Colleen Fernandez, president of Rhino Enterprises,...Ch. 1 - Prob. 2CPCh. 1 - Prob. 3CP
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