Fundamentals of Financial Accounting
5th Edition
ISBN: 9780078025914
Author: Fred Phillips Associate Professor, Robert Libby, Patricia Libby
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Question
Chapter 1, Problem 9Q
To determine
To Explain: The reason for income statement, statement of retained earnings, and statement of cash flow are dated as “For the year ended December 31, 2015” and
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Joseph Bright lists the following transactions for the
period ended 30 September 2017. Classify EACH
item as follows:
i. Write either capital or revenue in the expenditure
type column to indicate the type of expenditure
involved or EACH item.
ii. Insert a-check mark (√) in the appropriate column to
indicate whether the item is reported-in the Statement
of profit or loss or in the Statement of financial position.
The first one is done as an example.
Description
CLASSIFICATION OF EXPENDITURE
Expenditure
Type
Statement where item should be
reported
Statement of Profit Statement of
Example Wages of the computer
operators
1
Cost of customizing software for
use in business
2
Installing thief detection equipment
3
Cost of paper used for printing
receipts during the year
4
Cost of toner used by the
computer printer
5
Cost of adding extra memory to
the compute
or loss
Revenue
financial position
a. How much is the ForEx gain or (loss) on December 31, 2017?
b. How much is the outstanding accounts receivable as of December31, 2017?
c. How much is the ForEx gain or (Loss) on March 2, 2018?
d. How much is the Net ForEx gain or loss?
The questions. ( Requirement).
A) Prepare the statement of profit or loss for the year ended 31 December 2020
B)Prepare the retained earnings statement for the year ended 31 December 2020.
C)Prepare the statement of financial position as at 31 December 2020
Can solve the above questions for me.
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...
Knowledge Booster
Similar questions
- Which statement is most directly affected by a change to net income? A. balance sheet B. income statement C. statement of retained earnings D. statement of cash flowsarrow_forwardWhich of the following is a measurement of earnings that represents the profit before interest, taxes, depreciation and amortization are subtracted? A. net income B. retained earnings C. EBITDA D. EPSarrow_forwardSelect 2017 Year From The Given Data In Image And Find The Following thing:1) Balance Sheet Growth - (TOTAL ASSETS CURRENT YEAR- TOTAL ASSETS CURRENT YEAR) / TOTAL ASSETS PREVIOUS YEAR.2) Sales.3) Financial Exp as a % of Sales4) EBIT5) Financial Cost / Interest Expensearrow_forward
- I need assistance on the following regarding the attached balance sheet and income statement: Required: a) Calculate the following financial ratios for 2016 and 2017 19. Dividend payout ratioarrow_forwardI need assistance on the following regarding the attached balance sheet and income statement: Required: a) Calculate the following financial ratios for 2016 and 2017 13. Debt-to-equity ratio 14. Times-interest-earned ratio 15. Operating-cash-flow-to-capital-expenditures ratioarrow_forwardLiverton Co.’s income statement for the year ended 31 March 2019 and statements of financial position at 31 March 2019 and 2018 were as follows in the images. Calculate for the financial year ended 31 March 2019 and, where possible, for 31 March 2018, the following ratios: i) Gross profit marginii) Assets usageiii) Current ratioiv) Acid testv) Inventories holding periodvi) Debt to Equity ratioarrow_forward
- Using the Data below create a balance sheet. This should be comparative and classified in proper format for the fiscal years 2015 and 2016.Just use the amounts for each year and ignore whether its credit and debit.arrow_forwardHow would a Dividend that is declared but not yet paid be treated at year end for financial statements? Would it be placed on both the income statement and balance sheet, or just the balance sheet?arrow_forwardF. Based on Baker’s account balances, the amount of Net Income that would be shown on Baker’s Income Statement for December 2017 would be:arrow_forward
- "The projected income statement method consists of taking the estimated income statement for the next period and adding or subtracting to the income the items that affect cash and that are not included as sales or as expenses". do you believe the above statement to be true or false? true or falsearrow_forwardUse the statement of financial position as at 31 December 2022, statement of comprehensive income for the year ended 31 December 2022 and additional information for 2022 (related to dividends and shares) to calculate the ratio (expressed to two decimal places) that would reflect each of the following: 1. The extent to which the claims of the short-term creditors are covered by assets that can be translated into cash in the short term2. The extent to which long-term debt is covered by shareholders’ funds3. The amount of funds available relative to sales, to pay the company’s expenses other than its cost of sales (expressed as a percentage)4. The distributions during the period allocated to each ordinary share issued5. An indication of the percentage of the profit that has been put back into the company 6. The ratio of a company's current stock price to its earnings per sharearrow_forwarda. How much is the ForEx gain or (loss) on December 31, 2017? b. How much is the outstanding accounts payable as of December 31,2017? c. How much is the ForEx gain or (Loss) on February 1, 2018? d. How much is the Net ForEx gain or (loss)?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
EBK CONTEMPORARY FINANCIAL MANAGEMENTFinanceISBN:9781337514835Author:MOYERPublisher:CENGAGE LEARNING - CONSIGNMENT
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Survey of Accounting (Accounting I)AccountingISBN:9781305961883Author:Carl WarrenPublisher:Cengage Learning
Managerial AccountingAccountingISBN:9781337912020Author:Carl Warren, Ph.d. Cma William B. TaylerPublisher:South-Western College Pub
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:9781337514835
Author:MOYER
Publisher:CENGAGE LEARNING - CONSIGNMENT
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Survey of Accounting (Accounting I)
Accounting
ISBN:9781305961883
Author:Carl Warren
Publisher:Cengage Learning
Managerial Accounting
Accounting
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:South-Western College Pub