College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Chapter 12, Problem 2PA
1.
To determine
Prepare a statement of owners’ equity for E Stereo for the year ended December 31, 20--.
2.
To determine
Prepare a balance sheet for E Stereo, based on the account balances from work sheet, and capital of the owner from the statement of owners’ equity prepared in Part (1).
3.
To determine
Compute
4.
To determine
Compute
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Here is the partial work sheet for Eckland Stereo: (image below)
Required:
1. Prepare a statement of owner's equity (no additional investment)
2. Prepare a balance sheet
3. Determine the amount of the working capital
4. Determine the current ratio (carry to two decimal places).
Kayco Company reports current assets of $6,076, and current liabilities of $2,422. Calculate the current ratio and the working capital.
Do not enter dollar signs or commas in the input boxes.Round your answer to 2 decimal places.Current Ratio = AnswerWorking Capital = $Answer
Based on the following information, compute the (1) current ratio and (2) working capital. (Round current ratio to 1 decimal place, e.g. 52.5.)
Current assets
$144,320
Total assets
738,000
Current liabilities
65,600
Total liabilities
410,000
(1)
Current ratio
enter ratio rounded to 1 decimal place : 1
(2)
Working capital
$enter a dollar amount
Chapter 12 Solutions
College Accounting (Book Only): A Career Approach
Ch. 12 - What is the term used for the profit on a sale...Ch. 12 - Which of the following is not an example of a...Ch. 12 - Prob. 3QYCh. 12 - What is the third entry of the closing procedure...Ch. 12 - What general journal entry is used to undo a...Ch. 12 - Prob. 1DQCh. 12 - What is the difference between the cost of goods...Ch. 12 - Prob. 3DQCh. 12 - Prob. 4DQCh. 12 - Prob. 5DQ
Ch. 12 - Explain the calculation of net sales and net...Ch. 12 - Prob. 7DQCh. 12 - What are the rules for recognizing whether an...Ch. 12 - Prob. 9DQCh. 12 - Calculate the missing items in the following:Ch. 12 - Using the following information, prepare the Cost...Ch. 12 - Prob. 3ECh. 12 - The Income Statement columns of the August 31...Ch. 12 - Prob. 5ECh. 12 - Prob. 6ECh. 12 - From the following T accounts, journalize the...Ch. 12 - From the following information, journalize the...Ch. 12 - A partial work sheet for The Fan Shop is presented...Ch. 12 - Prob. 2PACh. 12 - The following partial work sheet covers the...Ch. 12 - The following accounts appear in the ledger of...Ch. 12 - A partial work sheet for McKnight Music Store is...Ch. 12 - Here is the partial work sheet for Meyer Mountain...Ch. 12 - The following partial work sheet covers the...Ch. 12 - The following accounts appear in the ledger of...Ch. 12 - Costco is the largest chain of membership...Ch. 12 - A music store sells new instruments. The store...Ch. 12 - You are an owner/bookkeeper in a country whose...Ch. 12 - Prob. 4ACh. 12 - Prob. 5ACh. 12 - Prob. 1CP
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