Financial Accounting (12th Edition) (What's New in Accounting)
12th Edition
ISBN: 9780134725987
Author: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Publisher: PEARSON
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Chapter 1, Problem 1.68BP
Group B
LO 3, 4
(Learning Objectives 3, 4: Apply the
| Babble Co. | Floralties, Inc. | Drake Co. | |
| Beginning | |||
| Assets ........................ | $ 79 | $ 35 | $ ? |
| Liabilities ................... | 51 | 15 | 5 |
| Common stock .......... | 1 | 5 | 2 |
| ? | 15 | 6 | |
| Ending | |||
| Assets ........................ | $ ? | $ 53 | $ 15 |
| Liabilities................. | 52 | 27 | ? |
| Common stock........... | 1 | ? | ? |
| Retained earnings...... | 35 | ? | ? |
| Statement of retained earnings | |||
| Beginning RE.......... | $ 27 | $ 15 | $ 6 |
| + Net income........... | ? | 10 | 4 |
| − Dividends declared.. | (1) | (11) | (4) |
| Ending RE............... | $ 35 | $ 14 | $ 6 |
At the end of the year, which company had the
- highest net income?
- highest percent of net income to revenues?
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Van Occupanther is the bookkeeper for Roscoe Company. Van has been trying to get the balance sheet of Roscoe Company to balance.
Roscoe's balance sheet is as follows.
ROSCOE COMPANY
Balance Sheet
December 31, 2022
Assets
Liabilities
Cash
$ 9,400
Accounts payable
$25,000
Supplies
7,100
Accounts receivable
(19,500)
Equipment
45,000
Common stock
40,000
Dividends
9,200
Retained earnings
25,200
Total assets
$70,700
Total liabilities and stockholders' equity
$70,700
Prepare a correct balance sheet. (List Assets in order of liquidity.)
ROSCOE COMPANY
Balance Sheet
η°
II
I need prepare the income statement in accordance with genrally accepted accounting principles.Β
Β
Revenue:
services provides to cotumers.......$17,000
investment by stockholders..............5,000
loan from bank.....................................15,000Β Β Β Β Β Β
Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β totalΒ Β Β Β $37,000
expenses:
Payments to long-term creditors...........................$11,700
expenses required to provide
services to cutomers....................................................7,800
purchased of land......................................................16,000Β Β Β Β Β Β
Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β totalΒ Β 35,500
Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β net incomeΒ Β Β Β $1,500
Q2: Comparative financial statement data for Cargill company follow:Β
Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β December 31Β
Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β ---------------------Β
Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β 20x7 20x6Β
Β Β Β Β Β Β Β Β Cash β¦β¦β¦β¦β¦β¦β¦β¦β¦β¦β¦ $ 3 $ 6Β Β
Β Β Β Β Β Β Β Β Account receivable, netβ¦β¦β¦β¦β¦. 22 24Β
Β Β Β Β Β Β Β Β Inventoryβ¦β¦β¦β¦β¦β¦β¦β¦β¦β¦β¦ 50 40Β
Β Β Β Β Β Β Β Β Plant and equipment β¦β¦β¦β¦β¦β¦ 240 200Β
Β Β Β Β Β Β Β Β Accumulated depreciation β¦β¦β¦.. (65) (50)Β
Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β --------- ---------Β
Β Β Β Β Β Β Β Β Total assets 250 220Β
Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β ===== =====Β
Β Β Β Β Β Β Β Β Accounts payable β¦β¦β¦β¦β¦β¦β¦.. $ 40 $ 36Β
Β Β Β Β Β Β Β Β Common stock β¦β¦β¦β¦β¦β¦β¦... 150 145Β
Β Β Β Β Β Β Β Β Retained earnings β¦β¦β¦β¦β¦β¦β¦. 60β¦
Chapter 1 Solutions
Financial Accounting (12th Edition) (What's New in Accounting)
Ch. 1 - Financial statements can be used by which of the...Ch. 1 - Prob. 2QCCh. 1 - Hoot Enterprises buys a warehouse for 590,000 to...Ch. 1 - Prob. 4QCCh. 1 - Prob. 5QCCh. 1 - The accounting equation can be expressed as a....Ch. 1 - Prob. 7QCCh. 1 - Alliance Corporation holds cash of 8,000 and owes...Ch. 1 - During the year, ChemClean Corporation has 280,000...Ch. 1 - Prob. 10QC
Ch. 1 - Dynasty Company has current assets of 50,000 and...Ch. 1 - Which financial statement would show how well a...Ch. 1 - On which financial statement would the ending...Ch. 1 - What item flows from the income statement to the...Ch. 1 - What item flows from the income statement to the...Ch. 1 - Prob. 16QCCh. 1 - LO 5 (Learning Objective 5: Identify ethical...Ch. 1 - Prob. 1.1SCh. 1 - Prob. 1.2SCh. 1 - Prob. 1.3SCh. 1 - LO 3 (Learning Objective 3: Apply the accounting...Ch. 1 - LO 3 (Learning Objective 3: Apply the accounting...Ch. 1 - LO 3 (Learning Objective 3: Identify assets,...Ch. 1 - LO 3 (Learning Objective 3: Accounting equation)...Ch. 1 - LO 4 (Learning Objective 4: Identify income...Ch. 1 - LO 4 (Learning Objective 4: Identify appropriate...Ch. 1 - LO 4 (Learning Objective 4: Explain aspects of...Ch. 1 - Prob. 1.11SCh. 1 - LO 4 (Learning Objective 4: Construct an income...Ch. 1 - (Learning Objective 4: Construct a statement of...Ch. 1 - (Learning Objective 4: Construct a balance sheet)...Ch. 1 - LO 4 (Learning Objective 4: Solve for retained...Ch. 1 - Prob. 1.16SCh. 1 - Prob. 1.17SCh. 1 - Prob. 1.18SCh. 1 - LO 1.2, 3, 4. 5 (Learning Objectives 1, 2, 3, 4,...Ch. 1 - Group A LO 3, 4 (Learning Objectives 3, 4: Apply...Ch. 1 - Which company appears to have the strongest...Ch. 1 - LO 3, 4 (Learning Objectives 3, 4: Apply the...Ch. 1 - LO 4 (Learning Objective 4: Identify financial...Ch. 1 - LO 4 (Learning Objective 4: Construct a balance...Ch. 1 - LO 3,4 (Learning Objectives 3, 4: Apply the...Ch. 1 - LO 4 (Learning Objective 4: Construct an income...Ch. 1 - LO 4 (Learning Objective 4: Construct an income...Ch. 1 - LO 4 (Learning Objective 4: Construct a balance...Ch. 1 - Prob. 1.29AECh. 1 - Prob. 1.30AECh. 1 - Prob. 1.31AECh. 1 - Prob. 1.32BECh. 1 - Which company appears to have the strongest...Ch. 1 - LO 3,4 (Learning Objectives 3, 4: Apply the...Ch. 1 - LO 4 (Learning Objective 4: Identify financial...Ch. 1 - LO 4 (Learning Objective 4: Construct a balance...Ch. 1 - (Learning Objectives 3, 4: Apply the accounting...Ch. 1 - Prob. 1.38BECh. 1 - LO 4 (Learning Objective 4: Construct an income...Ch. 1 - LO 4 (Learning Objective 4: Construct a balance...Ch. 1 - LO 4 (Learning Objective 4: Construct a statement...Ch. 1 - Prob. 1.42BECh. 1 - LO 4 (Learning Objective 4: Construct an income...Ch. 1 - An organizations investors and creditors will...Ch. 1 - Prob. 1.45QCh. 1 - Prob. 1.46QCh. 1 - Assets are usually reported at their a. appraised...Ch. 1 - Prob. 1.48QCh. 1 - Prob. 1.49QCh. 1 - Prob. 1.50QCh. 1 - Prob. 1.51QCh. 1 - All of the following are current assets except a....Ch. 1 - Prob. 1.53QCh. 1 - Prob. 1.54QCh. 1 - Prob. 1.55QCh. 1 - Prob. 1.56QCh. 1 - Net income appears on which financial...Ch. 1 - Cash paid to purchase a building appears on the...Ch. 1 - The stockholders equity of Kowalski Company at the...Ch. 1 - Prob. 1.60QCh. 1 - Which of the following factors should influence...Ch. 1 - LO 3, 4 (Learning Objectives 3, 4: Apply the...Ch. 1 - Prob. 1.63APCh. 1 - LO 2, 3, 4 (Learning Objectives 2, 3, 4: Apply...Ch. 1 - LO 3,4 (Learning Objectives 3, 4: Evaluate...Ch. 1 - LO 3, 4 (Learning Objectives 3,4: Evaluate...Ch. 1 - LO 4 (Learning Objective 4: Construct financial...Ch. 1 - Group B LO 3, 4 (Learning Objectives 3, 4: Apply...Ch. 1 - LO 3,4 (Learning Objectives 3, 4: Apply the...Ch. 1 - Prob. 1.70BPCh. 1 - LO 3,4 (Learning Objectives 3, 4: Evaluate...Ch. 1 - LO 3, 4 (Learning Objectives 3,4: Evaluate...Ch. 1 - Prob. 1.73BPCh. 1 - Prob. 1.74SCCh. 1 - Decision Cases LO 1, 4 (Learning Objectives 1, 4:...Ch. 1 - LO 3, 4 (Learning Objectives 3, 4: Evaluate...Ch. 1 - Prob. 1.77EIC
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