Financial & Managerial Accounting
13th Edition
ISBN: 9781285866307
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Question
Chapter 1, Problem 1.21EX
a)
To determine
Income statement: The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement.
To Prepare: The balance sheet of Company EI for the February and March.
b)
To determine
The amount of net income for the month of March, assuming that the owner made no additional investments or dividends during the month.
c)
To determine
The amount of net income for the month of March, assuming that the owner made no additional investments but withdrew $50,000 during the month.
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The following information is taken Aiello Corporation's fiscal 2016 annual report.
Selected Balance Sheet Data 2016 2015 Inventories........................ $221,418 $226,893 Accounts Receivable........... $121,333 $122,087
Assume that Aiello Corporation had $1,003,881 sales on credit during fiscal year 2016. What amount did the company collect from credit customers during the year?
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Selected information from the comparative financial statements of AppleVerse Company for the year ended December 31
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2018
2017
Php
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Accounts receivable (net)
175,000
200,000
Inventory
130,000
150,000
Total assets
1,100,000 800,000
Current liabilities
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110,000
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800,000
700,000
Cost of goods sold
600,000
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40.000
25,000
Income tax expense
60.000
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Use the following selected financial information for Cascabel Corporation to answer
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Cascabel Corporation
Balance Sheet
December 31, 2015
Assets
Liabilities and stockholders' equity
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2
36
Short-term investments
10
25
Accounts receivable
52
Total current liabilities
61
Inventory
57
Other current assets
Long-term debt
102
Total current assets
129
Total liabilities
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Long-term assets
Stockholders' equity
Net Plant
195
Common stock
110
Retained earnings
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Chapter 1 Solutions
Financial & Managerial Accounting
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