Financial statements: Financial statements are prepared to summaries the account at the end of the period. The statements prepared are Income statement, Balance sheet, Statement of owner’s equity and Cash flows statements. Balance Sheet : The Balance sheet is a summary of Assets, Liabilities and equity accounts that reports the financial position of the business as on a specific date. Assets are further classifies into Current Assets, Long Term Investments, Plant Assets and Intangible assets. And Liabilities are further classified into Current Liabilities and Long term liabilities. To Calculate: The missing amounts on balance sheets given.

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Answer 1

Question

Chapter 1, Problem 44E

To determine

Concept Introduction:

Financial statements: Financial statements are prepared to summaries the account at the end of the period. The statements prepared are Income statement, Balance sheet, Statement of owner’s equity and Cash flows statements.

Balance Sheet: The Balance sheet is a summary of Assets, Liabilities and equity accounts that reports the financial position of the business as on a specific date. Assets are further classifies into Current Assets, Long Term Investments, Plant Assets and Intangible assets. And Liabilities are further classified into Current Liabilities and Long term liabilities.

To Calculate:

The missing amounts on balance sheets given.

Expert Solution & Answer

Answer to Problem 44E

The missing amounts on balance sheets given are as follows:

Current Assets	(a)	$ 26,900		$ 25,000
Intangible assets		$ 10,400		$ 9,200
Long Terms Investments		$ 19,200	(f)	$ 22,200
Property, Plant, and Equipment, Net		$ 85,700		$ 92,800

Total Assets		$ 142,200	(g)	$ 149,200

Current Liabilities		$ 14,500		$ 12,300
Long Terms Liabilities	(b)	$ 35,800		$ 34,900
Total Liabilities		$ 50,300	(h)	$ 47,200

Contributed Capital	(c)	$ 35,000	(i)	$ 35,000
Retained earnings		$ 56,900		$ 67,000
Total Stockholder's equity	(d)	$ 91,900	(j)	$ 102,000
Total Liabilities Stockholder's equity	(e)	$ 142,200		$ 149,200

Explanation of Solution

The missing amounts on balance sheets given are calculated as follows:

Current Assets	(a)	$ 26,900		$ 25,000
		(142200-10400-19200-85700)
Intangible assets		$ 10,400		$ 9,200
Long Terms Investments		$ 19,200	(f)	$ 22,200
				(149200-25000-9200-92800)
Property, Plant, and Equipment, Net		$ 85,700		$ 92,800

Total Assets		$ 142,200	(g)	$ 149,200

Current Liabilities		$ 14,500		$ 12,300
Long Terms Liabilities	(b)	$ 35,800		$ 34,900
		(50300-14500)
Total Liabilities		$ 50,300	(h)	$ 47,200
				(12300+34900)

Contributed Capital	(c)	$ 35,000	(i)	$ 35,000
		(91900-56900)		(102000-67000)
Retained earnings		$ 56,900		$ 67,000
Total Stockholder's equity	(d)	$ 91,900	(j)	$ 102,000
		(142200-50300)		(149200-47200)
Total Liabilities Stockholder's equity	(e)	$ 142,200		$ 149,200
		(= Total Assets)

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Identify how each of the following separate transactions through 10 affects financial statements. For increases, place a "i" and the dollar amount in the column or columns. For decreases, place a"- and the dollar amount in the column or columns. Some cells may contain both an increase (+) and a decrease (-) along with dollar amounts. The first transaction is completed as an example. Required: a. For the balance sheet, identify how each transaction affects total essets, total abilities, and total equity For the income statement, identify how each transaction affects net income. b. For the statement of cash flows, identify how each transaction affects cash flows from operating activities, cash flows from investing activities, and cash flows from Snancing activities. Transaction 1. Owner invest $300 cash in business in exchange for vock 2 Rives $700 cash for services provided 3 Pays $500 cash for employee wages & Buys $100 of equipment on cred 5 Purchases $200 af supplies on credit &…

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30. MC.03.035 Bright Services pays wages of a part-time employee. The transaction would involve a a. debit to Cash. b. debit to Wages Expense. c. credit to Prepaid Expenses. d. credit to Wages Payable. 31. MC.03.036 Patrick Services paid the office rent for the current month. The transaction would involve a a. credit to Prepaid Rent. b. debit to Rent Expense. c. debit to Cash. d. credit to Rent Payable. 32. MC.03.037 Homer Services pays the monthly rent, $5,000. The transaction would involve a a. debit to Rent Expense. b. credit to Rent Payable. c. debit to Cash. d. debit to Prepaid Rent. 33. MC.03.038 P. Baker deposits $10,000 in a bank account, in the name of his business, to be used to purchase equipment. The journal entry to record the transaction would involve a: a. credit to P. Baker, Capital. b. credit to P. Baker, Drawing. c. credit to Cash. d. credit to Equipment.

Answer 2

Question

Chapter 1, Problem 44E

To determine

Concept Introduction:

Financial statements: Financial statements are prepared to summaries the account at the end of the period. The statements prepared are Income statement, Balance sheet, Statement of owner’s equity and Cash flows statements.

Balance Sheet: The Balance sheet is a summary of Assets, Liabilities and equity accounts that reports the financial position of the business as on a specific date. Assets are further classifies into Current Assets, Long Term Investments, Plant Assets and Intangible assets. And Liabilities are further classified into Current Liabilities and Long term liabilities.

To Calculate:

The missing amounts on balance sheets given.

Expert Solution & Answer

Answer to Problem 44E

The missing amounts on balance sheets given are as follows:

Current Assets	(a)	$ 26,900		$ 25,000
Intangible assets		$ 10,400		$ 9,200
Long Terms Investments		$ 19,200	(f)	$ 22,200
Property, Plant, and Equipment, Net		$ 85,700		$ 92,800

Total Assets		$ 142,200	(g)	$ 149,200

Current Liabilities		$ 14,500		$ 12,300
Long Terms Liabilities	(b)	$ 35,800		$ 34,900
Total Liabilities		$ 50,300	(h)	$ 47,200

Contributed Capital	(c)	$ 35,000	(i)	$ 35,000
Retained earnings		$ 56,900		$ 67,000
Total Stockholder's equity	(d)	$ 91,900	(j)	$ 102,000
Total Liabilities Stockholder's equity	(e)	$ 142,200		$ 149,200

Explanation of Solution

The missing amounts on balance sheets given are calculated as follows:

Current Assets	(a)	$ 26,900		$ 25,000
		(142200-10400-19200-85700)
Intangible assets		$ 10,400		$ 9,200
Long Terms Investments		$ 19,200	(f)	$ 22,200
				(149200-25000-9200-92800)
Property, Plant, and Equipment, Net		$ 85,700		$ 92,800

Total Assets		$ 142,200	(g)	$ 149,200

Current Liabilities		$ 14,500		$ 12,300
Long Terms Liabilities	(b)	$ 35,800		$ 34,900
		(50300-14500)
Total Liabilities		$ 50,300	(h)	$ 47,200
				(12300+34900)

Contributed Capital	(c)	$ 35,000	(i)	$ 35,000
		(91900-56900)		(102000-67000)
Retained earnings		$ 56,900		$ 67,000
Total Stockholder's equity	(d)	$ 91,900	(j)	$ 102,000
		(142200-50300)		(149200-47200)
Total Liabilities Stockholder's equity	(e)	$ 142,200		$ 149,200
		(= Total Assets)

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Answer 3

Question

Chapter 1, Problem 44E

To determine

Concept Introduction:

Financial statements: Financial statements are prepared to summaries the account at the end of the period. The statements prepared are Income statement, Balance sheet, Statement of owner’s equity and Cash flows statements.

Balance Sheet: The Balance sheet is a summary of Assets, Liabilities and equity accounts that reports the financial position of the business as on a specific date. Assets are further classifies into Current Assets, Long Term Investments, Plant Assets and Intangible assets. And Liabilities are further classified into Current Liabilities and Long term liabilities.

To Calculate:

The missing amounts on balance sheets given.

Expert Solution & Answer

Answer to Problem 44E

The missing amounts on balance sheets given are as follows:

Current Assets	(a)	$ 26,900		$ 25,000
Intangible assets		$ 10,400		$ 9,200
Long Terms Investments		$ 19,200	(f)	$ 22,200
Property, Plant, and Equipment, Net		$ 85,700		$ 92,800

Total Assets		$ 142,200	(g)	$ 149,200

Current Liabilities		$ 14,500		$ 12,300
Long Terms Liabilities	(b)	$ 35,800		$ 34,900
Total Liabilities		$ 50,300	(h)	$ 47,200

Contributed Capital	(c)	$ 35,000	(i)	$ 35,000
Retained earnings		$ 56,900		$ 67,000
Total Stockholder's equity	(d)	$ 91,900	(j)	$ 102,000
Total Liabilities Stockholder's equity	(e)	$ 142,200		$ 149,200

Explanation of Solution

The missing amounts on balance sheets given are calculated as follows:

Current Assets	(a)	$ 26,900		$ 25,000
		(142200-10400-19200-85700)
Intangible assets		$ 10,400		$ 9,200
Long Terms Investments		$ 19,200	(f)	$ 22,200
				(149200-25000-9200-92800)
Property, Plant, and Equipment, Net		$ 85,700		$ 92,800

Total Assets		$ 142,200	(g)	$ 149,200

Current Liabilities		$ 14,500		$ 12,300
Long Terms Liabilities	(b)	$ 35,800		$ 34,900
		(50300-14500)
Total Liabilities		$ 50,300	(h)	$ 47,200
				(12300+34900)

Contributed Capital	(c)	$ 35,000	(i)	$ 35,000
		(91900-56900)		(102000-67000)
Retained earnings		$ 56,900		$ 67,000
Total Stockholder's equity	(d)	$ 91,900	(j)	$ 102,000
		(142200-50300)		(149200-47200)
Total Liabilities Stockholder's equity	(e)	$ 142,200		$ 149,200
		(= Total Assets)

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Answer 4

Question

Chapter 1, Problem 44E

To determine

Concept Introduction:

Financial statements: Financial statements are prepared to summaries the account at the end of the period. The statements prepared are Income statement, Balance sheet, Statement of owner’s equity and Cash flows statements.

Balance Sheet: The Balance sheet is a summary of Assets, Liabilities and equity accounts that reports the financial position of the business as on a specific date. Assets are further classifies into Current Assets, Long Term Investments, Plant Assets and Intangible assets. And Liabilities are further classified into Current Liabilities and Long term liabilities.

To Calculate:

The missing amounts on balance sheets given.

Expert Solution & Answer

Answer to Problem 44E

The missing amounts on balance sheets given are as follows:

Current Assets	(a)	$ 26,900		$ 25,000
Intangible assets		$ 10,400		$ 9,200
Long Terms Investments		$ 19,200	(f)	$ 22,200
Property, Plant, and Equipment, Net		$ 85,700		$ 92,800

Total Assets		$ 142,200	(g)	$ 149,200

Current Liabilities		$ 14,500		$ 12,300
Long Terms Liabilities	(b)	$ 35,800		$ 34,900
Total Liabilities		$ 50,300	(h)	$ 47,200

Contributed Capital	(c)	$ 35,000	(i)	$ 35,000
Retained earnings		$ 56,900		$ 67,000
Total Stockholder's equity	(d)	$ 91,900	(j)	$ 102,000
Total Liabilities Stockholder's equity	(e)	$ 142,200		$ 149,200

Explanation of Solution

The missing amounts on balance sheets given are calculated as follows:

Current Assets	(a)	$ 26,900		$ 25,000
		(142200-10400-19200-85700)
Intangible assets		$ 10,400		$ 9,200
Long Terms Investments		$ 19,200	(f)	$ 22,200
				(149200-25000-9200-92800)
Property, Plant, and Equipment, Net		$ 85,700		$ 92,800

Total Assets		$ 142,200	(g)	$ 149,200

Current Liabilities		$ 14,500		$ 12,300
Long Terms Liabilities	(b)	$ 35,800		$ 34,900
		(50300-14500)
Total Liabilities		$ 50,300	(h)	$ 47,200
				(12300+34900)

Contributed Capital	(c)	$ 35,000	(i)	$ 35,000
		(91900-56900)		(102000-67000)
Retained earnings		$ 56,900		$ 67,000
Total Stockholder's equity	(d)	$ 91,900	(j)	$ 102,000
		(142200-50300)		(149200-47200)
Total Liabilities Stockholder's equity	(e)	$ 142,200		$ 149,200
		(= Total Assets)

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Answer 5

Chapter 1, Problem 44E

To determine

Concept Introduction:

Financial statements: Financial statements are prepared to summaries the account at the end of the period. The statements prepared are Income statement, Balance sheet, Statement of owner’s equity and Cash flows statements.

Balance Sheet: The Balance sheet is a summary of Assets, Liabilities and equity accounts that reports the financial position of the business as on a specific date. Assets are further classifies into Current Assets, Long Term Investments, Plant Assets and Intangible assets. And Liabilities are further classified into Current Liabilities and Long term liabilities.

To Calculate:

The missing amounts on balance sheets given.

Expert Solution & Answer

Answer to Problem 44E

The missing amounts on balance sheets given are as follows:

Current Assets	(a)	$ 26,900		$ 25,000
Intangible assets		$ 10,400		$ 9,200
Long Terms Investments		$ 19,200	(f)	$ 22,200
Property, Plant, and Equipment, Net		$ 85,700		$ 92,800

Total Assets		$ 142,200	(g)	$ 149,200

Current Liabilities		$ 14,500		$ 12,300
Long Terms Liabilities	(b)	$ 35,800		$ 34,900
Total Liabilities		$ 50,300	(h)	$ 47,200

Contributed Capital	(c)	$ 35,000	(i)	$ 35,000
Retained earnings		$ 56,900		$ 67,000
Total Stockholder's equity	(d)	$ 91,900	(j)	$ 102,000
Total Liabilities Stockholder's equity	(e)	$ 142,200		$ 149,200

Explanation of Solution

The missing amounts on balance sheets given are calculated as follows:

Current Assets	(a)	$ 26,900		$ 25,000
		(142200-10400-19200-85700)
Intangible assets		$ 10,400		$ 9,200
Long Terms Investments		$ 19,200	(f)	$ 22,200
				(149200-25000-9200-92800)
Property, Plant, and Equipment, Net		$ 85,700		$ 92,800

Total Assets		$ 142,200	(g)	$ 149,200

Current Liabilities		$ 14,500		$ 12,300
Long Terms Liabilities	(b)	$ 35,800		$ 34,900
		(50300-14500)
Total Liabilities		$ 50,300	(h)	$ 47,200
				(12300+34900)

Contributed Capital	(c)	$ 35,000	(i)	$ 35,000
		(91900-56900)		(102000-67000)
Retained earnings		$ 56,900		$ 67,000
Total Stockholder's equity	(d)	$ 91,900	(j)	$ 102,000
		(142200-50300)		(149200-47200)
Total Liabilities Stockholder's equity	(e)	$ 142,200		$ 149,200
		(= Total Assets)

Answer 6

Chapter 1, Problem 44E

To determine

Concept Introduction:

Financial statements: Financial statements are prepared to summaries the account at the end of the period. The statements prepared are Income statement, Balance sheet, Statement of owner’s equity and Cash flows statements.

Balance Sheet: The Balance sheet is a summary of Assets, Liabilities and equity accounts that reports the financial position of the business as on a specific date. Assets are further classifies into Current Assets, Long Term Investments, Plant Assets and Intangible assets. And Liabilities are further classified into Current Liabilities and Long term liabilities.

To Calculate:

The missing amounts on balance sheets given.

Expert Solution & Answer

Answer to Problem 44E

The missing amounts on balance sheets given are as follows:

Current Assets	(a)	$ 26,900		$ 25,000
Intangible assets		$ 10,400		$ 9,200
Long Terms Investments		$ 19,200	(f)	$ 22,200
Property, Plant, and Equipment, Net		$ 85,700		$ 92,800

Total Assets		$ 142,200	(g)	$ 149,200

Current Liabilities		$ 14,500		$ 12,300
Long Terms Liabilities	(b)	$ 35,800		$ 34,900
Total Liabilities		$ 50,300	(h)	$ 47,200

Contributed Capital	(c)	$ 35,000	(i)	$ 35,000
Retained earnings		$ 56,900		$ 67,000
Total Stockholder's equity	(d)	$ 91,900	(j)	$ 102,000
Total Liabilities Stockholder's equity	(e)	$ 142,200		$ 149,200

Explanation of Solution

The missing amounts on balance sheets given are calculated as follows:

Current Assets	(a)	$ 26,900		$ 25,000
		(142200-10400-19200-85700)
Intangible assets		$ 10,400		$ 9,200
Long Terms Investments		$ 19,200	(f)	$ 22,200
				(149200-25000-9200-92800)
Property, Plant, and Equipment, Net		$ 85,700		$ 92,800

Total Assets		$ 142,200	(g)	$ 149,200

Current Liabilities		$ 14,500		$ 12,300
Long Terms Liabilities	(b)	$ 35,800		$ 34,900
		(50300-14500)
Total Liabilities		$ 50,300	(h)	$ 47,200
				(12300+34900)

Contributed Capital	(c)	$ 35,000	(i)	$ 35,000
		(91900-56900)		(102000-67000)
Retained earnings		$ 56,900		$ 67,000
Total Stockholder's equity	(d)	$ 91,900	(j)	$ 102,000
		(142200-50300)		(149200-47200)
Total Liabilities Stockholder's equity	(e)	$ 142,200		$ 149,200
		(= Total Assets)

Answer 7

Chapter 1, Problem 44E

To determine

Concept Introduction:

Financial statements: Financial statements are prepared to summaries the account at the end of the period. The statements prepared are Income statement, Balance sheet, Statement of owner’s equity and Cash flows statements.

Balance Sheet: The Balance sheet is a summary of Assets, Liabilities and equity accounts that reports the financial position of the business as on a specific date. Assets are further classifies into Current Assets, Long Term Investments, Plant Assets and Intangible assets. And Liabilities are further classified into Current Liabilities and Long term liabilities.

To Calculate:

The missing amounts on balance sheets given.

Answer 8

Expert Solution & Answer

Answer to Problem 44E

The missing amounts on balance sheets given are as follows:

Current Assets	(a)	$ 26,900		$ 25,000
Intangible assets		$ 10,400		$ 9,200
Long Terms Investments		$ 19,200	(f)	$ 22,200
Property, Plant, and Equipment, Net		$ 85,700		$ 92,800

Total Assets		$ 142,200	(g)	$ 149,200

Current Liabilities		$ 14,500		$ 12,300
Long Terms Liabilities	(b)	$ 35,800		$ 34,900
Total Liabilities		$ 50,300	(h)	$ 47,200

Contributed Capital	(c)	$ 35,000	(i)	$ 35,000
Retained earnings		$ 56,900		$ 67,000
Total Stockholder's equity	(d)	$ 91,900	(j)	$ 102,000
Total Liabilities Stockholder's equity	(e)	$ 142,200		$ 149,200

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

The missing amounts on balance sheets given are calculated as follows:

Current Assets	(a)	$ 26,900		$ 25,000
		(142200-10400-19200-85700)
Intangible assets		$ 10,400		$ 9,200
Long Terms Investments		$ 19,200	(f)	$ 22,200
				(149200-25000-9200-92800)
Property, Plant, and Equipment, Net		$ 85,700		$ 92,800

Total Assets		$ 142,200	(g)	$ 149,200

Current Liabilities		$ 14,500		$ 12,300
Long Terms Liabilities	(b)	$ 35,800		$ 34,900
		(50300-14500)
Total Liabilities		$ 50,300	(h)	$ 47,200
				(12300+34900)

Contributed Capital	(c)	$ 35,000	(i)	$ 35,000
		(91900-56900)		(102000-67000)
Retained earnings		$ 56,900		$ 67,000
Total Stockholder's equity	(d)	$ 91,900	(j)	$ 102,000
		(142200-50300)		(149200-47200)
Total Liabilities Stockholder's equity	(e)	$ 142,200		$ 149,200
		(= Total Assets)

Answer 12

Ch. 1 - Define accounting. How does accounting differ from...Ch. 1 - Prob. 2DQ Ch. 1 - What is accounting entity?Ch. 1 - Prob. 4DQ Ch. 1 - Prob. 5DQ Ch. 1 - Prob. 6DQ Ch. 1 - Define the terms revenue and expense. How are...Ch. 1 - Name and briefly describe the purpose of the four...Ch. 1 - What types of questions are answered by the...Ch. 1 - Prob. 10DQ

Answer to Problem 44E

Explanation of Solution

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