Fundamentals Of Financial Accounting
6th Edition
ISBN: 9781259864230
Author: PHILLIPS, Fred, Libby, Robert, Patricia A.
Publisher: Mcgraw-hill Education,
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Chapter 1, Problem 3E
Preparing a Balance Sheet
DSW, Inc., is a designer shoe warehouse, selling luxurious and fashionable shoes. Its balance sheet, at July 30, 2016 (the last Saturday of the month), contained the following (listed alphabetically, amounts in thousands).
Required:
- 1. Prepare the balance sheet as of July 30, 2016, solving for the missing amount.
- 2. As of July 30, did most of the financing for assets come from creditors or stockholders?
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FinanceQ&A LibraryCase Analysis: Analyse the case and find out if Joe Razon was able to compute the total assets and total owner‟s equity of the business as of the quarter ended December 30, 2018 correctly? Show the solutions. Joe Razon, the sole proprietor of the photocopying business that opened October 1, 2018. For the quarter ended December 30, 2018, the business was able to make revenues of ₱50,000 (all in cash) and it was able to incur expenses of ₱35,000 (all in cash). As the end of the quarter, total liabilities amounted to ₱50,000. Joe Razon wants to know the business total assets and total owner‟s equity. With the help of his friend who is an accountant, he arrived at ₱75,000 total assets and ₱25,000 total owner‟s equity. Moreover, Joe Razon had a Cash investment of ₱45,000 cash and Equipment amounting to ₱30,000.
Case Analysis: Analyse the case and find out if Joe Razon was able to compute the total assets and total owner‟s equity…
I. Prepare the financial statements of OCHEI SALON AND SPA as of the fiscal year March 31,
2015.
ACCOUNT TITLE
DEBIT CREDIT
Accounts Receivable
28,600
Additional Investment
6,500
Utilities Expense
Ochei, Capital
Accounts Payable
36,000
148,250
84,200
Furniture and Fixtures
225,000
Notes Payable
Income from Salon and Spa
Office Supplies
Advertising Expense
Accumulated Depreciation- F and F
Cash
35,800
78,800
6,300
45,500
51,300
63,450
Balance.
Question eleven:
Mr. Amani has been workking as a retail trader and his wife was the one who
keeps thae books of account. Of recent, they decided to hire an accountant. The
Financial Statement for the period ended 31st December 2016 and the books of
account were handed over to this ncw accountant. The profit or loss account
showed a net profit of TZS.15,667,000. On reviewing the books and the
Statement of Profit or Loss, the accountant discovered the following:
(i) Drawings of TZS.2,200,000 were included as miscellaneous expenses
(ii) Rent expenses included rate for the half year ending 3lst May 2017 of
TZS.750,000
(iii) Motor van expensess do not include a repair carried out in December 2016
but not yet invoiced. It is expected to cost TZS.258,000
(iv) Stationery purchases of TZS.780,000 were expensed but did not take into
consideration stationery stocks at 31st December 2015 of TZS, 105,000 and at
31st December 2016 of TZS.143,000
(v) Debtors amounted to TZS.3,450,000 but…
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 - Explain why the income statement, statement of...Ch. 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. 1MECh. 1 - Matching Definitions with Terms or Abbreviations...Ch. 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. 11MECh. 1 - Preparing a Statement of Retained Earnings Stone...Ch. 1 - Relationships among Financial Statements Items...Ch. 1 - Prob. 14MECh. 1 - Relationships among Financial Statements Items...Ch. 1 - Preparing an Income Statement, Statement of...Ch. 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 - Labeling and Classifying Business Transactions The...Ch. 1 - Preparing an Income Statement and Inferring...Ch. 1 - Preparing an Income Statement Home Realty,...Ch. 1 - Prob. 8ECh. 1 - Preparing an Income Statement and Balance Sheet...Ch. 1 - Analyzing and Interpreting an Income Statement...Ch. 1 - Prob. 11ECh. 1 - Matching Cash Flow Statement Items to Business...Ch. 1 - Preparing an Income Statement. Statement of...Ch. 1 - Interpreting the Financial Statements Refer to...Ch. 1 - Reporting Amounts on the Four Basic Financial...Ch. 1 - Evaluating Financial Statements Refer to CP1-3....Ch. 1 - Preparing an Income Statement, Statement of...Ch. 1 - Prob. 2PACh. 1 - Reporting Amounts on the Four Basic Financial...Ch. 1 - Evaluating Financial Statements Refer to PA1-3....Ch. 1 - Preparing an Income Statement and Balance Sheet...Ch. 1 - Interpreting the Financial Statements Refer to PB...Ch. 1 - Reporting Amounts on the Four Basic Financial...Ch. 1 - Evaluating Financial Statements Refer to PB1-3....Ch. 1 - Finding Financial Information Answer the following...Ch. 1 - Comparing Financial Information Refer to the...Ch. 1 - Prob. 5SDCCh. 1 - Prob. 6SDCCh. 1 - Prob. 1CC
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