ch 5_Solutions

ch 5_Solutions - M5-2 1-Annual report 2-From 10-K...

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M5-2) 1 - Annual report 2-From 10-K 3-Earnings press release M5-3) 1)B 2)C 3)D 4)B 5)A 6)C 7)D 8)B 9)A 10)B E5-2) 1)B 2)F 3)A 4)E 5)C 6)D P5-2) 1)C 2)L 3)D 4)H 5)N 6)J 7)A 8)I 9)M 10)F 11)R 12)Q 13)K 14)B 15)E 16)P 17)O P5-3) A) Gold Jewelers Balance Sheet December 31, 2008 Assets Current Assets Cash 42,000 Accounts Receivable 51,300 Merchandise Inventory 110,000 Prepaid Insurance 800 Total Current Assets 204,100 Long-Term Investments 26,000 Store Equipment (net) 31,400 Total Assets 261,500 Liabilities and Stockholders’ Equity Current Liabilities Accounts Payable 42,000 Income Taxes Payable 8,000 Total Current Liabilities 50,000 Long-Term Liabilities Long-Term Notes Payable 29,000 Total Long-Term Liabilities 29,000 Total Liabilities 79,000 Stockholders’ Equity Contributed Capital 96,000 Retained Earnings 86,500 Total Stockholder’s Equity 182,500 Total Liabilities and Stockholder’s Equity 261,500 B) The net book value of the store equipment is $31,400. This amount reflects the original amount paid for the equipment less the accumulated depreciation as well as the used up equipment (contra- accounts). P5-6) A)
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Thomas Sales Company Income Statement For the Year Ended March 31, 2008 Revenues Sales Revenue
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  • Fall '06
  • Balance Sheet, Generally Accepted Accounting Principles, Total assets LIABILITIES, liabilities Long-term liabilities, liabilities Total liabilities, Stockholder’s Equity Total Liabilities and Stockholder’s Equity

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