CheckFigures_4e - Check Figures to accompany INTEMEDIATE ACCOUNTING Fourth Edit ion Spiceland Sepe and Tomassini Chapter 1 BE 1-1 Net income $208,000 BE

CheckFigures_4e - Check Figures to accompany INTEMEDIATE...

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Check Figuresto accompanyINTEMEDIATE ACCOUNTINGINTEMEDIATE ACCOUNTINGFourth EditionFourth EditionSpiceland, Sepe, and TomassiniChapter 1BE 1-1Net income, $208,000BE 1-2b. AICPABE 1-32. AssetsBE 1-44. Matching principleBE 1-53. Economic entity assumptionBE 1-62. Disagree, Matching principleE1-1Req. 1, Net operating cash flow, Yr 2, $50,000Req. 2, Net income, Year 1, $25,000E1-2Req. 1, Net income, Year 2, $190,000E1-32. a, d, and gE1-43. AuditorsE1-55. Comprehensive incomeE1-68. fE1-75. bE1-87. bE1-96. The going concern assumptionE1-102. The periodicity assumptionE1-111. Disagree - Monetary unit assumptionE1-123. g. Matching principleE1-136. bE1-143. cChapter 2BE 2-14. –180,000, accounts receivableBE 2-22. Dr. Salaries expense, $40,000BE 2-3Accounts payable balance, $42,000BE 2-42. Dr. Note receivable, $10,000BE 2-51. Dr. Insurance expense, $3,000BE 2-72. Cr. Prepaid advertising, $1,000BE 2-9Total operating expenses, $107,000BE 2-10Total assets, $91,000BE 2-11Cr. Retained earnings, $35,000BE 2-12Net income, $143,000E2-16. + $6,000, Prepaid insuranceE2-23. Dr. Inventory, $90,000E2-3Total debits, $471,000E2-42. Cr. Cash, $40,000E2-56. bE2-69. IE2-85. Dr. Interest expense, $4,000E2-96. Cr. Supplies, $5,250E2-10Net income, $101,000; Total liabilities and shareholders’ equity, $711,000E2-11Cr. Retained earnings, $177,000E2-12Req. 3, Accrued wages, $15,000E2-13Req. 1, Nov. 1, Dr. Note receivable, $6,000E2-14Adjusted net income, $33,150E2-15Net income, $62,000E2-16Total operating expenses, $134,000,Total current assets, $105,000E2-18Req. 2, 1. Dr. Interest receivable, $1,800P2-1Req. 3, Total debits, $172,000P2-2Req. 4, Total debits, $40,150P2-32. Dr. Bad debt expense, $2,500P2-4Req. 3, Total debits, $360,333Req. 4, Net income, $23,883P2-5Dr. Rent expense, Cr. Prepaid rent, $800P2-6Req. 4, Total debits, $163,500Req. 6, Total debits, $167,500Req. 7, Net income, $31,000P2-7Req. 2, Overstatement of net income, $3,600P2-84. Cr. Interest payable, $1,000P2-9a. Sales revenue, $73,000P2-10Req. 3, Total debits, $465,350P2-11Net income, $25,400P2-12Net income, $19,725; Total liabilities and shareholders’ equity, $177,275Chapter 3BE 3-1e. NoncurrentBE 3-2Current liabilities, $24,000BE 3-3Retained earnings, $28,000BE 3-4Total assets, $132,000BE 3-5Total current assets, $154,000BE 3-7Inventories, $75,000 BE 3-82. bBE 3-9a. 6.42BE 3-11Current liabilities, $40,000
E3-11. $90,000E3-26. fE3-32. dE3-4Total assets, $392,000E3-5Total current assets, $211,000E3-6Total assets, $320,00E3-8Total assets, $868,000E3-95. bE3-113. cE3-124. jE3-132. 1.375 timesE3-143. $1,000,000E3-1511. I,I,NE3-161. aE 3-172. bP3-2Req. 1, Total assets, $2,326,767P3-3Total current liabilities, $135,000P3-4Total assets, $992,000P3-5Total current assets, $395,000P3-6Total assets, $1,455,000P3-7Total assets, $3,300,000P3-8Total current assets, $270,000Total assets, $306,000Total current liabilities, $130,000Chapter 4BE 4-1Comprehensive income, $638,000BE 4-2Total expenses and losses, $1,764millionBE 4-3Operating income, $635 millionBE 4-5Operating income, $25,000BE 4-6Net income, $270,000BE 4-7Net income, $2,940,000BE 4-8Net income, $1,540,000BE4-9Loss on discontinued operations, $3,220,000BE 4-11New annual depreciation, $25,000BE 4-12Net cash flows from operatingactivities, $214,000BE 4-13Net cash flows from investing activities, $(80,000)BE 4-14Net cash flows from operatingactivities, $92,000E4-1Comprehensive income, $1,466,000E4-2Req. 1, Net income, $255,000Req. 2, Operating income, $345,000E4-3Req. 1, Total exp. and losses, $2,149,680E4-4

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