This preview has intentionally blurred sections. Sign up to view the full version.
View Full Document
Unformatted text preview: Check Figures to accompany INTEMEDIATE ACCOUNTING INTEMEDIATE ACCOUNTING Fourth Edition Fourth Edition Spiceland, Sepe, and Tomassini Chapter 1 BE 11 Net income, $208,000 BE 12 b. AICPA BE 13 2. Assets BE 14 4. Matching principle BE 15 3. Economic entity assumption BE 16 2. Disagree, Matching principle E11 Req. 1, Net operating cash flow, Yr 2, $50,000 Req. 2, Net income, Year 1, $25,000 E12 Req. 1, Net income, Year 2, $190,000 E13 2. a, d, and g E14 3. Auditors E15 5. Comprehensive income E16 8. f E17 5. b E18 7. b E19 6. The going concern assumption E110 2. The periodicity assumption E111 1. Disagree  Monetary unit assumption E112 3. g. Matching principle E113 6. b E114 3. c Chapter 2 BE 21 4. –180,000, accounts receivable BE 22 2. Dr. Salaries expense, $40,000 BE 23 Accounts payable balance, $42,000 BE 24 2. Dr. Note receivable, $10,000 BE 25 1. Dr. Insurance expense, $3,000 BE 27 2. Cr. Prepaid advertising, $1,000 BE 29 Total operating expenses, $107,000 BE 210 Total assets, $91,000 BE 211 Cr. Retained earnings, $35,000 BE 212 Net income, $143,000 E21 6. + $6,000, Prepaid insurance E22 3. Dr. Inventory, $90,000 E23 Total debits, $471,000 E24 2. Cr. Cash, $40,000 E25 6. b E26 9. I E28 5. Dr. Interest expense, $4,000 E29 6. Cr. Supplies, $5,250 E210 Net income, $101,000; Total liabilities and shareholders’ equity, $711,000 E211 Cr. Retained earnings, $177,000 E212 Req. 3, Accrued wages, $15,000 E213 Req. 1, Nov. 1, Dr. Note receivable, $6,000 E214 Adjusted net income, $33,150 E215 Net income, $62,000 E216 Total operating expenses, $134,000, Total current assets, $105,000 E218 Req. 2, 1. Dr. Interest receivable, $1,800 P21 Req. 3, Total debits, $172,000 P22 Req. 4, Total debits, $40,150 P23 2. Dr. Bad debt expense, $2,500 P24 Req. 3, Total debits, $360,333 Req. 4, Net income, $23,883 P25 Dr. Rent expense, Cr. Prepaid rent, $800 P26 Req. 4, Total debits, $163,500 Req. 6, Total debits, $167,500 Req. 7, Net income, $31,000 P27 Req. 2, Overstatement of net income, $3,600 P28 4. Cr. Interest payable, $1,000 P29 a. Sales revenue, $73,000 P210 Req. 3, Total debits, $465,350 P211 Net income, $25,400 P212 Net income, $19,725; Total liabilities and shareholders’ equity, $177,275 Chapter 3 BE 31 e. Noncurrent BE 32 Current liabilities, $24,000 BE 33 Retained earnings, $28,000 BE 34 Total assets, $132,000 BE 35 Total current assets, $154,000 BE 37 Inventories, $75,000 BE 38 2. b BE 39 a. 6.42 BE 311 Current liabilities, $40,000 E31 1. $90,000 E32 6. f E33 2. d E34 Total assets, $392,000 E35 Total current assets, $211,000 E36 Total assets, $320,00 E38 Total assets, $868,000 E39 5. b E311 3. c E312 4. j E313 2. 1.375 times E314 3. $1,000,000 E315 11. I,I,N E316 1. a E 317 2. b P32 Req. 1, Total assets, $2,326,767 P33 Total current liabilities, $135,000 P34 Total assets, $992,000 P35 Total current assets, $395,000 P36 Total assets, $1,455,000 P37 Total assets, $3,300,000...
View
Full
Document
This note was uploaded on 06/17/2008 for the course ACCT 3551 taught by Professor C during the Summer '08 term at Iowa State.
 Summer '08
 C
 Matching Principle

Click to edit the document details