ch.04_solution - Chapter - 4 Adjustments, Financial...

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Chapter - 4 Adjustments, Financial Statements, and the Quality of Earnings ANSWERS TO MULTIPLE CHOICE 1. b) 2. a) 3. d) 4. c) 5. d) 6. d) 7. a) 8. c) 9. d) 10. b) M4–1. DeVita Company Adjusted Trial Balance At June 30, 2003 Debit Credit Cash $ 120 Accounts receivable 350 Inventories 610 Prepaid expenses 40 Buildings and equipment 1,400 Accumulated depreciation $ 250 Land 200 Accounts payable 200 Accrued expenses payable 150 Income taxes payable 30 Unearned fees 100 Long-term debt 1,300 Contributed capital 300 Retained earnings 120 Sales revenue 2,400 Interest income 50 Cost of sales 820 Salaries expense 660 Rent expense 400 Depreciation expense 110 Interest expense 80 Income taxes expense 110 Totals $ 4,900 $ 4,900
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M4–2. (1) D; (2) B; (3) D; (4) C; (5) A; (6) C; (7) B; (8) A. M4–8. HOSEY COMPANY Income Statement For the Year Ended December 31, 2003 Revenues: Sales revenue Interest revenue Rent revenue Total revenues Costs and expenses: Wages expense Depreciation expense Utilities expense
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ch.04_solution - Chapter - 4 Adjustments, Financial...

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