Check Figures
to accompany
INTEMEDIATE ACCOUNTING
INTEMEDIATE ACCOUNTING
Fifth Edition
Fifth Edition
Spiceland, Sepe, Nelson, 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
3. 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.f
E15
3. Auditors
E16
5. Comprehensive income
E17
8. f
E18
4. Timeliness
E19
7. b
E110
6. The going concern assumption
E111
2. The periodicity assumption
E112
1. Disagree, Monetary unit assumption
E113
4. Agree, Matching principle
E114
3. g. Matching principle
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
E211
Net income, $101,000; Total liabilities
and
shareholders’ equity,
$711,000
E212
Cr. Retained earnings, $177,000
E213
Cr. Retained earnings, $66,000
E214
Req. 3, Accrued wages, $15,000
E215
Req. 1, Nov. 1, Dr. Note receivable,
$6,000
E216
Adjusted net income, $33,150
E217
Net income, $62,000
E218
Total operating expenses, $134,000
Total current assets, $105,000
E220
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
Req. 1, Gross profit, $285,000
P213
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
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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 current liabilities, $203,000
E37
Total assets, $320,000
E39
Total assets, $868,000
E310
5. B
E312
4. j
E313
2. 1.375
E314
b. 3.23
E315
3. $1,000,000
E316
11. I,I,N
E316
1. a
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 current assets, $697,000
P37
Total assets, $1,455,000
P 38
Common stock, $10,000
P39
Total assets, $3,300,000
P310
Total current assets, $270,000
Total assets, $306,000
Total current liabilities, $130,000
Chapter 4
BE 41
Total expenses and losses, $1,764
million
BE 42
Operating income, $635 million
BE 43
Gross profit, $866 million
BE 44
Operating income, $25,000
BE 45
Net income, $270,000
BE 46
Net income, $2,940,000
BE 47
Net income, $1,540,000
BE48
Loss on discontinued operations,
$3,220,000
BE 410
New annual depreciation, $25,000
BE 411
Comprehensive income, $638,000
BE 412
Net cash flows from operating
activities, $214,000
BE 413
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 Spring '09
 T
 Balance Sheet, Depreciation, Income Statement, Matching Principle, Revenue, Generally Accepted Accounting Principles, Req.

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