Check_Figures_5e - Check Figures to accompany INTEMEDIATE ACCOUNTING Fifth Edition Spiceland Sepe Nelson and Tomassini Chapter 1 BE 1-1 Net income

Check_Figures_5e - Check Figures to accompany INTEMEDIATE...

This preview shows page 1 - 3 out of 11 pages.

Check Figuresto accompanyINTEMEDIATE ACCOUNTINGINTEMEDIATE ACCOUNTINGFifth EditionFifth EditionSpiceland, Sepe, Nelson, and TomassiniChapter 1BE 1-1Net income, $208,000BE 1-2b. AICPABE 1-32. AssetsBE 1-44. Matching principleBE 1-53. Economic entity assumptionBE 1-63. 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.fE1-53. AuditorsE1-65. Comprehensive incomeE1-78. fE1-84. TimelinessE1-97. bE1-106. The going concern assumptionE1-112. The periodicity assumptionE1-121. Disagree, Monetary unit assumptionE1-134. Agree, Matching principleE1-143. g. Matching principleChapter 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, $5,250E2-11Net income, $101,000; Total liabilities and shareholders’ equity, $711,000E2-12Cr. Retained earnings, $177,000E2-13Cr. Retained earnings, $66,000E2-14Req. 3, Accrued wages, $15,000E2-15Req. 1, Nov. 1, Dr. Note receivable, $6,000E2-16Adjusted net income, $33,150E2-17Net income, $62,000E2-18Total operating expenses, $134,000Total current assets, $105,000E2-20Req. 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, $25,400P2-12Req. 1, Gross profit, $285,000P2-13Net 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, $154,000
BE 3-7Inventories, $75,000 BE 3-82. BBE 3-9a. 6.42BE 3-11Current liabilities, $40,000E3-11. $90,000E3-26. fE3-32. dE3-4Total assets, $392,000E3-5Total current assets, $211,000E3-6Total current liabilities, $203,000E3-7Total assets, $320,000E3-9Total assets, $868,000E3-105. BE3-124. jE3-132. 1.375E3-14b. 3.23E3-153. $1,000,000E3-1611. I,I,NE3-161. aP3-2Req. 1, Total assets, $2,326,767P3-3Total current liabilities, $135,000P3-4Total assets, $992,000P3-5Total current assets, $395,000P3-6Total current assets, $697,000P3-7Total assets, $1,455,000P 3-8Common stock, $10,000P3-9Total assets, $3,300,000P3-10Total current assets, $270,000Total assets, $306,000Total current liabilities, $130,000Chapter 4BE 4-1Total expenses and losses, $1,764millionBE 4-2Operating income, $635 millionBE 4-3Gross profit, $866 millionBE 4-4Operating income, $25,000BE 4-5Net income, $270,000BE 4-6Net income, $2,940,000BE 4-7Net income, $1,540,000BE4-8Loss on discontinued operations, $3,220,000BE 4-10New annual depreciation, $25,000BE 4-11Comprehensive income, $638,000BE 4-12Net cash flows from operatingactivities, $214,000BE 4-13

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture