Check_Figures_5e - Check Figures to accompany INTEMEDIATE...

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Unformatted text preview: Check Figures to accompany INTEMEDIATE ACCOUNTING INTEMEDIATE ACCOUNTING Fifth Edition Fifth Edition Spiceland, Sepe, Nelson, and Tomassini Chapter 1 BE 1-1 Net income, $208,000 BE 1-2 b. AICPA BE 1-3 2. Assets BE 1-4 4. Matching principle BE 1-5 3. Economic entity assumption BE 1-6 3. Disagree, Matching principle E1-1 Req. 1, Net operating cash flow, Yr. 2, $50,000 Req. 2, Net income, Year 1, $25,000 E1-2 Req. 1, Net income, Year 2, $190,000 E1-3 2. a, d, and g E1-4 3.f E1-5 3. Auditors E1-6 5. Comprehensive income E1-7 8. f E1-8 4. Timeliness E1-9 7. b E1-10 6. The going concern assumption E1-11 2. The periodicity assumption E1-12 1. Disagree, Monetary unit assumption E1-13 4. Agree, Matching principle E1-14 3. g. Matching principle Chapter 2 BE 2-1 4. 180,000, accounts receivable BE 2-2 2. Dr. Salaries expense, $40,000 BE 2-3 Accounts payable balance, $42,000 BE 2-4 2. Dr. Note receivable, $10,000 BE 2-5 1. Dr. Insurance expense, $3,000 BE 2-7 2. Cr. Prepaid advertising, $1,000 BE 2-9 Total operating expenses, $107,000 BE 2-10 Total assets, $91,000 BE 2-11 Cr. Retained earnings, $35,000 BE 2-12 Net income, $143,000 E2-1 6. + $6,000, Prepaid insurance E2-2 3. Dr. Inventory, $90,000 E2-3 Total debits, $471,000 E2-4 2. Cr. Cash, $40,000 E2-5 6. b E2-6 9. I E2-8 5. Dr. Interest expense, $4,000 E2-9 6. Cr. Supplies, $5,250 E2-11 Net income, $101,000; Total liabilities and shareholders equity, $711,000 E2-12 Cr. Retained earnings, $177,000 E2-13 Cr. Retained earnings, $66,000 E2-14 Req. 3, Accrued wages, $15,000 E2-15 Req. 1, Nov. 1, Dr. Note receivable, $6,000 E2-16 Adjusted net income, $33,150 E2-17 Net income, $62,000 E2-18 Total operating expenses, $134,000 Total current assets, $105,000 E2-20 Req. 2, 1. Dr. Interest receivable, $1,800 P2-1 Req. 3, Total debits, $172,000 P2-2 Req. 4, Total debits, $40,150 P2-3 2. Dr. Bad debt expense, $2,500 P2-4 Req. 3, Total debits, $360,333 Req. 4, Net income, $23,883 P2-5 Dr. Rent expense, Cr. Prepaid rent, $800 P2-6 Req. 4, Total debits, $163,500 Req. 6, Total debits, $167,500 Req. 7, Net income, $31,000 P2-7 Req. 2, Overstatement of net income, $3,600 P2-8 4. Cr. Interest payable, $1,000 P2-9 a. Sales revenue, $73,000 P2-10 Req. 3, Total debits, $465,350 P2-11 Net income, $25,400 P2-12 Req. 1, Gross profit, $285,000 P2-13 Net income, $19,725; Total liabilities and shareholders equity, $177,275 Chapter 3 BE 3-1 e. Noncurrent BE 3-2 Current liabilities, $24,000 BE 3-3 Retained earnings, $28,000 BE 3-4 Total assets, $132,000 BE 3-5 Total current assets, $154,000 BE 3-7 Inventories, $75,000 BE 3-8 2. B BE 3-9 a. 6.42 BE 3-11 Current liabilities, $40,000 E3-1 1. $90,000 E3-2 6. f E3-3 2. d E3-4 Total assets, $392,000 E3-5 Total current assets, $211,000 E3-6 Total current liabilities, $203,000 E3-7 Total assets, $320,000 E3-9 Total assets, $868,000 E3-10 5. B E3-12 4. j E3-13 2. 1.375 E3-14 b. 3.23 E3-15 3. $1,000,000 E3-16 11. I,I,N E3-16 1. a P3-2 Req. 1, Total assets, $2,326,767 P3-3 Total current liabilities, $135,000...
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Check_Figures_5e - Check Figures to accompany INTEMEDIATE...

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