CHAPTER%2001%20SOLUTIONS%202008-1

CHAPTER%2001%20SOLUTIONS%202008-1 - SOLUTIONS TO CHAPTER 1...

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SOLUTIONS TO CHAPTER 1 (2008) 1-22 a) CL b) IS c) IS d) NCA e) CA f) IS g) SCF h) SC i) CA j) NCL 1-27 a) BS b) BS c) BS d) IS e) IS f) N g) IS h) N i) N j) BS 1-30 A B C D Current Assets $380,000 $ 400,000 $120,000 $ 660,000 Non-current Assets 520,000 490,000 260,000 440,000 Total Assets 900,000 890,000 380,000 1,100,000 Current Liabilities 250,000 230,000 90,000 260,000 Non-current Liabilities 225,000 220,000 70,000 150,000 Shareholders’ Equity 425,000 440,000 220,000 690,000 Total Liabilities and Shareholders’ Equity 900,000 890,000 380,000 1,100,000
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1-32 A B C D Retained Earnings Dec. 31, Year 1 $100,000 $320,000 $1,475,000 $830,000 Net Income 40,000 145,000 550,000 190,000 Dividends declared and paid 10,000 35,000 225,000 40,000 Retained Earnings Dec. 31, Year 2 130,000 430,000 1,800,000 980,000 1-36 a) Item Classification Bank loan owed to bank Liability Supplies on hand Asset Cash in bank accounts Asset Common shares Shareholders’ equity Cost of tents and rafts Asset Retained earnings
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CHAPTER%2001%20SOLUTIONS%202008-1 - SOLUTIONS TO CHAPTER 1...

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