CH.2 problems - Supplies M2-2, M2-3, M2-4 Terminology and...

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Supplies M2-2, M2-3, M2-4 Terminology and Classification of Accounts. Note: In Chapter 2 you are introduced to the Classified Balance Sheet. Instead of just asset or liability, you are introduced to Current Asset or Noncurrent (Long term) Asset and Current Liability and Noncurrent liability (Long term) liability. M2-5 Identifying Accounts on a Classified Balance Sheet and Their Normal Debit or Credit Balances According to a recent report of Hasbro, Inc. , the company is “a worldwide leader in children's and family games and toys.” Hasbro produces products under several brands including Tonka, Milton Bradley, Playskool, and Parker Brothers. The following are several of the accounts from a recent balance sheet: Account Classification Normal Balance 1. Accounts Receivable 2. Short-Term Bank Loan 3. Contributed Capital 4. Long-Term Debt 5. Income Taxes Payable 6. Property, Plant, and Equipment 7. Retained Earnings 8. Accounts Payable 9. Cash M2-9. 2-10 Determining Financial Statement Effects of Several Transactions p 75 M2-10 Preparing Journal Entries For each of the transactions in M2-10 write the journal entry Account Title Debit Credit Assets Liabilities Stock. Equity a b c d e M2-11 Posting to T-Accounts For each of the transactions in M2-10 post the effects to the appropriate T-accounts and determine ending account balances. Hint: Mark each account as to type (e.g., asset) and recording rules Cash Supplies Equipment Accounts Payable Notes Payable Contributed Capital Acc 2013 Chapter 2 Lab/Practice, 3 rd edition Page 1 of 11
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M2-12 Reporting a Classified Balance Sheet Given the transactions in M2-10 (including the sample), prepare a classified balance sheet for Spotlighter Inc. as of January 31, 2010 Spotlighter Balance Sheet Jan 31, 2010 ASSETS LIABILITIES STOCKHOLDERS’ EQUITY Total assets M2-13 Preparing Journal Entries Account Titles Debit Credit a) b) c) d) e) M2-14 Preparing Journal Entries Account Titles Debit Credit a) b) c) d) e) M2-15 Preparing Journal Entries Account Titles Debit Credit a) b) Acc 2013 Chapter 2 Lab/Practice, 3 rd edition Page 2 of 11
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c) d) e) M2-16 Preparing Journal Entries Account Titles Debit Credit a) b) c) d) e) M2-17 Classified Balance Sheet Charlie’s Crispy Chicken Balance Sheet Sept 30, 2010 ASSETS LIABILITIES Current Assets Current Liabilities Long term Liabilities Long term Assets STOCKHOLDERS’ EQUITY Total assets Acc 2013 Chapter 2 Lab/Practice, 3 rd edition Page 3 of 11
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M2-18 Classified Balance Sheet (With a twist) Challenge Exercise Trump Entertainment Resorts Balance Sheet Sept 30, 2008 ASSETS LIABILITIES Current Assets Current Liabilities Long term Liabilities Long term Assets STOCKHOLDERS’ EQUITY Total assets M2-19 Calculating and interpreting the Current Ratio The Current ratio is ___________________________________. What does the current ratio measure? ________________________________________
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This note was uploaded on 01/19/2011 for the course ACC 2013 taught by Professor Noe during the Spring '08 term at The University of Texas at San Antonio- San Antonio.

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CH.2 problems - Supplies M2-2, M2-3, M2-4 Terminology and...

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