Chapter_2_-_Class_Discussion_Template_Libby_4th_edition

Chapter_2_-_Class_Discussion_Template_Libby_4th_edition -...

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E2–3 Account Statement of Financial Position Classification Debit or Credit Balance 1. Investment properties 2. Retained earnings 3. Notes payable (due in 3 years) 4. Prepayments 5. Long-term investments 6. Share capital 7. Aircraft, spares, and spare engines 8. Trade and other payables 9. Short-term investments 10. Current tax payable 11. Trade receivables 12. Investment in associated companies 13. Cash and bank balances 14. Inventories 15. Land and buildings 16. Deferred revenue
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E2–5 Event Assets = Liabilities + Shareholders’ Equity a. b. c. d. e. f.
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E2–13 Date Account Title Debit Credit
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E2–14 Req. 1 Assets $ = Liabilities $ + Shareholders’ Equity $ Req. 2 Cash Short-Term Investments Property and Equipment Beg. 5,000 Beg. 2,000 Beg. 4,000
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Unformatted text preview: End. End. End. Short-Term Notes Payable Long-Term Notes Payable 2,100 Beg. 6,600 Beg. End. End. Share Capital Retained Earnings 300 Beg. 2,000 Beg. End. End. Req. 3 Assets $ = Liabilities $ + Shareholders’ Equity $ Req. 4 Massimo Company Statement of Financial Position As at December 31, 2011 Assets Liabilities Current Assets Long-term notes payable Cash Total Liabilities Short-term investments Shareholders’ Equity Total Current Assets Share capital Property and equipment Retained earnings Total Shareholders’ Equity Total Assets Total Liabilities and Shareholders’ Equity Req. 5 Debt-to-Equity = Total Liabilities = = Ratio Shareholders’ Equity...
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