Financial Accounting
3rd Edition
ISBN: 9780133791129
Author: Jane L. Reimers
Publisher: Pearson Higher Ed
expand_more
expand_more
format_list_bulleted
Question
Chapter 1, Problem 18EA
1.
To determine
Analyze the balance sheet and list the assets of the company as on August 31, 2010, and identify who has to claim these assets.
2.
To determine
Identify the liabilities of the company as on August 31, 2010.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Following is a list of balance sheet accounts for Branman Co. as of December 31, 2018. Solve, a. Classify each of the following accounts as an asset, liability, or net worth. b. What is the balance in the Retained Earnings account if the data forms a valid balance sheet?
I have a question about Assets and the order of Assets in terms of where they are placed on the Balance Sheet. Investment Funds/Investment in Stock. That is an Asset correct, and a Debit Account? Let's say you have that as an Asset for $56,000. Since there has to be an offsetting credit where would be record that offset?
During 2025, Sheridan Company entered into the following transactions.
1.
2.
3.
(1)
Your answer is partially correct.
Using the following tabular analysis, show the effect of each transaction on the accounting equation. (If a transaction causes a decrease
in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset,
Liability or Equity item that was reduced.)
(2)
(3)
Purchased equipment for $313,650 cash.
Issued common stock to investors for $136,360 cash.
Purchased inventory of $70,990 on account.
$
Cash
313650
eTextbook and Media
136360
Assets
Inventory
Save for Later Last saved 11 days ago.
Saved work will be auto-submitted on the due date. Auto-
submission can take up to 10 minutes.
70990
Equipment
313650
Attempts: 1 of 3 used
Liabilities
Accounts Payable
709
Submit Answer
Chapter 1 Solutions
Financial Accounting
Ch. 1 - 1. What is the main purpose of a business? 2....Ch. 1 - Prob. 2YTCh. 1 - 1. What are the two sources of financing for a...Ch. 1 - 1. What are revenues and expenses? 2. What are the...Ch. 1 - 1. What are the two parts of shareholders equity?...Ch. 1 - Prob. 6YTCh. 1 - Prob. 7YTCh. 1 - Prob. 1QCh. 1 - Prob. 2QCh. 1 - Prob. 3Q
Ch. 1 - Prob. 4QCh. 1 - What are the advantages of the corporate form of...Ch. 1 - What are the disadvantages of the corporate form...Ch. 1 - Prob. 7QCh. 1 - Prob. 8QCh. 1 - What are the basic financial statements? Describe...Ch. 1 - What makes the income statement different from the...Ch. 1 - Prob. 11QCh. 1 - What type of activities relate to what the firm is...Ch. 1 - Prob. 2MCQCh. 1 - Prob. 3MCQCh. 1 - Prob. 4MCQCh. 1 - Prob. 5MCQCh. 1 - Online Pharmacy Company borrowed 5,000 cash from...Ch. 1 - Prob. 7MCQCh. 1 - During its first year of business, West Company...Ch. 1 - Interest is the cost of a. purchasing inventory....Ch. 1 - Prob. 10MCQCh. 1 - Classify business transactions. (LO 2). For each...Ch. 1 - Identify balance sheet items. (LO 4). Classify the...Ch. 1 - Calculate owners equity. (LO 4). Doughnut Company...Ch. 1 - Prob. 4SEACh. 1 - Prob. 5SEACh. 1 - Calculate owners equity. (LO 4). Pasta Enterprises...Ch. 1 - Super Shop had a retained earnings balance of...Ch. 1 - Prob. 8SEBCh. 1 - Prob. 9SEBCh. 1 - Breck Company shows 80,000 worth of assets on its...Ch. 1 - Prob. 11SEBCh. 1 - For each of the following, calculate the missing...Ch. 1 - Prob. 13SEBCh. 1 - M Company had a retained earnings balance of 4,200...Ch. 1 - Prob. 15EACh. 1 - Analyze business transactions using the accounting...Ch. 1 - Prob. 17EACh. 1 - Prob. 18EACh. 1 - Enter each transaction below into the accounting...Ch. 1 - Prob. 20EACh. 1 - For each of the transactions given, tell whether...Ch. 1 - Prob. 22EACh. 1 - Enter each transaction into the accounting...Ch. 1 - Prob. 24EACh. 1 - Relationship between income statement and balance...Ch. 1 - Bob started a pool cleaning business on the first...Ch. 1 - Prob. 27EACh. 1 - Retained earnings and cash. (LO 4). Checkmate...Ch. 1 - Prob. 29EACh. 1 - Prob. 30EBCh. 1 - Prob. 31EBCh. 1 - Prob. 32EBCh. 1 - Prob. 33EBCh. 1 - Prob. 34EBCh. 1 - Classify business transactions. (LO 2). For each...Ch. 1 - Prob. 36EBCh. 1 - Prob. 37EBCh. 1 - Enter each transaction into the accounting...Ch. 1 - Prob. 39EBCh. 1 - Prob. 40EBCh. 1 - Frank Frock started a consulting business on the...Ch. 1 - Prob. 42EBCh. 1 - Prob. 43EBCh. 1 - Prob. 44EBCh. 1 - Prob. 45PACh. 1 - Prob. 46PACh. 1 - Prob. 47PACh. 1 - Analyze business transactions and the effect on...Ch. 1 - Prob. 49PACh. 1 - Analyze business transactions and prepare the...Ch. 1 - Prob. 51PACh. 1 - Prob. 52PBCh. 1 - Analyze business transactions using the accounting...Ch. 1 - Prob. 54PBCh. 1 - Prob. 55PBCh. 1 - Prob. 56PBCh. 1 - Prob. 57PBCh. 1 - Prob. 58PBCh. 1 - Prob. 1FSACh. 1 - Prob. 2FSACh. 1 - Prob. 3FSACh. 1 - What is the Walt Disney Companys key objective? Go...
Knowledge Booster
Similar questions
- Questions about the Income Statement. a. List 2 expense accounts AND their amounts for 2020. b. What was the net profit/(loss) for 2020? What about 2019?c. Compared with 2019, has the net profit/(loss) increased or decreased? . Questions about the Statement of Financial Positiona. What was the Total Assets for the company at December 31, 2020? What about December 31, 2019? b. Mention the biggest liability with its amount for the company at December 31, 2020.c. What was the Total Equity for the company at December 31, 2020? What about December 31, 2019? . please help me answering both sectionsarrow_forwardFor each account on this company's balance sheet, show the change in the account during 2021 and note whether this change was a source or use of cah. Do your numbers add up and make sense? Explain your answer for total assets as compared to your answer for total liabilities and owners' equity.arrow_forwardPlease provide a solution to this problem and explain thoroughly why is that your answer. Questions: 1. As of December 31 of this year, the total current liabilities to be reported in the company's statement of financial position should be at what amount? Answer: 450,000 2. As of December 31 of this year, the total non-current liabilities to be reported in the company's statement of financial position should be at what amount? Answer: 0arrow_forward
- The following accounts are from XYZ, Inc. Balance Sheet as of December 31, 2020: Requirements: 1. What is the amount of XYZ's total Non-Current assets as of December 31, 2020? 2. Identify the accounts listed above that are Current liabilities. 3. What is the amount of XYZ's retained earnings as of December 31, 2020? (Hint: use the extended accounting equation) 4. Prepare a balance sheet for XYZ as of December 31, 2020.arrow_forwardHello, how do I solve this problem? I attached the bottom part of the question and what it's asking for since it wouldn't fit in the screenshot. Assuming that total assets were $3,112,000 at the beginning of the current fiscal year, determine the following. When required, round to one decimal place. a.  Ratio of fixed assets to long-term liabilities  b.  Ratio of liabilities to stockholders' equity  c.  Asset turnover  d.  Return on total assets % e.  Return on stockholders’ equity % f.  Return on common stockholders' equity %arrow_forward. The following are the major balance sheet classifications.   Current assets (CA)                     Current liabilities (CL)    Long-term investments (LTI)             Long-term liabilities (LTL)    Property, plant, and equipment (PPE)       Owner’s equity (OE)    Intangible assets (IA) Required: Classify each of the following accounts taken from Roberts Company’s balance sheet. ______ Accounts payable             (4) ______ Accumulated depreciation (2) ______ Accounts receivable           (5) ______ Buildings       (3) ______ Roberts, Capital              (6) ______ Long-term debtarrow_forward
- a. construct a balance sheet for 2016 and 2017. b. list all the working capital accounts. c. find the net working capital for the years ending 2016 and 2017. d. calculate the change in net working capital for the year 2017. a. construct a balance sheet for 2016 and 2017. Complete the balance sheet for 2016 below: (Round to the nearest dollar.) ASSETS Current assets Cash Accounts receivable Inventory Roman Corporation Balance Sheet as of December 31, 2016, and December 31, 2017 2016 2017 LIABILITIES Total current assets Fixed assets Accumulated depreciation (-) TOTAL ASSETS GA $ $ GA GA GA GA LA Current liabilities Total current liabilities Total liabilities OWNERS' EQUITY Total owners' equity TOTAL LIABILITIES AND OWNERS' EQUITY GA A GA GA 2016 2017arrow_forwardThe accounting records of Tama Co. show the following assets and liabilities as of December 31, 2018 and 2019. 1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equity on the balance sheet and remember that total equity equals the difference between assets and liabilities. 2. Compute net income for 2019 by comparing total equity amounts for these two years and using thefollowing information: During 2019, the owner invested $5,000 additional cash in the business and withdrew $3,000 cash for personal use. 3. Compute the December 31, 2019, debt ratio (in percent and rounded to one decimal).arrow_forwardCompute the missing amounts on the company’s financial statements. (Hint: What’s the difference between the acid-test ratio and the current ratio?)16. Retained Earnings17. Total liabilities and stockholders' equity18. Total Assets19.  Plant and equipment, netarrow_forward
- The following are the assets and liabilities of Mimi Mac Realty Company, as of July 31, 2021. Also included are revenue, expense, and selected stockholders' equity figures for the year ended on that date (amounts in millions): E (Click the icon to view the account balances.) (Click the icon to view the balance sheet.) Read the requirements. Requirement 1. Prepare the income statement of Mimi Mac Realty Company for the year ended July 31, 2021. (Enter all amounts in millions. If an input field is not used in the income statement leave the field empty; do not select a label or enter a zero.) - X (millions) Reference Revenue: Mimi Mac Realty Company Expenses: Balance Sheet July 31, 2021 (Millions) Assets Liabilities Cash $ 57.7 Current liabilities $ 2.5 102.1 Receivables 0.7 Long-term liabilities Net income (loss) Investment assets 76.1 Total liabilities 104.6 Property and equipment, net 1.9 10.2 Other assets Stockholders' Equity Requirements Common stock 38.8 3.2 Retained earnings 42.0…arrow_forward3-16. (Working with financial statements) Based on the information for Norwegian Bristling Company for the year ended December 31, 2018: a. How much is the firm's net working capital and what is the debt ratio? b. Complete a statement of cash flows for the period. Interpret your results. c Compute the changes in the balance sheets from 2017 to 2018. What do you learn about Norwegian Bristling from these computations? How do these numbers relate to the statement of cash flows? Norwegian Bristling Company Balance Sheet for 12/31/2017 and 12/31/2018 Assets 2017 2018 Cash NOKI6,000 NOK15,000 Marketable securities 7,000 7,500 Accounts receivable 45.000 35,000 Inventory Prepaid rent 60,000 95,000 NOK2.000 NOK3.000 Total current assets NOK130,000 NOK155,500 Net plant and equipment 290,000 300,500 Total assets NOK420.000 NOK456.000arrow_forwardIdentify summary information about Netflix, Inc. company. This information includes basic descriptions of the company's location, activities, industry, financial health, and financial performance. Go to the Yahoo! Finance website, type in Netflix, Inc., and then use the links (such as Financials) to locate the information necessary to answer the following questions with regard to December 31, 2019. Your answer is partially correct. What is the company's net income? Over what period was this measured? Net income of $ thousand during the year ended December 31, 2019arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Financial Accounting: The Impact on Decision Make...AccountingISBN:9781305654174Author:Gary A. Porter, Curtis L. NortonPublisher:Cengage Learning
Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
Financial Accounting: The Impact on Decision Make...
Accounting
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage