Horngren's Accounting (12th Edition)
12th Edition
ISBN: 9780134486444
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 1, Problem S1.7SE
Using the
Learning Objective 3
Roland’s
| Assets | $45,800 |
| Liabilities | 17,220 |
| Roland, Capital | 27,460 |
| Roland, Withdrawals | 6,500 |
| Revenues | 8,850 |
| Expenses | ? |
Requirements
Use the accounting equation to solve for the missing information.
Did Roland’s Overhead Doors report net income or net loss?
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Click to watch the Tell Me More Learning Objective 6 video and then answer the questions below.
1. Cost less accumulated depreciation equals
a. depreciable cost.
b. book value.
c. residual value.
d. accumulated value.
2. Accumulated depreciation would be shown on which financial statement?
a. Balance sheet
b. Income statement
c. Statement of cash flows
d. Statement stockholders' equity
(Learning Objective 4: Calculate the effects of business transactions on selectedratios) Financial statement data of Greatland Engineering include the following items:Cash ........................................Short-term investments..............Accounts receivable, net............Inventories ................................Prepaid expenses.......................Total assets ...............................Short-term notes payable...........$ 26,00036,00085,000147,0006,000677,00049,000Accounts payable ......................Accrued liabilities......................Long-term notes payable ...........Other long-term liabilities.........Net income................................Number of commonshares outstanding ...........$107,00032,000163,00034,00099,00046,000Requirements1. Calculate Greatland’s current ratio, debt ratio, and earnings per share. Round all ratios totwo decimal places.2. Calculate the three ratios after evaluating the effect of each transaction that follows.Consider each…
OBJECTIVES:
K: Define Accounting:
S: Discuss the usefulness of accounting; and
A: Appreciate the usefulness of accounting in real situation.
LEARNING COMPETENCY:
Defining accounting. ABM FABM11-Illa-1
I. What Happened
PRE-TEST:
Read each item carefully and use your notebook to write your answers.
True or False
on ny
1. A business transaction is the occurrence of an event or of a condition that
must be recorded.
2. Summarization reduces the effects of numerous transactions into useful
groups or categories.
3. Recording is very important in accounting.
4. Accounting is and art and a discipline.
5. Accounting deals with information and transactions
II. What You Need to Know
Accounting is the art of recording, classifying and summarizing in a
om significant manner and in terms of money, transaction and events which
are, in part at least of a financial character, and interpreting the results
thereof.
ACCOUNTING o bnolonon
As an Art
As a Process
Chapter 1 Solutions
Horngren's Accounting (12th Edition)
Ch. 1 - Prob. 1QCCh. 1 - Which of the following is not an external user of...Ch. 1 - Prob. 3QCCh. 1 - Prob. 4QCCh. 1 - Prob. 5QCCh. 1 - Which of the following requires accounting...Ch. 1 - At the end of a recent year, Global Cleaning...Ch. 1 - Consider the overall effects on Global Cleaning...Ch. 1 - Assume that Global Cleaning Service performed...Ch. 1 - The balance sheet reports the Learning Objective 5...
Ch. 1 - Assume Global Cleaning Service had net income of...Ch. 1 - What is accounting?Ch. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - A business purchases an acre of land for $5,000....Ch. 1 - What does the going concern assumption mean for a...Ch. 1 - Which concept states that accounting information...Ch. 1 - Financial statements in the United States are...Ch. 1 - Prob. 12RQCh. 1 - What is the accounting equation? Briefly explain...Ch. 1 - What are two ways that equity increases? What are...Ch. 1 - How is net income calculated? Define revenues and...Ch. 1 - What are the steps used when analyzing a business...Ch. 1 - List the four financial statements. Briefly...Ch. 1 - What is the calculation for ROA? Explain what ROA...Ch. 1 - Prob. S1.1SECh. 1 - Determining organizations that govern accounting...Ch. 1 - Identifying types of business organizations...Ch. 1 - Prob. S1.4SECh. 1 - Applying accounting assumptions and principles...Ch. 1 - Prob. S1.6SECh. 1 - Using the accounting equation Learning Objective 3...Ch. 1 - Identifying accounts Learning Objective 3 Consider...Ch. 1 - Prob. S1.9SECh. 1 - Using the accounting equation to analyze...Ch. 1 - Identifying accounts on the financial statements...Ch. 1 - Preparing the income statement Learning Objective...Ch. 1 - Preparing the statement of owner’s equity Learning...Ch. 1 - Prob. S1.14SECh. 1 - Preparing the statement of cash flows Learning...Ch. 1 - Calculating ROA Learning Objective 6 Matured Water...Ch. 1 - Prob. E1.17ECh. 1 - Prob. E1.18ECh. 1 - 1. Accounting equation a. An economic resource...Ch. 1 - Using the accounting equation Learning Objective 3...Ch. 1 - E1-21 Using the accounting equation Learning...Ch. 1 - Using the accounting equation Learning Objective 3...Ch. 1 - Using the accounting equation Learning Objective 3...Ch. 1 - E1-24 Using the accounting equation Learning...Ch. 1 - Using the accounting equation to analyze...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Preparing the financial statements Learning...Ch. 1 - Preparing the income statement Learning Objective...Ch. 1 - Prob. E1.32ECh. 1 - Prob. E1.33ECh. 1 - Prob. E1.34ECh. 1 - Preparing the statement of owner’s equity Learning...Ch. 1 - Prob. E1.36ECh. 1 - Prob. E1.37ECh. 1 - Jan. 1 The owner contributed an additional $5,000...Ch. 1 - Calculating Return on Assets Learning Objective 6...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Prob. P1.41APGACh. 1 - P1-42A Preparing financial statements Learning...Ch. 1 - Preparing financial statements Learning Objective...Ch. 1 - Prob. P1.44APGACh. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Preparing financial statements Presented here are...Ch. 1 - Prob. P1.50BPGBCh. 1 - Prob. P1.51BPGBCh. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Prob. P1.54CTCh. 1 - P1-55 is the first problem in a continuing problem...Ch. 1 - Prob. 1.1TIATCCh. 1 - Decision Case 1-1 Let’s examine a case using...Ch. 1 - The tobacco companies have paid billions because...Ch. 1 - Prob. 1.1FCCh. 1 - Prob. 1.1FSC
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