12th accounting cost edition guide student

Problem 5QC. Problem 6QC. Problem 7QC. Problem 8QC. Problem 9QC. Problem 10QC. Problem 11QC. Problem 1RQ. Problem 2RQ. Problem 3RQ. Problem 4RQ. Problem 5RQ. Problem 6RQ. Problem 7RQ. Problem 8RQ. Problem 9RQ. Problem 10RQ.

Problem 11RQ. Problem 12RQ. Problem 13RQ. Problem 14RQ. Problem 15RQ. Problem 16RQ. Problem 17RQ. Problem 18RQ. Problem S1. Juli Maggio rated it really liked it Dec 30, Leechangmin marked it as to-read Nov 28, There are no discussion topics on this book yet.

Be the first to start one ». About John K. John K. Books by John K. When Dana Schwartz started writing about a 19th-century pandemic ravaging Edinburgh in her latest book, Anatomy: A Love Story, she had no idea Read more Trivia About Cost Accounting S No trivia or quizzes yet.

Add some now ». Welcome back. Just a moment while we sign you in to your Goodreads account. The assets listed are: land, merchandise inventory, equipment, accounts receivable, supplies, cash, and buildings.

Sales and service revenues are revenues accounts on the income statement; income tax expense, cost of goods sold, and rent expense are expenses on the income statement.

E IS Net sales……………………………………….. R IS Income tax expense……………………………. E IS Short-term investments……………………… A BS Gain on sale of land……………………………. Financial Category Statement s Accumulated depreciation…………………… SE BS Interest income…………………………………. R IS Selling expenses……………………………….. Dividends paid are distributions of earnings that reduce retained earnings on the balance sheet. Dividends paid are not expenses, and thus do not appear on the income statement. Retained Earnings, December 31, ……………………………….

Less: Net income for the year ended December 31, ……………….. Once the beginning and ending retained earnings balances are known, the net income or loss for the year can be determined as follows: Retained earnings, beginning. Less: Dividends declared and paid during the year Set up the accounting equation and show the effects of the transactions described. The solution approach is similar to that shown in Problem Gains or losses can be calculated for the sale or collection of each of Kimber Co.

Liabilities would be paid first including the amounts that are not shown on the balance sheet , and the balance would be paid to the stockholders: Total cash available Accounts receivable.. Accounts payable Sales revenue. Earnings from operations operating income Retained earnings, January 1, Net income for the year Merchandise inventory Total current assets Balance Sheet December 31, Assets: Cash..

This assumes that the year-end balance of long-term debt is representative of the average long-term debt account balance throughout the year. This assumes that the board of directors has a policy to pay dividends in proportion to earnings.

Paid an account payable - - NE c. Declared and paid dividends - NE - f. Paid operating expenses in cash - NE - i. Repaid principal and interest on a bank loan - - - P2. August 1 August 31 Net Change Total assets Interest is an expense because it represents a necessary payment to others i.

When money is borrowed from the bank, an asset cash is increased and a liability notes payable is also increased by an equal amount. Net income is increased only when revenue has been earned—and money borrowed from the bank represents a liability that must be repaid, not revenue that has been earned. Paying off accounts payable decreases an asset cash and decreases a liability accounts payable by an equal amount.

Collecting an account receivable increases an asset cash and decreases another asset accounts receivable by equal amounts. In both cases, only balance sheet accounts are involved. Net income is increased by revenues and decreased by expenses. The expense associated with a cash payment of an account payable would have been recorded in an earlier transaction when the expense was incurred and the account payable was established ; by the same logic, the revenue associated with the collection of an account receivable would have been recorded in an earlier transaction when the revenue was earned and the account receivable was established.

Amounts shown in the balance sheet below reflect the following use of the data given: a. An asset should have a "probable future economic benefit"; therefore the accounts receivable are stated at the amount expected to be collected from customers.

Assets are reported at original cost, not current "worth. Assets are reported at original cost, not at an assessed or appraised value. Total assets can be determined based on items a , b , and c ; total stockholders' equity is known after considering item e ; and the note payable is the difference between total liabilities and the accounts payable.

The retained earnings account balance represents the difference between cumulative net income and cumulative dividends. Fair market value is irrelevant.

Calculate total current assets, total land and equipment, and total assets. As at November 30 and 24, respectively: Total assets…… The problem could be solved without calculating this number. In parts a, b and d, if students are willing to share the different kinds of assets, liabilities, revenues, expenses, and cash flows they have identified, this case can be used to review the basic characteristics of the balance sheet, income statement, and statement of cash flows.

In part c, the point is that projected income activity for the current period has a direct impact on the projected balance sheet. In part e, the point is that income and cash flow are two different things entirely.

Also shown is a partially completed comparative balance sheet as of December 31, and Balance Sheets December 31, and Current assets: Cash…………………….. Complete the balance sheets for Marstore, Inc. Identify your strategy by listing, in general, the sequence of steps you used to find the unknown amounts. Does the amount shown on the balance sheet for Net Store Fixtures represent the current fair market value of the store fixtures? Explain your answer. Knowing this, retained earnings at the end of the year can be determined.

Then, capital stock at the end of the year can be determined. The balance sheet shows the original cost of assets, less accumulated depreciation, which for accounting purposes is that portion of the cost of the asset that has been "used up.