Solution manual financial statements and the accounting system
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Solution manual financial statements and the accounting system
x02 Wild FA 8e SM 0059-0128.pdfWild_FA_8e_ChO2_IRM.pdfWild FA 8e Ch02 PPT FINAL.pdfWild FA 8e Ch02 EPPT.pdfChapter 2Financial Statements and the Accou Solution manual financial statements and the accounting systemunting SystemQUESTIONS1a. Common asset accounts: cash, accounts receivable, notes receivable, prepaidexpenses (rent, insurance, etc.), office supplies, store supplies, equipment, building, and land.b.Common liability accounts: accounts payable, notes payable, and unearned revenue, wages payable, and Solution manual financial statements and the accounting system taxes payable.c.Common equity accounts: common stock and dividends.2A note payable is formal promise, usually denoted by signing a promissory note toSolution manual financial statements and the accounting system
pay a future amount. A note payable can be short-term or long-term, depending on when it is due. An account payable also references an amount owed tox02 Wild FA 8e SM 0059-0128.pdfWild_FA_8e_ChO2_IRM.pdfWild FA 8e Ch02 PPT FINAL.pdfWild FA 8e Ch02 EPPT.pdfChapter 2Financial Statements and the Accou Solution manual financial statements and the accounting systemsually short-term.3There are several steps in processing transactions: (1) Identify and analyze the transaction or event, including the source document(s), (2) apply double-entry accounting, (3) record the transaction or event in a journal, and (4) post the journal entry to the ledger. These steps w Solution manual financial statements and the accounting systemould be followed by preparation of a trial balance and then with the reporting of financial statements.4A general journal can be used to record any buSolution manual financial statements and the accounting system
siness transaction or event.5Debited accounts are commonly recorded first. The credited accounts are commonly Indented.6A transaction is first recordex02 Wild FA 8e SM 0059-0128.pdfWild_FA_8e_ChO2_IRM.pdfWild FA 8e Ch02 PPT FINAL.pdfWild FA 8e Ch02 EPPT.pdfChapter 2Financial Statements and the Accou Solution manual financial statements and the accounting systemcess reduces the likelihood of errors in ledger accounts.7Expense accounts have debit balances because they are decreases to equity (and equity has a credit balance).8The recordkeeper prepares a trial balance to summarize the contents of the ledger and to verify the equality of total debits and tota Solution manual financial statements and the accounting systeml credits. The trial balance also serves as a helpful internal document for preparing financial statements and other reports.9The error should be corrSolution manual financial statements and the accounting system
ected with a separate (subsequent) correcting entry. The entry's explanation should describe why the correction is necessary.©2017 by McGraw-Hill Educx02 Wild FA 8e SM 0059-0128.pdfWild_FA_8e_ChO2_IRM.pdfWild FA 8e Ch02 PPT FINAL.pdfWild FA 8e Ch02 EPPT.pdfChapter 2Financial Statements and the Accou Solution manual financial statements and the accounting systemt be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part Solutions Manual. Chapter 25910The four financial statements are: Income statement, balance sheet, statement of retained earnings, and statement of cash flows.11The balance sheet provides Information t Solution manual financial statements and the accounting systemhat helps users understand a company's financial position at a point In time. Accordingly, It Is often called the statement of financial position. TheSolution manual financial statements and the accounting system
balance sheet lists the types and dollar amounts of assets, liabilities, and equity of the business.12The income statement lists the types and amountx02 Wild FA 8e SM 0059-0128.pdfWild_FA_8e_ChO2_IRM.pdfWild FA 8e Ch02 PPT FINAL.pdfWild FA 8e Ch02 EPPT.pdfChapter 2Financial Statements and the Accou Solution manual financial statements and the accounting systemuser must know what time period Is covered to Judge whether the company's performance Is satisfactory. For example, a statement user would not be able to assess whether the amounts of revenue and net Income are satisfactory without knowing whether they were earned over a week, a month, a quarter, or Solution manual financial statements and the accounting system a year.14(a) Assets are probable future economic benefits obtained or controlled by a specific entity as a result of past transactions or events, (b)Solution manual financial statements and the accounting system
Liabilities are probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or providex02 Wild FA 8e SM 0059-0128.pdfWild_FA_8e_ChO2_IRM.pdfWild FA 8e Ch02 PPT FINAL.pdfWild FA 8e Ch02 EPPT.pdfChapter 2Financial Statements and the Accou Solution manual financial statements and the accounting systemhat remains after deducting its liabilities, (d) Net assets refer to equity.15The balance sheet is sometimes referred to as the statement of financial position.16Debit balance accounts on the Apple balance sheet Include: Cash and cash equivalents: Short-term marketable securities; Accounts receivabl Solution manual financial statements and the accounting systeme; Inventories; Deferred tax assets; Vendor non-trade receivables; other current assets; Long-term marketable securities; Property, plant and equipmenSolution manual financial statements and the accounting system
t, net; Goodwill; Acquired intangible assets, net; Goodwill; Acquired intangible assets, net; other assets.Credit balance accounts on the Apple balancx02 Wild FA 8e SM 0059-0128.pdfWild_FA_8e_ChO2_IRM.pdfWild FA 8e Ch02 PPT FINAL.pdfWild FA 8e Ch02 EPPT.pdfChapter 2Financial Statements and the Accou Solution manual financial statements and the accounting systemnt liabilities; Common stock; Retained earnings; Accumulated other comprehensive Income.17The asset accounts with receivable in its account title are: Accounts receivable, net; Receivable under reverse repurchase agreements; Income taxes receivable, net. The liabilities with payable in the account t Solution manual financial statements and the accounting systemitle are: Accounts payable; Securities lending payable; Income taxes payable, net; Income taxes payable, non-current.18Samsung's balance sheet lists tSolution manual financial statements and the accounting system
he following current liabilities: Trade and other payables: Short-term borrowings; other payables; Advances received;Withholdings: Accrued expenses: Ix02 Wild FA 8e SM 0059-0128.pdfWild_FA_8e_ChO2_IRM.pdfWild FA 8e Ch02 PPT FINAL.pdfWild FA 8e Ch02 EPPT.pdfChapter 2Financial Statements and the Accou Solution manual financial statements and the accounting systembalance sheet lists the following noncurrent liabilities: Debentures; Long-term borrowings; Long-term other payables; Net defined benefit liabilities; Deferred income tax liabilities; Provisions; other non-current liabilities.tĩ)2017 by McGraw-Hill Education. This is proprietary Material aoMy for au Solution manual financial statements and the accounting systemthorized instructor use Kot authorized for ssleor distribution in ______any manner. This document may not be copied, scanned, duplicated, forwarded, dSolution manual financial statements and the accounting system
istributed, or posted on a website in whofe or part_60Financial Accounting. 8th Editionx02 Wild FA 8e SM 0059-0128.pdfWild_FA_8e_ChO2_IRM.pdfWild FA 8e Ch02 PPT FINAL.pdfWild FA 8e Ch02 EPPT.pdfChapter 2Financial Statements and the Accoux02 Wild FA 8e SM 0059-0128.pdfWild_FA_8e_ChO2_IRM.pdfWild FA 8e Ch02 PPT FINAL.pdfWild FA 8e Ch02 EPPT.pdfChapter 2Financial Statements and the AccouGọi ngay
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