Survey of Accounting (Accounting I)
8th Edition
ISBN: 9781305961883
Author: Carl Warren
Publisher: Cengage Learning
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Chapter 1, Problem 1.24E
Financial statement items
Though the McDonald’s (MCD) menu of hamburgers, cheeseburgers, the Big Mac, Quarter Pounder, Filet-O-Fish, and Chicken McNugges is easily recognized. McDonalds finan cial statements may not be as familiar. The following items sere adapted from a recent annual report of McDonalds Corporation:
1. Accounts payable
2. Accrued Interest payable
3. Cash
4. Cash provided by operations
S. Common Stock
6. Food and packaging costs used in operations
7. Income tax expense
8. Interest expense
9. Inventories
10. Long-term debt payable
11. Net income
Net increase in cash
Notes payable
Notes receivable
Occupancy and rent expense
Payroll expense
Prepaid expenses not yet used in operations
Property and equipment
19.
20. Sales
Identify the financial statement on which each of the preceding items would appear. An item may appear on more than one statement. Use the following notations: 
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The following data were selected from the records of Sykes Company for the year ended December 31, current year.
Balances January 1, current year
Accounts receivable (various customers)
$
116,000
Allowance for doubtful accounts
8,000
In the following order, except for cash sales, the company sold merchandise and made collections on credit terms 3/10, n/30 (assume a unit sales price of $600 in all transactions).
Transactions during current year
a. Sold merchandise for cash, $256,000.
b. Sold merchandise to R. Smith; invoice price, $9,500.
c. Sold merchandise to K. Miller; invoice price, $22,000.
d. Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit.
e. Sold merchandise to B. Sears; invoice price, $29,000.
f. R. Smith paid his account in full within the discount period.
g. Collected…
Sales Discount Recorded
Columbia Company provided services with a list price of $48,500 to Small Enterprises with terms 2/15, n/45. Columbia records sales to be reported in the financial statements.
Required:
1. Prepare the entries to record this sale in Columbia's journal.
(Record sale)
2. Prepare the entry for Columbia's journal to record receipt of cash in payment for the sale within the discount period. For those boxes in which no entry is required, leave the box blank.
(Record collection within discount period)
3. Prepare the entry for Columbia's journal to record receipt of cash in payment for the sale after the discount period.
(Record collection after discount period)
4. Assume that Columbia's customer does not have the available cash to pay Columbia within the discount period. How much interest should the customer be willing to pay for…
Determining the Financial Statement Effects of Accounts Payable TransactionsHobson Company had the following transactions relating to its accounts payable. Use the financial statement effects template to identify the effects (both amounts and accounts) for these transactions.a. Purchases $2,772 of inventory on credit.b. Sells inventory for $3,630 on credit.c. Records $2,772 cost of sales for transaction b.d. Receives $3,630 cash toward accounts receivable.e. Pays $2,772 cash to settle accounts payable.Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction.Note: Indicate a decrease in an account category by including a negative sign with the amount.
Balance Sheet
Income Statement
Transaction
Cash Asset
+
Noncash Assets
=
Liabilities
+
Contrib. Capital
+
Earned Capital
Revenues
–
Expenses
=
Net Income
a.
Answer
Answer
=
Answer
Answer
Answer
Answer
–
Answer
=
Answer
Answer…
Chapter 1 Solutions
Survey of Accounting (Accounting I)
Ch. 1 - Prob. 1SEQCh. 1 - The resources owned by a business are called: A....Ch. 1 - A listing of a business entity’s assets,...Ch. 1 - If total assets are $20,000 and total liabilities...Ch. 1 - Prob. 5SEQCh. 1 - Prob. 1CDQCh. 1 - Prob. 2CDQCh. 1 - Prob. 3CDQCh. 1 - Prob. 4CDQCh. 1 - Prob. 5CDQ
Ch. 1 - Prob. 6CDQCh. 1 - Prob. 7CDQCh. 1 - Prob. 8CDQCh. 1 - Prob. 9CDQCh. 1 - Prob. 10CDQCh. 1 - Briefly describe the nature of the information...Ch. 1 - Prob. 12CDQCh. 1 - What particular item of financial or operating...Ch. 1 - Prob. 14CDQCh. 1 - On October 1, Wok Repair Service extended an offer...Ch. 1 - Prob. 16CDQCh. 1 - Prob. 1.1ECh. 1 - Prob. 1.2ECh. 1 - accounting equation The total assets and total...Ch. 1 - accounting equation The total assets and total...Ch. 1 - accounting equation Determine the missing amount...Ch. 1 - accounting equation Determine the missing amounts...Ch. 1 - Net income and dividends The income statement of a...Ch. 1 - Net income and stockholders’ equity for four...Ch. 1 - Accounting equation and Income statement Staples,...Ch. 1 - Prob. 1.10ECh. 1 - Income statement items Based on the data presented...Ch. 1 - Financial statement items Identify each of the...Ch. 1 - Statement of stockholders’ equity Financial...Ch. 1 - Income statement Maynard Services was organized on...Ch. 1 - Prob. 1.15ECh. 1 - Balance sheets, net income Financial information...Ch. 1 - Financial statements Each of the following items...Ch. 1 - Statement of cash flows Indicate whether each of...Ch. 1 - Prob. 1.19ECh. 1 - Statement of cash flows Looney Inc. was organized...Ch. 1 - Prob. 1.21ECh. 1 - Financial statement items Amazon.com, Inc., (AMZN)...Ch. 1 - Income statement Based on the Amazon.com, Inc.,...Ch. 1 - Financial statement items Though the McDonald’s...Ch. 1 - Financial statements Outlaw Realty, organized...Ch. 1 - Accounting concepts Match each of the following...Ch. 1 - Prob. 1.27ECh. 1 - Income statement, retained earnings statement, and...Ch. 1 - Income statement, retained earnings statement, and...Ch. 1 - Income statement, retained earnings statement, and...Ch. 1 - Prob. 1.2.1PCh. 1 - Missing amounts from financial statements Obj.4...Ch. 1 - Income statement, retained earnings statement, and...Ch. 1 - Income statement, retained earnings statement, and...Ch. 1 - Income statement, retained earnings statement, and...Ch. 1 - Statement of cash flows The following cash data...Ch. 1 - Financial statements, including statement of cash...Ch. 1 - Financial statements, including statement of cash...Ch. 1 - Financial statements, including statement of cash...Ch. 1 - Financial statements, including statement of cash...Ch. 1 - Quantitative metrics Interpublic Group of...Ch. 1 - Prob. 1.1.2MBACh. 1 - Quantitative metrics JetBlue Airways Corporation...Ch. 1 - Prob. 1.2.2MBACh. 1 - Return on assets The financial statements of The...Ch. 1 - Prob. 1.3.2MBACh. 1 - Prob. 1.3.3MBACh. 1 - Prob. 1.3.4MBACh. 1 - Return on assets The financial statements of The...Ch. 1 - Return on assets The financial statements of The...Ch. 1 - Return on assets The financial statements of The...Ch. 1 - Return on assets The following data (in millions)...Ch. 1 - Return on assets The following data (in millions)...Ch. 1 - Return on assets The following data (in millions)...Ch. 1 - Prob. 1.4.4MBACh. 1 - Return on assets The following data (in millions)...Ch. 1 - Return on assets Pfizer Inc. (PFE) discovers,...Ch. 1 - Return on assets Pfizer Inc. (PFE) discovers,...Ch. 1 - Prob. 1.5.3MBACh. 1 - Prob. 1.6.1MBACh. 1 - Return on assets ExxonMobil Corporation (XOM)...Ch. 1 - Return on assets ExxonMobil Corporation (XOM)...Ch. 1 - Return on assets Tiffany & Co. (TIF) designs and...Ch. 1 - Return on assets Tiffany & Co. (TIF) designs and...Ch. 1 - Prob. 1.1CCh. 1 - Ethics and professional conduct in business...Ch. 1 - Prob. 1.2.2CCh. 1 - How businesses make money Assume that you are the...Ch. 1 - How businesses make money Assume that you are the...Ch. 1 - How businesses make money Assume that you are the...Ch. 1 - Prob. 1.4CCh. 1 - The accounting equation Review financial...Ch. 1 - Prob. 1.6C
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