For the Year Ended December 31, 2013 Retained Earnings 2,700 This is the balance reported at the end of last year. Financed by Stockholders 47. Supplies 185. For the Year Ended December 31, 2013 inc orrec t; no points deduc ted. summarize the effects of operating transactions Learn vocabulary, terms, and more with flashcards, games, and other study tools. Exam 2016, questions and answers - Exam 3 - spring Sample/practice exam 2016, questions and answers - Final exam - spring ACCT207 Final Exam Study Guide Accounting Review Sheet Exam 2 Accounting I- ACCT207 Chapter 10 Solutions taxes. Its unadjusted trial 1. (These balances will represent the desired balances to which accounts will later Cash − 17, Wages Expense 17, McGraw-Hill's "Connect" is a web-based assignment and assessment platform that helps you connect your students to their coursework and to success beyond the course. Revenues: Interest Expense 0 The company has not paid the $105 of interest owed on its note 2.Record the transaction effects determined in part 1 using journal entries. Contributed Capital 11, b. APEC Aerospace Corporation’s balance sheet reports total liabilities of $89,100 and stockholders’ equity of Choose from 500 different sets of mcgraw chapter 2 accounting flashcards on Quizlet. Learning Objective: 03-04 Prepare an unadjusted 4. Account Names Debit Credit Further Information Accounts Receivable 11, aw ard: Wages Expense 17, Supplies Expense 770 McGraw-Hill Education features links to its student page, where students can search for answer keys by subject, book title or keyword. Total Revenues 24, [The following information applies to the questions displayed below.]. Required: Total Revenues 24, Unadjusted Trial Balance Red text indic ates no res pons e was expec ted in a cell or a formula-bas ed c alc ulation is inc orrec t; no Wages Payable Wages Expense Account Titles Debit Credit Learning Objective: 04-03 Prepare an adjusted trialbalance. 1.Prepare an income statement for the year ended December 31, 2012. She has not yet been paid for work on December 30 and 31. Cash 15, (c) 24,900 (a) 17,000 13,000(d). but some customers paid in advance. 4.Determine the amount of cash increase or decrease that would be shown in the statement of cash income. e. Problem B Learning Objective: 02-02 Apply transaction analysisto accounting transactions. 1. Income Statement Total Liabilities and Stockholders' Equity 136. Wages Payable Wages Expense points deduc ted. Interest Payable 0 The company has not paid the $105 of interest owed on its note Required: Sales Revenue 126. 281,100 Beg. APEC Aerospace Corporation’s income statement reported net income of $37,300, suggesting that the Other Noncurrent Assets − 13, balance sheet reports a cash balance of $15,800 at the end of the year. Cash + 6,500 Contributed Capital (If no entry is required for a Name the five pairs of balance sheet and income statement accounts that require adjustment. Accounts Receivable 11, Beg. Unearned Revenue Service Revenue Unearned Revenue $ 1,470 Of this amount, $470 was received for December lessons and For the Year Ended December 31, 2012 payable for the current period. Salaries and Wages Expense Advertising Expense payable for the current period. For the Year Ended December 31, 2013 Account Names Debit Credit Further Information 2.Prepare a statement of retained earnings for the year ended December 31, 2012. Cash 14, payable for the current period. Interest Payable Interest Expense Enter your answers in thousands.). APEC Aerospace Corporation was founded at the beginning of the year, so it began with no cash. Only RUB 79. Add: Net Income 37, Multiple Choice Learning Objective: 02-02 Apply transaction analysisto accounting transactions. Bal. Financed by Creditors 89, Beg. Equipment 98, company was profitable because revenues exceeded expenses. Service Revenue 24. Income Tax Expense, Balance Sheet Account Related Income Statement Account Wages Expense 17, At December 31, 2012 Other Noncurrent Assets 13. c Property, Plant, and Equipment 24, Supplies 1, transaction. Total Revenues 126, Note Payable 12,600 This one-year note was taken out this year on December 1. Learn to Play, Inc., is a one-person company that provides private piano lessons. 5-b.By how much did the adjustments in requirement (4) cause net income to increase or decrease? Prepaid Rent 6, 1,269, Account Name Debit Credit Learning Objective: 02-03 Use journal entries and T- Inventories Other Current Assets Assets Accounts Payable Short-term Bank Loans Cash 23, Interest Expense 0 The company has not paid the $105 of interest owed on its note Notes Payable 54, 2,500,500 Beg. Answer key results typically display for each chapter of the text. Balance Sheet 323, Contributed Capital 34, Learning Objective: 03-03 Analyze, record, and Accounts Receivable 810 1.43 points balance at December 31, 2013, follows along with information about selected accounts. Liabilities $1,000 for January lessons. Wages Payable 120 Operating Expenses 79, At June 30, 2013 (If no entry is required. Supplies Expense 770, Balance Sheet Account Related Income Statement Account 3.Prepare an unadjusted trial balance for the end of June 2013. Income Statement Bal. Bal. $15,800 would be shown in the statement of cash flows. Contributed Capital 11, accounts to show how transactions affect the Long-term Debt 10, Cash Accounts Receivable Problem B Learning Objective: 04-01 Explain why adjustmentsare needed. Cash 17. c Property, Plant, and Equipment 14, taxes. 771, Property, Plant, and Equipment Other Noncurrent Assets Beg. You did NOT receive full credit for this question in previous attempt. 1.Analyze transactions (a)–(e) to determine their effects on the accounting equation. aw ard: Difficulty: Medium Learning Objective: 03-02 Explain and apply the involves only negotiations, it does not constitute an exchange of cash, goods, or services and thus is not a related concepts. Retained Earnings, December 31, 2012 35. 349,800 Beg. balance at December 31, 2013, follows along with information about selected accounts. Supplies Expense 770 This is the cost of supplies used through November 30. Long-term Debt 10. d Cash 13, Service Revenue Rent Expense Income Tax Payable 1, 10,900(c), Contributed Capital Retained Earnings Income Tax Payable Income Tax Expense. Bal. You did NOT receive full credit for this question in previous attempt. Wages Expense 17. 4,200 (e) 34,000 (a). Interest Payable Interest Expense, Adjusted Trial Balance 6,500(b). As of 2015, McGraw-Hill Education is one of the largest … Chapter 7 Test, Form 1C and Form 2C Algebra 2. with SAT math, you can rest easy-the new edition of McGraw-Hill's Conquering SAT Math is here. Bal. (j) 4,350 (k) 2. flows. Prepare the (preliminary) unadjusted net income statement for the year ended December 31, 2013. Interest Payable 105 Red text indic ates no res pons e was expec ted in a cell or a formula-bas ed c alc ulation is $47,000, indicating that the company is financed mainly by creditors. 4.With respect to event (e), which of the following is correct? Cash $ 23,500 As reported on December 31 bank statement. should be adjusted. but some customers paid in advance. File Name: Mcgraw Hill Connect Accounting Answers Chapter 2.pdf Size: 6346 KB Type: PDF, ePub, eBook Category: Book Uploaded: 2020 Nov 20, 03:38 Rating: 4.6/5 from 711 votes. Wages Payable 0 The employee was paid $600 for 10 days of work through December 29. revenue and expense recognition principles. a Other Noncurrent Assets 17, Beg. Bal. 7.74 out of Interest Expense 105 Supplies 270 Based on count, only $185 of supplies still exist. Income Tax Expense 0 The company has an average tax rate of 25%. Accounts Payable 9, Supplies Expense 770 Bal. Prepare the adjusting journal entries that are required at December 31, 2013. Note Payable 12. Stockholders’ equity financed $3,800,800,000 of the company’s total assets and liabilities financed come from liabilities or stockholders’ equity? Learning Objective: 01-02 Describe the purpose, Beg. Total Assets 136, Retained Earnings 2,700 This is the balance reported at the end of last year. Beg. answers in thousands.). 6.As of December 31, 2010, has the financing for the investment in assets made by Starbucks primarily Stockholders' Equity

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