Exercise 12.11 – Bernard and Thomas
Financial Accounting
Spiceland, Thomas, and Herrman
05th Edition and 06th Edition
Determine the proper classification of income statement items.
Determine the proper classification of income statement items.
Prepare the multiple-step income statement for LeBron’s Bookstores
Your numbers will vary.
Prepare the income statement for Shaquille Corporation.
Your numbers will vary.
Classify each accounting change as either conservative or aggressive.
Calculate the correct ending balance of cash for Ballet Shoes on August 31 by preparing a bank reconciliation. Record the necessary entry or entries to adjust the balance for cash.
Your numbers will vary.
Compare installment notes and loans. Determine whether Paradise Partners should purchase the equipment with an installment note or lease it, based on the financial implications and the equipment’s value at the end of the 24-month period. Compare the effects on the company’s reported debt and make a decision.
Your numbers will vary.
(7 Part) Given the account balances and transactions… record each transaction, record adjusting entries, prepare a trial balance, prepare an income statement, prepare a balance sheet, record closing entries, and analyze financial ratios.
Your numbers will vary.
Prepare the operating activities section for Alliance Technologies.
Your numbers will vary.
(11 Part) Given account balances along with transactions for the year… set up T-accounts, record the transactions, prepare an unadjusted trial balance, record adjusting entries, post adjustments, prepare an adjusted trial balance, prepare an income statement, prepare a balance sheet, record closing entries, post closings, and lastly prepare a post-closing trial balance.
Your numbers will vary.
Given net sales along with beginning and ending accounts receivable… calculate receivables turnover ratio and average collection period.
Your numbers will vary.