Exercise 01.11 – Artichoke or Ellingham Academy
Financial Accounting
Spiceland, Thomas, and Herrman
05th Edition and 06th Edition
Prepare a statement of stockholders’ equity and a balance sheet.
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Prepare a statement of stockholders’ equity and a balance sheet.
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Given cash, supplies, prepaid rent, land, accts payable, utilities payable, salaries payable, notes payable, prepare a statement of stockholders’ equity and a balance sheet.
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Given the investment made, the amount paid for the land, medical supplies, expenses, sold supplies, note payable, and amount paid on account… find the effects on accounting equations.
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Given a list of transactions… record each transaction, post each transaction to a T-account, and lastly use the T-account balances to create a trial balance.
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Given a list of transactions on the medical practice… post the entries in the ledger using the t-accounts, prepare a trial balance, and calculate the total assets, liabilities, and stockholders’ equity.
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Prepare an income statement, Prepare a statement of stockholders’ equity and prepare a classified balance sheet
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Given the beginning balances, a list of transactions throughout the year, and available information at the end of the year… record the transactions, record adjusting entries, prepare an adjusted trial balance, prepare an income statement, balance sheet, and statement of stockholders’ equity, and lastly prepare closing entries.
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Record transactions, record adjusting entries, prepare adjusted trial balance, prepare an income statement, prepare a classified balance sheet, record closing entries, analyze.
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Given the credit sales for the year, accounts receivable, allowance of uncollectible accounts, percent of receivables not collected, and the percent of credit sales not collected… record the adjustment using the receivables and credit sales method as well as calculate effect on net income and assets.
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Seven-Part Problem: Given account balances and a list of transactions – record the transactions, record adjusting entries, prepare an adjusted trial balance, prepare an income statement, and prepare a balance sheet. Then, record closing entries while calculating receivables turnover and the ratio of allowance for uncollectible accounts.
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