Problem 01.05A – Cornhusker Company
Financial Accounting
Spiceland, Thomas, and Herrman
Given select financial data… prepare an income statement, statement of stockholders’ equity, and a balance sheet.
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Given select financial data… prepare an income statement, statement of stockholders’ equity, and a balance sheet.
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.
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Calculate Haas Company’s break-even point in unit sales and determine the unit product cost using variable costing and absorption costing for each of the company’s first three years of operations. Also, prepare income statements for Year 1, Year 2, and Year 3 using both costing methods.
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Prepare journal entries to record each of the 7 transactions.
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Given a list of transactions regarding their shares of common stock, preferred stock, and treasury stock… record each entry while also determining the effect on the assets, liabilities, and stockholders’ equity.
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Prepare journal entries to record each of the six transactions.
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Given a list of transactions about the buying and selling of preferred, common, and treasury stock… prepare the stockholders’ equity section of a balance sheet along with a statement of stockholders’ equity.
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Given information regarding the purchase and selling of common, preferred, and treasury stock… prepare the stockholder’s equity section of a balance sheet along with the statement of stockholders’ equity.
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Record the exchange for both of the companies.
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Compute the materials price, quantity variances, labor rate, efficiency variances, variable overhead rate, and efficiency variances.
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