Exercise – Moore Company (Ending Retained Earnings)
Financial Accounting
Thomas, Tietz, and Harrison
12th Edition
Given a list of accounts and balances… determine the ending retained earnings balance.
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Given a list of accounts and balances… determine the ending retained earnings balance.
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Given cash, land, service revenue, salaries expense, rent expense, and utility expense they ask you to determine the net income or net loss for the year.
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Given the amount of uncollectible accounts, accounts receivable, allowance, credit revenue, cash revenue, and collections… determine the uncollectible account expense.
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Given the amount a building was purchased for and cash used along with the signing of a note… determine the effect on assets and liabilities.
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Given current assets, long-term assets, revenues, current liabilities, long-term liabilities, and expenses… calculate the current ratio and debt ratio.
Given unadjusted net income, salaries, interest, unearned revenue, and supplies… determine the adjusted net income.
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Given information about the payment on account with credit terms… determine the amount that would be debited to cash if paid within the discount period.
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Given a list of accounts and balances… determine the total that would be on the debit side of the trial balance.
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Match the transaction with the business activity.
Find whether Falcon would report the account as a balance sheet or income statement. Whether it would be an asset, liability, or stockholders’ equity. Whether it would be a revenue or an expense. Whether the transactions are classified as operating, investing, or financing activity.