Exercise – Sheperd Company / McCarthy Company
Financial Accounting
Thomas, Tietz, and Harrison
12th Edition
Given an adjusted trial balance… determine the total current assets of the company.
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Given an adjusted trial balance… determine the total current assets of the company.
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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 the prepaid insurance along with a list of transactions regarding payroll, interest revenue, supplies, unearned revenue, and depreciation… prepare adjusting entries.
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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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Given a trial balance… compute the total assets, total liabilities, and net income or net loss.
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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 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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Given amounts debited in accounts along with the amount credited… determine if the trial balance would be out of balance.
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Given beginning and ending stockholders’ equity, beginning assets, and increase in liabilities… determine the balance of the ending asset.
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