Exercise 12.13 – Shaquille Corporation
Financial Accounting
Spiceland, Thomas, and Herrman
05th Edition and 06th Edition
Prepare the income statement for Shaquille Corporation.
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Prepare the income statement for Shaquille Corporation.
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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.
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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.
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(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.
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Prepare the operating activities section for Alliance Technologies.
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(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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Given net sales along with beginning and ending accounts receivable… calculate receivables turnover ratio and average collection period.
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Given select data from an income statement and balance sheet… prepare the operating activities portion of the statement of cash flows using the direct method.
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Given partial data from an income statement and balance sheet… prepare the operating activities section of the statement of cash flows using the direct method.
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Given an income statement, balance sheet, and other information… prepare a statement of cash flows using the direct method.
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