E3-20A – Four Situations
Financial Accounting
Thomas, Tietz, and Harrison
12th Edition
Calculate the amounts that have been left blank for each situation.
Calculate the amounts that have been left blank for each situation.
Prepare the single-step income statement, statement of retained earnings, and balance sheet.
Given the information on the company, prepare closing entries, find how much net income the company earned, and prepare a T-account.
Given the adjustments, prepare the adjusting entries along with the overstatement or understatement if the adjustments weren’t made.
Given the financial statements for the business just started – create the corrected income statement, statement of retained earnings, and balance sheets.
Given the adjusted trial balances for the corporation – figure out what you would report on the income statement for sales revenue, insurance expense, and operating expenses.
Given the reported ratios and the completed transactions – figure out if those transactions benefited or harmed the company.
Given the checkbook lists and the bank statement for the month – prepare the bank reconciliation.
Given the information on the guided tours and the transactions – create a journal entry for each transaction.
Using average-cost, FIFO, and LIFO – find the cost of goods sold and ending inventory.