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TEST BANK FOR FINANCIAL ACCOUNTING, 16TH EDITION, CARL WARREN, CHRISTINE JONICK, JENNIFER SCHNEIDER
- Exam (elaborations) • 49 pages • 2023
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TEST BANK FOR FINANCIAL ACCOUNTING, 16TH EDITION, CARL WARREN, CHRISTINE JONICK, JENNIFER SCHNEIDERTEST BANK FOR FINANCIAL ACCOUNTING, 16TH EDITION, CARL WARREN, CHRISTINE JONICK, JENNIFER SCHNEIDERTEST BANK FOR FINANCIAL ACCOUNTING, 16TH EDITION, CARL WARREN, CHRISTINE JONICK, JENNIFER SCHNEIDERTEST BANK FOR FINANCIAL ACCOUNTING, 16TH EDITION, CARL WARREN, CHRISTINE JONICK, JENNIFER SCHNEIDERTEST BANK FOR FINANCIAL ACCOUNTING, 16TH EDITION, CARL WARREN, CHRISTINE JONICK, JENNIFER SCHNEIDER...
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(1).docx
- Answers • 9 pages • 2020
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Peyton Smith enjoys listening to all types of music and owns countless CDs. Over the
years, Peyton has gained a local reputation for knowledge of music from classical to rap
and the ability to put together sets of recordings that appeal to all ages.
During the last several months, Peyton served as a guest disc jockey on a local radio
station. In addition, Peyton has entertained at several friends’ parties as the host deejay.
On June 1, 2014, Peyton established a proprietorship known as PS Musi...
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(3).docx
- Answers • 10 pages • 2020
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Lisa Duncan, a junior in college, has been seeking ways to earn extra spending money.
As an active sports enthusiast, Lisa plays tennis regularly at the Phoenix Tennis Club,
where her family has a membership. The president of the club recently approached Lisa
with the proposal that she manage the club’s tennis courts. Lisa’s primary duty would
be to supervise the operation of the club’s four indoor and 10 outdoor courts, including
court reservations.
In return for her services, the club wo...
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(5).docx
- Answers • 8 pages • 2020
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PR 1-5B Transactions; financial statements OBJ. 4, 5
Bev’s Dry Cleaners is owned and operated by Beverly Zahn. A building and equipment
are currently being rented, pending expansion to new facilities. The actual work of dry
cleaning is done by another company at wholesale rates. The assets and the liabilities of
the business on November 1, 2014, are as follows: Cash, $39,000; Accounts Receivable,
$80,000; Supplies, $11,000; Land, $50,000; Accounts Payable, $31,500. Business transactions during...
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(21).docx
- Answers • 3 pages • 2020
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Financial information related to the proprietorship of Ebony Interiors for February and March 2014 is as follows:
 February 28, 2014 March 31, 2014
Accounts payable $310,000 $400,000
Accounts receivable 800,000 960,000
Cash 320,000 380,000
Justin Berk, capital ? ?
Supplies 30,000 35,000
a. Prepare balance sheets for Ebony Interiors as of February 28 and March 31, 2014.
b. Determine the amount of net income for March, assuming that the owner made no additional investments or withdrawals during th...
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(20).docx
- Answers • 4 pages • 2020
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One item is omitted in each of the following summaries of balance sheet and income
statement data for the following four different proprietorships:
Freeman Heyward Jones Ramirez
Beginning of the year:
Assets $ 900,000 $490,000 $115,000 (d)
Liabilities 360,000 260,000 81,000 $120,000
End of the year:
Assets 1,260,000 675,000 100,000 270,000
Liabilities 330,000 220,000 80,000 136,000
During the year:
Additional investment in the business (a) 150,000 10,000 55,000
Withdrawals from the business 75,0...
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(1).docx
- Answers • 4 pages • 2020
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On June 1 of the current year, Bret Eisen established a business to manage rental property. He completed the following transactions during June:
a. Opened a business bank account with a deposit of $30,000 from personal funds.
b. Purchased office supplies on account, $1,200.
c. Received cash from fees earned for managing rental property, $7,200.
d. Paid rent on office and equipment for the month, $3,000.
e. Paid creditors on account, $750.
f. Billed customers for fees earned for managing rental p...
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(5).docx
- Answers • 3 pages • 2020
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A, an Internet retailer, was incorporated and began operation in the mid-90s. On
the statement of cash flows, would you expect A’s net cash flows from operating, investing, and financing activities to be positive or negative for its first three years
of operations? Use the following format for your answers, and briefly explain your logic.
First Year Second Year Third Year
Net cash flows from operating activities negative
Net cash flows from investing activities
Net cash flows from financing ac...
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(5).docx
- Answers • 3 pages • 2020
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PR 1-5A Transactions; financial statements OBJ. 4, 5
D’Lite Dry Cleaners is owned and operated by Joel Palk. A building and equipment are
currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company at wholesale rates. The assets and the liabilities of the
business on July 1, 2014, are as follows: Cash, $45,000; Accounts Receivable, $93,000;
Supplies, $7,000; Land, $75,000; Accounts Payable, $40,000. Business transactions during
July a...
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(7).docx
- Answers • 3 pages • 2020
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PE 1-7A Statement of cash flows OBJ. 5
A summary of cash flows for Sunset Travel Service for the year ended April 30, 2014, is
shown below.
Cash receipts:
Cash received from customers $1,500,000
Cash received from additional investment of owner 75,000
Cash payments:
Cash paid for operating expenses 1,215,000
Cash paid for land 240,000
Cash paid to owner for personal use 66,000
The cash balance as of May 1, 2013, was $220,000.
Prepare a statement of cash flows for Sunset Travel Service for the ye...
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