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    Accounting: Concepts and Applications

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    PE 2-4 THE ACCOUNTING EQUATION

    PE 2-6 CURRENT ASSETS

    PE 3-16 JOURNAL ENTRIES

    PE 3-20 TRIAL BALANCE

    PROBLEM 17 -1 CALCULATING RATIOS

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    PE2-4
    Use the Accounting Equation
    Assets = Liabilities + Equity
    Assets Liabilities Owners' Equity
    Case A 10,000 4,000 6,000
    Case B 8,000 4,500 3,500
    Case C 12,500 5,500 7,000
    Case D 13,000 15,000 (2,000)

    PE2-6
    The current assets are
    Cash 625
    Accounts Receivable 800
    Inventory 2,100
    Total current assets 3,525

    PE3-6

    a. Inventory 130,000
    Accounts Payable 130,000
    (To record purchase of inventory on account)

    b Cash 100,000
    Sales 100,000
    (To record the sales of goods on cash)
    Cost of goods sold 65,000
    Inventory 65,000
    (To ...

    Solution Summary

    The solution explains some questions relating to accounting equation, current assets, journal entries, preparing an income statement and calculating ratios for Phone Corporation

    $2.19

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