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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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
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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 ...
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