By Carl S. Warren, James M. Reeve, Jonathan Duchac
The authors of ACCOUNTING, 23e, remember the fact that you must locate very important info fast. This textbook makes use of an built-in studying method that will help you entire homework and lead you to accounting mastery. development at the authors' confirmed technique, transparent examples and high-impact writing advisor you thru the instruction of economic statements because the authors artfully offer a framework for figuring out what accounting is all approximately and accounting's evolving position in enterprise.
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The authors of ACCOUNTING, 23e, take into account that you must locate very important details speedy. This textbook makes use of an built-in studying process that can assist you entire homework and lead you to accounting mastery. construction at the authors' confirmed method, transparent examples and high-impact writing consultant you thru the training of monetary statements because the authors artfully offer a framework for figuring out what accounting is all approximately and accounting's evolving position in company.
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Extra info for Accounting
1, 2009 Chris Clark deposits $25,000 in a bank account in the name of NetSolutions. This transaction increases the asset cash (on the left side of the equation) by $25,000. To balance the equation, the owner’s equity (on the right side of the equation) increases by the same amount. ” The effect of this transaction on NetSolutions’ accounting equation is shown below. a. Assets ϭ Owner’s Equity Cash 25,000 ϭ Chris Clark, Capital 25,000 Since Chris Clark is the sole owner, NetSolutions is a proprietorship.
Chris Clark, capital, November 30, 2009 . . . . . . . . . $ 0 $25,000 3,050 $ 28,050 2,000 26,050 $26,050 NetSolutions Balance Sheet November 30, 2009 Cash . . . Supplies . Land . . . Total assets . . Assets ...... ...... . . . . . . $ 5,900 550 20,000 $26,450 Liabilities Accounts payable . . . . . . . Owner’s Equity Chris Clark, capital . . . . . . . Total liabilities and owner’s equity . $ 400 26,050 $26,450 NetSolutions Statement of Cash Flows For the Month Ended November 30, 2009 Cash flows from operating activities: Cash received from customers .
Wal-Mart $ 29,963 4,007 25,635 13,494 18,473 29,024 63,171 13,460 151,193 *Amounts are shown in millions of dollars. ϭ ϭ ϭ ϭ ϭ ϭ ϭ ϭ ϭ $13,043 2,216 21,196 2,589 1,433 13,566 32,074 7,011 89,620 ϩ ϩ ϩ ϩ ϩ ϩ ϩ ϩ ϩ $16,920 1,791 4,439 10,905 17,040 15,458 31,097 6,449 61,573 Chapter 1 Introduction to Accounting and Business 11 Each transaction during NetSolutions’ first month of operations is described in the following paragraphs. The effect of each transaction on the accounting equation is then shown.
Accounting by Carl S. Warren, James M. Reeve, Jonathan Duchac