The financial statements of Reitmans (Canada) Limited
Question and Solution
The financial statements of Reitmans (Canada) Limited for 2012 are shown in Appendix A at the back of this textbook. T
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The financial statements of Reitmans (Canada) Limited for 2012 are shown in Appendix A at the back of this textbook. They contain the following selected accounts: Administrative expenses Long-term debt Cash and cash equivalents Prepaid expenses Finance costs Sales Inventories Trade and other payables Instructions (a) Answer the following questions: 1. In which financial statement is the account included? 2. Is it an asset, liability, revenue, or expense? 3. What is the normal balance (debit or credit) for each of these accounts? 4.What are the increase side and decrease side (debit or credit) for each of these accounts? (b) Identify the probable other account(s) in the transaction, and the effect on that account(s), when: 1. Trade and other payables are decreased. 2. Long-term debt is increased. 3. Sales are increased. 4. Inventory is increased. 5. Prepaid expenses are increased.
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