Solutions for Financial Accounting
Problem 1DQ:
How are revenues and expenses reported on the income statement under (a) the cash basis of...Problem 2DQ:
Is the matching concept related to (a) the cash basis of accounting or (b) the accrual basis of...Problem 5DQ:
Identify the four different categories of adjusting entries frequently required at the end of an...Problem 6DQ:
If the effect of the debit portion of an adjusting entry is to increase the balance of an asset...Problem 1PEA:
Indicate with a Yes or No whether or not each of the following accounts normally requires an...Problem 1PEB:
Indicate with a Yes or No whether or not each of the following accounts normally requires an...Problem 2PEA:
Classify the following items as (1) prepaid expense, (2) unearned revenue, (3) accrued revenue, or...Problem 2PEB:
Classify the following items as (1) prepaid expense, (2) unearned revenue, (3) accrued revenue, or...Problem 3PEA:
The supplies account had a beginning balance of 3,375 and was debited for 6,450 for supplies...Problem 3PEB:
The prepaid insurance account had a beginning balance of 9,600 and was debited for 12,900 of...Problem 4PEA:
The balance in the unearned fees account, before adjustment at the end of the year, is 272,500....Problem 5PEA:
At the end of the current year, 23,570 of fees have been earned but have not been billed to clients....Problem 5PEB:
At the end of the current year, 17,555 of fees have been earned but have not been billed to clients....Problem 6PEA:
We-Sell Realty Co. pays weekly salaries of 11,800 on Friday for a five-day workweek ending on that...Problem 6PEB:
Prospect Realty Co. pays weekly salaries of 27,600 for a six-day workweek (Monday thru Saturday)....Problem 7PEB:
The estimated amount of depreciation on equipment for the current year is 7,700. Journalize the...Problem 8PEA:
For the year ending August 31, 2016, Mammalia Medical Co. mistakenly omitted adjusting entries for...Problem 8PEB:
For the year ending April 30, 2016, Urology Medical Services Co. mistakenly omitted adjusting...Problem 9PEA:
For each of the following errors, considered individually, indicate whether the error would cause...Problem 9PEB:
For each of the following errors, considered individually, indicate whether the error would cause...Problem 1E:
Classify the following items as (a) prepaid expense, (b) unearned revenue, (c) accrued revenue, or...Problem 2E:
The following accounts were taken from the unadjusted trial balance of Orion Co., a congressional...Problem 3E:
The balance in the supplies account, before adjustment at the end of the year, is 5,330. Journalize...Problem 4E:
The supplies and supplies expense accounts at December 31, after adjusting entries have been posted...Problem 5E:
At March 31, the end of the first month of operations, the usual adjusting entry transferring...Problem 6E:
The balance in the prepaid insurance account, before adjustment at the end of the year, is 18,630....Problem 7E:
The prepaid insurance account had a balance of 7,000 at the beginning of the year. The account was...Problem 8E:
The balance in the unearned fees account, before adjustment at the end of the year, is 36,950....Problem 10E:
At the end of the current year, 22,650 of fees have been earned but have not been billed to clients....Problem 11E:
The balance in the unearned fees account, before adjustment at the end of the year, is 97,770. Of...Problem 12E:
The adjusting entry for accrued fees was omitted at October 31, the end of the current year....Problem 13E:
Ocular Realty Co. pays weekly salaries of 16,600 on Friday for a five-day workweek ending on that...Problem 15E:
Accrued salaries owed to employees for October 30 and 31 are not considered in preparing the...Problem 16E:
Assume that the error in Exercise 3-15 was not corrected and that the accrued salaries were included...Problem 17E:
Art Imaging Company was organized on April 1 of the current year. On April 2, Art Imaging Company...Problem 18E:
The estimated amount of depreciation on equipment for the current year is 10,650. Journalize the...Problem 19E:
The balance in the equipment account is 28,650,000, and the balance in the accumulated...Problem 21E:
For a recent period, the balance sheet for Costco Wholesale Corporation reported accrued expenses of...Problem 23E:
The accountant for Healthy Life Company, a medical services consulting firm, mistakenly omitted...Problem 24E:
If the net income for the current year had been 196,400 in Exercise 3-23, what would have been the...Problem 25E:
On December 31, a business estimates depreciation on equipment used during the first year of...Problem 26E:
The unadjusted and adjusted trial balances for American Leaf Company on October 31, 2016, follow:...Problem 27E:
The accountant for Evas Laundry prepared the following unadjusted and adjusted trial balances....Problem 28E:
The following data (in millions) are taken from recent financial statements of Nike Inc.: a....Problem 1PA:
On March 31, 2016, the following data were accumulated to assist the accountant in preparing the...Problem 2PA:
Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the...Problem 3PA:
Reliable Repairs Service, an electronics repair store, prepared the following unadjusted trial...Problem 4PA:
Good Note Company specializes in the repair of music equipment and is owned and operated by Robin...Problem 5PA:
Rowland Company is a small editorial services company owned and operated by Marlene Rowland. On...Problem 6PA:
At the end of April, the first month of operations, the following selected data were taken from the...Problem 2PB:
Selected account balances before adjustment for Intuit Realty at November 30, the end of the current...Problem 3PB:
Crazy Mountain Outfitters Co., an outfitter store for fishing treks, prepared the following...Problem 4PB:
The Signage Company specializes in the maintenance and repair of signs, such as billboards. On March...Problem 5PB:
Reece Financial Services Co., which specializes in appliance repair services, is owned and operated...Problem 6PB:
At the end of August, the first month of operations, the following selected data were taken from the...Problem 1COP:
The unadjusted trial balance that you prepared for PS Music at the end of Chapter 2 should appear as...Browse All Chapters of This Textbook
Chapter 1 - Introduction To Accounting And BusinessChapter 2 - Analyzing TransactionsChapter 3 - The Adjusting ProcessChapter 4 - Completing The Accounting CycleChapter 5 - Accounting SystemsChapter 6 - Accounting For Merchandising BusinessesChapter 7 - InventoriesChapter 8 - Sarbanes-oxley, Internal Control, And CashChapter 9 - ReceivablesChapter 10 - Fixed Assets And Intangible Assets
Chapter 11 - Current Liabilities And PayrollChapter 12 - Accounting For Partnerships And Limited Liability CompaniesChapter 13 - Corporations: Organization, Stock Transactions, And DividendsChapter 14 - Long-term Liabilities: Bonds And NotesChapter 15 - Investments And Fair Value AccountingChapter 15.MJ - Mornin's JoeChapter 16 - Statement Of Cash FlowsChapter 17 - Financial Statement AnalysisChapter B - Reversing EntriesChapter D - International Financial Reporting Standards(ifrs)
Book Details
Market-leading Warren/Reeve/Duchac's FINANCIAL ACCOUNTING has been on the forefront of innovation and change based on the needs of today's teaching and learning environment. Warren/Reeve/Duchac's FINANCIAL ACCOUNTING 14E and CengageNOW help elevate thinking with content that addresses each stage of the learning process from motivation to mastery. This integrated system motivates students to learn, provides practice opportunities to better prepare for exams, and helps students achieve mastery with tools to help them make connections and see the big picture. The Complete Learning System in FINANCIAL ACCOUNTING and CengageNOWv2 is built around the way students use textbooks and online resources to learn, study and complete homework, allowing them to achieve ultimate success in this course. New to this edition, the authors have created innovative content that is focused on unique student and instructor needs before and after lecture-and the type of activities best-suited to each point in learning. New content such as the author-written Dynamic Exhibits allow students to change the variables in a scenario and see how a change ripples through the accounting system, helping students understand how concepts relate to one another. Dynamic Exhibits allow students to see connections and relationships like never before! The end goal of Warren/Reeve/Duchac's FINANCIAL ACCOUNTING and CengageNOWv2 is to elevate thinking and create more empowered and prepared students-ready to take on the rest of their educational and career goals.
Sample Solutions for this Textbook
We offer sample solutions for Financial Accounting homework problems. See examples below:
Users of accounting information: People who rely on accounting information to make best decisions or...Chapter 1, Problem 3PEAChapter 1, Problem 3PEBChapter 1, Problem 20EChapter 1, Problem 6PAChapter 1, Problem 5PBChapter 1, Problem 6PBChapter 2, Problem 1DQChapter 2, Problem 3PA
Chapter 2, Problem 4PAChapter 2, Problem 2PBChapter 2, Problem 3PBJournal: Journal is the book of original entry. Journal consists of the day today financial...Chapter 2, Problem 1COPChapter 3, Problem 1DQChapter 3, Problem 3PAChapter 3, Problem 4PAChapter 3, Problem 5PAChapter 3, Problem 3PBChapter 3, Problem 4PBChapter 3, Problem 5PBChapter 3, Problem 1COPSpreadsheet: A spreadsheet is a worksheet. It is used while preparing a financial statement. It is a...Chapter 4, Problem 3PAChapter 4, Problem 4PAChapter 4, Problem 5PAChapter 4, Problem 4PBChapter 4, Problem 5PBChapter 4, Problem 1CPPChapter 5, Problem 1DQChapter 5, Problem 1PAChapter 5, Problem 2PAChapter 5, Problem 4PAChapter 5, Problem 5PAChapter 5, Problem 2PBGeneral Ledger: General ledger refers to the ledger that records all the transactions of the...The following table shows the differences between a merchandising business and service business....Chapter 6, Problem 2PAPerpetual Inventory System refers to the Merchandise Inventory system that maintains the detailed...Chapter 6, Problem 4PAChapter 6, Problem 1PBChapter 6, Problem 2PBChapter 6, Problem 3PBChapter 6, Problem 4PBChapter 6, Problem 1COPInventory: Inventory refers to the raw materials, work in progress, and finished goods that are held...Chapter 7, Problem 21EChapter 7, Problem 4PAPeriodic Inventory System: Periodic inventory system is a system, in which the inventory is updated...Chapter 7, Problem 4PBChapter 7, Problem 5PBChapter 7, Problem 3CPInventory turnover ratio: Inventory turnover ratio is used to determine the number of times...Internal Control: Internal control refers to the policies, and plans of the business organization...Chapter 8, Problem 2PABank reconciliation: Bank statement is prepared by bank. The company maintains its own records from...Chapter 8, Problem 2PBBank reconciliation: Bank statement is prepared by bank. The company maintains its own records from...Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from...Chapter 9, Problem 1DQChapter 9, Problem 13EChapter 9, Problem 14EChapter 9, Problem 1PAChapter 9, Problem 4PAChapter 9, Problem 1PBChapter 9, Problem 4PBChapter 10, Problem 1DQFixed Asset turnover: It is a ratio that measures the productive capacity of the fixed assets to...Chapter 10, Problem 2PAChapter 10, Problem 3PAChapter 10, Problem 5PAChapter 10, Problem 2PBMethods of Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset...Chapter 10, Problem 5PBChapter 11, Problem 1DQChapter 11, Problem 1PAPayroll: The total payment that a company is required to pay to its employee for the services...Liabilities: Liabilities are debt and obligations of a business. These are the claims against the...Chapter 11, Problem 2PBChapter 11, Problem 3PBThe following are the journal entries. 2016ParticularsDebit ($)Credit ($)January3Petty Cash4,500...Proprietorships: Proprietorship is a form of organization, which is owned by an individual, called...Partnership: It is that form of organization which is owned and managed by two or more persons who...Partnership: It is that form of organization which is owned and managed by two or more persons who...Chapter 12, Problem 5PAWorking note 1 Calculation of division of realization Profit among partners: The following table...Partnership: It is that form of organization which is owned and managed by two or more persons who...Chapter 12, Problem 6PBChapter 13, Problem 1DQChapter 13, Problem 10EChapter 13, Problem 3PAChapter 13, Problem 4PAChapter 13, Problem 5PAChapter 13, Problem 4PBCommon stock: These are the ordinary shares that a corporation issues to the investors in order to...Chapter 14, Problem 1DQChapter 14, Problem 6EBonds: Bonds are long-term promissory notes that are represented by a company while borrowing money...Chapter 14, Problem 3PAChapter 14, Problem 4PABonds: Bonds are long-term promissory notes that are represented by a company while borrowing money...Prepare journal entry for cash proceeds from the issuance of the bonds on July 1, 2016. DateAccount...Chapter 14, Problem 4PBInternational Financial Reporting Standards (IFRS): IFRS are a set of international accounting...Chapter 15, Problem 1DQBond investment: Bond investments are debt securities which pay a fixed interest revenue to the...Trading securities: These are short-term investments in debt and equity securities with an intention...Equity investments: Equity investments are stock instruments which claim ownership in the investee...Bond investment: Bond investments are debt securities which pay a fixed interest revenue to the...Trading securities: These are short-term investments in debt and equity securities with an intention...Equity investments: Equity investments are stock instruments which claim ownership in the investee...Statement of cash flows: It is one of the financial statement that shows the cash and cash...Chapter 16, Problem 17EStatement of cash flows: It is one of the financial statement that shows the cash and cash...Chapter 16, Problem 22EChapter 16, Problem 23EChapter 16, Problem 3PAStatement of cash flows: It is one of the financial statement that shows the cash and cash...Horizontal Analysis: Horizontal analysis is prepared to make comparison between the financial...Chapter 17, Problem 3PAChapter 17, Problem 4PAChapter 17, Problem 5PAChapter 17, Problem 3PBFinancial Ratios: Financial ratios are the metrics used to evaluate the capabilities, profitability,...Chapter 17, Problem 5PBFinancial Ratios: Financial ratios are the metrics used to evaluate the liquidity, capabilities,...Chapter B, Problem 1EChapter D, Problem 1DQ
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Financial Accounting
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