FINANCIAL ACCOUNTING(LL)9th EditionWild Publisher: MCG/CREATEISBN: 9781307367515
FINANCIAL ACCOUNTING(LL)
Solutions for FINANCIAL ACCOUNTING(LL)
Problem 2DQ:
Technology is increasingly used to process accounting data. Why then must we study and understand...Problem 3DQ:
Identify four kinds of external users and describe how they use accounting information.Problem 4DQ:
What are at least three questions business owners and managers might be able to answer bylooking at...Problem 9DQ:
Why is accounting described as a service activity?Problem 10DQ:
What are some accounting-related professions?Problem 13DQ:
What does the concept of objectivity imply for information reported in financial statements?Problem 20DQ:
What do accountants mean by the term revenue?Problem 28DQ:
Define and explain return on assets.Problem 1QS:
Choose from the following term or phrase a through h to best complete statements I through 3. a....Problem 4QS:
Identify each of the following terms or phrases as either an accounting (a) principle, (b)...Problem 9QS:
Use Google's December 31. 2016, financial statements, in Appendix A near the end of the book, to...Problem 4E:
Match each of the numbered descriptions I through 5 with the term or phrase it best reflects....Problem 7E:
Enter the letter A through H for the principle or assumption in the blank space next to each...Problem 16E:
Use the information in Exercise 1-15 to prepare an October statement of retained earnings for Ernst...Problem 1PSA:
Identify how each of the following separate transactions 1 through 10 affects financial statements....Problem 7PSA:
Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co....Problem 9PSA:
Sanyu Sony started a new business and completed these transactions during December. Dec. 1 Sanyu...Problem 1SP:
On October 1, 2018, Santana Rey launched a computer services company, Business Solutions, that is...Browse All Chapters of This Textbook
Chapter 1 - Introducing Financial StatementChapter 2 - Financial Statements And The Accounting SystemChapter 3 - Adjusting Accounts For Financial StatementsChapter 4 - Reporting And Analyzing Merchandising OperationsChapter 5 - Reporting And Analyzing InventoriesChapter 6 - Reporting And Analyzing Cash, Fraud, And Internal ControlChapter 7 - Reporting And Analyzing ReceivablesChapter 8 - Reporting And Analyzing Long-term AssetsChapter 9 - Reporting And Analyzing Current LiabilitiesChapter 10 - Reporting And Analyzing Long-term Liabilities
Sample Solutions for this Textbook
We offer sample solutions for FINANCIAL ACCOUNTING(LL) homework problems. See examples below:
Accounting is an essential part of society because it provides financial reports for monetary...a. Equity for company A on Dec 31 of 2017: ParticularAmountAssets55000Liabilities 24500Equity30500...Chapter 1, Problem 7PSAChapter 1, Problem 9PSACompany V Amount of Equity on Dec 31, 2017 Asset= Liabilities+Equity $54,000=$25,000+$29,000 Amount...AssetsLiabilitiesEquityDate(June)CashAccount Receivable Office EquipmentAccount PayableCommon...Dated(July)AssetsLiabilitiesOwner’s capitalDate(July)CashAccount Receivable Office SuppliesRoofing...Chapter 2, Problem 1DQSr. No.ParticularsPRAmountAmounta.Cash101 $100,000Office equipment163 $5,000Drafting Equipment164...
September ParticularPRDr.Cr.a.Cash10160,000Office Equipment16325,000 To capital30185,000(Owner’s...Journal entries of KT for the month of April are shown below....Chapter 2, Problem 4PSBDateParticularsDebit ($)Credit($)Oct 1.Cash45,000Office Equipment8,000Computer Equipment20,000...Date (June)ParticularPRDr.Cr.a.Cash101100,000Office Equipment1635,000Drafting equipment16460,000 To...September ParticularPRDr.Cr.a.Cash10160,000Office Equipment16325,000 To capital30185,000(Owner’s...Chapter 2, Problem 8GLPChapter 3, Problem 1DQGross Margin= Net Income/ Net Sales a. Company 1 st=> Year 1 st= 45687 215639× 100 = 21.19% Year...The merchandising companies deal with the physical products for example trading of grocery items,...Chapter 5, Problem 1DQCost assigned to total inventory using specific identification method: Using specific identification...Cost of goods available for sales and the number of goods available for sales:...Cost of goods available for sales and the number of goods available for sales:...Cost of goods available for sales and number of goods available for sales: DateParticularUnitRate...Cost of goods available for sales and the number of goods available for sales:...Cost of goods available for sales and the number of goods available for sales:...Cost of goods available for sale and number of units available for sale is as follows: Date...Chapter 6, Problem 1DQ1. Journal entry of petty cash in the last month of company’s fiscal year is as following:...ParticularsAmountParticularsAmountBank statement balance46822.40Book balance32878.30Add: Deposit in...For A: Day’s sale uncollected is defined as the financial measure concerning to the compatibility of...Sr.ParticularsCurrent Year Prior YearA.Cash32,111,44222,636,744B.Accounts...If the customers are allowed to use credit cards, it will work in favor of the sellers as it will...Working notes To calculate the amount of bad debt: Closing balance of accounts receivable= credit...Plant asset is different from other assets. The characteristics which make it different from other...Current liabilities vary from company to company's point of view because they depend on the type of...Chapter 9, Problem 3PSAChapter 9, Problem 5PSAChapter 9, Problem 1PSBChapter 9, Problem 3PSBChapter 9, Problem 5PSBJournal entriesDateParticularAmount($)Amount($)24 Apr 2017 Inventory a/c40,250 Notes payable to L...Chapter 10, Problem 1DQChapter 11, Problem 1DQChapter 12, Problem 1DQChapter 13, Problem 1DQComputer Services Revenue (A)25307Net Sales (B)18693Total Sales and revenue (C)44000Cost of goods...Rate Interest rate Number of period12% annual rate, compounded annually12%1The compounding is...Chapter C, Problem 1DQ
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Financial Accounting: Information for Decisions
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