Financial and Managerial Accounting (Looseleaf) (Custom Package) - 6th Edition - by Wild - ISBN 9781259754883

Financial and Managerial Accounting (Lo...
6th Edition
Wild
Publisher: MCG
ISBN: 9781259754883

Solutions for Financial and Managerial Accounting (Looseleaf) (Custom Package)

Sample Solutions for this Textbook

We offer sample solutions for Financial and Managerial Accounting (Looseleaf) (Custom Package) homework problems. See examples below:

Journal entries to record the transactions a. Date Account Title and Explanation Post.ref Debit($)...Journal entries to record the transactions Date Account Title and Explanation Post. ref Debit ($)...Journal entries to record the transactions a. Date Account Title and Explanation Post. ref Debit ($)...Journal entries to record the transactions a. Date Account Title and Explanation Post.ref Debit($)...Journal entries to record the transactions Date Account Title and Explanation Post.ref Debit($)...Journal entries to record the transactions a. Date Account Title and Explanation Post. ref Debit ($)...Option b, overstate net income by $350,000, is correct. b. The rectifying adjustment entry to be...1. a. Accrued rent payable at the end of the year on October 31, 2017. Date Account title and...Cash Account Particulars Debit($) Particulars Credit($) Balance b/f 34,000 Balance c/f 34,000 34,000...Cash Acct. No. 101 Date Account Title and Explanation Post ref Debit($) Credit($) Balance($) Table...Prepare income statement. T Company Income Statement For Year Ended December 31, 2015 Particulars...Cash Account Particulars Debit($) Particulars Credit($) Balance b/f 60,000 Balance c/f 60,000 60,000...Cash Acct. No. 101 Date Account Title and Explanation Post ref Debit($) Credit($) Balance($) Table...Prepare income statement as follow: A Company Income Statement For Year Ended December 31, 2015...Preparing journal entries: Paid $1,025 for advertising cost: Date Account Title and Explanation Post...Prepare adjusting entries: a. Date Account Title and Explanation Post ref Debit($) Credit($)...Expense account will be debited because it reduces equity. Prepaid expense account is an asset...Option c, $357,000 is correct. Given, The net sales are $550,000. The gross profit is $193,000. The...▪ Inventory is an asset account. Since the Inventory is purchased, the value of assets is increased....Purchased merchandise inventory worth $6,000. Date Account Title and Explanation Post ref Debit($)...Purchased merchandise inventory worth $7,500. Date Account Title and Explanation Post ref Debit($)...Purchased merchandise inventory worth $6,000. Date Account Title and Explanation Post ref Debit($)...Purchased merchandise inventory worth $7,500. Date Account Title and Explanation Post ref Debit($)...Cash Acct. No. Cash Date Account Title and Explanation Post ref Debit($) Credit($) Balance($) Jan1...Journal entries Purchased merchandise inventory worth $6,000. Date Account Title and Explanation...Prepare the journal entries as shown below. Date Particulars L/F Debit($) Credit($) Aug 1...Option a, $2,940 is correct. Given, The company uses perpetual FIFO inventory system. Calculation of...Date Particulars Units acquired Cost per unit ($) Cost of goods available ($) Units sold Retail...Given info, Date Particulars Units acquired Cost per unit ($) Units sold Retail price per unit ($)...Given info, Units available for sale are 820 units. Units of goods sold are 580 units. (1) Cost of...Solution: Given info, Date Particulars Units acquired Cost per unit ($) Units sold Retail price per...Chapter 5, Problem 4PSA1. Cost of goods available for sale Formula to calculate Cost of goods available for sale is, Cost...Given info, Units available for sale are 65 units. Units of goods sold are 60 units. 1. Cost of...1. Cost of goods available for sale Formula to calculate Cost of goods available for sale is, Cost...As per gross profit approach the FIFO method is the best to earn more profits or bonus. The bonus...e. Date Account Title and Explanation Post ref Debit($) Credit($) Expenses 420 Cash over and short 5...Given items added or subtracted from bank balance or book balance is showing in below table....To establish the fund on May 1. Date Account Title and Explanation Post ref Debit ($) Credit ($) May...To establish the petty cash fund. Date Account Title and Explanation Post ref Debit ($) Credit ($)...To establish the fund Jan 3: Date Account Title and Explanation Post ref Debit ($) Credit ($) Jan.3...To establish the petty cash fund. Date Account Title and Explanation Post ref Debit ($) Credit ($)...Balance of cash and cash equivalents as on September 28, 2013 and September 29, 2015 are as follows:...‘Option d- $4,698’ is correct. Bad Debts Expense=[ ( Total Accounts Receivable ×Percentage of...2014 a. Sold $1,345,434 of merchandise (that has cost $975,000) on credit, terms n/30. Date Account...• The reporting can be provided as the footnote at the end of financial statement when a business...Aug 4 sold $3,700 of merchandise on credit (that had cost $2,000) to M.C. Date Account Title and...a. Sold $685,350 of merchandise (that has cost $500,000) on credit, terms n/30. Date Account Title...2014 Nov 1 accepted a $4,800, 90 day, 8% note dated this day in granting S.J a time extension on his...Accepted a $10,800, 60 day, 8% note dated this day in granting D.T a time extension on his part due...Given, Land appraised value is $175,000. Land improvements appraised value is $70,000. Buildings...Given, Cost of real estate is $375,080. Closing cost is $20,100. Formula to calculate cost of...Given, Cost of machine is $257,000. Salvage value is $20,000. Formula to calculate depreciable cost:...Prepare table to show allocation of cost: Table (1) Working Notes: Computation of total appraised...To record the entry for improvement made in equipment on Jan 1 2016. Date Account Title and...Record cost of machine purchased. Date Account Title and Explanation Post ref Debit ($) Credit ($)...Given, Cost of machine is $324,000. Salvage value is $30,000. Formula to calculate Depreciable cost:...Prepare table to show allocation of cost: Details Land($) Building 2($) Building 3($) Land...To record cost of machine purchased. Date Account Title and Explanation Post ref Debit ($) Credit...Given, Cost of the van is $44,000. Salvage value is $2,000. Useful life is 4 years. Formula to...Interest Expense Intrest Expenses =Principal ×Interest Rate × Outstanding Days on December 31 360...Journal entries to record accrued payroll including employee deductions for July DateAccount Title...Prepare the payroll register as shown below. Table 1 Working notes: 1. Calculation of FUTA of A....Given, For M company Income before interest is $200,000. Interest expense is $60,000. Times interest...Given, For E company Income before interest is $120,000. Interest expense is $90,000. Times interest...Given: Number of employees are 5. Salary per month of each employee is $1,600. FICA Social security...Given, Cash balance as per bank is $15,100. Deposit in transit is $2,450. Outstanding checks are...Option A: To borrow $6,000 as on June 1 for 90 days bearing the interest at10%. Calculation of...Option b, the bond trades at $975 per $1,000 is correct. b. The bond traded at 97 1/2 means that the...Given, Value of bonds is $800,000. Rate of interest is 6%. Time period is 0.5. Formula to calculate...(a) Issue of bonds at discount on December 31, 2015 Date Account title and Explanation Post.Ref....Issue of bonds at discount on January 1, 2015 Date Account Title and Explanation Post.Ref. Debit($)...Issue of bonds at discount on January 1, 2015 Date Account Title and Explanation Post.Ref. Debit($)...Issue of bonds at discount on January 1, 2015 Date Account Title and Explanation Post.Ref. Debit($)...(a) Cash flow Table Value from table Amount ($) Present value ($) Par value B.1 0.6139 90,000 55,251...Issue of bonds at discount on January 1, 2015 Date Account Title and Explanation Post.Ref. Debit($)...Issue of bonds at premium on January 1, 2015 Date Account Title and Explanation Post.Ref. Debit($)...Issue of bonds at discount on January 1, 2015 Date Account Title and Explanation Post.Ref. Debit($)...Cash is an asset. Since, cash is received, it increases asset. Hence debit cash account Common stock...1. 4,000 shares issued for $35,000n with $5 par value: Date Account Title and Explanation Post ref...Declared a cash dividend payable: Date Account Title and Explanation Post ref Debit ($) Credit ($)...Treasury stock is purchased. Date Account Title and Post ref Debit($) Credit($) Jan 2 Treasury...a. Sale of common stock of $25, each issued at $30 and the number of shares is 10,000. b. Common...Required formula: Number of outstanding shares=Issued shares−Treasury shares Issued shares are...Market value of share Formula for market value of share: Market value of common stock=(Total number...a. Sale of common stock of $1, each issued at $40 and the number of shares is 3,000. b. Common stock...Required formula: Issued shares are 17,000. Treasury shares are 0. Calculate the number of common...‘Option b’ is the correct answer. Calculate cash flow from operating activity. Given, Net income is...Company Name Statement of cash flow For the Year Ended 31 December 20XX Cash flow from operating...Prepare the cash flow statement as shown below. Cash flow statement Particulars Amount ($) Amount...Prepare the cash flows from operating activities section only of the company’s 2015 statement of...Prepare the journal entries as shown below. a. Retirement of the notes payable: Date Particulars L/F...Prepare the journal entries as shown below. Decrease in the account receivable: Date Particulars L/F...Prepare the journal entries as shown below. Purchase of the equipment: Date Particulars L/F...Calculate the cash flow on total assets ratio of A for the current year. Cash flow from operation...Cash flow statement gives the information related to the cash receipt and cash payment of the...‘Option a’ is correct answer. Given, Sale of the 2014 is $300,000. Sale of the 2015 is $351,000....Table presenting current ratio, acid-test ratio and working capital transaction wise: Transaction...Given, Current assets are $86,900. Current liabilities are $24,000. Formula to calculate current...Formula to calculate current ratio, Current ratio=Current assetsCurrent liabilities 2015 Given,...Table presenting current ratio, acid-test ratio and working capital transaction wise: Transaction...(1) Given, Current assets are $43,600. Current liabilities are $17,400. Formula to calculate current...(a) Formula to calculate current ratio is, Current ratio= Current Assets Current Liabilities F...Solution: To compute trend percents, base amount is required firstly. Base amount is an amount which...Account Balance sheet Income statement Schedule of cost of goods Overhead report Accounts receivable...Given, Raw material purchases are $532,000. Beginning raw materials inventory are $145,500. Formula...1. The cost is the variable costs. Variable cost remains per unit fixed. It increases with respect...Advertisement Expense $28,750 is the period cost. Period cost is the cost which is not related to...Given, Raw material in the beginning is $166,500. Raw material in the end is $182,000. Work in...1. (a) The cost is the variable costs. Variable cost remains per unit fixed. It increases with...Given, Raw material in the beginning is $40375. Raw material in the end is $70,430. Work in progress...Compute total factory overheads as follow: Particulars Amount($) Factory supervision 122,500 Factory...Option c, $45,000 is correct. Given, Overhead rate is 150 %. Total direct labor cost is $30,000....Computation of total each production cost in April. Details Job 306 ($) Job 307 ($) Job 308 ($)...Job cost sheet for job number 136. Job Number:136 Particular Amount($) Materials 48,000 Labor 12,000...Solution: a. To record material purchases on credit. Date Account Title and Explanation Post ref...Computation of total each production cost in April. Details Job 114 ($) Job 115 ($) Job 116 ($)...Job cost sheet for job number 487. Job Number:487 Particular Amount($) Materials 30,000 Labor 8,000...a. To record material purchases on credit. Date Account Title and Explanation Post ref Debit ($)...‘Option d: The number of units that could have been started and completed given the cost incurred’...For direct material: Given, Completed goods are 295,000 units. Work in progress is 24,000 units....Number of transferred out goods is 23,000 units. Hence, number of transferred out goods is 23,000...Given, Opening work in process inventory is $435,000. Production cost incurred during the month is...For direct material: Given, Total direct material cost is $2,640,000. Total EUP (Direct Material) is...Given, Work in process (opening) is 37,500 units. Units started and completed this month are 150,000...Given, Opening work in process inventory is $156,000. Production cost incurred during the month is...Given, Work in process (opening) is 62,500 units. Units started and completed this month are 175,000...(a) Date Account Title and Explanation Post ref Debit ($) Credit ($) Raw Material Inventory 125,000...Prepare journal entry. Date Account Title and Explanation Post ref Debit ($) Credit ($) May 31 Raw...Journal entry for process costing. Raw material purchase: Date Account Title and Explanation Post...b. Usually activity based costing system shifts costs from high volume to low volume products due to...Activity rates shown in below table: Activity Budget cost ($) Deluxe model Basic model Total of...Table showing total departmental overhead cost of model 145 and model 212: Activity Overhead rate...Given below is the categorization of overhead activities: Unit level:Activities that are performed...Given below is the table for the calculation of cost of each product line using ABC: Total cost of...Given below is the table for the calculation of plantwide overhead rate: Plantwide overhead rate...Given below is the table for the calculation of plantwide overhead rate: Plantwide overhead rate...Given below is the table for the calculation of plantwide overhead rate: Plantwide overhead rate...Option a, $50 is correct. Given, Selling price of the product is $150 per unit. Variable cost is...In order to calculate the break- even point, contribution margin needs to calculate. Given, The sale...Given, Fixed cost is $250,000. Calculated values, Contribution margin ratio is 20% or 0.2 (from...Product T Given, Fixed cost is $125,000. Calculated values, Contribution margin ratio is 20% or 0.2...(a) Plan 1 Given, Fixed cost is $525,000 ( $200,000+$325,000 ) . Calculated values, Contribution...Given, Fixed cost is $250,000. Calculated values (working note), Unit contribution margin is $122....Given, Fixed cost is $200,000. Calculated values, Contribution margin ratio is 20% or 0.2 (from...Product BB Given, Fixed cost is $100,000. Calculated values, Contribution margin ratio is 20% or 0.2...(a) Existing business strategy Given, Fixed cost is $950,000. Calculated values, Contribution margin...Given, Fixed cost is $270,000. Calculated values (working note), Unit contribution margin is $144....Option c., $14 is the correct answer. Given, Units produced are 1,000. Under variable costs: Direct...The income statement of the company under absorption costing is, H.B. Company Income Statement...Given, Direct material per unit is $60 per unit. Direct labor per unit is $22 per unit. Variable...Given, Selling price is $50 per unit. Direct Material is $5 per unit. Direct Labor is $14 per unit....a. Income statement under absorption costing when 300 workstations are produced is: S.R. Company...Option c, production budget is the correct option. c. Production budget is the plan that reports the...Given, September, Production units are 4,600. Raw material required per unit 2 pounds. Opening raw...Given, March, Production units are 3,300. Raw material required per unit 8 pounds. Opening raw...Company A Budgeted Income Statement Particulars July Amount ($) Sales (Given) 1,400,000 Less: Cost...Merchandise Purchase Budget Particulars June Amount ($) July Amount ($) August Amount ($) September...Company C Cash Budget Particulars April Amount ($) May Amount ($) June Amount ($) Beginning cash...Company K Cash Receipt Budget Particulars July Amount ($) August Amount ($) September Amount ($)...Cash receipts Particulars July Amount ($) August Amount ($) September Amount ($) Budgeted sales...Prepare the sales budget as shown below. Sales Budget Particulars April ($) May ($) June ($) Total...Prepare the sales budget of D Company as shown below. Sales Budget Particulars January($)...Given, Second quarter, Sale is 250,000 units. Opening inventory is 8,000 units. Ending inventory is...Prepare the sales budget as shown below. Sales Budget Particulars July($) August ($) September($)...Given, Budgeted production and sales are 24,000 units. Budgeted fixed costs are $300,000. Budgeted...S Company Flexible Budget Performance Report For the year ended 2017 Particulars Flexible Budget ($)...Direct Labor Rate Formula to calculate Direct Labor Rate Variance, Direct Labor Rate...Calculate the variable cost per unit. Variable overhead cost item Total cost ($) Expected production...Given, The actual material used is 1,615,000 lbs. The standard quantity of materials for actual...Given, The actual hours are 265,000. The variable overhead costs are $2,200,000. The standard direct...Chapter 21, Problem 6PSACalculation of the variable cost per unit: Variable overhead cost item Total cost ($) Expected...Given, The actual material used is 1,000,000 lbs. The standard quantity of materials for actual...Option b, $67,500 is correct. Given, Advertising expense for the year is $150,000. Departmental...Table(1) Hence, total expense distributed among department is $698,000. Working notes: Calculation...Formula to calculate annual wages to a particular department, Annual wages=( Total hours spent in...Sold items: Tails: Given, Total value of tails sold is $23,016. Total values of tails and flakes are...Formula to calculate profit margin, Profit Margin = Net Income Total Revenue ×100...Prepare the departmental income statement to show how the company’s predicted results of operations...V Company Department Contribution statement Particulars Department A Department B Sales 800,000...Prepare the departmental income statement to show how the company’s predicted results of operations...The departmental contribution to overhead and the departmental net income are determined as follows....Option a. The company has produced defective products, so the cost of production is a sunk cost and...Calculate the contribution margin per machine hour for each product as shown below. Contribution...Prepare the three-column comparative income statement as shown below. Particulars Normal volume New...Calculate the contribution margin per machine hour for each product as shown below. Contribution...Given below is the three column report for analysis of expenses under elimination of department Z of...Option a. Hurdle rate of return can be referred to as a minimum rate that the corporation expects...Given below is the table for the computation of annual expected net cash flows: Annual cash flow...Given below is the table for the computation of annual expected net cash flows: Particulars Project...The net present value of alternative 1 is -$5,921.3.Payback Period Given below is the table for the computation of payback period: Payback period Year...1. The annual interest rate is 8% and it is required to convert it compounded quarterly. The...The items required for the calculation of present value of an investment are future value of...Option d, $625 is correct. Given, Value of bond is $30,000. Interest rate is 5%. Interest paid on...► The short-term investment of C Company increases. The short-term investment is an asset of the...• The short-term investment of R Company increases. The short-term investment is an asset to the...► The long-term investment of G Company increases. The long-term investment is an asset of the...► The long-term investment of G Company increases. The long-term investment is an asset of the...Prepare the journal entries for the year 2015 as shown below. Date Particulars L/F Debit ($) Credit...Prepare the journal entries a shown below. Date Particulars L/F Debit ($) Credit ($) Feb 6...► The long-term investment of P Company increases. The long-term investment is an asset of the...► The long-term investment of B Company increases. The long-term investment is an asset of the...

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FINANC. MANGERIAL ACCT. W/CONNECT (LL)
7th Edition
ISBN: 9781307257991
Financial & Managerial Accounting: Information for Decisions w Access Card, 5th edition, ACC 211 & 212, Northern Virginia Community College
5th Edition
ISBN: 9781259347641
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7th Edition
ISBN: 9781260368192
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Financial and Managerial Accounting
7th Edition
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Financial And Managerial Accounting (custom) - Wild - Paperback
1st Edition
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FIN + MANAG ACCT -(LL) W/ACCESS + PROCTO
8th Edition
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FIN + MANAG ACCT CONNECT + PROCTORIO
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FINANCIAL&MGRL ACCT 2 W/CONNECT CODE
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FINANCIAL & MANAGERIAL ACCOUNTING (PLACE
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Financial and Managerial Accounting
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FINANCIAL+MANAG.ACCT.(LL)W/ACCESS
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FINC MGRL ACCOUNTING LL W/CONNECT
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Financial And Managerial Accounting
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FINANCIAL & MANAG ACCTG W/ACCESS
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FINANCIAL & MANAGERIAL ACCOUNTING
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Loose Leaf For Financial And Managerial Accounting
8th Edition
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Financial and Managerial Accounting
5th Edition
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FINAN&MANAG ACCT (LL) W/ACCESS
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FINANCIAL & MANAGERIAL ACCT. CONNECT
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FINANCIAL AND MANAGERIAL ACCOUNTING
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FIN+MAN ACCOUNTING (LL) W/ ACCESS CODE
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FINANCIAL + MANAGERIAL ACCOUNTING W/CONN
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FINANCIAL+MGRL.ACCT.(LL)-W/CODE>CUSTOM<
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FIN + MANAG ACCT 180 DAY CUST CONN ACC
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GEN. COMBINED FIN.+MAN.ACCT LCPO
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Financial and Managerial Accounting
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FIN & MAN ACCOUNTING (PRINT UPGRADE)
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FINANCIAL +MANAGERIAL ACCT- ACCESS
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FIN MANAG. ACCT. (LL) W/CONNECT (1TERM)
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FIN + MANAG ACCT (LL) W/CONNECT (YEAR)
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FINAN&MANAGERIAL ACCT (LL)W/1TERM ACCESS
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FINANCIAL & MANAG ACCT (CH. 1 - 24 EBOOK
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NOVA CC - ACC 211: Connect for Financial and Managerial Accounting with PROCTORIO PLUS
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FIN & MGR ACCOUNTING W/ACCESS
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FINANCIAL + MANAG. ACCT. (LL) W/CONNECT
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FIN + MANAGERIAL ACCT 9E CH 1-12
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