Connect Access Card For Fundamental Accounting Principles - 24th Edition - by John J Wild - ISBN 9781260158526

Connect Access Card For Fundamental Acc...
24th Edition
John J Wild
Publisher: McGraw-Hill Education
ISBN: 9781260158526

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The required table for the given data is prepared as below: Assets...The required table for the given data is prepared as below Assets Liabilities+Equity Cash+Accounts...The income statement for Rivera Roofing Co for July month is as below: Rivera Roofing CoIncome...Asset accounts Cash in hand & at bank − The cash available in the cash box and in the bank...The journal entries for the transactions given are prepared as below for Aracel Engineering....The journal entries are passed; ledger accounts and trial balance is prepared. The debit-credit...The journal entries are passed; ledger accounts and trial balance is prepared. The debit-credit...The journal entries are passed; ledger accounts and trial balance is prepared. The debit-credit...The journal entries are passed; ledger accounts and trial balance is prepared. The debit-credit...Ledger Accounts Cash Account no. 101DateDescription Debit Credit Balance Beginning Balance -a.J....Ledger Accounts Cash Account no. 101DateDescription Debit Credit Balance Beginning Balance -Mar. 1D....Cash Account no. 101DateDebitCreditBalancea.$60,000$60,000b. $30,000$30,000f. $1,800$28,200g....There are two ways of recording transactions under accounting. One is cash basis and another is...Chapter 3, Problem 3APSAChapter 3, Problem 3BPSBChapter 3, Problem 5BPSBDATEPARTICULARSDR AMOUNTCR AMOUNTDec 2Advertising expense A/c DrTo Cash A/c$1,025$1,025Dec 3Repair...Chapter 3, Problem 2GLPChapter 3, Problem 3GLPDATEPARTICULARSDR AMOUNTCR AMOUNTDec 2Advertising expense A/c DrTo Cash A/c$1,025$1,025Dec 3Repair...Purpose of closing out process is to extend balances of each Income /Expense/Withdrawal/Income...Chapter 4, Problem 1APSAChapter 4, Problem 2APSAChapter 4, Problem 6APSAChapter 4, Problem 1BPSBCompany PDAccounting Work SheetFor year ended April,30.Unadjusted Trial...ANARA CO.Income Statement December 31, 2019Revenue:Professional Fees Earned$59,600Rent...ACE CONSTRUCTION CO.Six-Column Worksheet June 30, 2019. Trial BalanceAdjustmentsAdjusted No.Account...Solution: The businesses can be different so as to their components of financial statements. The...The above income statement is prepared as under − Given, Sales = $ 220,000 Sales discounts = $ 4,000...The above journal entries can be explained as under − Mar 03 − The journal entry explains the...Chapter 5, Problem 3APSAJournal entries are explained as follows-In this entry, store supplies are available at the end. So...Chapter 5, Problem 3BPSBChapter 5, Problem 5BPSBChapter 5, Problem 5SPMerchandise Inventory DateDescriptionDebitCreditBalanceJan. 31Balance $12,5001(d)Cost of Goods...FIFO(First In First Out) Method: Under FIFO, Cost of Goods sold will comprise of costs which were...Chapter 6, Problem 1APSAThe ending Inventory units is a difference between units of goods available for sale and units sold...TheCost of goods available for sale is computed by adding up the cost of goods in hand in the...The ending Inventory units is a difference between units of goods available for sale and units sold...Corrected figures are explained as follows: Corrected COGS is ascertained by subtracting the...Sales = units sold × selling price per unit Sales=4,000×$50=$200,000 Closing stock units = total...Corrected figures are explained as follows: Corrected COGS is ascertained by adding the overstated...Sales = units sold × selling price per unit sales=4,000*$100 Closing stock units = total units –...In an accounting system information flows from source document to output devices. The transactions...Sales Journal Page 3DateAccount Debited Invoice Number Accounts Receivable Dr.Sales Cr.Cost of Goods...Sales Journal Page 3DateAccount Debited Invoice Number Accounts Receivable Dr.Sales Cr.Cost of Goods...General JournalDateAccountsDebitCreditJuly 8Accounts Payable − Plaine, Inc.$250 Store...Assets and Expenses have debit balances and must be debited in order to increase their balance and...Sales Journal is a monthly summary of credit sales and cost of goods sold of such sales made during...For internal control, there should be established responsibility for specific transaction so that if...The Journal entry for the establishment of the petty cash fund is as follows: Nakashima GalleryPetty...The Journal entry for the establishment of the petty cash fund is as follows: Blues Music...Particular(a): Balance as on September 30, 2017(million$)(b): Balance as on September 24, 2016...Cash and Cash Equivalent as Percent of: Current Year Total Current Asset = Cash and Cash Equivalent...The credit card issuers earn profits by allowing the customers to use it in the following manner:...Chapter 9, Problem 2APSAChapter 9, Problem 4APSAChapter 9, Problem 1BPSBChapter 9, Problem 2BPSBChapter 9, Problem 4BPSBThe Accounts receivable turnover ratio for Apple and Google for the two most recent years is...Following are the characteristics of plant asset that are different from other assets: Unlike other...Chapter 10, Problem 3APSAChapter 10, Problem 4APSAChapter 10, Problem 6APSAChapter 10, Problem 3BPSBChapter 10, Problem 6BPSBThe amount of depreciation expenses for the year 2020 are calculated as follows: Accumulated...The percentage of original cost of Apple's Property plant and equipment account remains to be...The annual depreciation expense using the straight line depreciation method is calculated as...A liability can be defined as an obligation which a person or a company needs to pay which arises...Chapter 11, Problem 4EChapter 11, Problem 3APSAMiller CompanyWeaver CompanyIncome before Interest200,000400,000Interest Expenses60,000260,000Times...Chapter 11, Problem 3BPSBOn Nov 30, Warranty expenses have been calculated as 10% of sales revenue. Warranty expenses= 10%...Ellis CompanySeidel CompanyIncome before Interest120,00060,000Interest Expenses90,00030,000Times...Chapter 11, Problem 11CPIf the partnership contract specifies the duration of the partnership, in such case the duration of...The partnership income or loss should be allocated in the above manner under the four plans. Year...Journal entries for liquidation of partnership are as follows: S.No.Accounts titles and Explanation...The partnership income or loss should be allocated in the above manner under the four plans. Year...Journal entries for liquidation of partnership are as follows: S.No.Accounts titles and Explanation...These are the expenses that are borne by the organization at the time of its inception. These...The above solution can be explained as below: Cash Received from Shares is $300000, of which $50000...The above solution can be explained as below: The organisation purchased 4000 shares, thus the...The above solution can be explained as below: Cash Received from Shares is $120000, of which $117000...The above solution can be explained as below: The organisation purchased 40000 shares, thus the...ComputationsJan. 540,000 shares X $0.50 per share cash dividend = $20,000Apr. 537,000 shares X $0.50...Computation of book value per shareBook Value per Share = Stockholder’s equity to common shares...A company normally engage in stock buyback due to following reasons; 1. For reducing overall cost of...Plan A: (Issue of 3,750 common stock) Return on equity = Net Income after Tax × Beginning Equity *...Note payable and bonds payable are same for the purpose of the accounting, but the main difference...At the inception of finance lease the lease asset account will get debited and lease liability...At the inception of finance lease the lease asset account will get debited and lease liability...The blank table for the amortization of the bond's premium using the effective interest amortization...An investment can be classified as a current asset if it satisfies the following two conditions: It...The journal entries for the transactions and events are explained as follows; Kirkland...Assets and Expenses have debit balances and must be debited in order to increase their balance and...The journal entries for the transactions and events are explained as follows; Ancore CompanyJournal...Assets and Expenses have debit balances and must be debited in order to increase their balance and...The returns on total assets of Apple and Google for the most recent two years are calculated as...The Return on Total Assets of Samsung for the two most recent years is calculated as follows:...Long term investments are acquisition of financial assets such as shares and stocks, bonds and...The reporting purpose of the statement of cash flows can answerthe following questions as explained...Following is the cash account for the period: CashParticularsAmount ($) ParticularsAmount ($)...The Cash Flow statement using the indirect method and Analysis of changes is explained as follows:...The Cash Flow statement using the indirect method and Analysis of changes is explained as follows:...The Indirect method of preparation of cash flow statements measures the cash inflows and cash...SamsungW MillionsCurrent YearPrior 1 Year Prior 2 Years Operating Cash...Chapter 16, Problem 3BTNChapter 16, Problem 4BTNDifferent types of financial statements are: Balance Sheet − which shows the financial position of...The Common Size percentages for the given balance sheets are calculated as follows: Simon...Chapter 17, Problem 1APSAChapter 17, Problem 2APSATrend Percents for all components of both statements using 2013 as base year are calculated as...The Current ratios for each year are calculated as follows: 201920182017Current Assets...Current ratio = Current assetsCurrent liabilitiesCurrent assets ($6100 + $6900 + $15100 + $13500 +...Chapter 17, Problem 1BTNThe management of business has to make lots of decisions regarding the future expansion and growth...Garcon Co. Direct material used is calculated as follows- Direct material used= Beginning raw...Garcon Co. Given, Sales-$195,030 General and administrative expenses -$21,000 Selling expenses-...Garcon company- Given, Beginning raw materials inventory = $7,250 Raw materials purchases = $33,000...Raw material used= Raw materials inventory, Beginning+ Purchase of raw material − Raw material...Given, Sales = $1,250,000 Advertising expenses=$94,000 General and administrative exxpenses=$129,300...The raw material used in production is calculated as under − Given,Raw material available for use in...The above amounts are calculated as follows: Raw Material Purchases (A) $ 872,500 Raw Materials,...The entire cycle of business activities from the time a customer arrives to the time the customer...As mentioned above that assigning overheads such as factory rent, factory depreciation etc is a...Predetermined overhead rate Given, Estimated overhead cost = $750,000 Estimated material cost =...Predetermined overhead rate Given, Estimated overhead cost = $1,680,000 Estimated direct labor cost...Chapter 19, Problem 2APSAGiven, Materials-Job No. 136 - $48,000 Job No. 137 - $32,000 Job No. 138 - $19,200 Job No. 139 -...(a) Predetermined overhead rate Given, Estimated overhead cost = $1,500,000 Direct labor cost = No....Journal entries are explained as follows (a) Work in process is a current asset and its increases so...Given, Materials-Job No. 487 - $30,000 Job No. 488 - $20,000 Job No. 489 - $12,000 Job No, 490 -...The Job costing method is used for the business houses dealing in customized products produced...The equivalent units of production for Materials and Conversion for can be calculated as under −...The costs assigned to units transferred out to painting department and to units in ending inventory...The ending work in process inventory accounts for cutting department and binding department are...The equivalent units of production for Materials can be calculated as under − First, units added and...The costs assigned to units transferred out and to units in ending inventory are calculated as under...Explanation: Work In Process Inventory-CuttingParticulars AmountParticulars AmountBeginning...Explanation: Work In Process Inventory-MixingParticulars AmountParticulars AmountBeginning...When raw material is purchased for cash then raw material inventory account will be debited and cash...Recording of purchase of raw material. DateAccount Title and ExplanationPost...Variable cost: The main saying about variable cost is that: "Per unit Variable cost remain same and...The Contribution margin per unit is calculated as follows: Contribution margin per unit = Sales...The Degree of operating leverage is calculated as follows: Degree of operating leverage =...ParticularsCompany ACompany BNumber of Units sold3200 (Note a)1975TotalPer unitTotalPer...Given, Fixed costs = $250,000 Sales = $1,000,000 Contribution margin = $200,000 First we need to...Product T Given, Fixed costs = $125,000 Sales = $2,000,000 Contribution margin = $400,000 First we...Given, Fixed costs = $200,000 Sales = $750,000 Contribution margin = $150,000 First we need to find...Product BB Given, Fixed costs = $100,000 Sales = $800,000 Contribution margin = $240,000 First we...Explanation: The calculations are given here: Business Solutions Answer S. No.DetailsDeskChairValue...Sales price per unit is assumed as $5.00, $35.00, $50.00, $25.00 and $30.00 for Beverages,...Budgeting helps control income and expenditure for the organization. The managers have a yardstick...The preparation of cash budget can be explained as under. A cash budget is an estimated summary of...The cash payments for September are calculated as under − Cashpaymentsfor Merchandise for September...The cash payments for January, February and March are calculated as under - Cash payments for...First, the ending inventory requirement is calculated The ending inventory requirement is calculated...Chapter 22, Problem 4APSAJune- Collection of April months' sales = April months' sales * 28%Collection of April months' sales...Dollar sales value for each month is calculated as follows- Dollar sales value=Sales in...Chapter 22, Problem 4BPSBMarch- Collection of January months' sales = January months' sales * 23%Collection of January...Dollar sales value for each month is calculated as follows- Dollar sales value=Sales in...A fixed budget is prepared at an expected level of activity, but the actual level of activity may...1. Computation of Standard Cost per unit Direct material = Standard pounds allowed per unit X...1. Overhead Volume Variance Overhead Volume Variance =Budgeted FixedOverhead Cost–Applied Fixed...Overhead controllable variance computation Controllable VarianceActual overhead total$...Company PFixed Budget ReportFor Year Ended December, 31ParticularsCost classificationVariable...1. Overhead items Variable cost per unit Fixed cost per month Variable overhead costs Indirect...1. Computation of direct materials cost variance with its price and quantity variances. 2....1. The total per unit costs is $12 and the total fixed cost per month is $180,000. 2. The total...1. Computation of direct materials cost variance with its price and quantity variances. 2....Following are the advantages of departmentalization: There is scope for specialization when a...Chapter 24, Problem 11QSThe departmental contribution margin income statement is prepared as follows: Contribution Margin...Departmental Income Statement is prepared as follows; Jansen CompanySki DepartmentIncome...Beverage Division ROI = Net IncomeAverage Investment in Assets x 100 = 3492627.5 x 100 = 13.28%...The Return on Investment for the past year is calculated as follows: ZNet Co.Past yearOperating...Total or Joint Cost Total Cost = Cost of Land + Improvement Cost = 4000000 + 3500000 = $7,500,000...Ending Inventory = Purchased − Sold Ending Inventory of Lobster Tail = (52x24) – 1096 = 152 pounds...The Residual income for Samsung for the year 2017 is calculated as follows: SamsungIn millions of...The five steps of managerial decision making process are explained as follows: Determination of the...Product GProduct BContribution margin per unit $80$70Machine hour per unit 0.4 hour1 hour...Product RProduct TContribution margin per unit $40$35Machine hour per unit 0.4 hour1 hour...Esme DÉCOR COMPANYAnalysis of expenses under elimination of Department zTotal expenses ($)Eliminated...The capital budgeting decision requires careful analysis and diligent planning because of the...Given, Initial investment = $ 80 million Total present value of cash inflows will be calculated as...The Annual net cash flows for each project are calculated as follows: Project Y Project Z Net Income...Payback period for the project is calculated as follows; Cash Flows Accumulated Cash FlowsPeriod 1...Payback period for the project is calculated as follows; Cash Flows Accumulated Cash FlowsPeriod 1 $...The Annual net cash flows for each project are calculated as follows: Project A Project B Net Income...Payback period for the project is calculated as follows; Cash Flows Accumulated Cash FlowsPeriod 1 $...Payback period for the project is calculated as follows; Cash Flows Accumulated Cash FlowsPeriod 1 $...Future value is calculated with the help of following formula; Future value = Present value x (1 +...Manufacturing costs can be divided into two types; Direct costs and Indirect costs. Direct costs are...ActivityA. Overhead CostsB. Expected ActivityC. Activity Rate (A/B)Model 145Model 212D1. Activity...Plantwide Overhead Rate = Total Overhead CostTotal Direct Labor Hours = $1,130,7102,600 DLH + 1,600...Computation of Manufacturing Cost per UnitProduct AProduct BDirect Materials per Unit$15$24Direct...Followings are the three key principles of lean business model; Value streams; As per this principle...Given, Total conversion cost = $1,000,000 Total hours = 1,600 hours Conversion costs rate per hour =...Following information is given Process time is 6.0 days is also value added activity time Inspection...Chapter D, Problem 7EDays Payable outstanding for Current Year is calculated as follows: $ MillionsCurrent Year Accounts...A business doing international transaction enters into the foreign currency transactions. The value...The appropriate item or phrase for the given description is explained as follows:...International financial reporting framework is the accounting framework/ accounting standards...The Multiple Step Income Statement for the calendar year 2014 is prepared as follows: Adidas...The journal entry to record the depreciation expense on Property, plant, and equipment is explained...

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