Fundamentals Of Financial Accounting - 6th Edition - by PHILLIPS,  Fred, Libby,  Robert,  Patricia A. - ISBN 9781259864230
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Fundamentals Of Financial Accounting
6th Edition
PHILLIPS, Fred, Libby, Robert, Patricia A.
Publisher: Mcgraw-hill Education,
ISBN: 9781259864230

Solutions for Fundamentals Of Financial Accounting

Book Details

Fundamentals of Financial Accounting, presents an engaging, balanced, and appropriately paced analysis of the fundamentals of financial accounting. Its writing style makes it easy to read and understand, while the selection of real focus companies reinforces the relevance of accounting by introducing students to accounting and business activities in the context of their favorite companies. Balance between preparer and user orientations is achieved throughout the book, by studying both the accounting activities that take place inside the company, as well as evaluating their impact on decisions, and users outside the company. Topic coverage is paced appropriately for students new to accounting, and is thoroughly reinforced every step of the way with an ample variety of innovative pedagogical tools. Clearly understandable, relevant, and accessible, FFA is simply the most student-friendly financial book on the market and provides the tools for students to grasp financial accounting from the ground up.

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Explanation: Journal: Journal is the method of recording monetary business transactions in...Income statement: An income statement is one of the financial statements which shows the revenues,...Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Explanation: Journal: Journal is the book of original entry. Journal consists of the day today...Explanation: Journal: Journal is the book of original entry. Journal consists of the day today...Explanation: Accounting Equation: The accounting equation implies the relationship between the...Explanation: Journal: Journal is the book of original entry. Journal consists of the day today...Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Accounting Equation: The accounting equation implies the relationship between the assets,...Explanation: Adjusting entries: Adjusting entries are the journal entries which are recorded at the...Explanation: Accounting equation: Accounting equation is an accounting tool expressed in the form of...Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by...Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to...Explanation: Journal: Journal is the method of recording monetary business transactions in...T-account: T-account refers to an individual account, where the increases or decreases in the value...T-account: T-account refers to an individual account, where the increases or decreases in the value...T-account: T-account refers to an individual account, where the increases or decreases in the value...Journal: Journal is the method of recording monetary business transactions in chronological order....Explanation: Journal: Journal is the method of recording monetary business transactions in...Explanation: Fraud: Fraud is a deliberate and deceptive action of an employee to obtain unlawful...Explanation: Bank reconciliation: Bank statement is prepared by bank. The company maintains its own...Deposits-in-transit: The checks that are deposited and recorded by the company, but not yet recorded...Explanation: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts...Deposits-in-transit: The checks that are deposited and recorded by the company, but not yet recorded...Deposits-in-transit: The checks that are deposited and recorded by the company, but not yet recorded...Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Explanation: Journal entry: Journal entry is a set of economic events which can be measured in...Following is the distinction between servicing and merchandising company: Servicing company renders...Explanation: Inventory: It refers to the current assets that a company expects to sell during the...Explanation: Perpetual Inventory System: Perpetual Inventory System refers to the inventory system...Net sales: Net sales is the balance of remaining amount that is arrived after subtracting sales...Explanation: Periodic Inventory System: Periodic inventory system is a system in which the inventory...Sales revenue: Sales revenue is the amount received by the company from the sale of goods and...Explanation: Periodic Inventory System: Periodic inventory system is a system in which the inventory...Sales revenue: Sales revenue is the amount received by the company from the sale of goods and...Explanation: Periodic Inventory System: Periodic inventory system is a system in which the inventory...Journal Entry: Journal entry is the method of recording monetary business transactions in...Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....The following are the primary goals of inventory management: To maintain an adequate quantity of...Determine cost of goods available for sale. Date Particulars Units ($) Unit cost ($) Total cost ($)...Determine cost of goods available for sale. DateParticularsUnits ($)Unit cost ($)Total cost...Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Explanation: Determine cost of goods available for sale _FIFO. Date Particulars Units ($) Unit cost...Determine cost of goods available for sale. Date Particulars Units ($) Unit cost($) Total cost($)...Determine cost of goods available for sale. Date Particulars Units ($) Unit cost($) Total cost($)...Determine cost of goods available for sale. Date Particulars Units ($) Unit cost ($) Total cost ($)...Explanation: Calculate the amount of inventory: Amount of inventory = (Units on hand×Units...Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by...Explanation: Extending Credit: Generally, most of the customers prefer to purchase the goods and...Note Receivable: Note receivable refers to a written promise by the debtor for the amounts to be...Explanation: Bad debt expense: Bad debt expense is an expense account. The amounts of loss incurred...Explanation: Bad debt expense: Bad debt expense is an expense account. The amounts of loss incurred...Accounts receivable turnover: This is the ratio which analyzes the number of times accounts...Note Receivable: Note receivable refers to a written promise by the debtor for the amounts to be...Explanation: Bad debt expense: Bad debt expense is an expense account. The amounts of loss incurred...Recording Daily and Adjusting Entries Using FIFO in a Perpetual Inventory System (Chapters 3, 4, 6,...Explanation: Perpetual Inventory System: It is the inventory system that maintains the detailed...Long-lived assets: Long-lived assets refer to the fixed assets, having a useful life of more than a...Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need...Explanation: Accounting equation: Accounting equation is an accounting tool expressed in the form of...Explanation: Accounting equation: Accounting equation is an accounting tool expressed in the form of...Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Explanation: Accounting equation: Accounting equation is an accounting tool expressed in the form of...Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Explanation: Journal: Journal is the method of recording monetary business transactions in...Straight-line method: The depreciation method which assumes that the consumption of economic...Explanation: Liabilities: Liabilities are referred to as the obligations of the business towards the...Explanation: Liabilities: Liabilities are debt and obligations of a business. These are the claims...Bonds: Bonds are long-term promissory notes that are represented by a company while borrowing money...Bonds: Bonds are long-term promissory notes that are represented by a company while borrowing money...Amortization Schedule: An amortization schedule is a table that shows the details of each loan...Amortization Schedule: An amortization schedule is a table that shows the details of each loan...Amortization Schedule: An amortization schedule is a table that shows the details of each loan...Explanation: Liabilities: Liabilities are debt and obligations of a business. These are the claims...Amortization Schedule: An amortization schedule is a table that shows the details of each loan...Amortization Schedule: An amortization schedule is a table that shows the details of each loan...Amortization Schedule: An amortization schedule is a table that shows the details of each loan...Corporation: A business concern where there is a separate legal entity and are owned by stockholders...Explanation: Accounting equation: Accounting equation is an accounting tool expressed in the form of...Explanation: Accounting equation: Accounting equation is an accounting tool expressed in the form of...Explanation: Accounting equation: Accounting equation is an accounting tool expressed in the form of...Explanation: Closing entries: Closing entries are those journal entries, which are passed to...Explanation: Accounting equation: Accounting equation is an accounting tool expressed in the form of...Explanation: Accounting equation: Accounting equation is an accounting tool expressed in the form of...Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by...Journal: Journal is the method of recording monetary business transactions in chronological order....Financial statement: Financial statements are condensed summary of transactions communicated in the...Explanation: Prepare journal entries. Journal: Journal is the method of recording monetary business...Explanation: Prepare journal entries. Journal: Journal is the method of recording monetary business...Explanation: The amount deducted by the each company on the income statement related to inventory is...Explanation: Prepare T-account worksheet. (A) Changes in Cash Account. Cash (A) Operating (1) Net...Statement of cash flows: This statement reports all the cash transactions which are responsible for...Explanation: Statement of cash flows Statement of cash flow is a financial statement that shows the...Explanation: Statement of cash flows: Statement of cash flow is a financial statement that shows the...Explanation: Trend analysis: Trend analysis is prepared to make comparison between the previous...Explanation: Current ratio: Current ratio is used to determine the relationship between current...Gross Profit Percentage: Gross profit is the financial ratio that shows the relationship between the...Explanation: Net Profit margin Ratio: This ratio gauges the operating profitability by quantifying...Financial Ratios Financial ratios are the metrics used to evaluate the capabilities, profitability,...Explanation: Net Profit margin Ratio: This ratio gauges the operating profitability by quantifying...Financial Ratios Financial ratios are the metrics used to evaluate the capabilities, profitability,...Explanation: Net Profit margin Ratio: This ratio gauges the operating profitability by quantifying...Gross Profit Percentage: Gross profit is the financial ratio that shows the relationship between the...Explanation: Time value of money explains the idea of dollar that is received at present and which...Compute the bond issue proceeds assuming a market interest rate of 8%. Particulars Amount ($) Face...Explanation: Present value is the amount of future value reduced or discounted at a rate of interest...Explanation: Present value is the amount of future value reduced or discounted at a rate of interest...Explanation: Present value is the amount of future value reduced or discounted at a rate of interest...

More Editions of This Book

Corresponding editions of this textbook are also available below:

FUNDAMENTALS OF FINANCIAL ACCOUNTING LL
6th Edition
ISBN: 9781265554927
FUNDAMENTALS OF FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781260823875
Loose Leaf For Fundamentals Of Financial Accounting
6th Edition
ISBN: 9781260159547
FUND.OF FINANCIAL ACCT.W/C+ >IC<
4th Edition
ISBN: 9781259232046
Connect Online Access for Fundamentals of Financial Accounting
7th Edition
ISBN: 9781264239283
FUN. OF FIN. ACTG LOOSELEAF WITH ACCESS
7th Edition
ISBN: 9781264408290
FUND OF FIN ACTG CONNECT ACCESS
7th Edition
ISBN: 9781264402847
FUND.OF FINANCIAL ACCOUNTING
7th Edition
ISBN: 9781260771381
FUND.OF FINANCIAL ACCOUNTING(LL)W/CONNEC
7th Edition
ISBN: 9781266497612
FUND.OF FINANCIAL ACCOUNTING-CONNECT >C<
7th Edition
ISBN: 9781265586409
FUND.OF FINANCIAL ACCT.-CONNECT ACCESS
7th Edition
ISBN: 9781264239726
FUND.OF FINANCIAL ACCOUNTING (LOOSE)
7th Edition
ISBN: 9781264239290
FUNDAMENTALS OF FINANCIAL ACCT W/CONNECT
7th Edition
ISBN: 9781264447961
LL FND FINCL ACCT
9th Edition
ISBN: 9781265941130
Fundamentals of Financial Accounting
7th Edition
ISBN: 9781264239313
FUND OF FIN.ACCOUTING (LL))W/CONNECT
7th Edition
ISBN: 9781266130779
FUND OF FINANCIAL ACCT-CONNECT
7th Edition
ISBN: 9781266102721
FUND. OF FIN. ACCOUNTING CONNECT CODE (C
7th Edition
ISBN: 9781266869792
FUND. OF FIN. ACCOUNTING W/CONNECT (CUST
7th Edition
ISBN: 9781266858819
Fundamentals of Financial Accounting
2nd Edition
ISBN: 9780390432759
Fundamentals Of Financial Accounting With Annual Report
3rd Edition
ISBN: 9780077344931
Fundamentals Of Financial Accounting - Text Only.
3rd Edition
ISBN: 9780073527109
Fundamentals of Financial Accounting
3rd Edition
ISBN: 9780077476595
FUND.OF FINANCIAL ACCT.(LL)-W/CONNECT
7th Edition
ISBN: 9781265934132
Fundamentals of Financial Accounting
5th Edition
ISBN: 9780078025914
Loose-leaf for Fundamentals of Financial Accounting with Connect
5th Edition
ISBN: 9781259619007
Connect 1 Semester Access Card for Fundamentals of Financial Accounting
5th Edition
ISBN: 9781259128547

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