Loose Leaf for Fundamentals of Accounting Principles and Connect Access Card - 22nd Edition - by John J Wild - ISBN 9781259542169

Loose Leaf for Fundamentals of Accounti...
22nd Edition
John J Wild
Publisher: McGraw-Hill Education
ISBN: 9781259542169

Solutions for Loose Leaf for Fundamentals of Accounting Principles and Connect Access Card

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Explanation: The required table for the given data is prepared as below Assets Liabilities + Equity...Explanation: The required table for the given data is prepared as below Assets Liabilities + Equity...Explanation: October 1- The effect of each transaction is shown in the above table. Cash invested,...Asset accounts: Cash in hand & at bank – The cash available in the cash box and in the bank...Explanation: The journal entries for the transactions given are prepared as below for Aracel...Explanation: Given: Yi Min who is the owner of Min Engineering completed seven transactions in May...Explanation: Given: Roshaun Gould who is the owner of Gould Solutions completed seven transactions...Explanations: On October 1, increase in asset is debited. As Santana Rey is raising equity by means...Explanation: Ledger Accounts CashAccount no. 101 Date Description Debit Credit Balance Beginning...Explanation: Ledger Accounts CashAccount no. 101 Date Description Debit Credit Balance Beginning...Explanation: CashAccount no. 101 Date Debit Credit Balance a. $60,000 $60,000 b. $30,000 $30,000 f....Explanation: 1. Journal entries Date Accounts Debit Credit Oct. 1 Cash $45,000 Computer Equipment...Explanation: There are two ways of recording transactions under accounting. One is cash basis and...Explanation: a. 1. The current prepaid insurance account balance = $4,700 2. The prepaid insurance...The above journal entries are prepared as under − Office supplies that has been used during the year...Explanation: T account : Cash accountBal.34,000 Accounts receivable Bal.0 Teaching suppliesBal.8,000...Office supplies that has been used during the year charged as expenses. Office supplies, December31,...Explanation: T account : Cash accountBal.60,000 Accounts receivable Bal.0 Teaching...Explanation: Dec, 2 − We paid to Hillside mall $1,025 for advertisement expenses. In this case,...Explanation: Cash Unadj. Bal. $34,000 Accounts Receivable Unadj. Bal. $0 f. $7,500 Bal. $7,500...Purpose of closing out process is to extend balances of each Income /Expense/Withdrawal/Income...Explanation: The preparation of 10-Column worksheet can be explained as under − The given...Explanation: All ledger account has been opened with the nil balance in balance column format i.e....A 10 Column worksheet starts with Unadjusted Trail balance in which we have to do the adjustments....Explanation: All ledger account has been opened with the nil balance in balance column format i.e....Explanation: There is no adjustment related to cash thus the balance of cash in unadjusted trial...Explanation: All ledger account has been opened with the nil balance in balance column format i.e....Explanation: There is no adjustment related to cash thus the balance of cash in unadjusted trial...Explanation: The businesses can be different so as to their components of financial statements. The...Given, Sales: $225,600 Sales account is debited with the sale amount of $225,600 and income summary...Explanation: Store Supplies as on January 31st, 2015 in unadjusted trial balance: $5,800 Store...Explanation: The above journal entries can be explained as − May 2: The merchandise is purchased...Explanation: The net sales are calculated as − The information given related to the sales are −Sales...Given, Sales: $332,650 Sales account is debited with the sale amount of $332,650 and income summary...Explanation: We have prepared all journal entries from Jan to March transaction and recorded in...Explanation: The above journal entries can be explained as − July 1: The merchandise is purchased...Explanation: FIFO(First In First Out) Method: Under FIFO, Cost of Goods sold will comprise of costs...Explanation: TheCost of goods available for sale is computed by adding up the cost of goods in hand...Explanation: TheCost of goods available for sale is computed by adding up the cost of goods in hand...Explanation: TheCost of goods available for sale is computed by adding up the cost of goods in hand...Explanation: TheCost of goods available for sale is computed by adding up the cost of goods in hand...Explanation: (a). Cost of Goods Sold201420152016Reported amount $615000$957000$780000Adjustment for;...Explanation: (a). Cost of Goods Sold201420152016Reported amount $207200$213800$197030Adjustment for;...Explanations: Ending Inventory refers to the stock of goods and services that are in possession of...Explanation: 1. Inventory turnover for Samsung company will be calculated as follow;Inventory...Explanation: In an accounting system information flows from source document to output devices. The...Explanation: 1. General Ledger Accounts Cash Date Debit Credit Balance 6 $82,000 12 $16,464 13...Explanation: 1. General Ledger Accounts Cash Date Debit Credit Balance Nov. 2 $88,500 12 $32,830 15...Explanation: The credit sales entries are recorded in sales journal with recording of respective...Explanation: 1. Entry for the transaction will be as below: Merchandise Inventory……………….43600 To...Explanation: • Sales Journal is a monthly summary of credit sales and cost of goods sold of such...For internal control, there should be established responsibility for specific transaction so that if...Explanation: Assets and Expenses have debit balances and must be debited in order to increase their...Explanation: In order to reconcile the balances of bank balances as per the company’s records and as...Explanation: In order to reconcile the balances of bank balances as per the company’s records and as...Explanation: The Cash and cash equivalents consist of short term investments, cash and bank balances...Explanation: The Cash and cash equivalents consist of short term investments, cash and bank balances...Explanation: The credit card issuers earn profits by allowing the customers to use it in the...Explanation: The T-accounts are as follows: Account Receivables...Explanation: The merchandise sold on credit: Date Account Title and Explanation Post ref. Debit($)...Explanation: Bad debts A/c Dr 101810 To Provision for bad debts A/c 101810 Working: Bad debts =...Explanation: Date Account Title and Explanation Post ref Debit($) Credit($) Dec 16 Notes receivable...Explanation: Analysis of the financial statements of Apple for the year 2013, indicate the value of...Explanation: Accounts receivable turnover for Apple and Google for each of the two most recent years...Explanation: Following are the characteristics of plant asset that are different from other assets:...Explanation: The journal entries to record the partial year depreciation and disposal of machine are...Explanation: Given,Appraised valueLand - $1,736,000Building 2 - $644,000Land Improvement 1 -...Explanation: Year 2014 Given: Cost of Asset for the year 2014 is $ 305400, Residual value is $ 22000...Explanation: Journal entry will be recorded as under: In the books of Yoshi company...Explanation: The above journal entries can be explained as under − The leasehold is debited with the...Explanation: Given,Appraised valueLand - $795,200Building B - $482,800Land Improvement B - $142,000...Explanation: Journal entry will be recorded as under: In the books of York instruments...Explanation: The above journal entries can be explained as under − The leasehold is debited with the...Explanation: A liability can be defined as an obligation which a person or a company needs to pay...Explanation: 1. FICA Social Security EmployeeSubject to TaxTax RateAmountKen S.$6,0006.2%$372Tim....Explanation: 1. DahliaTreyKieshaCheeTotalMaximum Base$117,000$117,000$117,000$117,000Earned through...Explanation: 1. Ahmed CarlosJune MarieTotalMaximum Base$117,000$117,000$117,000$117,000Earned...Explanation: Times interest earned for Ellis Company....Explanation: 1. a) Computation of ending balance of cash and omitted checkCash balance as per bank...Explanation: LocustNational BankFargo BankDate of issueMay 19July 8November 28Terms of Notes90...Explanation: 1. Current OperationsEuropeanTotalSales$1,000,000$250,000$1,250,00055% of sale is...Explanation: If the partnership contract specifies the duration of the partnership, in such case the...Explanation: Entry 1- Benson sells her interest to North worth $160,000. In this entry, Benson had...Explanation: Journal entries for liquidation of partnership are as follows: S.No. Accounts titles...Explanation: Tables for each of the three years showing allocation of partnership income under each...Explanation: Tables showing allocation of partnership income under each of the three plans are...Explanation: Journal entries for liquidation of partnership are as follows: S.No. Accounts titles...Explanation: These are the expenses that are borne by the organization at the time of its inception....Explanation: When a company decides to issue shares, it can do so at par, at a premium or at a...Explanation: The journal entries to record the transactions for 2016 are explained as follows:...Explanation: The journal entries to record the transactions for 2016 are explained as follows:...Explanation: The journal entries to record the transactions for 2016 are explained as follows:...Explanation: Assets and Expenses have debit balances and must be debited in order to increase their...Explanation: The journal entries to record the transactions for 2016 are explained as follows:...Explanation: Equity shares are a class of shares which carry voting rights. Equity shareholders get...Explanation: Followings are the main impact of stock buyback on the financial position; 1. It...Explanation: Note payable and bonds payable are same for the purpose of the accounting, but the main...Explanation: The amount of interest on bonds to be paid every six months is calculated as follows:...Explanation: When a company decides to issue bonds, it can do so at par, at a premium or at a...Explanation: 1 (a) Present Debt−to−Equity Ratio= Total LiabilitiesTotal Stockholders’ Equity =...Explanation: 1. Computation of discount on bonds payable 2. Computation of cash payment,...Explanation: 1. Computation of discount on bondsPar Value of bonds payable $325,000Issue price of...Explanation: 1. Computation of Premium on bonds payable Premium on Bonds Payable = Issue price of...Explanation: 1. Computation of discount on bondsPar Value of bonds payable $240,000Issue price of...Explanation: 1. Computation of Premium on bonds payable Premium on Bonds Payable = Issue price of...Explanation: 2. Premium on Bonds Payable = Issue price of the bond –Par value of the bond =...Explanation: An investment can be classified as a current asset if it satisfies the following two...Introduction: Available-for-sale (AFS) securities are securities/shares which are purchased to earn...Explanation: The above journal entries can be explained as under − For the year 2015 −Jan. 5 − The...Explanation: 1. The required journal entries and adjustment entries are as follows: Entries to...Introduction: Available-for-sale (AFS) securities are securities/shares which are purchased to earn...Explanation: The above journal entries can be explained as under − For the year 2015 −Jan. 5 − The...Explanation: • Long term investments are acquisition of financial assets such as shares and stocks,...1. Return on Total Assets = Net income Average Total Assets Current Year= 30,474,764 197,573,294* =...Explanation: The reporting purpose of the statement of cash flows can answerthe following questions...Explanation: The cash flow from operating activities using direct method is prepared as under −...Explanation: The above statement of cash flows is prepared as under − The statement of cash flows is...The Cash Flow from Operating Activities : $151,410 The Cash Flow Used in Investing Activities :...Explanation: 1. Cash flow from operating activities- First, the receipts are calculated.Cash...Explanation: Cash flow from operating activities- First, the receipts are calculated.Cash receipts...Explanation: The Analyses of Cash flow Statement has been done for each item activity wise as under:...Explanation: The above statement of cash flows is prepared as under − The statement of cash flows is...Explanation: Cash flow from operating activities- First, the receipts are calculated.Cash receipts...Explanation: Different types of financial statements are: 1) Balance Sheet – which shows the...Explanation: The trend analysis for income statements and balance sheet is explained as follows:...Explanation: The ratio analysis for the given case is as calculated as follows: 1Current Ratio:Cash...Explanation: Current ratio, acid test ratio, accounts receivable turnover, inventory turnover, and...Explanation: The following assumptions is taken The tax rate is given 30% The pre tax labeled items...Explanation: The trend analysis for income statements and balance sheet is explained as follows:...Explanation: The ratio analysis for the given case is as calculated as follows: 1Current Ratio:Cash...Explanation: The management of business has to make lots of decisions regarding the future expansion...Explanation: The cost of goods manufactured for Garcon Company − Garcon CompanyCost of Goods...Explanation The income statement for Garcon Company has been prepared using the information...Explanation: The raw material available for use in production as under – Raw material available =...Explanation: The Schedule of Cost of Goods Manufactured is prepared as follows: Leone...Explanation: In case of Plastic for BDs, the cost will keep on varying with the production level;...Explanation: The Schedule of Cost of Goods Manufactured is prepared as follows: Best BikesSchedule...Explanation: Monthly flat fee to clean workshop − the monthly rent of a building or factory is fixed...Explanation:- As mentioned above that assigning overheads such as factory rent, factory depreciation...Explanation: In case of Asset and Expenses accounts, the opening balance will be Debit Balance and...Chapter 19, Problem 1APSAExplanation: a. Raw Materials purchased on credit = Material M + Material R = $62,500 + $16,200 =...Explanation: 1. Total manufacturing costs and the costs assigned to each job Job114($) Job115($)...Explanation: Job cost sheet for Job no 450 and Job no 451 have been prepared taking into...Explanation: Computation of Production of Cost Job 306 Job 307 Job 308 Total March 31 Direct...Explanation:The Job costing method is used for the business houses dealing in customized products...Explanation: The equivalent units of production for Materials and Conversion for can be calculated...Explanation: The costs assigned to units transferred out to painting department and to units in...Explanation: The direct materials costs assigned to units transferred and ending inventory are...Explanation: The equivalent units of production for Materials can be calculated as under – First,...Explanation: Victory Company Direct Material No of Units % complete Equivalent Units Cost Opening...Solution and Explanation: Process cost summary is given hereunder: TAMAR CO. PROCESS COST SUMMARY...Solution and Explanation: TAMAR CO. PROCESS COST SUMMARY (FIFO BASIS) DIRECT MATERIAL DETAILS NO OF...Explanation: PROCESS COST SUMMARY (FIFO BASIS) DIRECT MATERIAL DETAILS NO OF UNITS % COMPLETE...Solution and Explanation: Dengo Co ( Roasting Department) PROCESS COST SUMMARY (FIFO BASIS) DIRECT...Explanation: Variable cost: The main saying about variable cost is that: “Per unit Variable cost...Explanation: The contribution margin (in $ millions) Will be calculated as under − Given,Total Cost...Explanation: The expected variable costs and fixed costs are calculated as under −Variable cost for...Explanation: The contribution income statement is prepared as under − Given, Sales per price unit =...Explanation: The break-even point in dollars will be calculated as under − Given,Sales revenue = $...Explanation: Particulars Red White Blue Composite Sales $ 20.00 $ 35.00 $ 65.00 $ 370.00 Variable...Explanation: The break-even point in dollars will be calculated as under − Given,Sales revenue = $...Explanation: The above answers can be explained as follows – First, the composite margin per...Explanation: The calculations are given here: Business Solutions Answer S. No. Details Desk Chair...Budgeting helps control income and expenditure for the organization. The managers have a yardstick...Explanation: First, the ending inventory requirement is calculated The ending inventory requirement...Explanation: The Cash receipts Budget for July, August and September is prepared as follows: Cash...Explanation: The Budgeted Income Statement for January, February and March is prepared as follows:...Explanation: Given,Sales units for April = 20,500Sales units for May = 19,500Sales units for June =...Explanation: As per terms mentioned in question: 20% of sales recovered in the same month in which...Explanation: Dollar sales value for each month is calculated as follows- Dollar sales value=Sales in...Explanation: The Cash receipts Budget for July, August and September is prepared as follows: Cash...Explanation: Given,Sales units for July = 21,000Sales units for August = 19,000Sales units for...Explanation: The cash collections of the credit sales of a company is recently experienced as 40% of...Explanation: Dollar sales value for each month is calculated as follows- Dollar sales value=Sales in...Explanation: A fixed budget is prepared at an expected level of activity, but the actual level of...Explanation: 1. Computation of Standard Cost per unit Direct material = Standard pounds allowed per...Explanation: 1. Direct material price and quantity variance Direct Material Price Variance = Actual...Explanation: 1. Direct material price and quantity variance Direct Material Price Variance = Actual...Explanation: 1. Computation of Direct labor rate, efficiency and cost variance for the October month...Explanation: The entire cycle of business activities in the order to cash process and operating...1. Computation of direct materials cost variance with its price and quantity variances. Direct...Explanation: The entire cycle of business activities in the order to cash process and operating...Explanation: 1. Computation of direct materials cost variance with its price and quantity variances....Explanation: Following are the advantages of departmentalization: • There is scope for...Explanation:- (1) By putting the calculated values, we get the allocation of total expenses...Explanation To calculate Return on Investment, we need to calculate the Average of assets. Average...Explanation: Manufacturing cycle time = Process time + Move time + Inspection time + Queue time =...Explanation: Allocated cost to sold items = Units Sold x Cost per pound Lobster Tail = $7.875 x 1096...Explanation: Professional Products Profit Margin= Net IncomeSales x 100 = 5522717 x100 = 20.32%...Explanation 1. The calculation of the cost allocations are as follows: Tree Pruning and...1. A cost object can be referred to any item or any activity. The process of assigning costs to cost...- Amount of revenue of each product line Total Revenue (in Millions)Year EndingiPhoneiPad and...Explanation: The capital budgeting decision requires careful analysis and diligent planning because...Explanation: Payback period of the investment is calculated as under – Payback period =Initial...Explanation: The Net cash flows using the straight line method of depreciation are explained as...Explanation: Net Operating Income is calculated by using the formula: Net Operating...Explanation: The contribution margin per machine hour is calculated by using the formula:...Explanation 1. The three-column report is as follows: E D Company Analysis of expenses under...Explanation: The annual expected cash flows is computed by using the below formula: Net Cash...Explanation: Net Operating Income is calculated by using the formula: Net Operating...Explanation: The contribution margin per machine hour is calculated by using the formula:...Explanation: 1.The three-column report is as follows: ESME Company Analysis of expenses under...Explanations: 1. Here, compounding is quarterly. It means interest payment is received four times in...Explanation:- Following formula has been used: Amount=Principal(1+Rate)n , Where n is the number of...Manufacturing costs can be divided into two types; Direct costs and Indirect costs. Direct costs are...Explanation: Activity A. Overhead Costs B. Expected Activity C. Activity Rate (A/B) Model 145 Model...Explanation: Activity overhead rates are calculated as follows: Activity Overhead Cost Allocation...

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