Solutions for Accounting (Text Only)
Problem 2DQ:
Why is it important to take a physical inventory periodically when using a perpetual inventory...Problem 3DQ:
Do the terms FIFO, LIFO, and weighted average refer to techniques used in determining quantities of...Problem 4DQ:
If merchandise inventory is being valued at cost and the price level is decreasing, which of the...Problem 5DQ:
Which of the three methods of inventory costingFIFO, LIFO. or weighted average costwill in general...Problem 6DQ:
If inventory is being valued at cost and the price level is steadily rising, which of the three...Problem 7DQ:
Using the following data, how should the merchandise be valued under lower of cost or market?...Problem 8DQ:
The inventory at the end of the year was understated by 14,750. (a) Did the error cause an...Problem 9DQ:
Hutch Co. sold merchandise to Bibbins Company on May 31, FOB shipping point. If the merchandise is...Problem 10DQ:
A manufacturer shipped merchandise to a retailer on a consignment basis. If the merchandise is...Problem 7.1APE:
Cost flow methods The following three identical units of Item BZ1810 are purchased during November:...Problem 7.1BPE:
Cost flow methods The following three identical units of Item Beta are purchased during June: Assume...Problem 7.2APE:
Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item ProX2 are as...Problem 7.2BPE:
Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Delta are as...Problem 7.3APE:
Perpetual inventory using LIFO Beginning inventory, purchases, and sale s for Item Zebra 9x are as...Problem 7.3BPE:
Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item Foxtrot are as...Problem 7.4APE:
Perpetual inventory using weighted average Beginning inventory, purchases, and sales for 30xT are as...Problem 7.4BPE:
Perpetual inventory using weighted average Beginning inventory, purchases, and sales for WCS12 are...Problem 7.5APE:
Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item...Problem 7.5BPE:
Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item...Problem 7.6APE:
Lower-of-cost-or-market method On the basis of the following data, determine the value of the...Problem 7.1EX:
Control of inventories Triple Creek Hardware Store currently uses a periodic inventory system. Kevin...Problem 7.2EX:
Control of inventories Hardcase Luggage Shop is a small retail establishment located in a large...Problem 7.3EX:
Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for portable DVD...Problem 7.4EX:
Perpetual inventory using LIFO Assume that the business in Exercise 7-3 maintains a perpetual...Problem 7.5EX:
Perpetual inventory using LIFO Beginning inventory, purchases, and sales data for prepaid cell...Problem 7.6EX:
Perpetual inventory using FIFO Assume that the business in Exercise 7-5 maintains a perpetual...Problem 7.7EX:
FIFO and LIFO costs under perpetual inventory system The following units of an item were available...Problem 7.8EX:
Weighted average cost flow method under perpetual inventory system The following units of a...Problem 7.9EX:
Weighted average cost flow method under perpetual inventory system. The following units of a...Problem 7.10EX:
Perpetual inventory using FIFO Assume that the business in Exercise 7-9 maintains a perpetual...Problem 7.11EX:
Perpetual inventory using LIFO Assume that the business in Exercise 7-9 maintains a perpetual...Problem 7.13EX:
Periodic inventory by three methods; cost of merchandise sold The units of an item available for...Problem 7.14EX:
Comparing inventory methods Assume that a firm separately determined inventory under FIFO and LIFO...Problem 7.15EX:
Lower-of-cost-or-market inventory On the basis of the following data, determine the value of the...Problem 7.16EX:
Merchandise inventory on the balance sheet Based on the data in Exercise 7-15 and assuming that cost...Problem 7.19EX:
Error in inventory During 2016, the accountant discovered that the physical inventory at the end of...Problem 7.20EX:
Inventory turnover The following data (in thousands) were taken from recent annual reports of Apple...Problem 7.21EX:
Inventory turnover and number of days' sales in inventory Kroger, Safeway Inc. , and Whole Foods...Problem 7.22EX:
Retail method A business using the retail method of inventory costing determines that merchandise...Problem 7.23EX:
Retail method A business using the retail method of inventory costing determines that merchandise...Problem 7.24EX:
Retail method A business using the retail method of inventory costing determines that merchandise...Problem 7.25EX:
Retail method On the basis of the following data, estimate the cost of the merchandise inventory at...Problem 7.26EX:
Gross profit method The merchandise inventory was destroyed by fire on December 13. The following...Problem 7.27EX:
Gross profit method Based on the following data, estimate the cost of the ending merchandise...Problem 7.28EX:
Gross profit method Based on the following data, estimate the cost of the ending merchandise...Problem 7.1APR:
FIFO perpetual inventory The beginning inventory at Funky Party Supplies and data on purchases and...Problem 7.2APR:
LIFO perpetual inventory The beginning inventory at Funky Party Supplies and data on purchases and...Problem 7.3APR:
Weighted average cost method with perpetual inventory The beginning inventory for Funky Party...Problem 7.6APR:
Lower-of-cost-or-market inventory Data on the physical inventory of Ashwood Products Company as of...Problem 7.7APR:
Retail method; gross profit method Selected data on merchandise inventory, purchases, and sales for...Problem 7.1BPR:
FIFO perpetual inventory The beginning inventory of merchandise at Dunne Co. and data on purchases...Problem 7.2BPR:
LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a...Problem 7.3BPR:
Weighted average cost method with perpetual inventory The beginning inventory for Dunne Co. and data...Problem 7.4BPR:
Periodic inventory by three methods The beginning inventory for Dunne Co. and data on purchases and...Problem 7.5BPR:
Periodic inventory by three methods Pappas Appliances uses the periodic inventory system. Details...Problem 7.6BPR:
Lower-of-cost-or-market inventory Data on the physical inventory of Katus Products Co. as of...Problem 7.7BPR:
Retail method; gross profit method Selected data on merchandise inventory, purchases, and sales for...Problem 7.2CP:
LIFO and inventory flows The following is an excerpt from a conversation between Paula Mario, the...Problem 7.3CP:
Costing inventory Golden Eagle Company began operations in 2016 by selling a single product. Data on...Problem 7.4CP:
Inventory ratios for Dell and HP Dell Inc. and Hewlett-Packard Development Company, L.P. (HP) are...Browse All Chapters of This Textbook
Chapter 1 - Introduction To Accounting And BusinessChapter 2 - Analyzing TransactionsChapter 3 - The Adjusting ProcessChapter 4 - Completing The Accounting CycleChapter 5 - Accounting SystemsChapter 6 - Accounting For Merchandising BusinessesChapter 7 - InventoriesChapter 8 - Sarbanes-oxley, Internal Control, And CashChapter 9 - ReceivablesChapter 10 - Fixed Assets And Intangible Assets
Chapter 11 - Current Liabilities And PayrollChapter 12 - Accounting For Partnerships And Limited Liability CompaniesChapter 13 - Corporations: Organization, Stock Transactions, And DividendsChapter 14 - Long-term Liabilities: Bonds And NotesChapter 15 - Investments And Fair Value AccountingChapter 15FSI - Financial Statements For Mornin' Joe InternationalChapter 16 - Statement Of Cash FlowsChapter 17 - Financial Statement AnalysisChapter 18 - Managerial Accounting Concepts And PrinciplesChapter 19 - Job Order CostingChapter 20 - Process Cost SystemsChapter 21 - Cost Behavior And Cost-volume-profit AnalysisChapter 22 - BudgetingChapter 23 - Performance Evaluation Using Variances From Standard CostsChapter 24 - Performance Evaluation For Decentralized OperationsChapter 25 - Differential Analysis, Product Pricing, And Activity-based CostingChapter 26 - Capital Investment Analysis
Book Details
Market-leading Warren/Reeve/Duchac ACCOUNTING has been on the forefront of innovation and change based on the needs of today's teaching and learning environment. Warren/Reeve/Duchac ACCOUNTING 26E and CengageNOWv2 help elevate thinking with content that addresses each stage of the learning process from motivation to mastery. This integrated system motivates students to learn, provides practice opportunities to better prepare for exams, and helps students achieve mastery with tools to help them make connections and see the big picture. The Complete Learning System in ACCOUNTING and CengageNOWv2 is built around the way students use textbooks and online resources to learn, study and complete homework, allowing them to achieve ultimate success in this course. New to this edition, the authors have created innovative content that is focused on unique student and instructor needs before and after lecture - and the type of activities best-suited to each point in learning. New content such as the author-written Dynamic Exhibits allow students to change the variables in a scenario and see how a change ripples through the accounting system, helping students understand how concepts relate to one another. Dynamic Exhibits allow students to see connections and relationships like never before! The end goal of Warren/Reeve/Duchac ACCOUNTING and CengageNOWv2 is to elevate thinking and create more empowered and prepared students--ready to take on the rest of their educational and career goals.
Sample Solutions for this Textbook
We offer sample solutions for Accounting (Text Only) homework problems. See examples below:
Chapter 1, Problem 1DQChapter 1, Problem 1.3APEChapter 1, Problem 1.3BPEChapter 1, Problem 1.20EXCalculate the missing amounts in the given financial statement of Company WR for month ended April...Chapter 1, Problem 1.3BPRDetermine the missing amounts, by analyzing the interrelationships among the financial statements of...Chapter 2, Problem 2.1DQChapter 2, Problem 2.3APR
Chapter 2, Problem 2.4APRChapter 2, Problem 2.2BPRChapter 2, Problem 2.3BPRChapter 2, Problem 2.4BPRChapter 2, Problem 1COPChapter 3, Problem 1DQa. The following entry shows the adjusting entry for accrued fees unearned on April 30. Date Account...Chapter 3, Problem 3.4APRa. The following entry shows the adjusting entry for insurance expense on August 31. Date...Explanation: Working note: Calculate the value of supplies expense Supplies expense = (The amount of...a. The following entry shows the adjusting entry for supplies on April 30, 2019. Date Account Titles...The adjusting entries of Company RFS are as follows: Depreciation expense-Building Date Account...Chapter 3, Problem 1COPChapter 4, Problem 1DQChapter 4, Problem 4.4APRChapter 4, Problem 4.5APRChapter 4, Problem 4.3BPRChapter 4, Problem 4.4BPRChapter 4, Problem 4.5BPRChapter 4, Problem 1CPPChapter 5, Problem 1DQChapter 5, Problem 5.2APRChapter 5, Problem 5.3APRChapter 5, Problem 5.4APRChapter 5, Problem 5.5APRChapter 5, Problem 5.2BPRPurchase journal Purchase journal of Company WTE in the month of October 2016 is as follows: Figure...Chapter 6, Problem 1DQChapter 6, Problem 6.1APRChapter 6, Problem 6.2APRChapter 6, Problem 6.3APRChapter 6, Problem 6.4APRChapter 6, Problem 6.2BPRChapter 6, Problem 6.3BPRPerpetual Inventory System refers to the Merchandise Inventory system that maintains the detailed...Chapter 6, Problem 1COPExplanation: This procedure of reconciliation verifies that the inventory matches with the type and...The value of ending inventory on March 31, 2016 is calculated as follows: Ending Inventory(FIFO)...The tabular column showing inventory cost is presented as follows: Model Quantity ($) Unit cost ($)...Chapter 7, Problem 7.3BPRChapter 7, Problem 7.4BPRChapter 7, Problem 7.5BPRChapter 7, Problem 7.3CPThe inventory turnover ratio is calculated by dividing cost of goods sold by average inventory...Internal Control: Internal control refers to the policies, and plans of the business organization...Journal entry 1: Establish petty cash fund. Date Account Title and Explanation Post Ref Debit ($)...The deposits which are not recorded by the bank are referred to as deposits in transit. Since the...The deposits which are not recorded by the bank are referred to as deposits in transit. Since the...Journal entry 1: Establish petty cash fund. Date Account Title and Explanation Post Ref Debit ($)...Explanation: The deposits which are not recorded by the bank are referred to as deposits in transit....The deposits which are not recorded by the bank are referred to as deposits in transit. Since the...Chapter 9, Problem 1DQChapter 9, Problem 9.13EXChapter 9, Problem 9.14EXChapter 9, Problem 9.1APRChapter 9, Problem 9.4APRChapter 9, Problem 9.1BPRChapter 9, Problem 9.4BPRChapter 10, Problem 1DQChapter 10, Problem 10.3APRDetermine the annual depreciation expense, accumulated depreciation, and the book value by...Chapter 10, Problem 10.5APRChapter 10, Problem 10.2BPRChapter 10, Problem 10.3BPRChapter 10, Problem 10.4BPRChapter 10, Problem 10.5BPRChapter 11, Problem 1DQChapter 11, Problem 11.1APRChapter 11, Problem 11.2APRChapter 11, Problem 11.3APRChapter 11, Problem 11.5APRWorking notes: Calculate gross earnings for Mr. A. Gross earnings=Monthly salary×Number of...The following are the journal entries. 2016 Particulars Debit ($) Credit ($) January 3 Petty Cash...Proprietorships: Proprietorship is a form of organization, which is owned, and controlled by an...Working Notes for determining the division of net income between partner M and A under different...The income statement for 2016 of L&Y is as follows: L &Y Income Statement For the Year Ended...Working Notes: Calculation of Allowances for Doubtful Accounts – Allowance for doubtful debt is to...Explanation: Working Notes for determining the division of net income between partner H and N under...The income statement for 2016 of R&X is as follows: R&X Income Statement For the Year Ended...Working Notes: Calculation of Allowances for Doubtful Accounts – Allowance for doubtful debt is to...Chapter 13, Problem 1DQExplanation: Record the declaration and issuance of stock dividends. Transaction Number Account...Chapter 13, Problem 13.4APRChapter 13, Problem 13.5APRChapter 13, Problem 13.3BPRChapter 13, Problem 13.4BPRChapter 13, Problem 13.5BPRChapter 14, Problem 1DQPrepare journal entry for cash proceeds from the issuance of the bonds on July 1, 2016. Date Account...Prepare journal entry for cash proceeds from the issuance of the bonds on July 1, 2016. Date Account...Chapter 14, Problem 14.4APRChapter 14, Problem 14.1BPRPrepare journal entry for cash proceeds from the issuance of the bonds on July 1, 2016. Date Account...Prepare journal entry for cash proceeds from the issuance of the bonds on July 1, 2016. Date Account...Journalize the entries to record the transactions. Date Accounts and Explanation Post Ref. Debit ($)...Chapter 15, Problem 1DQPrepare journal entry for purchase of $75,000 bonds of Company A, at face amount with an accrued...Prepare journal entry for the purchase of 5,000 shares of Company W, at $40 per share, and a...Chapter 15, Problem 15.3APRPrepare journal entry for purchase of $100,000 bonds of Company SB, at face amount with an accrued...Prepare journal entry for the purchase of 4,800 shares of Company AP, at $26 per share, and a...Chapter 15, Problem 15.3BPRComparison of financial statement terms used in GAAP that contrast with IFRS: GAAP Financial...Chapter 15FSI, Problem 3IFRSChapter 16, Problem 1DQWorking note: Prepare the schedule in the changes of current assets and liabilities. Schedule in the...Working notes: Calculate increase or decrease in merchandise inventories: Increase or decrease...Explanation: Working notes: Calculate the amount of cash received from customers: (Cash received...Chapter 16, Problem 16.23EXWorking note: Prepare the schedule in the changes of current assets and liabilities. Schedule in the...Working notes: Prepare the schedule in the changes of current assets and liabilities. Schedule in...Basis of difference Horizontal analysis Vertical analysis Difference Horizontal analysis is prepared...Explanation: Working capital is the difference between current assets and current liabilities....Chapter 17, Problem 17.4APRReturn on assets determines the particular company’s overall earning power. It is determined by...Chapter 17, Problem 17.3BPRChapter 17, Problem 17.4BPRChapter 17, Problem 17.5BPRRate earned on total assets determines the particular company’s overall earning power. It is...Chapter 18, Problem 1DQChapter 18, Problem 18.4EXChapter 18, Problem 18.4APRChapter 18, Problem 18.4BPRChapter 19, Problem 1DQChapter 19, Problem 19.13EXChapter 19, Problem 19.17EXChapter 19, Problem 19.2APRChapter 19, Problem 19.2BPRThe total factory overhead is calculated by totaling all year’s actual overhead incurred in...Chapter 20, Problem 1DQChapter 20, Problem 20.7APEChapter 20, Problem 20.3APRChapter 20, Problem 20.4APRChapter 20, Problem 20.1BPRChapter 20, Problem 20.2BPRChapter 20, Problem 20.3BPRChapter 20, Problem 20.4BPRChapter 21, Problem 1DQChapter 21, Problem 21.2APRChapter 21, Problem 21.5APRChapter 21, Problem 21.6APRExplanation: Determine the total variable cost. Particulars Total cost (A) Variable cost percentage...Explanation: Determine the break-even point in sales units for the overall Product E. Fixed cost...Chapter 21, Problem 21.6BPRExplanation: The three major objectives of budgeting are described below: To set the goals for the...Chapter 22, Problem 22.2APRChapter 22, Problem 22.3APRChapter 22, Problem 22.5APRChapter 22, Problem 22.2BPRChapter 22, Problem 22.3BPRChapter 23, Problem 1DQThe income statement through gross profit for the month ended March 31 for Company LB is as follows:...Chapter 23, Problem 23.6BPEChapter 23, Problem 23.14EXChapter 23, Problem 23.5APRExplanation: Determine the direct labor time variance. Direct labor time variance} = [(Actual direct...Chapter 23, Problem 23.5CPPChapter 24, Problem 1DQChapter 24, Problem 24.5EXDetermine ROI of MN Segment, if income from operations is $6,818,000,000, sales are $20,356,000,000,...Chapter 24, Problem 24.16EXChapter 24, Problem 24.4APRChapter 24, Problem 24.4BPRDetermine profit margin of N Division for the year 2014. Profit margin =Income from operationsSales=...Chapter 25, Problem 1DQExplanation: Desired Profit: Company CD aims at earning a profit of 15% of the total investment made...Explanation: Desired Profit: Company NG aims at earning a profit of 10% of the total investment made...Chapter 26, Problem 1DQChapter 26, Problem 26.6APRChapter 26, Problem 26.6BPR
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