ACCOUNTING-W/CENGAGENOWV2 ACCESS26th EditionWARREN Publisher: CENGAGE LISBN: 9781305716780
ACCOUNTING-W/CENGAGENOWV2 ACCESS
Solutions for ACCOUNTING-W/CENGAGENOWV2 ACCESS
Problem 1DQ:
Name some users of accounting information.Problem 4DQ:
Josh Reilly is the owner of Dispatch Delivery Service. Recently, Josh paid interest of 4,500 on a...Problem 5DQ:
On July 12, Reliable Repair Service extended an offer of 150,000 for land that had been priced for...Problem 8DQ:
A business had revenues of 679,000 and operating expenses of 588,000. Did the business (a) incur a...Problem 9DQ:
A business had revenues of 640,000 and operating expenses of 715,000. Did the business (a) incur a...Problem 10DQ:
The financial statements are interrelated. (a) What item of financial or operating data appears on...Problem 1.2APE:
Accounting equation Brock Hahn is the owner and operator of Dream-It LLC, a motivational consulting...Problem 1.2BPE:
Accounting equation Fritz Evans is the owner and operator of Be-The-One, a motivational consulting...Problem 1.3APE:
Transactions Arrowhead Delivery Service is owned and operated by Gates Deeter. The following...Problem 1.3BPE:
Transactions Interstate Delivery Service is owned and operated by Katie Wyer. The following selected...Problem 1.4APE:
Income statement The revenues and expenses of Ousel Travel Service for the year ended November 30,...Problem 1.5APE:
Statement of owners equity Using the income statement for Ousel Travel Service shown in Practice...Problem 1.6APE:
Balance sheet Using the following data for Ousel Travel Service as well as the statement of owners...Problem 1.8APE:
Ratio of liabilities to owners equity The following data were taken from Mesa Companys balance...Problem 1.1EX:
Types of businesses The following is a list of well-known companies: 1. Alcoa Inc. 2. Boeing 3....Problem 1.7EX:
Accounting equation Annie Rasmussen is the owner and operator of Go44, a motivational consulting...Problem 1.8EX:
Asset, liability, and owners equity items Indicate whether each of the following is identified with...Problem 1.9EX:
Effect of transactions on accounting equation Describe how the following business transactions...Problem 1.10EX:
Effect of transactions on accounting equation a.A vacant lot acquired for 115,000 is sold for...Problem 1.11EX:
Effect of transactions on owner's equity Indicate whether each of the following types of...Problem 1.12EX:
Transactions The following selected transactions were completed by Cota Delivery Service during...Problem 1.13EX:
Nature of transactions Teri West operates her own catering service. Summary financial data for July...Problem 1.14EX:
Net income and owner's withdrawals The income statement of a proprietorship for the month of...Problem 1.15EX:
Net income and owner's equity for four businesses Four different proprietorships, Jupiter, Mars,...Problem 1.16EX:
Balance sheet items From the following list of selected items taken from the records of Bobcat...Problem 1.17EX:
Income statement items Based on the data presented in Exercise 1-16, identify those items that would...Problem 1.19EX:
Income statement Dairy Services was organized on August 1, 2016. A summary of the revenue and...Problem 1.20EX:
Missing amounts from balance sheet and income statement data One item is omitted in each of the...Problem 1.22EX:
Financial statements Each of the following items is shown in the financial statements of Exxon Mobil...Problem 1.23EX:
Statement of cash flows Indicate whether each of the following activities would be reported on the...Problem 1.25EX:
Financial statements We-Sell Realty, organized August 1, 2016, is owned and operated by Omar Farah....Problem 1.26EX:
Ratio of liabilities to stockholders equity The Home Depot, Inc., is the worlds largest home...Problem 1.27EX:
Ratio of liabilities to stockholders equity Lowes Companies Inc., a major competitor of The Home...Problem 1.1APR:
Transactions On April 1 of the current year, Andrea Byrd established a business to manage rental...Problem 1.3APR:
Financial statements Seth Feye established Reliance Financial Services on July 1, 2016. Reliance...Problem 1.4APR:
Transactions; financial statements On July 1, 2016, Pat Glenn established Half Moon Realty. Pat...Problem 1.5APR:
Transactions; financial statements DLite Dry Cleaners is owned and operated by Joel Palk. A building...Problem 1.1BPR:
Transactions Amy Austin established an insurance agency on March 1 of the current year and completed...Problem 1.2BPR:
Financial statements The amounts of the assets and liabilities of Wilderness Travel Service at April...Problem 1.3BPR:
Financial statements Jose Loder established Bronco Consulting on August 1, 2016. The effect of each...Problem 1.4BPR:
Transactions; financial statements On April 1, 2016, Maria Adams established Custom Realty. Maria...Problem 1.5BPR:
Transactions; financial statements Bevs Dry Cleaners is owned and operated by Beverly Zahn. A...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
Sample Solutions for this Textbook
We offer sample solutions for ACCOUNTING-W/CENGAGENOWV2 ACCESS 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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