Solutions for Bundle: Accounting, 27th + Cengagenowv2, 2 Terms Printed Access Card
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 A are purchased during April: Assume...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 Widget 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 sales for Item Gidget 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 Meta-B1 are...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 7.6BPE:
Lower-of-cost-or-market method On the basis of the following data, determine the value of the...Problem 7.7APE:
Effect of inventory errors During the taking of its physical inventory on August 31, 2019, Kate...Problem 7.7BPE:
Effect of inventory errors During the taking of its physical inventory on December 31, 2019,...Problem 7.8APE:
Inventory turnover and days sales in inventory Financial statement data for years ending December 31...Problem 7.8BPE:
Inventory turnover and days sales in inventory Financial statement data for years ending December 31...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 game...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 7.12EX:
Periodic inventory by three methods The units of an item available for sale during the year were as...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 7.17EX:
Effect of errors in physical inventory Missouri River Supply Co. sells canoes, kayaks, whitewater...Problem 7.18EX:
Effect of errors in physical inventory Fonda Motorcycle Shop sells motorcycles, ATVs, and other...Problem 7.19EX:
Error in inventory During 20Y5, the accountant discovered that the physical inventory at the end of...Problem 7.20EX:
Inventory turnover The following data (in millions) were taken from recent annual reports of Apple...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 Midnight Supplies and data on purchases and...Problem 7.2APR:
LIFO perpetual inventory The beginning inventory at Midnight Supplies and data on purchases anti...Problem 7.3APR:
Weighted average cost method with perpetual inventory The beginning inventory for Midnight Supplies...Problem 7.4APR:
Periodic inventory by three methods The beginning inventory for Midnight Supplies and data on...Problem 7.5APR:
Periodic inventory by three methods Dymac Appliances uses the periodic inventory system. Details...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 7.1CP:
Ethics in Action Sizemo Elektroniks sells semiconductors that are used in games and small toys. The...Problem 7.4CP:
Communication Golden Eagle Company began operations on April 1 by selling a single product. Data on...Problem 7.5CP:
LIFO and inventory flows The following is an excerpt from a conversation between Paula Mario, the...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 - Internal Control And CashChapter 9 - ReceivablesChapter 10 - Long-term Assets: Fixed And Intangible
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 16 - Statement Of Cash FlowsChapter 17 - Financial Statement AnalysisChapter 18 - Introduction To Managerial AccountingChapter 19 - Job Order CostingChapter 20 - Process Cost SystemsChapter 21 - Cost-volume-profit AnalysisChapter 22 - BudgetingChapter 23 - Evaluating Variances From Standard CostsChapter 24 - Decentralized OperationsChapter 25 - Differential Analysis, Product Pricing, And Activity-based CostingChapter 26 - Capital Investment Analysis
Book Details
This edition helps students connect concepts to the bigger picture with features such as the new chapter opening schema that allows students to see how each chapter's specific content fits within the overall framework. A focus on why accounting is important to business and a prosperous society is reinforced throughout. Available in the CengageNOWv2 digital format, this option also includes Why It Matters Concept Clip animations and a new Journal Entry Tool that illustrates the impact of transactions on the accounting equation. In addition, the Warren/Reeve/Duchac hallmark accounting cycle coverage provides unmatched foundation so students are prepared to succeed in later chapters.
Sample Solutions for this Textbook
We offer sample solutions for Bundle: Accounting, 27th + Cengagenowv2, 2 Terms Printed Access Card homework problems. See examples below:
Chapter 1, Problem 1DQChapter 1, Problem 1.3APEChapter 1, Problem 1.3BPEChapter 1, Problem 1.12EXChapter 1, Problem 1.5APRChapter 1, Problem 1.6APRChapter 1, Problem 1.5BPRChapter 1, Problem 1.6BPRChapter 2, Problem 1DQ
Chapter 2, Problem 2.2APRChapter 2, Problem 2.3APRChapter 2, Problem 2.4APRChapter 2, Problem 2.3BPRChapter 2, Problem 2.4BPRChapter 2, Problem 1COPChapter 3, Problem 1DQChapter 3, Problem 3.3APRChapter 3, Problem 3.4APRChapter 3, Problem 3.5APRExplanation: Working note: Calculate the value of supplies expense Supplies expense = (The amount of...Chapter 3, Problem 3.3BPRChapter 3, Problem 3.4BPRChapter 3, Problem 3.5BPRChapter 4, Problem 1DQChapter 4, Problem 4.3APRChapter 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 5.2BPRChapter 5, Problem 5.3BPRChapter 5, Problem 5.4BPRChapter 6, Problem 1DQChapter 6, Problem 6.1APRChapter 6, Problem 6.2APRChapter 6, Problem 6.3APRChapter 6, Problem 6.4APRChapter 6, Problem 6.1BPRChapter 6, Problem 6.2BPRChapter 6, Problem 6.3BPRChapter 6, Problem 6.4BPRChapter 6, Problem 2COPExplanation: This procedure of reconciliation verifies that the inventory matches with the type and...Explanation: The inventory turnover ratio is calculated by dividing cost of goods sold by average...Chapter 7, Problem 7.3APRChapter 7, Problem 7.4APRChapter 7, Problem 7.5APRChapter 7, Problem 7.4BPRChapter 7, Problem 7.5BPRChapter 7, Problem 7.7CPInternal Control: Internal control refers to the policies, and plans of the business organization...Explanation: Journal entry 1: Establish petty cash fund. Date Account Title and Explanation Post Ref...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...Explanation: Journal entry 1: Establish petty cash fund. Date Account Title and Explanation Post Ref...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 9.6APRChapter 9, Problem 9.1BPRChapter 9, Problem 9.4BPRChapter 10, Problem 1DQChapter 10, Problem 10.9APEChapter 10, Problem 10.9BPEChapter 10, Problem 10.11EXChapter 10, Problem 10.3APRChapter 10, Problem 10.5APRChapter 10, Problem 10.3BPRChapter 10, Problem 10.5BPRChapter 11, Problem 1DQChapter 11, Problem 11.1APRChapter 11, Problem 11.3APRChapter 11, Problem 11.5APRExplanation: Working notes: Calculate interest expense for discounted notes. Interest expense =...Chapter 11, Problem 11.3BPRExplanation: The following are the journal entries. 20Y5 Particulars Debit ($) Credit ($) January 3...Proprietorships: Proprietorship is a form of organization, which is owned, and controlled by an...Explanation: Working Notes for determining the division of net income between partner M and G under...Explanation: The income statement for 20Y3 of L&Y is as follows: L &Y Income Statement For...Explanation: Working Notes: Calculation of Allowances for Doubtful Accounts – Allowance for doubtful...Explanation: Working Notes for determining the division of net income between partner H and N under...Explanation: The income statement for 20Y2 of R&X is as follows: R&X Income Statement For...Explanation: Working Notes: Calculation of Allowances for Doubtful Accounts – Allowance for doubtful...Chapter 13, Problem 1DQExplanation: Record the declaration and issuance of stock dividends. Transaction Number Account...Chapter 13, Problem 13.3APRChapter 13, Problem 13.4APRChapter 13, Problem 13.5APRChapter 13, Problem 13.4BPRChapter 13, Problem 13.5BPRChapter 14, Problem 1DQExplanation: Determine Earnings per share of common stock. Particulars Plan 1 Plan 2 Plan 3 Net...Chapter 14, Problem 14.2APRExplanation: Prepare journal entry for cash proceeds from the issuance of the bonds on July 1, Year...Chapter 14, Problem 14.4APRChapter 14, Problem 14.1BPRChapter 14, Problem 14.3BPRChapter 14, Problem 14.4BPRChapter 15, Problem 1DQExplanation: Prepare journal entry for purchase of $100,000 bonds of Company W, at face amount with...Chapter 15, Problem 15.2APRChapter 15, Problem 15.3APRExplanation: Prepare journal entry for purchase of $100,000 bonds of Company SB, at face amount with...Explanation: Prepare journal entry for the purchase of 4,800 shares of Company AP, at $26 per share,...Chapter 15, Problem 15.3BPRStatement of cash flows: It is one of the financial statement, that shows the inflow and outflow of...Explanation: Working note: Prepare the schedule in the changes of current assets and liabilities....Chapter 16, Problem 16.21EXExplanation: Working notes: Calculate the amount of cash received from customers: (Cash received...Chapter 16, Problem 16.23EXChapter 16, Problem 16.3APRExplanation: Working note: Prepare the schedule in the changes of current assets and liabilities....Financial Ratios: Financial ratios are the metrics used to evaluate the liquidity, profitability,...Chapter 17, Problem 17.17EXChapter 17, Problem 17.19EXChapter 17, Problem 17.20EXExplanation: Working capital is the difference between current assets and current liabilities....Chapter 17, Problem 17.4APRChapter 17, Problem 17.3BPRChapter 17, Problem 17.4BPRChapter 18, Problem 1DQChapter 18, Problem 18.4EXChapter 18, Problem 18.4APRChapter 18, Problem 18.4BPRChapter 19, Problem 1DQChapter 19, Problem 19.12EXChapter 19, Problem 19.16EXChapter 19, Problem 19.2APRChapter 19, Problem 19.2BPRChapter 19, Problem 19.2CPChapter 20, Problem 1DQChapter 20, Problem 20.1APRChapter 20, Problem 20.2APRChapter 20, Problem 20.3APRChapter 20, Problem 20.4APRChapter 20, Problem 20.1BPRChapter 20, Problem 20.2BPRChapter 20, Problem 20.4BPRChapter 21, Problem 1DQExplanation: Determine the total variable cost. Particulars Total cost (A) Variable cost percentage...Chapter 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 1DQChapter 23, Problem 23.6APEChapter 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 5CPPChapter 24, Problem 1DQChapter 24, Problem 24.5EXExplanation: Determine ROI of MN Segment, if income from operations is $7,321,000,000, sales are...Chapter 24, Problem 24.16EXChapter 24, Problem 24.4APRChapter 24, Problem 24.2BPRChapter 24, Problem 24.4BPRChapter 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 26.23EXChapter 26, Problem 26.6APRChapter 26, Problem 26.6BPR
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