Cornerstones of Financial Accounting4th EditionJay Rich, Jeff Jones Publisher: Cengage LearningISBN: 9781337690881
Cornerstones of Financial Accounting
Solutions for Cornerstones of Financial Accounting
Problem 3DQ:
What is accounting entity?Problem 13DQ:
Define current assets and current liabilities. Why are current assets and current liabilities...Problem 15DQ:
Name the two main components of stockholders; equity. Describe the main sources of change in each...Problem 17DQ:
How does the multiple-step income statement differ from the single-step income statement?Problem 3MCQ:
At December 31, Pitt Inc. has assets of $12,900 and liabilities of $6,300. What is the stock-holders...Problem 7MCQ:
Use the following information for Multiple-Choice Questions 1-7 and 1-8: At December 31, Marker...Problem 8MCQ:
Use the following information for Multiple-Choice Questions 1-7 and 1-8: At December 31, Marker...Problem 9MCQ:
Which of the following statements regarding the income statement is true? The income statement...Problem 11MCQ:
Which of the following statements concerning retained earnings is true? Retained earnings is the...Problem 12MCQ:
Which of the following sentences regarding the statement of cash flows is false? The statement of...Problem 15CE:
Cornerstone Exercise 1-15 Using the Accounting Equation At the beginning of the year, Morgan Company...Problem 16CE:
Cornerstone Exercise 1-16 Financial Statements Listed below are elements of the financial...Problem 18CE:
Cornerstone Exercise 1-18 Balance Sheet An analysis of the transactions of Cavernous Homes Inc....Problem 19CE:
Cornerstone Exercise 1-19 Income Statement An analysis of the transactions of Canary Cola Inc....Problem 20CE:
Cornerstone Exercise 1-20 Retained Earnings Statement Parker Company has a balance of $3S,000 in...Problem 23BE:
Brief Exercise 1-23 Business Activities Marni Restaurant Company engaged in the following...Problem 24BE:
Brief Exercise 1-24 The Accounting Equation Financial information for three independent cases is as...Problem 26BE:
Brief Exercise 1-26 Income Statement An analysis of the transactions of Rutherford Company for the...Problem 27BE:
Retained Earnings Statement Listed below are events that affect stockholders equity. Reported net...Problem 28BE:
Brief 1-28 Statement of Cash Flows Listed are items that would on a Statement of cash flows. Cash...Problem 31E:
Exercise 1-31 Decisions Based on Accounting Information Decision-makers use accounting information...Problem 34E:
Exercise 1-34 Business Activities Bill and Steve recently formed a company that manufactures and...Problem 35E:
Exercise 1-35 Accounting Concepts OBJECTIVE 06° A list of accounting concepts and related...Problem 36E:
Exercise 1-36 The Fundamental Accounting Equation Financial information for three independent cases...Problem 37E:
Exercise 1-37 Balance Sheet Structure The following accounts exist in the ledger of Higgins Company:...Problem 38E:
Exercise 1-38 Identifying Current Assets and Liabilities Dunn Sporting Goods sells athletic clothing...Problem 39E:
Exercise 1-39 Current Assets and Current Liabilities Hanson Construction has an operating cycle of...Problem 40E:
Exercise 1-40 Depreciation OBJECTIVE 0° Swanson Products was organized as a new business on January...Problem 41E:
Exercise 1-41 Stockholders Equity OBJECTIVE o On January 11 2019, Mulcahy Manufacturing Inc., a...Problem 46E:
OBJECTIVE 6 Exercise 1-46 Income Statement ERS Inc. maintains and repairs office equipment. ERS had...Problem 47E:
Exercise 1-47 Multiple-Step Income Statement The following information is available for Bergin...Problem 48E:
Exercise 1-48 Income Statement The following information is available for Wright Auto Supply at...Problem 50E:
Exercise 1-50 Statement of Cash Flows OBJECTIVE o Walters Inc. began operations on January I. 2019....Problem 51E:
Exercise 1-51 Relationships Among the Financial Statements Zachary Corporations December 31, 2018...Problem 52E:
Exercise 1-52 Relationships Among the Financial Statements The following information for Kellman...Problem 53E:
Exercise 1-53 Relationships Among the Financial Statements During 2019, Moore Corporation paid...Problem 56APSA:
Problem 1-56A Applying the Fundamental Accounting Equation At the beginning of 2019 Huffer...Problem 57APSA:
Problem 1-57A Accounting Relationships Information for Beethoven Music Company is given below....Problem 60APSA:
Problem 1-60A Income Statement and Balance Sheet The following information for Rogers Enterprises is...Problem 61APSA:
Problem 1-61A Retained Earnings Statement Dittman Expositions has the following data available:...Problem 62APSA:
Problem 1-62A Retained Earnings Statements The table below presents the retained earnings statements...Problem 63APSA:
Problem 1-63A Income Statement, Retained Earnings Statement. and Balance Sheet The following...Problem 64APSA:
Problem 1-64A Stockholders' Equity Relationships Data from the financial statements of four...Problem 65APSA:
Problem 1-65A Relationships Among Financial Statements Carson Corporation reported the following...Problem 56BPSB:
Problem 1-563 Applying the Fundamental Accounting Equation At the beginning of 2019, KJ Corporation...Problem 57BPSB:
Problem 1-57B The Fundamental Accounting Equation Information for TTL Inc. is given below. Required:...Problem 58BPSB:
Problem 1-583 Arrangement of the Income Statement Parker Renovation Inc. renovates historical...Problem 60BPSB:
Problem 1-60B Income Statement and Balance Sheet Ross Airport Auto Service provides parking and...Problem 61BPSB:
Problem 1-61B Retained Earnings Statement Magical Experiences Vacation Company has the following...Problem 62BPSB:
Problem 1-62B Retained Earnings Statements The table below presents the retained earnings statements...Problem 63BPSB:
Problem1-63B Income Statement, Retained Earnings Statement. and Balance Sheet McDonald Marina...Problem 65BPSB:
Problem 1-65B Relationships Among Financial Statements Leno Corporation reported the following...Problem 70.1C:
Case 1-70 Financial Statement Analysis Reproduced below are portions of the presidents letter to...Problem 70.3C:
Case 1-70 Financial Statement Analysis Reproduced below are portions of the presidents letter to...Problem 73.4C:
Case 1-73 Research and Analysis Using the Annual Report Obtain Apple Inc.s 2016 annual report either...Problem 74.2C:
Case 1-74 Comparative Analysis: Under Armour, lnc., versus Columbia Sportswear Refer to the 10-K...Problem 74.4C:
Case 1-74 Comparative Analysis: Under Armour, lnc., versus Columbia Sportswear Refer to the 10-K...Problem 74.5C:
Case 1-74 Comparative Analysis: Under Armour, lnc., versus Columbia Sportswear Refer to the 10-K...Browse All Chapters of This Textbook
Chapter 1 - Accounting And The Financial StatementsChapter 2 - The Accounting Information SystemChapter 3 - Accrual AccountingChapter 4 - Internal Control And CashChapter 5 - Sales And ReceivablesChapter 6 - Cost Of Goods Sold And InventoryChapter 7 - Operating AssetsChapter 8 - Current And Contingent LiabilitiesChapter 9 - Long-term LiabilitiesChapter 10 - Stockholder's Equity
Sample Solutions for this Textbook
We offer sample solutions for Cornerstones of Financial Accounting homework problems. See examples below:
Chapter 1, Problem 1DQChapter 1, Problem 38EBalance sheet is a summary of Assets, Liabilities and equity accounts that reports the financial...Balance sheet is a summary of Assets, Liabilities and equity accounts that reports the financial...The missing amounts on balance sheets given are calculated as follows: Current Assets(a)$ 26,900 $...Chapter 1, Problem 46EChapter 1, Problem 48EChapter 1, Problem 60APSAChapter 1, Problem 63APSA
Chapter 1, Problem 60BPSBChapter 1, Problem 63BPSBThe amount of Total assets, Liabilities and stockholder’s equity of Apple Inc. for the year 2016 can...The amount of Assets, Liabilities and Stockholder’s equity of Under Armour Inc. and Columbia...Chapter 2, Problem 1DQChapter 2, Problem 21CEChapter 2, Problem 22CEChapter 2, Problem 23CEChapter 2, Problem 52EChapter 2, Problem 61APSAChapter 2, Problem 62APSAChapter 2, Problem 60BPSBChapter 2, Problem 61BPSBChapter 2, Problem 62BPSBA. Insurance Expense as of December 31, 2019 Insurance Expense = 3 years Insurance Policy 3 years =...Date AssetsLiabilities EquityJan.1Cash (Increase)Common Stock (Increase)1Cash (Increase)Notes...Chapter 3, Problem 1DQChapter 3, Problem 48EThe journal entries for the cash receipts and payments are explained as follows: Greensboro...Chapter 3, Problem 50EThe adjusting entries as on Dec. 31 for the given transactions are explained as follows: Reynold...Chapter 3, Problem 64APSAChapter 3, Problem 67APSAChapter 3, Problem 70APSAChapter 3, Problem 71APSAChapter 3, Problem 64BPSBChapter 3, Problem 67BPSBChapter 3, Problem 70BPSBChapter 3, Problem 71BPSBPreparation of cash account in general ledger: CashDateParticularPost...Internal control system includes 4 basic purposes : Assets Safeguarding: It provides confidence...The Bank reconciliation Statement is explained as follows: Zing Corp.Bank Reconciliation Statement...The Bank reconciliation Statement is explained as follows: Johnson's Corporation BankBank...The Bank reconciliation Statement is explained as follows: Valentine InvestigationsBank...The Bank reconciliation Statement is explained as follows: Dixon Products Bank Reconciliation As of...Chapter 5, Problem 1DQChapter 5, Problem 46BEThe Citron Mechanical Systems sold on credit for $6,87,500 and offered the discount for the payment...Chapter 5, Problem 65EChapter 5, Problem 66EChapter 5, Problem 68EThe Nevada provides services at $48,500 that is the list price. This is given in the question. The...Chapter 5, Problem 83APSAChapter 5, Problem 85APSAThe Big Company has the following financial information: Particulars Amounts ($) in 2018 Amounts ($)...The Sims provided two services. One at the amount of $85,000 and the other at the amount of $30,000...The Kelly sells on credit. The data of past four years showing its credit sales and losses from...Chapter 5, Problem 85BPSBThe Small Company has the following financial information: Particulars Amounts ($) in 2018 Amounts...The Spartan Inc. provided two services. One at the amount of $2,50,000 and the other at the amount...A merchandiser is a businessman who purchases and sells the goods or merchandise and earns profit. A...Chapter 6, Problem 50EChapter 6, Problem 51EChapter 6, Problem 55EChapter 6, Problem 66APSAChapter 6, Problem 67APSAChapter 6, Problem 68APSAChapter 6, Problem 70APSAChapter 6, Problem 72APSAChapter 6, Problem 73APSAChapter 6, Problem 66BPSBChapter 6, Problem 67BPSBChapter 6, Problem 68BPSBChapter 6, Problem 73BPSBThe operating assets are different from non-operating assets as they are used by the company in the...Calculation of depreciation expense using: Straight line method for 2019 and 2020: Under straight...Chapter 7, Problem 49EChapter 7, Problem 50EChapter 7, Problem 70APSAChapter 7, Problem 70BPSBLiabilities are the obligation of the business or amount payable by the business. Liabilities can...Chapter 8, Problem 33CEThe Current Ratio is calculated as follows: Cash $ 3,125,000 Marketable Securities $ 1,850,000...Chapter 8, Problem 58BEThe Current Ratio is calculated as follows: Cash $ 2,725,000 Marketable Securities $ 1,725,000...Chapter 8, Problem 73APSAChapter 8, Problem 73BPSBLiabilities are the obligation of the business or amount payable by the business. Liabilities can...Chapter 9, Problem 67EGiven: Bonds with face value of $2,000,000 sold for $2,090,000 with 6% stated rate. The face value...Given: $900,000, stated rate 7% and effective rate 8% were issued at $822,186 for 15 years. The face...Given: $150,000, stated rate 9% and effective rate 8% were issued at $155,989 for 5 years. The face...Given: Borrowed $150,000 for 3years 6.4% note on 1st June 2019 (interest paid annually on 31st May)....Given: Issued note of $800,000 for 10years 9.75% note on 1stJanuary 2020 for $792,800 (interest paid...Given: Borrowed $200,000 for 3years 8.6% note on 1st Feb 2019 (interest paid annually on 31st...Given: Issued note of $1,000,000 for 10years 8.75% note on 1st January 2020 for $985,500 (interest...Stockholders Equity includes the paid up amount of all stocks (Common as well as preferred) issued...Chapter 10, Problem 60EGiven: Part of balance sheet that depicts the “Stockholders’ equity”. Stockholders’ equity Sub-total...Chapter 10, Problem 66EChapter 10, Problem 72EChapter 10, Problem 85PSAChapter 10, Problem 86PSAChapter 10, Problem 85PSBGiven: Total Assets is equal to $3,872,000, common stock selling at $23 as on 31st December 2019 and...Cash flow statements are the statements that determine the inflow and outflow of cash or in other...Chapter 11, Problem 38EAll item explanation below: Particular Reasons a. Purchased property, plant, and equipment Purchase...Chapter 12, Problem 1DQCOMMON SIZE INCOME STATEMENT Particulars 2019 2018 2017 Net Sales $7,245,088$7,245,088×100 = 100%...Gross profit percentage= Gross ProfitNet sales×100 Gross profit percentage for 2019 = $1,958,835...Shows this table for Last year 3 sale, net income and fixed year Particular 2019 2018 2017 Sale...In this calculation 1 formula is used For 2019 year = 2019 amount2017 amount×100 For 2018 year =...Chapter 12, Problem 92PSAShows this table for Last year 3 sale, net income and fixed year Particular 2019 2018 2017 Sale...In this calculation 1 formula is used For 2019 year = 2019 amount2017 amount×100 For 2018 year =...For 2019 Short-term liquidity ratios 1. Current ratio =current Assetscurrent...For 2018 debt management ratio1. long-term debt to equity ratio=long-term debt total...Explanation for correct answer: IFRS consists only of standards that have been issued since the IASB...Chapter A2, Problem 1DQa. No. of shares = 200 Acquisition Cost = $12,800 Acquisition Cost per share = $12,800200 = $64 b....Time value of money is the concept that differentiates the value of money received today and the...
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Corresponding editions of this textbook are also available below:
Cornerstones of Financial Management
1st Edition
ISBN: 9781111000318
CORNERSTONES OF FIN...W/REPORT-W/ACCESS
3rd Edition
ISBN: 9781305918252
Cornerstones of Financial Accounting (with 2011 Annual Reports: Under Armour, Inc. & VF Corporation)
3rd Edition
ISBN: 9781133943976
CORNERSTONES OF FIN.ACCT.-W/REPORT (LL)
3rd Edition
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ISU CUSTOM CORNERSTONES (LL) W/ACCESS
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Cornerstones Of Financial Accounting
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Cengagenowv2, 1 Term Printed Access Card For Rich/jones' Cornerstones Of Financial Accounting, 4th
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Bundle: Cornerstones Of Financial Accounting, Loose-leaf Version, 4th + Lms Integrated Cengagenowv2, 1 Term Printed Access Card
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CORNERSTONES OF FINAN.ACCT.>CUSTOM<
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Cornerstones of Financial Accounting - With CengageNow
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Cornerstones of Financial Accounting (Looseleaf)
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Cornerstones of Financial Accounting
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Cornerstones of Financial and Managerial Accounting
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ISBN: 9780538473484
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