Cornerstones of Financial Accounting4th EditionJay Rich, Jeff Jones Publisher: Cengage LearningISBN: 9781337690881
Cornerstones of Financial Accounting
Solutions for Cornerstones of Financial Accounting
Problem 1DQ:
What is the conceptual framework of accounting?Problem 9DQ:
Of all the events that occur each day, how would you describe those that are recorded in a firms...Problem 12DQ:
In analyzing a transaction, can a transaction only affect one side of the accounting equation? If...Problem 16DQ:
The words debit and credit are used in two ways in accounting: to debit an account and a debit...Problem 6MCQ:
Which principle requires that expenses be recorded and reported in the same period as the revenue...Problem 7MCQ:
Taylor Company recently purchased a piece of equipment for $2,000 which will be paid within 30 days...Problem 9MCQ:
The effects of paying salaries for the current period are to: increase assets and increase stock-...Problem 10MCQ:
Which of the following statements is false? The left side of a T-account is called the credit side....Problem 11MCQ:
Which of the following statements are true? Debits represent decreases. and credits represent...Problem 12MCQ:
Debits will: increase assets. expenses, and dividends. decrease liabilities, revenues, and...Problem 13MCQ:
Which of the following statements are true? A journal provides a chronological record of a...Problem 14MCQ:
Posting: involves transferring the information in journal entries to the general ledger. is an...Problem 15MCQ:
A trial balance: lists only revenue and expense accounts; lists all accounts and their balances....Problem 16CE:
CORNERSTONE 2.1 Cornerstone Exercise 2-16 Qualitative Characteristics Three statements are given...Problem 18CE:
CORNERSTONE 2.1 Four statements are given below. Pewterschmidt Company values its inventory reported...Problem 20CE:
Cornerstone Exercise 2-20 Transaction Analysis Four transactions are listed below. CORNERSTONE 2.2...Problem 21CE:
Cornerstone Exercise 2-21 Transaction Analysis Morgan Inc. entered into the following transactions:...Problem 22CE:
Cornerstone Exercise 2-22 Transaction Analysis The Mendholm Company entered into the following...Problem 23CE:
Cornerstone Exercise 2-23 Debit and Credit Procedures Refer ID the accounts listed below. a....Problem 24CE:
Cornerstone Exercise 2-24 Journalize Transactions Four transactions that occurred during June are...Problem 25CE:
Cornerstone Exercise 2-25 Journalize Transactions Four transactions that occurred during May are...Problem 26CE:
Cornerstone Exercise 2-26 Preparing a Trial Balance Listed below are the ledger accounts for Borges...Problem 28BE:
Brief Exercise 2-28 Assumptions and Principles Five common accounting practices are listed below: A...Problem 29BE:
Brief Exercise 2-2? Events and Transactions Several events are listed below. Paid $30,000 for land....Problem 30BE:
Brief Exercise 2-30 Transaction Analysis Galle Inc. entered into the following transactions during...Problem 31BE:
Brief Exercise 2-31 Debit and Credit Procedures Refer to the accounts listed below. Accounts...Problem 32BE:
Brief Exercise 2-32 Journalize Transactions Galle Inc. entered into the following transactions...Problem 33BE:
Brief Exercise 2-33 Posting Journal Entries Listed below are selected T-accounts and their beginning...Problem 34BE:
Brief Exercise 2-34 Preparing a Trial Balance The following trial balance that was prepared by {he...Problem 37E:
Exercise 2-37 Events and Transactions Several events are listed below Common stock is issued to...Problem 38E:
Exercise 2-38 Events and Transactions The following economic events related to K the bill need not...Problem 39E:
Exercise 2-39 Transaction Analysis OBJECTIVE e The following events occurred for Parker Company....Problem 40E:
Exercise 2-40 Transaction Analysis Amanda Webb opened a home health care business under the name...Problem 41E:
Exercise 2-41 Transaction Analysis and Business Activities The accountant for Compton Inc. has...Problem 42E:
Exercise 2-42 Inferring Transactions from Balance Sheet Changes Each of the following balance sheet...Problem 43E:
Exercise 2-43 Transaction Analysis Goal Systems, a business consulting firm, engaged in the...Problem 44E:
Exercise 2-44 Transaction Analysis OBJECTIVE 9 During December, Cynthiana Refrigeration Service...Problem 46E:
Exercise 2-46 Normal Balances and Financial Statements The following accounts are available for...Problem 47E:
OBJECTIVE 9 Exercise 2-47 Debit and Credit Effects of Transactions Lincoln Corporation was involved...Problem 49E:
Exercise 2-49 Journalizing Transactions Kauai Adventures rams and sells surfboards, snorkeling, and...Problem 50E:
Exercise 2-50 Journalizing Transactions Remington Communications has been providing cellular phone...Problem 51E:
Exercise 2-51 Transaction Analysis and Journal Entries Pasta House Inc. was organized in January...Problem 52E:
Exercise 2-52 Accounting Cycle Rosenthal Decorating Inc. is a commercial painting and decorating...Problem 53E:
Exercise 2-53 Preparing a Trial Balance Preparation The fo1lowing accounts and account balances are...Problem 54E:
Exercise 2-54 Effect of Errors on a Trial Balance The bookkeeper for Riley Inc. made the following...Problem 55APSA:
Problem 2-55A Events and Transactions The accountant for Boatsman Products Inc. received the...Problem 56APSA:
Problem 2-56A Analyzing Transactions Luis Madero, after working for several years with a large...Problem 57APSA:
Problem 2-57A Inferring Transactions from T-Accounts The following T-accounts summarize the...Problem 59APSA:
Problem 2-59A Journalizing Transactions Monroe Company rents and sells electronic equipment. During...Problem 60APSA:
Problem 2-60A Journalizing and Posting Transactions Cincinnati Painting Service Inc. specializes in...Problem 61APSA:
Problem 2-61A The Accounting Cycle Karleens Catering Service provides catered meals to individuals...Problem 62APSA:
Problem 2-62B Comprehensive Problem Mulberry Services sells electronic data processing services to...Problem 58BPSB:
Problem 2-58B Debit and Credit Procedures A list of accounts for Montgomery Inc. appears below....Problem 59BPSB:
Problem 2-593 Journalizing Transactions Monilast Chemicals engaged in the following transactions...Problem 60BPSB:
Problem 2-603 Journalizing and Posting Transactions Findlay Testing Inc. provides water testing and...Problem 61BPSB:
Problem 2-6B The Accounting Cycle Sweetwater Temporary Clerical Help Service opened for business in...Problem 62BPSB:
Problem 2-62B Comprehensive Problem Mulberry Services sells electronic data processing services to...Problem 64.3C:
Case 2-64 Analysis of the Effects of Current Asset and Current Liability Changes on Cash Flows You...Problem 67.1C:
Case 2-67 Comparative Analysis: Under Armour, Inc., versus Columbia Sportswear Refer to the 10-K...Problem 67.3C:
Case 2-67 Comparative Analysis: Under Armour, Inc., versus Columbia Sportswear Refer to the 10-K...Problem 68.1C:
Case 2-68 Accounting for Partially Completed Events: 3 Prelude to Chapter 3 Ehrlich Smith. the owner...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...
More Editions of This Book
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
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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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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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