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 happens during the accounting cycle?Problem 5DQ:
Why are adjusting entries needed?Problem 12DQ:
Describe the effect on the financial statements when an adjustment is prepared that records (a)...Problem 19DQ:
( Appendix 3A) What is the relationship between the accounting cycle and the worksheet?Problem 1MCQ:
Which of the following statements is true? Under cash-basis accounting, revenues are recorded when a...Problem 2MCQ:
In December 2019, Swanstrom Inc. receives a cash payment of $3,500 for services performed in...Problem 3MCQ:
Which transaction would require adjustment at December 31? a. The sale of merchandise for cash on...Problem 4MCQ:
Which of the following statements is false? Adjusting entries are necessary because timing...Problem 5MCQ:
Dallas Company loaned to Ewing Company on December 1, 2019. Ewing will pay Dallas $720 of interest...Problem 6MCQ:
Rons Diner received the following bills for December 2019 utilities: • Electricity: $625 on...Problem 7MCQ:
In September 2019, GolfWorld Magazine obtained $15,000 of subscriptions for 1 year of magazines and...Problem 8MCQ:
Hurd Inc. prepays rent every 3 months on March 1, June 1, September 1, and December 1. Rent for the...Problem 9MCQ:
Which of the following statements is incorrect regarding preparing financial statements? The...Problem 10MCQ:
Reinhardt Company reported revenues of $122,000 and expenses of $83,000 on its 2019 income...Problem 12CE:
Cornerstone Exercise 3-12 Accrual- and Cash-Basis Revenue McDonald Music sells used CDs for S4.00...Problem 13CE:
Cornerstone Exercise 3-13 Accrual- and Cash-Basis Expenses Speedy Delivery Company provides next-day...Problem 16CE:
Cornerstone Exercise 3-16 Identification of Adjusting Entries Singleton Inc. the accrual basis of...Problem 17CE:
Cornerstone Exercise 3-17 Accrued Revenue Adjusting Entries Powers Rental Service had the following...Problem 18CE:
Cornerstone Exercise 3-18 Accrued Expense Adjusting Entries Manning Manufacturing Inc. had the...Problem 19CE:
Cornerstone Exercise 3-19 Deferred Revenue Adjusting Entries Olney Cleaning Company had the...Problem 20CE:
Cornerstone Exercise 3-20 Deferred Expense Adjusting Entries Best Company had the following items...Problem 21CE:
Cornerstone Exercise 3-21 Adjustment for Supplies Pain-Free Dental Group Inc. purchased dental...Problem 22CE:
Cornerstone Exercise 3-22 Adjustment for Depreciation LaGarde Company has a machine that it...Problem 24CE:
Cornerstone Exercise 3-24 Preparing an Income Statement Refer to the information for Sparrow Company...Problem 25CE:
Cornerstone Exercise 3-25 Preparing a Retained Earnings Statement Refer to the information for...Problem 26CE:
Cornerstone Exercise 3-26 Preparing a Balance Sheet Refer to the information for Sparrow Company on...Problem 27CE:
Cornerstone Exercise 3-27 Preparing and Analyzing Closing Entries Refer to the information for...Problem 28BE:
Brief Exercise 3-28 Accrual- and Cash-Basis Accounting The following are several transactions for...Problem 29BE:
Brief Exercise 3-29 Revenue and Expense Recognition Lauhl Corporation provides janitorial services...Problem 30BE:
Brief Exercise 3-30 Identification of Adjusting Entries Examine the following accounts. Prepaid...Problem 31BE:
Brief Exercise 3-31 Adjusting Entries-Accruals Nichols Company had the following items that required...Problem 32BE:
Brief Exercise 3-32 Adjusting Entries-Deferrals Tyndal Company had the following items that required...Problem 33BE:
Brief Exercise 3-33 Preparing an Income Statement The adjusted trial balance of Pelton Company at...Problem 34BE:
Brief Exercise 3-34 Preparing a Retained Earnings Statement Refer to the information presented in...Problem 36BE:
Brief Exercise 3-36 Preparing and Analyzing Closing Entries At December 31, 2019, the ledger of...Problem 38E:
Exercise 3-38 Accrual- and Cash-Basis Expense Recognition The following information is taken from...Problem 39E:
Exercise 3-39 Revenue Recognition Each of the following situations relates to the recognition of...Problem 40E:
Exercise 3-40 Revenue and Expense Recognition Electronic Repair Company repaired a high-definition...Problem 41E:
Exercise 3-41 Cash-Basis and Accrual-Basis Accounting The records of Summers Building Company reveal...Problem 42E:
Exercise 3-42 Revenue and Expense Recognition Omega Transportation Inc., headquartered in Atlanta,...Problem 43E:
Exercise 3-43 Recognizing Expenses Treadway Dental Services gives each of its patients a toothbrush...Problem 44E:
Exercise 3-44 Revenue Expense and Recognition Carrico Advertising Inc. performs advertising services...Problem 45E:
Exercise 3-45 Identification of Adjusting Entries Conklin Services prepares financial statements...Problem 46E:
Exercise 3-46 Identification and Analysis of Adjusting Entries Medina Motor Service is preparing...Problem 47E:
Exercise 3-47 Revenue Adjustments Sentry Transport Inc. of Atlanta provides in-town parcel delivery...Problem 48E:
Expense Adjustments Faraday Electronic Service repairs stereos and DVD players. During 2019, Faraday...Problem 50E:
Exercise 3-50 Prepayment of Expenses JDM Inc. made the following prepayments for expense items...Problem 51E:
Exercise 3-51 Adjustment for Supplies The downtown location of Chicago Clothiers purchases large...Problem 52E:
Adjusting Entries Exercise 3-52 Allentown Services Inc. is preparing adjusting entries for the year...Problem 54E:
Exercise 3-54 Recreating Adjusting Entries Selected balance sheet accounts for Gardner Company are...Problem 55E:
Exercise 3-55 Effect of Adjustments on the Financial Statements VanBrush Enterprises, a painting...Problem 56E:
Exercise 3-56 Preparing an Income Statement Oxmoor Corporation prepared the following adjusted trial...Problem 57E:
Exercise 3-57 Preparing a Retained Earnings Statement Refer to the unadjusted trial balance for...Problem 58E:
Exercise 3-58 Preparing a Balance Sheet Refer to the unadjusted trial balance for Oxmoor Corporation...Problem 59E:
Exercise 3-59 Preparation of Closing Entries Grand Rapids Consulting Inc. began 2019 with a retained...Problem 60E:
Exercise 3-60 Preparation of Closing Entries James and Susan Morley recently converted a large...Problem 61E:
Exercise 3-61 Preparation of a Worksheet (Appendix 3A) Unadjusted account balances at December 31,...Problem 62APSA:
Problem 3-62A Cash-Basis and Accrual-Basis Income George Hathaway, an electrician, entered into an...Problem 63APSA:
Problem 3-63A Revenue and Expense Recognition Security Specialists performs security services for...Problem 64APSA:
Problem 3-64A Identification and Preparation of Adjusting Entries Kueppers Day Care is a large...Problem 65APSA:
Problem 3-65A Preparation of Adjusting Entries Bartow Photographic Services takes wedding and...Problem 66APSA:
Problem 3-66A Effects of Adjusting Entries on the Accounting Equation Four adjusting entries are...Problem 67APSA:
Problem 3-67A Adjusting Entries and Financial Statements You have the following unadjusted trial...Problem 68APSA:
Problem 3-68A Inferring Adjusting Entries from Account Balance Changes The following schedule shows...Problem 69APSA:
Problem 3-69A Preparation of Closing Entries and an Income Statement Round Grove Alarm Company...Problem 70APSA:
Problem 3-70B Comprehensive Problem: Reviewing the Accounting Cycle Wilburton Riding Stables...Problem 71APSA:
Problem 3-71 A Preparing a Worksheet (Appendix 3A) Marsteller Properties Inc. owns apartments that...Problem 63BPSB:
Problem 3-63B Revenue and Expense Recognition Aunt Beas Catering Service provides catering service...Problem 64BPSB:
Problem 3-64B Identification and Preparation of Entries Morgan Dance Inc. provides ballet, tap, and...Problem 65BPSB:
Problem 3-65B Preparation of Adjusting Entries West Beach Resort operates a resort complex that...Problem 66BPSB:
Problem 3-66A Effects of Adjusting Entries on the Accounting Equation Four adjusting entries are...Problem 67BPSB:
Problem 3-67B Adjusting Entries and Financial Statements The unadjusted trial balance for Mitchell...Problem 68BPSB:
Problem 3-68B Inferring Adjusting Entries from Account Balance Changes The following schedule shows...Problem 69BPSB:
Problem 3-69B Preparation of Closing Entries and an Income Statement Port Austin Boat Repair Inc....Problem 70BPSB:
Problem 3-70B Comprehensive Problem: Reviewing the Accounting Cycle Wilburton Riding Stables...Problem 71BPSB:
Problem 3-71B Preparing a Worksheet (Appendix 3A) Flint Inc. operates a cable television System. At...Problem 72C:
Case 3-72 Cash- or Accrual-Basis Accounting Karen Ragsdale owns a business that rents parking spots...Problem 73.1C:
Case 3-73 Recognition of Service Contract Revenue Zac Murphy is president of Blooming Colors Inc....Problem 73.2C:
Case 3-73 Recognition of Service Contract Revenue Zac Murphy is president of Blooming Colors Inc....Problem 73.3C:
Case 3-73 Recognition of Service Contract Revenue Zac Murphy is president of Blooming Colors Inc....Problem 74.1C:
Case 3-74 Revenue Recognition Melaney Parks purchased HealthPlus Fitness in January 2019. Melaney...Problem 78.3C:
Case 3-78 Interpreting Closing Entries Barnes Building Systems made the following closing entries at...Problem 79.1C:
Case 3-79 Research and Analysis Using the Annual Report Obtain FedEx Corporations 2016 annual report...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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Cornerstones of Financial Management
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CORNERSTONES OF FIN...W/REPORT-W/ACCESS
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Cornerstones of Financial Accounting (with 2011 Annual Reports: Under Armour, Inc. & VF Corporation)
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Cornerstones Of Financial Accounting
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Cornerstones of Financial Accounting - With CengageNow
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