Cornerstones of Financial Accounting - ...4th EditionRich Publisher: CENGAGE LISBN: 9781337760959
Cornerstones of Financial Accounting - ...
Solutions for Cornerstones of Financial Accounting - With CengageNow
Problem 1DQ:
When is revenue recognized?Problem 2DQ:
When is a performance obligation satisfied?Problem 10DQ:
Why is the direct write-off method not GAAP?Problem 14DQ:
How much interest will be due at maturity for each of the following interest-bearing notes?Problem 15DQ:
A business borrows $1,000, signing a note that requires repayment of the amount borrowed in two...Problem 17DQ:
Describe what happens when receivables are factored.Problem 22DQ:
How may analyzing sales and receivables provide information about a firms profitability?Problem 2MCQ:
When is revenue from the sale of merchandise normally recognized? a. When the customer takes...Problem 3MCQ:
What does the phrase, Revenue is recognized at the point of sale mean? a. Revenue is recorded in the...Problem 8MCQ:
All of the following are ways in which receivables are commonly distinguished except a. collectible...Problem 9MCQ:
Which one of the following best describes the allowance for doubtful accounts? a. Cash flow account...Problem 10MCQ:
If a company uses the direct write-off method of accounting for bad debts, a. it will report...Problem 12MCQ:
Which of the following best describes the concept of the aging method of receivables? a. An accurate...Problem 13MCQ:
The aging method is closely related to the a. income statement. b. balance sheet. c. statement of...Problem 17MCQ:
Zenephia Corp. accepted a 9-month note receivable from a customer on October 1, 2019. If Zenephia...Problem 20MCQ:
( Appendix 5A) Under the gross method, the seller records discounts taken by the buyer a. at the...Problem 21CE:
Service Revenue Kibitz Fitness received S30000 from customers on August l, 2019. These payments were...Problem 22CE:
Service Revenue Softball Magazine Company received advance payments of $75,000 from customers during...Problem 25CE:
Percentage of Credit Sales Clarissa Company has credit sales of $550,000 during 2019 and estimates...Problem 26CE:
Write-Off of Uncollectible Accounts The Rock has credit sales of $425 000 during 2019 and estimates...Problem 27CE:
Aging Method On January 1, 2019, Hungryman Inc. has the following balances for accounts receivable...Problem 28CE:
Aging Method On January 1, 2019, Smith Inc. has the following balances for accounts receivable and...Problem 31CE:
Accounts Receivable Balance Beginning accounts receivable were $275,500, and ending accounts...Problem 32CE:
Accounts Receivable Balance Beginning accounts receivable were $80,200, and ending accounts...Problem 34CE:
Notes Receivable Metzler Communications designs and programs a website for a local business. Metzler...Problem 35CE:
Notes Receivable Link Communications programs voicemail systems for businesses. For a recent...Problem 36CE:
Ratio Analysis The following information pertains to Cobb Corporations financial results for the...Problem 37CE:
Ratio Analysis Diviney Corporations net sales and average net trade accounts receivable were...Problem 39BE:
Service Revenue H**R Wholesalers is a retailer providing low cost, bulk items to small companies....Problem 40BE:
Service Revenue Melrose Milk Delivery provides weekly gourmet milk delivery to the residents of...Problem 44BE:
Write-Off of Uncollectible Accounts King Enterprises had 27 customers utilizing its financial...Problem 45BE:
Aging Method Spotted Singer sells karaoke machines to businesses and consumers via the Internet. On...Problem 46BE:
Aging Method Ingrid Inc. has strict credit policies and only extends credit to customers with...Problem 47BE:
Percentage of Credit Sales Method Ruby Red manufactures, markets, and distributes citrus flavored...Problem 48BE:
Collection of Amounts Previously Written Off Hannah purchased a laptop computer from Perry Corp. for...Problem 49BE:
Accounts Receivable Balance Hart Inc. began the year with $315,700 of accounts receivable. During...Problem 50BE:
Accounts Receivable Balance XYZ Corp sells widgets to consumers for $20 each. Its beginning accounts...Problem 51BE:
Accounts Receivable Balance Rays beginning and ending accounts receivables balances are $147,990 and...Problem 55BE:
Ratio Analysis Dobbys income statement lists net sales of $179,000 and a gross margin of $111,000....Problem 56BE:
Ratio Analysis Rose Corporation sells upscale lamps to boutiques across the country. The average net...Problem 58BE:
( Appendix 5A) Sales Discounts Harry Gardner provides tax services for small businesses. This years...Problem 59BE:
( Appendix 5A) Sales Discounts Ramsden Inc. provided consulting services with a gross price of...Problem 60E:
Calculation of Revenue Wallace Motors buys and sells used cars. Wallace made the following sales...Problem 62E:
Calculation of Revenue from Cash Collection Anderson Lawn Service provides mowing, weed control, and...Problem 64E:
Sales and Sales Returns and Allowances Rubin Enterprises had the following sales-related...Problem 65E:
Average Uncollectible Account Losses and Bad Debt Expense The accountant for Porile Company prepared...Problem 66E:
Bad Debt Expense: Percentage of Credit Sales Method Gilmore Electronics had the following data for a...Problem 68E:
Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging schedule...Problem 69E:
Aging Receivables and Bad Debt Expense Perkinson Corporation sells paper products to a large number...Problem 70E:
Allowance for Doubtful Accounts At the beginning of the year, Kullerud Manufacturing had a credit...Problem 71E:
Collection of Amounts Previously Written Off Customer Rob Hufnagel owes Kellman Corp. $1,250....Problem 73E:
Accounting for Notes Receivable On November 30, 2019, Tucker Products performed computer programming...Problem 74E:
Recording Notes Receivable: Issuance, Payment, and Default Marydale Products permits its customers...Problem 76E:
Ratio Analysis The following information was taken from Nash Inc.s trial balances as of December 31,...Problem 77E:
Ratio Analysis The following information was taken from Logsden Manufacturings trial balances as of...Problem 83APSA:
Bad Debt Expense: Percentage of Credit Sales Method The Glass House, a glass and china store, sells...Problem 84APSA:
Aging Method Bad Debt Expense Cindy Bagnal, the manager of Cayce Printing Service, has provided the...Problem 85APSA:
Determining Bad Debt Expense Using the Aging Method At the beginning of the year, Tennyson Auto...Problem 86APSA:
Accounting for Notes Receivable Yarnell Electronics sells computer systems to small businesses....Problem 84BPSB:
Aging Method Bad Debt Expense Carol Simon, the manager of Handy Plumbing has provided the following...Problem 85BPSB:
Determining Bad Debt Expense Using the Aging Method At the beginning of the year, Lennon Electronics...Problem 89.1C:
Ethics and Revenue Recognition Alan Spalding is CEO of a large appliance wholesaler. Alan is under...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 - With CengageNow 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
ISBN: 9781133943976
CORNERSTONES OF FIN.ACCT.-W/REPORT (LL)
3rd Edition
ISBN: 9781285060668
ISU CUSTOM CORNERSTONES (LL) W/ACCESS
3rd Edition
ISBN: 9781337380683
Cornerstones Of Financial Accounting
3rd Edition
ISBN: 9781285423678
Cengagenowv2, 1 Term Printed Access Card For Rich/jones' Cornerstones Of Financial Accounting, 4th
4th Edition
ISBN: 9781337690911
Bundle: Cornerstones Of Financial Accounting, Loose-leaf Version, 4th + Lms Integrated Cengagenowv2, 1 Term Printed Access Card
4th Edition
ISBN: 9781337760980
CENGAGENOWV2 FOR RICH/JONES' CORNERSTON
4th Edition
ISBN: 9781337690904
CORNERSTONES OF FINAN.ACCT.>CUSTOM<
4th Edition
ISBN: 9780357099285
Cornerstones of Financial Accounting
4th Edition
ISBN: 9781337690881
Cornerstones of Financial Accounting (Looseleaf)
4th Edition
ISBN: 9781337690898
Cornerstones of Financial Accounting
4th Edition
ISBN: 9781337669450
Bundle: Cornerstones of Financial Accounting, Loose-leaf Version, 4th + CengageNOWv2, 1 term Printed Access Card
4th Edition
ISBN: 9781337760997
Cornerstones of Financial and Managerial Accounting
2nd Edition
ISBN: 9780538473484
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