Cornerstones of Financial Accounting - ...4th EditionRich Publisher: CENGAGE LISBN: 9781337760959
Cornerstones of Financial Accounting - ...
Solutions for Cornerstones of Financial Accounting - With CengageNow
Problem 4MCQ:
Refer to the information for Kinsella Seed above. What journal entry should be made with respect to...Problem 10MCQ:
When a credit is made to federal income taxes withholding payable account related to taxes withheld...Problem 18MCQ:
Which of the following transactions would cause the current ratio to increase (assuming the current...Problem 19CE:
Issuing Notes Payable On June 30, Carmean Inc. borrows $250,000 from 1st National Bank with an...Problem 20CE:
Notes Payable Rogers Machinery Company borrowed $330,000 on February 1, with a 6-month, 10%,...Problem 22CE:
Accrued Interest On March 1, the Garner Corporation borrowed $75,000 from the First Bank of...Problem 25CE:
Sales Tax Cobb Baseball Bats sold 45 bats for $50 each, plus an additional state sales tax of 6%....Problem 26CE:
Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $500,000. The...Problem 29CE:
Unearned Sales Revenue Brand Landscaping offers a promotion where a customers lawn will be mowed 20...Problem 33CE:
Liquidity Ratios NWAs financial statements contain the following information: Note: Round answers to...Problem 35BE:
Accounts Payable On May 18, Stanton Electronics purchased, on credit, 1,000 TV sets for $400 each....Problem 36BE:
Accounts and Notes Payable On February 15, Barbour Industries buys $800,000 of inventory on credit....Problem 37BE:
Issuing Notes Payable On September 30, Bello International borrows $320,000 from Chase Bank with a...Problem 38BE:
Notes Payable Renchen Company, which manufactures steel tubing and casing for automobile production,...Problem 39BE:
Accrued Interest On July 1, Brimley Company issued a note with First National Bank with terms of 2...Problem 40BE:
Accrued Interest On May 1, the Garnett Corporation wanted to purchase a $200,000 piece of equipment,...Problem 41BE:
Accrued Property Taxes Annual property taxes covering the preceding 12 months are always paid on...Problem 42BE:
Accrued Income Taxes Nolan Inc. had taxable income of $400,000 in 2019. Its effective tax rate is...Problem 44BE:
Accrued Wages A company employs a part-time staff of 50 employees, each earning $10 per hour and...Problem 49BE:
Payroll Taxes Sids Grocery Store has 100 employees who earn a wage of $18.75 per hour. Each of Sids...Problem 51BE:
Payroll Taxes Its the Tooth Dental works to provide high quality pediatric dental services in a...Problem 52BE:
Unearned Sales Revenue Curtiss Carpet Cleaning normally charges $90 to clean one room of carpeting....Problem 53BE:
Unearned Rent Revenue Mannion Property Management leases commercial properties and expects its...Problem 54BE:
Contingent Liabilities Many companies provide warranties with their products. Such warranties...Problem 58BE:
Liquidity Ratios JRLs financial statements contain the following information: Required: 1. What is...Problem 61E:
Recording Various Liabilities Glenview Hardware had the following transactions that produced...Problem 62E:
Recording Various Liabilities Plymouth Electronics had the following transactions that produced...Problem 63E:
Reporting Liabilities Morton Electronics had the following obligations: a. A legally enforceable...Problem 64E:
Accounts Payable Sleek Ride, a company providing limo services, has a December 31 year-end date. For...Problem 65E:
Accrued Liabilities Charger Inc. had the following items that require adjusting entries at the end...Problem 66E:
Accrued Liabilities Thornwood Tile had the following items that require adjusting entries at the end...Problem 68E:
Payroll Accounting and Discussion of Labor Costs Blitzen Marketing Research paid its weekly and...Problem 69E:
Unearned Revenue Jennifers Landscaping Services signed a $400-per-month contract on November 1,...Problem 71E:
Warranties Eds Athletics sells bicycles and other sports and athletic equipment. Sales and expected...Problem 72E:
Ratio Analysis Intel Corporation provided the following information on its balance sheet and...Problem 73APSA:
Payable Transactions Richmond Company engaged in the following transactions during 2019: a....Problem 74APSA:
Payroll Accounting Jet Enterprises has the following data available for its April 30, 2019, payroll:...Problem 75APSA:
Note Payable and Accrued Interest Fairbome Company borrowed $60,000 on an 8%, interest-bearing note...Problem 80APSA:
Ratio Analysis Consider the following information taken from GERs financial statements: Also, GERs...Problem 73BPSB:
Payable Transactions Daniels Company engaged in the following transactions during 2020: a. Purchased...Problem 74BPSB:
Payroll Accounting McLaughlin Manufacturing has the following data available for its March 31, 2019,...Problem 75BPSB:
Note Payable and Accrued Interest Ellsworth Enterprises borrowed $425,000 on an 8%, interest-bearing...Problem 80BPSB:
Ratio Analysis Consider the following information taken from Chicago Water Slides (CWSs) financial...Browse All Chapters of This Textbook
Chapter 1 - Accounting And The Financial StatementsChapter 2 - The Accounting Information SystemChapter 3 - Accrual AccountingChapter 4 - Internal Control And CashChapter 5 - Sales And ReceivablesChapter 6 - Cost Of Goods Sold And InventoryChapter 7 - Operating AssetsChapter 8 - Current And Contingent LiabilitiesChapter 9 - Long-term LiabilitiesChapter 10 - Stockholder's Equity
Sample Solutions for this Textbook
We offer sample solutions for Cornerstones of Financial Accounting - With CengageNow homework problems. See examples below:
Chapter 1, Problem 1DQChapter 1, Problem 38EBalance sheet is a summary of Assets, Liabilities and equity accounts that reports the financial...Balance sheet is a summary of Assets, Liabilities and equity accounts that reports the financial...The missing amounts on balance sheets given are calculated as follows: Current Assets(a)$ 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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