Cornerstones of Financial Accounting - ...4th EditionRich Publisher: CENGAGE LISBN: 9781337760959
Cornerstones of Financial Accounting - ...
Solutions for Cornerstones of Financial Accounting - With CengageNow
Problem 2DQ:
What is the difference between a bond and a note? How do the accounting treatments differ?Problem 5DQ:
What is the stated or coupon rate of a bond?Problem 1MCQ:
Which of the following statements regarding bonds payable is true? Generally, bonds are issued in...Problem 3MCQ:
If bonds are issued at 101.25, this means that a $1,000 bond sold for $1,012.50. a $1,000 band sold...Problem 4MCQ:
What best describes the discount on bonds payable account? A liability An asset A contra liability...Problem 5MCQ:
The premium on bonds payable account is shown on the balance sheet as A contra asset. A reduction of...Problem 6MCQ:
When bonds are issued by a company, the accounting entry typically shows an increase in liabilities...Problem 8MCQ:
Bonds in the amount of $100,000 with a life of 10 years were issued by the Roundy Company. If the...Problem 17MCQ:
Which of the following statements regarding the new accounting rules, which take effect in 2019, for...Problem 18MCQ:
Willow Corporations balance sheet showed the following amounts: current liabilities, $5,000; bonds...Problem 20MCQ:
McLaughlin Corporations balance sheet showed the following amounts: current liabilities, $75,000;...Problem 21MCQ:
(Appendix 9A) The bond issue price is determined by calculating the present value of the stream of...Problem 22CE:
Cornerstone Exercise 9-22 Reporting Long-Term Debt on the Balance Sheet Dennis Corp. has the...Problem 23CE:
Cornerstone Exercise 9-23 Issuance of Long-Term Debt Anne Corp. issued $600,000, 5% bonds. Required:...Problem 24CE:
Cornerstone Exercise 9-24 Issuance of Long-Term Debt EWO Enterprises issues $4,500,000 of bonds...Problem 26CE:
Cornerstone Exercise 9-26 Debt Issued at Par On January 1, 2019, Brock & Co. issued S600,000 of...Problem 28CE:
Cornerstone ExerciseDebt Issued at a Premium (Straight Line) Refer to the information for Ironman...Problem 29CE:
Cornerstone Exercise 9-29 Debt issued at a Premium (Straight Line) Refer to the information for...Problem 30CE:
Cornerstone Exercise Debt Issued at a Premium (Straight Line) Refer to the information for Ironman...Problem 32CE:
Cornerstone Exercise Bonds Issued at a Discount (Effective Interest) Refer to the information for...Problem 39CE:
Cornerstone Exercise Ratio Analysis Watterson Corporations balance sheet showed the following...Problem 40CE:
Cornerstone Exercise Ratio Analysis Blue Corporation has $2,000,000 in total liabilities and...Problem 41CE:
Cornerstone Exercise Ratio Analysis Red Corporation had $1,750,000 in total liabilities and...Problem 43CE:
Cornerstone Exercise (Appendix 9A) Bond Issue Price On January 1, 2021, Callahan Auto issued...Problem 45BE:
Brief Exercise Issuance of Long-Term Debt Natalie Corp. provides medical supplies to hospitals...Problem 48BE:
Brief Exercise Debt Issued at Par On January 1, 2020, Desmond & Co. issued 5,000 bonds with a SI,000...Problem 51BE:
Brief Exercise Debt Issued at a Premium (Straight Line) On January 1, 2020, Solomon Crafts issued...Problem 56BE:
Brief ExerciseBonds Issued at a Premium (Effective Interest) Refer to the information above for...Problem 58BE:
Brief Exercise Bonds issued at a Premium (Effective Interest) Refer to the information above for...Problem 59BE:
Brief Exercise Cost of Debt Financing Topple Corporation leases skyscrapers in cities throughout the...Problem 61BE:
Brief Exercise Ratio Analysis Whitten Corporations balance sheet shows the following amounts:...Problem 62BE:
Brief ExerciseRatio Analysis Valiant Corporation has $1,800,000 in total liabilities, $800,000 of...Problem 63BE:
Brief Exercise Ratio Analysis Trevor Corporation had $2,900,000 in total liabilities and $4,300,000...Problem 64BE:
Brief Exercise (Appendix 9A) Bond Issue Price On January 1, 2020, Ruby Inc. issued 3,000 $1,000 par...Problem 67E:
Exercise Bond Premium and Discount Markway Inc. is contemplating selling bonds. The issue is to be...Problem 68E:
Exercise Bonds with Annual Interest Payments Kiwi Corporation issued at par $350,000, 9% bonds on...Problem 69E:
Exercise Issuance and Interest Amortization for Zero Coupon Note (Straight Line) Kerwin Company...Problem 72E:
Exercise Interest Payments and Interest Expense for Bonds (Straight Line) On January 1, 2020, Perry...Problem 85E:
ExerciseInstallment Notes ABC bank loans $250,000 to Yossarian to purchase a new home. Yossarian...Problem 87E:
Cost of Debt Financing Stinson Corporations cost of debt financing is 6%. Its tax rate is 30%....Problem 88E:
Cost of Debt Financing Diamond Companys cost of debt financing is 10%. Its tax rate is 35%. Diamond...Problem 89E:
Ratio Analysis Rising Stars Academy provided the following information on its 2019 balance sheet and...Problem 91PSA:
Problem Reporting Long-Term Debt Fridley Manufacturings accounting records reveal the following...Problem 100C:
Long-Term Debt and Ethics You arc the CFO of Diversified Industries. Diversified has suffered...Problem 101.1C:
Debtholders receive note contracts, one for each note, that describe the payments promised by the...Problem 101.2C:
Debtholders receive note contracts, one for each note, that describe the payments promised by the...Problem 103.1C:
Leverage Cook Corporation issued financial statements at December 31, 2019, that include the...Browse All Chapters of This Textbook
Chapter 1 - Accounting And The Financial StatementsChapter 2 - The Accounting Information SystemChapter 3 - Accrual AccountingChapter 4 - Internal Control And CashChapter 5 - Sales And ReceivablesChapter 6 - Cost Of Goods Sold And InventoryChapter 7 - Operating AssetsChapter 8 - Current And Contingent LiabilitiesChapter 9 - Long-term LiabilitiesChapter 10 - Stockholder's Equity
Sample Solutions for this Textbook
We offer sample solutions for Cornerstones of Financial Accounting - With CengageNow homework problems. See examples below:
Chapter 1, Problem 1DQChapter 1, Problem 38EBalance sheet is a summary of Assets, Liabilities and equity accounts that reports the financial...Balance sheet is a summary of Assets, Liabilities and equity accounts that reports the financial...The missing amounts on balance sheets given are calculated as follows: Current Assets(a)$ 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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