Solutions for Corporate Financial Accounting
Problem 4DQ:
eCatalog Services Company performed services in October for a specific customer, for a fee of 7,890....Problem 5DQ:
If the two totals of a trial balance are equal, does it mean that there are no errors in the...Problem 6DQ:
Assume that a trial balance is prepared with an account balance of 8,900 listed as 9,800 and an...Problem 7DQ:
Assume that when a purchase of supplies of 2,650 for cash was recorded, both the debit and the...Problem 8DQ:
Assume that Muscular Consulting erroneously recorded die payment of 7,500 of dividends as a debit to...Problem 9DQ:
Assume that Sunshine Realty Co. borrowed 300,000 from Columbia First Bank and Trust. In recording...Problem 10DQ:
Checking accounts are one of the most common forms of deposits for banks. Assume that Surety Storage...Problem 2.1BE:
Rules of debit and credit and normal balances State for each account whether it is likely to have...Problem 2.3BE:
Journal entry for fees earned Prepare a journal entry on August 13 for cash received for services...Problem 2.4BE:
Journal entry for dividends Prepare a journal entry on June 30 for dividends of 11,500.Problem 2.5BE:
Missing amount from an account On August 1, the supplies account balance was 1,025. During August,...Problem 2.6BE:
Trial balance errors For each of the following errors, considered individually, indicate whether the...Problem 2.7BE:
Correcting entries The following errors took place in journalizing and posting transactions: A. The...Problem 2.2EX:
Chart of accounts Innerscape Interiors is owned and operated by Jackie Vargo, an interior decorator....Problem 2.3EX:
Chart of accounts LeadCo School is a newly organized business that teaches people how to inspire and...Problem 2.4EX:
Rules of debit and credit The following table summarizes the rules of debit and credit. For each of...Problem 2.5EX:
Normal entries for accounts During the month, Gates Labs Co. has a substantial number of...Problem 2.6EX:
Normal balances of accounts Identify each of the following accounts of Liken Services Co. as asset,...Problem 2.7EX:
Transactions Zenith Consulting Co. has the following accounts in its ledger: Cash, Accounts...Problem 2.8EX:
Journalizing and posting On October 3, 2018, Regal Company purchased 3,600 of supplies on account....Problem 2.9EX:
Transactions and T accounts The following selected transactions were completed during March of the...Problem 2.10EX:
Cash account balance During the month, Warwick Co. received 515,000 in cash and paid out 375,000 in...Problem 2.11EX:
Account balances A. During February, 186,500 was paid to creditors on account, and purchases on...Problem 2.12EX:
Retained earnings account balance As of January 1, Retained Earnings had a credit balance of...Problem 2.13EX:
Identifying transactions Napa Tours Co. is a travel agency. The nine transactions recorded by Napa...Problem 2.14EX:
Journal entries Based upon the T accounts in Exercise 2-13, prepare the nine journal entries from...Problem 2.15EX:
Trial balance Based upon the data presented in Exercise 2-13, (A) prepare an unadjusted trial...Problem 2.16EX:
Trial balance The accounts in the ledger of Atlantic Furniture Company as of July 2018 are listed in...Problem 2.17EX:
Effect of errors on trial balance Indicate which of the following errors, each considered...Problem 2.18EX:
Total of Credit column: 525,000 Error in triad balance The following preliminary unadjusted trial...Problem 2.19EX:
Effect of errors on trial balance The following errors occurred in posting from a two-column...Problem 2.20EX:
Errors in trial balance Identify the errors in the following trial balance. All accounts have normal...Problem 2.21EX:
Entries to correct errors The following errors took place in journalizing and posting transactions:...Problem 2.1APR:
Entries into T accounts and trial balance Marjorie Knaus, an architect, organized Knaus Architects...Problem 2.2APR:
Journal entries and trial balance On October 1, 2018, Jay Crowley established Affordable Realty,...Problem 2.3APR:
Journal entries and trial balance On November 1, 2018, Kris Lehman established an interior...Problem 2.4APR:
Journal entries and trial balance Elite Realty acts as an agent in buying, selling, renting, and...Problem 2.5APR:
Corrected trial balance The Lexington Group has the following unadjusted trial balance as of May 31,...Problem 2.1BPR:
Entries into T accounts and trial balance Ken Jones, an architect, organized Jones Architects on...Problem 2.2BPR:
Journal entries and trial balance On August 1, 2018, Rafael Masey established Planet Realty, which...Problem 2.3BPR:
Journal entries and trial balance On October 1, 2018, Jay Pryor established an interior decorating...Problem 2.4BPR:
Journal entries and trial balance Valley Realty acts as an agent in buying, selling, renting, and...Problem 2.5BPR:
Corrected trial balance Tech Support Services has the following unadjusted trial balance as of...Problem 1CP:
The transactions completed by PS Music during June 2018 were described at the end of Chapter 1. The...Problem 2.1ADM:
Continuing Company AnalysisAmazon: Horizontal analysis Amazon.com, Inc. is the largest Internet...Browse All Chapters of This Textbook
Chapter 1 - Introduction To Accounting And BusinessChapter 2 - Analyzing TransactionsChapter 3 - The Adjusting ProcessChapter 4 - Completing The Accounting CycleChapter 5 - Accounting For Merchandising BusinessesChapter 6 - InventoriesChapter 7 - Internal Control And CashChapter 8 - ReceivablesChapter 9 - Long-term Assets: Fixed And IntangibleChapter 10 - Liabilities: Current, Installment Notes, And Contingencies
Chapter 11 - Liabilities: Bonds PayableChapter 12 - Corporations: Organization, Stock Transactions, And DividendsChapter 13 - Statement Of Cash FlowsChapter 14 - Financial Statement AnalysisChapter FS - Financial Statements For Mornin' Joe InternationalChapter C - International Financial Reporting Standards (ifrs)Chapter D - Investments
Book Details
Close the gap between homework and exam performance with Warren/Reeve/Duchac's CORPORATE FINANCIAL ACCOUNTING 14E and CengageNOWv2! Market-leading CORPORATE FINANCIAL ACCOUNTING has been on the forefront of innovation and change based on the needs of today's teaching and learning environment. Warren/Reeve/Duchac's CORPORATE FINANCIAL ACCOUNTING 14E, now available as a bundle option with CengageNOWv2, helps elevate student thinking with content that addresses each stage of the learning process from motivation to mastery. This integrated system motivates students to learn, provides practice opportunities to better prepare for exams, and helps students achieve mastery with tools to help them make connections and see the big picture. The Complete Learning System in CORPORATE FINANCIAL ACCOUNTING and CengageNOWv2 is built around the way students use textbooks and online resources to learn, study and complete homework, allowing them to achieve ultimate success in this course. New content includes author-written Dynamic Exhibits that allow students to see connections and relationships like never before! Dynamic Exhibits allow students to change the variables in a scenario and see how a change ripples through the accounting system, helping students understand how concepts relate to one another. In addition to the many new digital assets created for this edition, the textbook content itself has also been revised to include the new revenue recognition standard and a greater emphasis on service companies in the managerial accounting chapters. The end goal of Warren/Reeve/Duchac's CORPORATE FINANCIAL ACCOUNTING and CengageNOWv2 is to elevate thinking and create more empowered and prepared students - ready to take on the rest of their educational and career goals.
Sample Solutions for this Textbook
We offer sample solutions for Corporate Financial Accounting homework problems. See examples below:
Chapter 1, Problem 1DQChapter 1, Problem 1.3BEChapter 1, Problem 1.5APRChapter 1, Problem 1.6APRChapter 1, Problem 1.5BPRChapter 1, Problem 1.6BPRChapter 1, Problem 1.3ADMChapter 2, Problem 1DQChapter 2, Problem 2.3APR
Chapter 2, Problem 2.4APRChapter 2, Problem 2.3BPRChapter 2, Problem 2.4BPRChapter 2, Problem 1CPChapter 3, Problem 1DQChapter 3, Problem 3.3APRChapter 3, Problem 3.5APRChapter 3, Problem 3.2BPRChapter 3, Problem 3.3BPRChapter 3, Problem 3.5BPRChapter 3, Problem 1CPExplanation: First, a worksheet records the account balances transferred from the adjusted trial...Chapter 4, Problem 4.4APRChapter 4, Problem 4.5APRChapter 4, Problem 4.4BPRChapter 4, Problem 4.5BPRChapter 4, Problem 1CPChapter 4, Problem 1COPThe following table shows the differences between a merchandising businesses from a service...Chapter 5, Problem 5.2APRChapter 5, Problem 5.3APRChapter 5, Problem 5.4APRChapter 5, Problem 5.1BPRChapter 5, Problem 5.2BPRChapter 5, Problem 5.3BPRChapter 5, Problem 5.4BPRChapter 5, Problem 2COPExplanation: This procedure of reconciliation verifies that the inventory matches with the type and...Chapter 6, Problem 6.3APRChapter 6, Problem 6.4APRChapter 6, Problem 6.5APRChapter 6, Problem 6.4BPRChapter 6, Problem 6.5BPRChapter 6, Problem 6.2ADMExplanation: Five elements of internal control: Control Environment: Control Environment refers to...Explanation: Journal entry 1: Establish petty cash fund. Date Account Title and Explanation Post Ref...Explanation: The deposits which are not recorded by the bank are referred to as deposits in transit....Explanation: The deposits which are not recorded by the bank are referred to as deposits in transit....Explanation: Journal entry 1: Establish petty cash fund. Date Account Title and Explanation Post Ref...Explanation: The deposits which are not recorded by the bank are referred to as deposits in transit....Chapter 8, Problem 1DQChapter 8, Problem 8.13EXChapter 8, Problem 8.14EXChapter 8, Problem 8.1APRChapter 8, Problem 8.4APRChapter 8, Problem 8.4BPRChapter 9, Problem 1DQChapter 9, Problem 9.3APRChapter 9, Problem 9.4APRJournalize the transactions and adjusting entries for Year 1. Date Account Title and Explanation...Chapter 9, Problem 9.2BPRChapter 9, Problem 9.3BPRChapter 9, Problem 9.5BPRChapter 10, Problem 1DQChapter 10, Problem 10.2APRChapter 10, Problem 10.3APRWorking notes: Calculate the amount of social security taxes payable as below: Social security...Chapter 10, Problem 10.3BPRExplanation: The following are the journal entries. 20Y5 Particulars Debit ($) Credit ($) January 3...Chapter 11, Problem 1DQChapter 11, Problem 11.1APRCash is an asset and it is increased. So, debit it by $26,625,925. Premium on Bonds Payable is an...Chapter 11, Problem 11.1BPRCash is an asset and it is increased. So, debit it by $73,100,469. Premium on Bonds Payable is an...Chapter 12, Problem 1DQChapter 12, Problem 12.10EXChapter 12, Problem 12.4APRChapter 12, Problem 12.5APRChapter 12, Problem 12.4BPRChapter 12, Problem 12.5BPRChapter 13, Problem 1DQChapter 13, Problem 13.17EXExplanation: Working notes: Calculate increase or decrease in merchandise inventories: Increase or...Explanation: Working notes: Calculate the amount of cash received from customers: (Cash received...Explanation: Working notes: Calculate the amount of cash received from customers: (Cash received...Company AT has more revenue of $132,447 which is more than the revenue of Company F of revenue...Chapter 14, Problem 1DQCompute working capital. Current ratio=Current assets–Current liabilities= $1,650,000 –...Chapter 14, Problem 14.4APRChapter 14, Problem 14.3BPRChapter 14, Problem 14.4BPRChapter 14, Problem 14.5BPRChapter 14, Problem 14.1FSAComparison of financial statement terms used in GAAP that contrast with IFRS: GAAP Financial...Table is prepared as follows (amounts in millions of dollars): FIFO less LIFO IFRS Net Income FIFO...Explanation: Due to tremendous growth in international commerce, the companies require to report to...(a) Prepare journal entry for purchase of $120,000, 5% bonds of I Incorporation at 100% with an...1) Prepare journal entry for the purchase of 1,000 shares of Company T at $85 per share and a...
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