Solutions for Corporate Financial Accounting
Problem 1DQ:
How are revenues and expenses reported on the income statement under (A) the cash basis of...Problem 2DQ:
Is the matching concept related to (A) the cash basis of accounting or (B) the accrual basis of...Problem 5DQ:
Identify the four different categories of adjusting entries frequently required at the end of an...Problem 6DQ:
If the effect of the debit portion of an adjusting entry is to increase the balance of an asset...Problem 7DQ:
If the effect of the credit portion of an adjusting entry is to increase the balance of a liability...Problem 10DQ:
(A) Explain the purpose of the two accounts: Depreciation Expense and Accumulated Depreciation. (B)...Problem 3.1BE:
Account requiring adjustment Indicate with a Yes or No whether or not each of the following account...Problem 3.2BE:
Type of adjustment Classify the following items as (1) prepaid expense, (2) unearned revenue, (3)...Problem 3.3BE:
Adjustment for accrued revenues At the end of the current year, 17,555 of fees have been earned but...Problem 3.4BE:
Adjustment for accrued expense Prospect Realty Co. pays weekly salaries of 27,600 on Monday for a...Problem 3.5BE:
Adjustment for unearned revenue On June 1, 2018, Herbal Co. received 18,900 for the rent of land for...Problem 3.6BE:
Adjustment for prepaid expense The prepaid insurance account had a beginning balance of 11,500 and...Problem 3.7BE:
Adjustment for depreciation The estimated amount of depreciation on equipment for the current year...Problem 3.8BE:
Effect of omitting adjustments For the year ending April 30, Urology Medical Services Co. mistakenly...Problem 3.9BE:
Effect of errors on adjusted trial balance For each of the following errors, considered...Problem 3.1EX:
Classifying types of adjustments Classify the following items as (A) prepaid expense, (B) unearned...Problem 3.2EX:
Classifying adjusting entries The following accounts were taken from the unadjusted trial balance of...Problem 3.3EX:
Adjusting entry for accrued fees At the end of the current year, 59,500 of fees have been earned but...Problem 3.4EX:
Effect on omitting adjusting entry The adjusting entry for accrued fees was omitted at October 31,...Problem 3.7EX:
Effect of omitting adjusting entry Accrued salaries owed to employees for October 30 and 31 are not...Problem 3.9EX:
Adjusting entries for unearned fees The balance in the unearned fees account, before adjustment at...Problem 3.11EX:
Adjusting entry for supplies The balance in the supplies account, before adjustment at the end of...Problem 3.12EX:
Determining supplies purchased The supplies and supplies expense accounts at December 31, after...Problem 3.13EX:
Effect of omitting adjusting entry At March 31, the end of the first month of operations, the usual...Problem 3.14EX:
Adjusting entries for prepaid insurance The balance in the prepaid insurance account, before...Problem 3.15EX:
Adjusting entries for prepaid insurance The prepaid insurance account had a balance of 3,000 at the...Problem 3.16EX:
Adjusting entries for unearned and accrued fees The balance in the unearned fees account, before...Problem 3.18EX:
Adjustment for depreciation The estimated amount of depreciation on equipment for the current year...Problem 3.19EX:
Determining fixed assets book value The balance in the equipment account is 3,150,000, and the...Problem 3.21EX:
Effect s of errors on financial statements For a recent period, the balance sheet for Costco...Problem 3.22EX:
Effects of errors on financial statements For a recent year, the balance sheet for The Campbell Soup...Problem 3.23EX:
Effects of errors on financial statements The accountant for Healthy Life Company, a medical...Problem 3.24EX:
Effects of errors on financial statements If the net income for the current year had been 196,400 in...Problem 3.26EX:
Adjusting entries from trial balances The unadjusted and adjusted trial balances for American Leaf...Problem 3.1APR:
Adjusting entries On March 31, the following data were accumulated to assist die accountant in...Problem 3.3APR:
Adjusting entries Reliable Repairs Service, an electronics repair store, prepared the following...Problem 3.4APR:
Adjusting entries Good Note Company specializes in the repair of music equipment and is owned and...Problem 3.5APR:
Adjusting entries and adjusted trial balances Rowland Company is a small editorial services company...Problem 3.6APR:
Adjusting entries and errors At the end of April, the first month of operations, the following...Problem 3.1BPR:
Adjusting entries On May 31, the following data were accumulated to assist the accountant in...Problem 3.2BPR:
Adjusting entries Selected account balances before adjustment for Intuit Realty at November 30, the...Problem 3.3BPR:
Adjusting entries Crazy Mountain Outfitters Co., an outfitter store for fishing treks, prepared the...Problem 3.4BPR:
Adjusting entries The Signage Company specializes in the maintenance and repair of signs, such as...Problem 3.5BPR:
Adjusting entries and adjusted trial balances Reece Financial Services Co., which specializes in...Problem 3.6BPR:
Adjusting entries and errors At the end of August, the first month of operations, the following...Problem 1CP:
The unadjusted trial balance that you prepared for PS Music at the end of Chapter 2 should appear as...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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Bundle: Corporate Financial Accounting, Loose-leaf Version, 13th + Lms Integrated For Cengagenow, 1 Term Printed Access Card
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EBK CORPORATE FINANCIAL ACCOUNTING
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Bundle: Cengagenowv2, 1 Term Printed Access Card For Warren/reeve/duchac's Corporate Financial Accounting, 14th + Working Papers For Warren/reeve/duchac's Corporate Financial Accounting, 14th
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EBK CORPORATE FINANCIAL ACCOUNTING
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ISBN: 9781305465633
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Corporate Financial Accounting
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Study Guide Ch Cf1-cf15-corporate Financial Accounting
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Cengagenowv2, 1 Term Printed Access Card For Warren/jones’ Corporate Financial Accounting, 15th
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Corporate Financial Accounting
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CORPORATE FINANCIAL ACCT - 15TH ED
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