EBK FINANCIAL & MANAGERIAL ACCOUNTING13th EditionWARREN Publisher: YUZUISBN: 9780100545052
EBK FINANCIAL & MANAGERIAL ACCOUNTING
Solutions for EBK FINANCIAL & MANAGERIAL ACCOUNTING
Problem 1DQ:
Name some users of accounting information.Problem 5DQ:
On July 12, Reliable Repair Service extended an offer of 150,000 for land that had been priced for...Problem 8DQ:
A business had revenues of 679,000 and operating expenses of 588,000. What was the amount of (A) net...Problem 10DQ:
The financial statements are interrelated. What item of financial or operating data appears on both...Problem 1.2APE:
Accounting equation Dream-It LLC is a motivational consulting business. At the end of its accounting...Problem 1.3APE:
Transactions Arrowhead Delivery Service is owned and operated by Gates Deeter. The following...Problem 1.3BPE:
Transactions Interstate Delivery Service is owned and operated by Katie Wyer. The following selected...Problem 1.6APE:
Balance sheet Using the following data for Ousel Travel Service as well as the retained earnings...Problem 1.1EX:
Types of businesses The following is a list of well-known companies: 1. Alcoa Inc. 2. Boeing 3....Problem 1.8EX:
Asset, liability, and stockholders equity items Indicate whether each of the following is identified...Problem 1.9EX:
Effect of transactions on accounting equation What is the effect of each of the following...Problem 1.10EX:
Effect of transactions on accounting equation A. A vacant lot acquired for 115,000 is sold for...Problem 1.11EX:
Effect of transactions on stockholders equity Indicate whether each of the following types of...Problem 1.12EX:
Transactions The following selected transactions were completed by Cota Delivery Service during...Problem 1.13EX:
Nature of transactions Teri West operates her own catering service. Summary financial data for July...Problem 1.14EX:
Net income and dividends The income statement for the month of February indicates a net income of...Problem 1.16EX:
Balance sheet items From the following list of selected items taken from the records of Bobcat...Problem 1.17EX:
Income statement items From the following list of selected items taken from the records of Bobcat...Problem 1.19EX:
Income statement Dairy Services was organized on August l, 2016. A summary- of the revenue and...Problem 1.20EX:
Missing amounts from balance sheet and income statement data One item is omitted in each of the...Problem 1.22EX:
Financial statements Each of the following items is shown in the financial statements of Exxon Mobil...Problem 1.23EX:
Statement of cash flows Indicate whether each of the following activities would he reported on the...Problem 1.26EX:
Ratio of liabilities to stockholders' equity The Home Depot, Inc., is the world's largest home...Problem 1.1APR:
Transactions On April 1 of the current year, Andrea Byrd established a business to manage rental...Problem 1.2APR:
Financial statements The amounts of the assets and liabilities of Nordic Travel Agency at December...Problem 1.3APR:
Financial statements Seth Feye established Reliance Financial Services on July 1, 2016. Reliance...Problem 1.5APR:
Transactions; financial statements DLite Dry Cleaners is owned and operated by Joel Palk. A building...Problem 1.1BPR:
Transactions Amy Austin established an insurance agency on March 1 of the current year and completed...Problem 1.3BPR:
Financial statements Jose Loder established Bronco Consulting on August 1, 2016. The effect of each...Problem 1.6BPR:
Missing amounts from financial statements The financial statements at the end of Atlas Realtys first...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 - Sarbanes-Oxley, Lnternal Control, And CashChapter 8 - ReceivablesChapter 9 - Fixed Assets And Intangible AssetsChapter 10 - Current Liabilities And Payroll
Chapter 11 - Corporations: Organization, Stock Transactions, And DividendsChapter 12 - Long-Term Liabilities: Bonds And NotesChapter 13 - Investments And Fair Value AccountingChapter 13MJ - Mornin' JoeChapter 14 - Statement Of Cash FlowsChapter 15 - Financial Statement AnalysisChapter 16 - Managerial Accounting Concepts And PrinciplesChapter 17 - Job Order CostingChapter 18 - Process Cost SystemsChapter 19 - Cost Behavior And Cost-Volume-Profit AnalysisChapter 20 - Variable Costing For Management AnalysisChapter 21 - BudgetingChapter 22 - Performance Evaluation Using Variances From Standard CostsChapter 23 - Performance Evaluation For Decentralized OperationsChapter 24 - Differential Analysis And Product PricingChapter 25 - Capital Investment AnalysisChapter 26 - Cost Allocation And Activity-Based CostingChapter 27 - Lean Principles, Lean Accounting, And Activity AnalysisChapter AC - International Financial Reporting Standards (IFRS)
Sample Solutions for this Textbook
We offer sample solutions for EBK FINANCIAL & MANAGERIAL ACCOUNTING homework problems. See examples below:
Chapter 1, Problem 1DQChapter 1, Problem 1.3APEChapter 1, Problem 1.3BPEChapter 1, Problem 1.12EXChapter 1, Problem 1.5APRExplanation: The financial statement of Company WR for month ended April 30, 2016, is given below....Explanation: Calculate the retained earnings for BD Cleaners as on November 1, 2016. Assets...Chapter 1, Problem 1.6BPRChapter 2, Problem 1DQ
Chapter 2, Problem 2.3APRChapter 2, Problem 2.4APRExplanation: The transactions of Company R for the month of August are as follows. Date Description...Chapter 2, Problem 2.3BPRChapter 2, Problem 2.4BPRJournalize the transactions of July in a two column journal beginning on page 1. Journal Page 1 Date...Chapter 3, Problem 1DQExplanation: a. Accrued fees unearned Date Account Titles and Explanation Debit ($) Credit ($)...Explanation: An adjusting entry for Supplies expenses: In this case, Company GN recognized the...Chapter 3, Problem 3.5APRChapter 3, Problem 3.3BPRExplanation: An adjusting entry for Supplies expenses: In this case, Company S recognized the...Chapter 3, Problem 3.5BPRChapter 3, Problem 1COPChapter 4, Problem 1DQChapter 4, Problem 4.3APRChapter 4, Problem 4.4APRChapter 4, Problem 4.5APRExplanation: Record the transactions directly in their respective T-accounts, and determine their...Chapter 4, Problem 4.5BPRChapter 4, Problem 1CPPExplanation: The following table shows the differences between a merchandising businesses from a...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 1COPChapter 6, Problem 1DQExplanation: The inventory turnover ratio is calculated by dividing cost of goods sold by average...Explanation: The value of ending inventory on March 31, 2016 is calculated as follows: Ending...The tabular column showing inventory cost is presented as follows: Model Quantity ($) Unit cost ($)...Explanation: The value of ending inventory on June 30, 2016 is calculated as follows: Ending...The tabular column showing inventory cost is presented as follows: Model Quantity ($) Unit cost ($)...Chapter 6, Problem 6.3CPExplanation: The inventory turnover ratio is calculated by dividing cost of goods sold by average...Internal Control: Internal control refers to the policies, and plans of the business organization...Explanation: Journal entry 1: Establish petty cash fund. Date Account Title and Description 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 Description 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....Chapter 8, Problem 1DQChapter 8, Problem 8.13EXChapter 8, Problem 8.14EXChapter 8, Problem 8.1APRDetermine (a) the due date and (b) the amount of interest due at maturity. Due date Amount of...Determine (a) the due date and (b) the amount of interest due at maturity. Due date Amount of...Chapter 8, Problem 8.6BPRChapter 9, Problem 1DQDetermine the amount of depreciation for three years ending December 31 by straight-line method....Determine the annual depreciation expense, accumulated depreciation, and the book value by...Chapter 9, Problem 9.6APRDetermine the amount of depreciation for four years ending December 31 by straight-line method. Year...Determine the amount of depreciation for four years ending December 31 by straight-line method....Determine the annual depreciation expense, accumulated depreciation, and the book value by...Chapter 9, Problem 9.6BPRChapter 10, Problem 1DQChapter 10, Problem 10.1APRChapter 10, Problem 10.2APRChapter 10, Problem 10.3APRChapter 10, Problem 10.2BPRCalculate the amount that would be reported for the year on each employee’s wage and tax statement...The following are the journal entries. 2016 Particulars Debit ($) Credit ($) January 3 Petty Cash...Chapter 11, Problem 1DQChapter 11, Problem 11.10EXChapter 11, Problem 11.3APRChapter 11, Problem 11.4APRChapter 11, Problem 11.5APRExplanation: Record the transactions for Incorporation NE. Date Account Titles and Explanation Debit...Working note: Compute the amount of total cash dividends declared on March 1. Amount of total cash...Chapter 12, Problem 1DQExplanation: Prepare journal entry for issuance of bonds payable. Date Account Title and Explanation...Explanation: Prepare journal entry for cash proceeds from the issuance of the bonds on July 1, 2016....Chapter 12, Problem 12.3APRExplanation: Journalize the entries to record the transactions. Date Accounts and Explanation Post...Explanation: Prepare journal entry for cash proceeds from the issuance of the bonds on July 1, 2016....Explanation: Prepare journal entry for cash proceeds from the issuance of the bonds on July 1, 2016....Explanation: Journalize the entries to record the transactions. Date Accounts and Explanation Post...Explanation: A business invests in temporary investments for the following reasons: To earn interest...Chapter 13, Problem 1APRExplanation: Prepare journal entry for the purchase of 5,000 shares of Company W, at $40 per share,...Chapter 13, Problem 3APRExplanation: Prepare journal entry for purchase of $100,000 bonds of Company SB, at face amount with...Explanation: Prepare journal entry for the purchase of 4,800 shares of Incorporation AP, at $26 per...Chapter 13, Problem 3BPRExplanation: Comparison of financial statement terms used in GAAP that contrasts with IFRS: GAAP...Explanation: Table is prepared as follows (amounts in millions of dollars): FIFO less LIFO IFRS Net...Explanation: The main disadvantage is that the cash receipts and cash payments data’s might not be...Explanation: P Industries Statement of Cash Flows – Indirect Method For the Year Ended December 31,...Explanation: Working notes: Calculate increase or decrease in merchandise inventories: Increase or...Chapter 14, Problem 14.22EXExplanation: Working notes: Calculate the amount of cash received from customers: (Cash received...Explanation Company W Statement of Cash Flows For the year ended December 31, 2016 Details Amount...Explanation: M Equipment Company Statement of Cash Flows - Indirect Method For the Year Ended...Basis of difference Horizontal analysis Vertical analysis Difference Horizontal analysis is prepared...Compute working capital. Current ratio=Current assets–Current liabilities= $1,650,000 –...Chapter 15, Problem 15.4APRChapter 15, Problem 15.3BPRChapter 15, Problem 15.4BPRGiven info: Items of financial statement a. Rate earned on total assets for five years (2012 to...Chapter 15, Problem 1FSAGiven info: Items of financial statement a. Rate earned on total assets for three years Rate earned...Chapter 16, Problem 1DQChapter 16, Problem 16.4APRChapter 16, Problem 16.4BPRExplanation: The two principal types of cost accounting systems are: 1. Job order cost system 2....Chapter 17, Problem 17.13EXChapter 17, Problem 17.17EXExplanation: The journal entries of operations of Industry T are as follows: Date Account titles and...Chapter 17, Problem 17.2BPRExplanation: The predetermined overhead rate for alternative activity base is prepared as follows:...Chapter 18, Problem 1DQPrepare the journal entry to record the cost of transferred in materials from casting department to...Chapter 18, Problem 18.16EXExplanation: a. Prepare the journal entry to record material purchased on account of Company FMC as...Chapter 18, Problem 18.4APRChapter 18, Problem 18.1BPRExplanation: Prepare the four column account for work in process inventory balance rolling...Memo From: LB Former Plant manager Company GP To: JM Current Plant manager Company GP Re: Analysis...Chapter 19, Problem 1DQExplanation: Construct a cost-volume-profit chart indicating the break-even sales for last year....Determine the break-even point in sales units for the overall Product E. Fixed cost =$2,498,600...Chapter 19, Problem 19.6APRConstruct a cost-volume-profit chart indicating the break-even sales for last year. Figure (1) The...Chapter 19, Problem 19.5BPRExplanation: Working notes: Determine sales. Number of units to be sold =12,000 units Selling price...Chapter 20, Problem 1DQChapter 20, Problem 20.8EXExplanation: The contribution margin ratio for each salesperson is as follows: C.G Incorporation RI...Explanation: Working notes: 1. Calculate the value of ending inventory per unit. Ending inventory...Chapter 20, Problem 20.3APRChapter 20, Problem 20.1BPRChapter 20, Problem 20.3BPRExplanation: The three major objectives of budgeting are described below: To set the goals for the...Chapter 21, Problem 21.2APRChapter 21, Problem 21.3APRChapter 21, Problem 21.2BPRChapter 21, Problem 21.3BPRExplanation: Prepare the budgeted income statement of Company M. Company M Budgeted Income Statement...Chapter 22, Problem 1DQExplanation: The income statement through gross profit for the month ended March 31 for Company LB...Chapter 22, Problem 22.6BPEChapter 22, Problem 22.5APRChapter 22, Problem 22.1BPRExplanation: Determine the direct labor time variance. Direct labor time variance} = [(Actual direct...Explanation: 1. The fixed, and variable portion of the utility cost using the high-low method is...Explanation: Differences between centralized and decentralized operations: Centralized Operations...Chapter 23, Problem 23.5EXExplanation: Determine ROI of MN Segment, if income from operations is $6,818,000,000, sales are...Chapter 23, Problem 23.16EXChapter 23, Problem 23.4APRExplanation: Determine ROI of E Division, if income from operations is $126,000, sales are...Chapter 23, Problem 23.4CPChapter 24, Problem 1DQChapter 24, Problem 24.16EXExplanation: Desired Profit: Company CD aims at earning a profit of 15% of the total investment made...Explanation: Desired Profit: Company NG aims at earning a profit of 10% of the total investment made...The major objection for using the average rate of return method is as follows: 1. Average rate of...The cash payback period for the given proposals is as follows: Proposal A: Initial...Chapter 25, Problem 25.6BPRChapter 26, Problem 1DQExplanation: Compute single plant-wide overhead rate using DLH as the allocation base. Step 1:...Chapter 26, Problem 26.13EXChapter 26, Problem 26.3APRExplanation: Compute activity-based overhead rates. Computation of Activity-Based Overhead Rates...Chapter 26, Problem 26.3BPRExplanation: The benefits of lean philosophy are as follows: Lean philosophy helps to reduce the...Explanation: Calculate the conversion cost per hour for the budgeted cell. Conversion cost per hour...Explanation: Calculate the conversion cost per hour for the budgeted cell. Conversion cost per hour...Explanation: 1. Materials purchased to produce 625 units. Date Account Title Debit ($) Credit ($)...Chapter 27, Problem 27.3APRChapter 27, Problem 27.3BPRDue to tremendous growth in international commerce, the companies require to report to the users...
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