Financial Accounting10th EditionLibby, Robert Publisher: MCGRAW-HILL HIGHER EDUCATIONISBN: 9781260481563
Financial Accounting
Solutions for Financial Accounting
Problem 5Q:
5. What is the equation for each of the following statements: (a) income statement, (b) balance...Problem 9Q:
9. What are the purposes for closing the books?
Problem 10Q:
10. Differentiate among (a) permanent, (b) temporary, (c) real, and (d) nominal accounts.
Problem 11Q:
11. Explain why the income statement accounts are closed but the balance sheet accounts are not.
Problem 12Q:
12. What is a post-closing trial balance? Is it a useful part of the accounting information...Problem 1MCQ:
1. Which of the following accounts would not appear in a closing entry?
Salary Expense
Interest...Problem 2MCQ:
2. Which account is least likely to appear in an adjusting journal entry?
Cash
Interest...Problem 3MCQ:
On October 1, 2020, the $12,000 premium on a one-year insurance policy for the building was paid and...Problem 4MCQ:
On June 1, 2019, Oakcrest Company signed a three-year $110,000 note payable with 9 percent interest....Problem 5MCQ:
5. Failure to make an adjusting entry to recognize accrued salaries payable would cause which of the...Problem 6MCQ:
6. An adjusted trial balance
Shows the ending account balances in a "debit" and “credit" format...Problem 7MCQ:
7. JJ Company owns a building. Which of the following statements regarding depreciation as used by...Problem 8MCQ:
8. At the beginning of the current year. Donna Company had $1,000 of supplies on hand. During the...Problem 9MCQ:
9. According to GAAP, what ratio must be reported on the financial statements or in the notes to the...Problem 10MCQ:
10. If a company is successful in acquiring several large buildings at the end of the year, what is...Problem 1ME:
Preparing a Trial Balance
Hagadorn Company has the following adjusted accounts and balances at...Problem 2ME:
Matching Definitions with Terms
Match each definition with its related term by entering the...Problem 3ME:
Matching Definitions with Terms
Match each definition with its related term by entering the...Problem 4ME:
In each of the following transactions (a) through (c) for Catena’s Marketing Company, use the...Problem 5ME:
For each of the transactions in M4-4, indicate the amounts and the direction of effects of the...Problem 6ME:
In each of the following transactions (a) through (c) for Catena’s Marketing Company, use the...Problem 7ME:
For each of the transactions in M4-6, indicate the amounts and the direction of effects of the...Problem 11ME:
Indicate how the adjustments below affect the operating, investing, and financing activities on the...Problem 13ME:
Refer to the adjusted trial balance for Catena’s Marketing Company in M4-8. Prepare the closing...Problem 2E:
Identifying Adjusting Entries from Unadjusted Trial Balance
In a recent annual report....Problem 5E:
A+T Williamson Company is making adjusting entries for the year ended December 31 of the current...Problem 6E:
Gauge Construction Company is making adjusting entries for the year ended March 31 of the current...Problem 7E:
Refer to E4-3 and E4-5.
Required:
For each of the transactions in E4-3 and E4-5, indicate the amount...Problem 8E:
Trotman’s Variety Store is completing the accounting process for the current year just ended,...Problem 9E:
Johnson’s Boat Yard, Inc., repairs, stores, and cleans boats for customers. It is completing the...Problem 10E:
Refer to E4-8.
Required:
For each of the transactions in E4-8, indicate the amount and the direction...Problem 11E:
Refer to E4-9.
Required:
For each of the transactions in E4-9, indicate the amount and the direction...Problem 12E:
Recording Transactions Including Adjusting and Closing Entries (Nonquantitative)
The following...Problem 13E:
Gordon Company started operations on January 1 of the current year. It is now December 31, the end...Problem 14E:
Note 1: On April 1 of the current year, Warren Corporation received a $30,000, 10 percent note from...Problem 15E:
Campbell Soup Company is a manufacturer and marketer of branded food and beverages including...Problem 16E:
Quinlan-Cohen, Inc., publishers of movie and song trivia books, made the following errors in...Problem 17E:
On December 31, Fawzi Company prepared an income statement and balance sheet and failed to take into...Problem 18E:
Recording the Effects of Adjusting Entries and Reporting a Corrected Income Statement and Balance...Problem 20E:
Green Valley Company prepared the following trial balance at the end of its first year of operations...Problem 22E:
Refer to E4-20.
Required:
What are the purposes for “closing the books” at the end of the accounting...Problem 2P:
All of the current year’s entries for Zimmerman Company have been made, except the following...Problem 3P:
S. Miller Towing Company provides hauling and delivery services for other businesses. It is at the...Problem 4P:
Refer to the information regarding Zimmerman Company in P4-2.
Required:
Indicate whether each...Problem 5P:
Refer to the information regarding S. Miller Towing Company in P4-3.
Required:
Indicate whether...Problem 6P:
Ramirez Company is completing the information processing cycle at its fiscal year-end on December...Problem 2AP:
Hannah Company’s annual accounting year ends on June 30. All of the entries for the current year...Problem 4AP:
Refer to the information regarding Hannah Company in AP4-2.
Required:
Indicate whether each...Problem 5AP:
Refer to the information regarding Bill’s Catering Company in AP4-3.
Required:
Indicate whether each...Problem 1CON:
Adjusting Accounts at Year-End (the Accounting Cycle)
Penny’s Pool Service & Supply. Inc. (PPSS) is...Problem 1CP:
Refer to the financial statements of American Eagle Outfitters in Appendix B at the end of this...Browse All Chapters of This Textbook
Chapter 1 - Financial Statements And Business DecisionsChapter 2 - Investing And Financing Decisions And The Accounting SystemChapter 3 - Operating Decisions And The Accounting SystemChapter 4 - Adjustments, Financial Statements, And The Quality Of EarningsChapter 5 - Communicating And Interpreting Accounting InformationChapter 6 - Reporting And Interpreting Sales Revenue, Receivables And CashChapter 7 - Reporting And Interpreting Cost Of Goods Sold And InventoryChapter 8 - Reporting And Interpreting Property, Plant And Equipment; Intangibles; And Natural ResourcesChapter 9 - Reporting And Interpreting LiabilitiesChapter 10 - Reporting And Interpreting Bond Securities
Sample Solutions for this Textbook
We offer sample solutions for Financial Accounting homework problems. See examples below:
Accounting: Accounting is the process of recording, summarizing, and reporting all the financial...Financial reporting: Financial reporting is the procedure to communicate the financial information...Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by...T-account: T-account refers to an individual account, where the increases or decreases in the value...T-account: T-account refers to an individual account, where the increases or decreases in the value...Journal: Journal is the method of recording monetary business transactions in chronological order....T-account: T-account refers to an individual account, where the increases or decreases in the value...Journal: Journal is the method of recording monetary business transactions in chronological order....Operating cycle: The operating cycle is the period of time which is required to meet the initial...
T-account: T-account is the form of the ledger account, where the journal entries are posted to this...Journalize the given transactions: DateAccount Title and ExplanationDebit ($)Credit ($)aCash...Identify the amount: Assets=Liabilities+Stockholders’ Equity3,200 2,400 8008,000 5,600 4,0006,400...Prepare the T-accounts: Cash account: Accounts receivable account: Supplies account: Inventory...Journalize the given transactions: DateAccount Title and ExplanationDebit ($)Credit ($)aCash...Journalize the given transactions: DateAccount Title and ExplanationDebit ($)Credit ($)aProperty and...Cash basis of accounting: Cash basis of accounting refers to the recognition of financial...Adjusting entries: Adjusting entries are the journal entries which are recorded at the end of the...Adjusting entries are those entries which are recorded at the end of the year to update the income...Adjusting entries are those entries which are recorded at the end of the year to update the income...Adjusting entries are those entries which are recorded at the end of the year to update the income...Adjusting entries are those entries which are recorded at the end of the year to update the income...T-account: T-account refers to an individual account, where the increases or decreases in the value...T-account: T-account refers to an individual account, where the increases or decreases in the value...The amount of advertising expense for AE Outfitters for the fiscal year 2017 is $129,800. This...Record the adjusting entries in the books of Corporation ZM required on December 31, 2020. Date...Financial reporting: Financial reporting is the procedure to communicate the information obtained...Financial statement: Financial statements are condensed summary of transactions communicated in the...Financial statement: Financial statements are condensed summary of transactions communicated in the...Users of financial statements: The people interested in making decisions about the company through...Total Asset turnover: Total asset turnover is a ratio that measures the productive capacity of the...Operating income: Operating income refers to the income generated from the operation of business, or...Current asset: Current asset are those assets which can be easily converted into cash. These assets...Financial statement: Financial statements are condensed summary of transactions communicated in the...Sales revenue is an activity of selling the merchandise inventory of a business. Sales discount is...Sales are an activity of selling the merchandise inventory of a business. Prepare the journal entry....Deposits-in-transit: The checks that are deposited and recorded by the company, but not yet recorded...Inventory refers to the raw materials, work-in process, and the finished goods products that are...Accounts receivable is an asset and increased by $1,500. Therefore, debit accounts receivable...Cost of goods sold: Cost of goods sold is the accumulate total of all direct cost incurred in...Periodic Inventory System: Periodic inventory system is a system, in which the inventory is updated...Periodic Inventory System: Periodic inventory system is a system, in which the inventory is updated...Cost of goods sold: Cost of goods sold is the accumulate total of all direct cost incurred in...Periodic Inventory System: Periodic inventory system is a system, in which the inventory is updated...Periodic Inventory System: Periodic inventory system is a system, in which the inventory is updated...Long-lived assets: Long-lived assets refer to the fixed assets, having a useful life of more than a...Straight-line method: The depreciation method which assumes that the consumption of economic...Straight-line method: The depreciation method which assumes that the consumption of economic...Straight-line method: The depreciation method which assumes that the consumption of economic...Depreciation expense: Depreciation refers to allocation, of the cost of asset to expense over the...Straight-line method: The depreciation method which assumes that the consumption of economic...Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....First-in-First-Out: In First-in-First-Out method, the costs of the initially purchased items are...Double-declining-balance method: The depreciation method, which assumes that the consumption of...Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Liability: Liability is referred to as the obligation of the business towards the creditors for...Future value: The future value is value of present amount compounded at an interest rate until a...Journal: Journal is the method of recording monetary business transactions in chronological order....Journal: Journal is the method of recording monetary business transactions in chronological order....Journal: Journal is the method of recording monetary business transactions in chronological order....Present value: Present value is the current value of an amount that is to be paid or received in...Journal: Journal is the method of recording monetary business transactions in chronological order....Present value: Present value is the current value of an amount that is to be paid or received in...Journal: Journal is the method of recording monetary business transactions in chronological order....Bonds: Bonds are long-term promissory notes that are issued by a company while borrowing money from...Bonds Payable: Bonds payable are referred to long-term debts of the business, issued to various...Bonds: Bonds are long-term promissory notes that are issued by a company while borrowing money from...Bonds: Bonds are long-term promissory notes that are issued by a company while borrowing money from...Bonds Payable: Bonds payable are referred to long-term debts of the business, issued to various...Bonds: Bonds are long-term promissory notes that are issued by a company while borrowing money from...Bonds: Bonds are long-term promissory notes that are issued by a company while borrowing money from...Bonds Payable: Bonds payable are referred to long-term debts of the business, issued to various...Bonds Payable: Bonds payable are referred to long-term debts of the business, issued to various...Bonds Payable: Bonds payable are referred to long-term debts of the business, issued to various...Corporation: A business concern where there is a separate legal entity and are owned by stockholders...Shares: The common stock is divided into smaller units of equal value called as Shares and issued to...Common stock: These are the ordinary shares that a corporation issues to the investors in order to...Preferred stock: The stock that provides a fixed amount of return (dividend) to its stockholder...Dividends: Dividends are the rewards to the stockholders for investing their money in the company....Common stock: These are the ordinary shares that a corporation issues to the investors in order to...Preferred stock: The stock that provides a fixed amount of return (dividend) to its stockholder...Present value: Present value is the current value of an amount that is to be paid or received in...Bonds: Bonds are a kind of interest bearing notes payable, usually issued by companies, universities...Financial statement: Financial statements are condensed summary of transactions communicated in the...Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and...Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and...T-account: T-account is the form of the ledger account, where the journal entries are posted to this...Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and...T-account: T-account is the form of the ledger account, where the journal entries are posted to this...Internal users: 1. Management: The management uses the financial statements to understand the...Receivables turnover ratio: Receivables turnover ratio is mainly used to evaluate the collection...Return on Equity: It is one of the profitability ratios. Return on equity ratio is used to determine...Calculate the ratios for Company BW RatioFormulaCalculationResultProfitability ratiosReturn on...Return on equity ratio: Rate of return on equity ratio is used to determine the relationship between...Determine the ratios of Company T as given below: RatiosFormulaCalculationResultTurnover RatiosTotal...Comparison of across time analysis of financial statements: In this method of analysis of financial...Investment: The act of allocating money to buy a monetary asset, in order to generate wealth in the...Prepare journal entry for interest received on March 31, 2019. DateAccount Titles and...Available-for-sale (AFS) securities: The category of passive investments which are held as idle...Trading securities (TS): The category of passive investments which are bought with a purpose to sell...Prepare journal entry for interest received on December 31, 2019. DateAccount Titles and...Trading securities (TS): The category of passive investments which are bought with a purpose to sell...
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