Solutions for Financial Accounting
Problem 4DQ:
Josh Reilly is the owner of Dispatch Delivery Service. Recently, Josh paid interest of 4,500 on a...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. Did the business (a) incur a...Problem 9DQ:
A business had revenues of 640,000 and operating expenses of 715,000. Did the business (a) incur a...Problem 10DQ:
The financial statements are interrelated. (a) What item of financial or operating data appears on...Problem 1PEA:
On February 22, Kountry Repair Service extended an offer of 200,000 for land that had been priced...Problem 1PEB:
On March 31, Higgins Repair Service extended an offer of 415,000 for land that had been priced for...Problem 2PEA:
Brock Hahn is the owner and operator of Dream-It LLC, a motivational consulting business. At the end...Problem 2PEB:
Fritz Evans is the owner and operator of Be-The-One, a motivational consulting business. At the end...Problem 3PEA:
Arrowhead Delivery Service is owned and operated by Gates Deeter. The following selected...Problem 3PEB:
Interstate Delivery Service is owned and operated by Katie Wyer. The following selected transactions...Problem 4PEB:
The revenues and expenses of Sentinel Travel Service for the year ended August 31, 2016, follow:...Problem 5PEA:
Using the income statement for Ousel Travel Service shown in Practice Exercise 1-4A, prepare a...Problem 5PEB:
Using the income statement for Sentinel Travel Service shown in Practice Exercise 1-4B, prepare a...Problem 6PEA:
Using the following data for Ousel Travel Service as well as the statement of owners equity shown in...Problem 6PEB:
Using the following data for Sentinel Travel Service as well as the statement of owners equity shown...Problem 7PEA:
A summary of cash flows for Ousel Travel Service for the year ended November 30, 2016, follows: The...Problem 7PEB:
A summary of cash flows for Sentinel Travel Service for the year ended August 31, 2016, follows: The...Problem 1E:
The following is a list of well-known companies: 1. Alcoa Inc. 2. Boeing 3. Caterpillar 4. Citigroup...Problem 3E:
Ozark Sports sells hunting and fishing equipment and provides guided hunting and fishing trips....Problem 7E:
Annie Rasmussen is the owner and operator of Go44, a motivational consulting business. At the end of...Problem 8E:
Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3)...Problem 9E:
Describe how the following business transactions affect the three elements of the accounting...Problem 11E:
Indicate whether each of the following types of transactions will either (a) increase owners equity...Problem 12E:
The following selected transactions were completed by Cota Delivery Service during July: 1. Received...Problem 13E:
Teri West operates her own catering service. Summary financial data for July are presented in...Problem 14E:
The income statement of a proprietorship for the month of February indicates a net income of 17,500....Problem 15E:
Four different proprietorships, Jupiter, Mars, Saturn, and Venus, show the same balance sheet data...Problem 16E:
From the following list of selected items taken from the records of Bobcat Appliance Service as of a...Problem 17E:
Based on the data presented in Exercise 1-16, identify those items that would appear on the income...Problem 18E:
Financial information related to Udder Products Company, a proprietorship, for the month ended April...Problem 19E:
Dairy Services was organized on August 1, 2016. A summary of the revenue and expense transactions...Problem 20E:
One item is omitted in each of the following summaries of balance sheet and income statement data...Problem 23E:
Indicate whether each of the following activities would be reported on the statement of cash flows...Problem 24E:
A summary of cash flows for Ethos Consulting Group for the year ended May 31, 2016, follows: The...Problem 27E:
Lowes Companies Inc., a major competitor of The Home Depot in the home improvement business,...Problem 1PA:
On April 1 of the current year, Andrea Byrd established a business to manage rental property. She...Problem 2PA:
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2016, the end of...Problem 3PA:
Seth Feye established Reliance Financial Services on July 1, 2016. Reliance Financial Services...Problem 4PA:
On July 1, 2016, Pat Glenn established Half Moon Realty. Pat completed the following transactions...Problem 5PA:
DLite Dry Cleaners is owned and operated by Joel Palk. A building and equipment are currently being...Problem 6PA:
The financial statements at the end of Wolverine Realtys first month of operations are as follows:...Problem 1PB:
Amy Austin established an insurance agency on March 1 of the current year and completed the...Problem 2PB:
The amounts of the assets and liabilities of Wilderness Travel Service at April 30, 2016, the end of...Problem 3PB:
Jose Loder established Bronco Consulting on August 1, 2016. The effect of each transaction and the...Problem 4PB:
On April 1, 2016, Maria Adams established Custom Realty. Maria completed the following transactions...Problem 5PB:
Bevs Dry Cleaners is owned and operated by Beverly Zahn. A building and equipment are currently...Problem 6PB:
The financial statements at the end of Atlas Realtys first month of operations follow: Instructions...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 SystemsChapter 6 - Accounting For Merchandising BusinessesChapter 7 - InventoriesChapter 8 - Sarbanes-oxley, Internal Control, And CashChapter 9 - ReceivablesChapter 10 - Fixed Assets And Intangible Assets
Chapter 11 - Current Liabilities And PayrollChapter 12 - Accounting For Partnerships And Limited Liability CompaniesChapter 13 - Corporations: Organization, Stock Transactions, And DividendsChapter 14 - Long-term Liabilities: Bonds And NotesChapter 15 - Investments And Fair Value AccountingChapter 15.MJ - Mornin's JoeChapter 16 - Statement Of Cash FlowsChapter 17 - Financial Statement AnalysisChapter B - Reversing EntriesChapter D - International Financial Reporting Standards(ifrs)
Book Details
Market-leading Warren/Reeve/Duchac's 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 FINANCIAL ACCOUNTING 14E and CengageNOW help elevate 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 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 to this edition, the authors have created innovative content that is focused on unique student and instructor needs before and after lecture-and the type of activities best-suited to each point in learning. New content such as the author-written 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. Dynamic Exhibits allow students to see connections and relationships like never before! The end goal of Warren/Reeve/Duchac's 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 Financial Accounting homework problems. See examples below:
Users of accounting information: People who rely on accounting information to make best decisions or...Chapter 1, Problem 3PEAChapter 1, Problem 3PEBChapter 1, Problem 20EChapter 1, Problem 6PAChapter 1, Problem 5PBChapter 1, Problem 6PBChapter 2, Problem 1DQChapter 2, Problem 3PA
Chapter 2, Problem 4PAChapter 2, Problem 2PBChapter 2, Problem 3PBJournal: Journal is the book of original entry. Journal consists of the day today financial...Chapter 2, Problem 1COPChapter 3, Problem 1DQChapter 3, Problem 3PAChapter 3, Problem 4PAChapter 3, Problem 5PAChapter 3, Problem 3PBChapter 3, Problem 4PBChapter 3, Problem 5PBChapter 3, Problem 1COPSpreadsheet: A spreadsheet is a worksheet. It is used while preparing a financial statement. It is a...Chapter 4, Problem 3PAChapter 4, Problem 4PAChapter 4, Problem 5PAChapter 4, Problem 4PBChapter 4, Problem 5PBChapter 4, Problem 1CPPChapter 5, Problem 1DQChapter 5, Problem 1PAChapter 5, Problem 2PAChapter 5, Problem 4PAChapter 5, Problem 5PAChapter 5, Problem 2PBGeneral Ledger: General ledger refers to the ledger that records all the transactions of the...The following table shows the differences between a merchandising business and service business....Chapter 6, Problem 2PAPerpetual Inventory System refers to the Merchandise Inventory system that maintains the detailed...Chapter 6, Problem 4PAChapter 6, Problem 1PBChapter 6, Problem 2PBChapter 6, Problem 3PBChapter 6, Problem 4PBChapter 6, Problem 1COPInventory: Inventory refers to the raw materials, work in progress, and finished goods that are held...Chapter 7, Problem 21EChapter 7, Problem 4PAPeriodic Inventory System: Periodic inventory system is a system, in which the inventory is updated...Chapter 7, Problem 4PBChapter 7, Problem 5PBChapter 7, Problem 3CPInventory turnover ratio: Inventory turnover ratio is used to determine the number of times...Internal Control: Internal control refers to the policies, and plans of the business organization...Chapter 8, Problem 2PABank reconciliation: Bank statement is prepared by bank. The company maintains its own records from...Chapter 8, Problem 2PBBank reconciliation: Bank statement is prepared by bank. The company maintains its own records from...Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from...Chapter 9, Problem 1DQChapter 9, Problem 13EChapter 9, Problem 14EChapter 9, Problem 1PAChapter 9, Problem 4PAChapter 9, Problem 1PBChapter 9, Problem 4PBChapter 10, Problem 1DQFixed Asset turnover: It is a ratio that measures the productive capacity of the fixed assets to...Chapter 10, Problem 2PAChapter 10, Problem 3PAChapter 10, Problem 5PAChapter 10, Problem 2PBMethods of Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset...Chapter 10, Problem 5PBChapter 11, Problem 1DQChapter 11, Problem 1PAPayroll: The total payment that a company is required to pay to its employee for the services...Liabilities: Liabilities are debt and obligations of a business. These are the claims against the...Chapter 11, Problem 2PBChapter 11, Problem 3PBThe following are the journal entries. 2016ParticularsDebit ($)Credit ($)January3Petty Cash4,500...Proprietorships: Proprietorship is a form of organization, which is owned by an individual, called...Partnership: It is that form of organization which is owned and managed by two or more persons who...Partnership: It is that form of organization which is owned and managed by two or more persons who...Chapter 12, Problem 5PAWorking note 1 Calculation of division of realization Profit among partners: The following table...Partnership: It is that form of organization which is owned and managed by two or more persons who...Chapter 12, Problem 6PBChapter 13, Problem 1DQChapter 13, Problem 10EChapter 13, Problem 3PAChapter 13, Problem 4PAChapter 13, Problem 5PAChapter 13, Problem 4PBCommon stock: These are the ordinary shares that a corporation issues to the investors in order to...Chapter 14, Problem 1DQChapter 14, Problem 6EBonds: Bonds are long-term promissory notes that are represented by a company while borrowing money...Chapter 14, Problem 3PAChapter 14, Problem 4PABonds: Bonds are long-term promissory notes that are represented by a company while borrowing money...Prepare journal entry for cash proceeds from the issuance of the bonds on July 1, 2016. DateAccount...Chapter 14, Problem 4PBInternational Financial Reporting Standards (IFRS): IFRS are a set of international accounting...Chapter 15, Problem 1DQBond investment: Bond investments are debt securities which pay a fixed interest revenue to the...Trading securities: These are short-term investments in debt and equity securities with an intention...Equity investments: Equity investments are stock instruments which claim ownership in the investee...Bond investment: Bond investments are debt securities which pay a fixed interest revenue to the...Trading securities: These are short-term investments in debt and equity securities with an intention...Equity investments: Equity investments are stock instruments which claim ownership in the investee...Statement of cash flows: It is one of the financial statement that shows the cash and cash...Chapter 16, Problem 17EStatement of cash flows: It is one of the financial statement that shows the cash and cash...Chapter 16, Problem 22EChapter 16, Problem 23EChapter 16, Problem 3PAStatement of cash flows: It is one of the financial statement that shows the cash and cash...Horizontal Analysis: Horizontal analysis is prepared to make comparison between the financial...Chapter 17, Problem 3PAChapter 17, Problem 4PAChapter 17, Problem 5PAChapter 17, Problem 3PBFinancial Ratios: Financial ratios are the metrics used to evaluate the capabilities, profitability,...Chapter 17, Problem 5PBFinancial Ratios: Financial ratios are the metrics used to evaluate the liquidity, capabilities,...Chapter B, Problem 1EChapter D, Problem 1DQ
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Financial Accounting
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CENGAGENOWV2 FOR WARREN/REEVE/DUCHAC S
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