Solutions for Financial Accounting
Problem 1DQ:
ONeil Office Supplies has a fleet of automobiles and trucks for use by salespersons and for delivery...Problem 5DQ:
Immediately after a used truck is acquired, a new motor is installed at a total cost of 3,850. Is...Problem 6DQ:
Keyser Company purchased a machine that has a manufacturers suggested life of 20 years. The company...Problem 7DQ:
Is it necessary for a business to use the same method of computing depreciation (a) for all classes...Problem 1PEA:
A building acquired at the beginning of the year at a cost of 1,450,000 has an estimated residual...Problem 1PEB:
Equipment acquired at the beginning of the year at a cost of 340,000 has an estimated residual value...Problem 2PEA:
A truck acquired at a cost of 69,000 has an estimated residual value of 12,000, has an estimated...Problem 2PEB:
A tractor acquired at a cost of 420,000 has an estimated residual value of 30,000, has an estimated...Problem 3PEA:
A building acquired at the beginning of the year at a cost of 1,375,000 has an estimated residual...Problem 3PEB:
A building acquired at the beginning of the year at a cost of 1,375,000 has an estimated residual...Problem 4PEA:
Equipment with a cost of 180,000 has an estimated residual value of 14,400, has an estimated useful...Problem 4PEB:
A truck with a cost of 82,000 has an estimated residual value of 16,000, has an estimated useful...Problem 5PEA:
On February 14, Garcia Associates Co. paid 2,300 to repair the transmission on one of its delivery...Problem 5PEB:
On August 7, Green River Inflatables Co. paid 1,675 to install a hydraulic lift and 40 for an air...Problem 6PEA:
Equipment was acquired at the beginning of the year at a cost of 600,000. The equipment was...Problem 6PEB:
Equipment was acquired at the beginning of the year at a cost of 465,000. The equipment was...Problem 8PEA:
On December 31, it was estimated that goodwill of 6,000,000 was impaired. In addition, a patent with...Problem 8PEB:
On December 31, it was estimated that goodwill of 4,000,000 was impaired. In addition, a patent with...Problem 3E:
Northwest Delivery Company acquired an adjacent lot to construct a new warehouse, paying 75,000 and...Problem 4E:
Warner Freight Lines Co. incurred the following costs related to trucks and vans used in operating...Problem 5E:
Jackie Fox owns and operates Platinum Transport Co. During the past year, Jackie incurred the...Problem 6E:
Quality Move Company made the following expenditures on one of its delivery trucks: Mar. 20....Problem 7E:
Tri-City Ironworks Co. reported 44,500,000 for equipment and 29,800,000 for accumulated...Problem 8E:
Convert each of the following estimates of useful life to a straight-line depreciation rate, stated...Problem 9E:
A refrigerator used by a meat processor has a cost of 48,000, an estimated residual value of 9,000,...Problem 10E:
A diesel-powered tractor with a cost of 180,000 and estimated residual value of 18,000 is expected...Problem 11E:
Prior to adjustment at the end of the year, the balance in Trucks is 296,900 and the balance in...Problem 12E:
A John Deere tractor acquired on January 4 at a cost of 120,000 has an estimated useful life of 25...Problem 13E:
A storage tank acquired at the beginning of the fiscal year at a cost of 75,000 has an estimated...Problem 14E:
Sandblasting equipment acquired at a cost of 40,000 has an estimated residual value of 8,000 and an...Problem 15E:
A building with a cost of 1,200,000 has an estimated residual value of 250,000, has an estimated...Problem 16E:
Willow Creek Company purchased and installed carpet in its new general offices on April 30 for a...Problem 17E:
Equipment acquired on January 8, 2013, at a cost of 140,000, has an estimated useful life of 16...Problem 18E:
Equipment acquired on January 6, 2013, at a cost of 425,000, has an estimated useful life of 16...Problem 21E:
Apple Inc. designs, manufactures, and markets personal computers and related software. Apple also...Problem 24E:
The following table shows the revenue and average net fixed assets (in millions) for a recent fiscal...Problem 28E:
On October 1, Bentley Delivery Services acquired a new truck with a list price (fair market value)...Problem 1PA:
The following payments and receipts are related to land, land improvements, and buildings acquired...Problem 2PA:
Montes Coffee Company purchased packaging equipment on January 5, 2014, for 90,000. The equipment...Problem 3PA:
Perdue Company purchased equipment on April 1, 2014, for 270,000. The equipment was expected to have...Problem 4PA:
New lithographic equipment, acquired at a cost of 800,000 at the beginning of a fiscal year, has an...Problem 5PA:
The following transactions, adjusting entries, and closing entries were completed by Legacy...Problem 2PB:
Waylander Coatings Company purchased waterproofing equipment on January 6, 2015, for 320,000. The...Problem 4PB:
New tire retreading equipment, acquired at a cost of 110,000 at the beginning of a fiscal year, has...Problem 5PB:
The following transactions, adjusting entries, and closing entries were completed by Robinson...Problem 2CP:
The following is an excerpt from a conversation between two employees of WXT Technologies, Nolan...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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