Solutions for Financial Accounting
Problem 2DQ:
Describe the nature of the assets that compose the following sections of a balance sheet: (a)...Problem 10DQ:
Recent fiscal years for several well-known companies are as follows: What general characteristic...Problem 1PEA:
The balances for the accounts that follow appear in the Adjusted Trial Balance columns of the...Problem 1PEB:
The balances for the accounts that follow appear in the Adjusted Trial Balance columns of the...Problem 2PEA:
Marcie Davies owns and operates Gemini Advertising Services. On January 1, 2015, Marcie Davies,...Problem 3PEA:
The following accounts appear in an adjusted trial balance of San Jose Consulting. Indicate whether...Problem 3PEB:
The following accounts appear in an adjusted trial balance of Kangaroo Consulting. Indicate whether...Problem 4PEA:
After the accounts have been adjusted at October 31, the end of the fiscal year, the following...Problem 4PEB:
After the accounts have been adjusted at April 30, the end of the fiscal year, the following...Problem 5PEA:
From the following list of steps in the accounting cycle, identify what two steps are missing: a....Problem 5PEB:
From the following list of steps in the accounting cycle, identify what two steps are missing: a....Problem 6PEA:
Balance sheet data for HQ Properties Company follows: a.Determine the working capital and current...Problem 6PEB:
Balance sheet data for Brimstone Company follows: a.Determine the working capital and current ratio...Problem 1E:
The balances for the accounts that follow appear in the Adjusted Trial Balance columns of the...Problem 3E:
Bamboo Consulting is a consulting firm owned and operated by Lisa Gooch. The following end-of-period...Problem 4E:
Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The following...Problem 5E:
The following account balances were taken from the adjusted trial balance for Laser Messenger...Problem 6E:
The following revenue and expense account balances were taken from the ledger of Wholistic Health...Problem 7E:
FedEx Corporation had the following revenue and expense account balances (in millions) for a recent...Problem 8E:
Apex Systems Co. offers its services to residents in the Seattle area. Selected accounts from the...Problem 9E:
Selected accounts from the ledger of Restoration Arts for the fiscal year ended April 30, 2016, are...Problem 11E:
At the balance sheet date, a business owes a mortgage note payable of 375,000, the terms of which...Problem 13E:
List the errors you find in the following balance sheet. Prepare a corrected balance sheet.Problem 15E:
Prior to its closing, Income Summary had total debits of 1,190,500 and total credits of 1,476,300....Problem 16E:
After all revenue and expense accounts have been closed at the end of the fiscal year, Income...Problem 19E:
An accountant prepared the following post-closing trial balance: Prepare a corrected post-closing...Problem 20E:
Rearrange the following steps in the accounting cycle in proper sequence: a. A post-closing trial...Problem 21E:
The following data (in thousands) were taken from recent financial statements of Under Armour, Inc.:...Problem 24E:
Alert Security Services Co. offers security services to business clients. The trial balance for...Problem 25E:
Alert Security Services Co. offers security services to business clients. Complete the following...Problem 27E:
Based on the data in Exercise 4-24, prepare the adjusting entries for Alert Security Services Co....Problem 28E:
Based on the data in Exercise 4-25, prepare the closing entries for Alert Security Services Co....Problem 2PA:
Finders Investigative Services is an investigative services firm that is owned and operated by Stacy...Problem 3PA:
The unadjusted trial balance of Epicenter Laundry at June 30, 2016, the end of the fiscal year,...Problem 4PA:
The unadjusted trial balance of Lakota Freight Co. at March 31, 2016, the end of the year, follows:...Problem 5PA:
For the past several years, Steffy Lopez has operated a part-time consulting business from his home....Problem 1PB:
Last Chance Company offers legal consulting advice to prison inmates. Last Chance Company prepared...Problem 2PB:
The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of...Problem 3PB:
The unadjusted trial balance of La Mesa Laundry at August 31, 2016, the end of the fiscal year,...Problem 4PB:
The unadjusted trial balance of Recessive Interiors at January 31, 2016, the end of the year,...Problem 5PB:
For the past several years, Jeff Horton has operated a part-time consulting business from his home....Problem 1COP:
The unadjusted trial balance of PS Music as of July 31, 2016, along with the adjustment data for the...Problem 1CPP:
Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. The accounting cycle...Problem 1CP:
Picasso Graphics is a graphics arts design consulting firm. Pablo Taylor, its treasurer and vice...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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Financial Accounting (Loose Leaf)
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CENGAGENOWV2 FOR WARREN/REEVE/DUCHAC S
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