Solutions for Financial Accounting
Problem 1DQ:
Why would a company maintain separate accounts receivable ledgers for each customer, as opposed to...Problem 3DQ:
In recording 400 fees earned on account during a single month, how many times will it be necessary...Problem 4DQ:
How many postings to Fees Earned for the month would be needed in Discussion Question 3 if the...Problem 5DQ:
During the current month, the following errors occurred in recording transactions in the purchases...Problem 6DQ:
Assuming the use of a two-column general journal, a purchases journal, and a cash payments journal...Problem 9DQ:
What happens to the special journal in a computerized accounting system that uses electronic forms?Problem 1PEA:
The following revenue transactions occurred during November: Record these three transactions into...Problem 2PEA:
The debits and credits from two transactions are presented in the following customer account:...Problem 2PEB:
The debits and credits from two transactions are presented in the following customer account:...Problem 3PEA:
The following purchase transactions occurred during March for Celebration Catering Service: Record...Problem 4PEA:
The debits and credits from two transactions are presented in the following creditors (suppliers)...Problem 5PEA:
McHale Company does business in two customer segments, Retail and Wholesale. The following annual...Problem 1E:
Using the following revenue journal for Zeta Services Inc., identify each of the posting references,...Problem 2E:
Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer...Problem 3E:
Assuming the use of a two-column (all-purpose) general journal, a revenue journal, and a cash...Problem 4E:
Assuming the use of a two-column (all-purpose) general journal, a purchases journal, and a cash...Problem 6E:
Global Services Company had the following transactions during the month of August: a. Record the...Problem 7E:
The revenue journal for Sapling Consulting Inc. follows. The accounts receivable controlling account...Problem 8E:
The revenue and cash receipts journals for Mirage Productions Inc. follow. The accounts receivable...Problem 9E:
Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of...Problem 10E:
Lasting Summer Inc. has 2,510 in the October 1 balance of the accounts receivable account consisting...Problem 12E:
Using the following cash payments journal, identify each of the posting references, indicated by a...Problem 15E:
The purchases journal for Newmark Exterior Cleaners Inc. follows. The accounts payable account has a...Problem 19E:
After Bunker Hill Assay Services Inc. had completed all postings for March in the current year...Problem 22E:
Most computerized accounting systems use electronic forms to record transaction information, such as...Problem 24E:
For each of the following companies, determine what they primarily sell and whether their e-commerce...Problem 25E:
Starbucks Corporation reported the following geographical segment revenues for a recent and a prior...Problem 1PA:
Sage Learning Centers was established on July 20, 2016, to provide educational services. The...Problem 2PA:
Transactions related to revenue and cash receipts completed by Albany Architects Co. during the...Problem 3PA:
Sterling Forest Landscaping designs and installs landscaping. The landscape designers and office...Problem 4PA:
AquaFresh Water Testing Service was established on April 16, 2016. AquaFresh uses field equipment...Problem 5PA:
The transactions completed by Revere Courier Company during December 2016, the first month of the...Problem 1PB:
Guardian Security Services was established on January 15, 2016, to provide security services. The...Problem 2PB:
Transactions related to revenue and cash receipts completed by Sterling Engineering Services during...Problem 5PB:
The transactions completed by AM Express Company during March 2016, the first month of the fiscal...Problem 1CP:
Ethics in Action Netbooks Inc. provides accounting applications for business customers on the...Problem 2CP:
The following conversation took place between Durable Construction Co.s bookkeeper, Kyle Byers, and...Problem 3CP:
A subsidiary ledger is used for accounts receivable and accounts payable. Thus, transactions that...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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Acct 1100: Chapter 1-9 Financial Accounting
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Financial Accounting (Loose Leaf)
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