Solutions for Financial Accounting
Problem 3DQ:
The credit period during which the buyer of merchandise is allowed to pay usually begins with what...Problem 8DQ:
Name four accounts that would normally appear in the chart of accounts of a merchandising business...Problem 10DQ:
Assume that Audio Outfitter Inc. in Discussion Question 9 experienced an abnormal inventory...Problem 1PEA:
During the current year, merchandise is sold for 615,000 cash and 4,110,000 on account. The cost of...Problem 2PEA:
Halibut Company purchased merchandise on account from a supplier for 18,600, terms 2/10, n/30....Problem 2PEB:
Hoffman Company purchased merchandise on account from a supplier for 65,000, terms 1/10, n/30....Problem 3PEB:
Journalize the following merchandise transactions: a. Sold merchandise on account, 92,500 with terms...Problem 4PEB:
Journalize the following merchandise transactions: a. Sold merchandise on account, 92,500 with terms...Problem 6PEA:
Castle Furnishings Companys perpetual inventory records indicate that 675,400 of merchandise should...Problem 6PEB:
Hahn Flooring Companys perpetual inventory records indicate that 1,333,150 of merchandise should be...Problem 7PEA:
Financial statement data for years ending December 31 for Latchkey Company follows: a. Determine the...Problem 1E:
During the current year, merchandise is sold for 4,885,000. The cost of the merchandise sold is...Problem 2E:
For a recent year, Best Buy reported sales of 50,705 million. Its gross profit was 12,573 million....Problem 3E:
The Stationery Company purchased merchandise on account from a supplier for 28,900, terms 1/10,...Problem 4E:
A retailer is considering the purchase of 250 units of a specific item from either of two suppliers....Problem 5E:
The debits and credits from four related transactions are presented in the following T accounts....Problem 7E:
Journalize entries for the following related transactions of South Coast Heating Air Company: a....Problem 10E:
After the amount due on a sale of 28,000, terms 2/10, n/eom, is received from a customer within the...Problem 11E:
The debits and credits for three related transactions are presented in the following T accounts....Problem 14E:
Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, 254,500, terms...Problem 16E:
Monet Paints Co. is a newly organized business with a list of accounts arranged in alphabetical...Problem 18E:
Journalize the entries to record the following selected transactions: a. Sold 62,800 of merchandise...Problem 19E:
What is the normal balance of the following accounts: (a) Cost of Merchandise Sold, (b) Customer...Problem 21E:
The following expenses were incurred by a merchandising business during the year. In which expense...Problem 22E:
Two items are omitted in each of the following four lists of income statement data. Determine the...Problem 26E:
Paragon Tire Co.s perpetual inventory records indicate that 2,780,000 of merchandise should be on...Problem 27E:
From the following list, identify the accounts that should be closed to Income Summary at the end of...Problem 29E:
On July 31, 2016, the balances of the accounts appearing in the ledger of Serbian Interiors Company,...Problem 30E:
The Home Depot reported the following data (in millions) in its recent financial statements: a....Problem 31E:
Kroger, a national supermarket chain, reported the following data (in millions) in its financial...Problem 32E:
Complete the following table by indicating for (a) through (g) whether the proper answer is debit or...Problem 33E:
The following selected transactions were completed by Air Systems Company during January of the...Problem 38E:
Identify the errors in the following schedule of the cost of merchandise sold for the year ended May...Problem 39E:
United Rug Company is a small rug retailer owned and operated by Pat Kirwan. After the accounts have...Problem 1PA:
The following selected transactions were completed by Capers Company during October of the current...Problem 2PA:
The following selected transactions were completed by Amsterdam Supply Co., which sells office...Problem 4PA:
The following selected transactions were completed during August between Summit Company and...Problem 5PA:
The following selected accounts and their current balances appear in the ledger of Clairemont Co....Problem 6PA:
Selected accounts and related amounts for Clairemont Co. for the fiscal year ended May 31, 2016, are...Problem 7PA:
Selected transactions for Capers Company during October of the current year are listed in Problem...Problem 8PA:
Selected transactions for Babcock Company during November of the current year are listed in Problem...Problem 9PA:
Selected transactions during August between Summit Company and Beartooth Co. are listed in Problem...Problem 10PA:
On December 31, 2016, the balances of the accounts appearing in the ledger of Wyman Company are as...Problem 1PB:
The following selected transactions were completed by Niles Co. during March of the current year:...Problem 2PB:
The following selected transactions were completed by Green Lawn Supplies Co., which sells...Problem 3PB:
The following were selected from among the transactions completed by Essex Company during July of...Problem 4PB:
The following selected transactions were completed during April between Swan Company and Bird...Problem 5PB:
The following selected accounts and their current balances appear in the ledger of Kanpur Co. for...Problem 6PB:
Selected accounts and related amounts for Kanpur Co. for the fiscal year ended June 30, 2016, are...Problem 7PB:
Selected transactions for Niles Co. during March of the current year are listed in Problem 6-1B....Problem 8PB:
Selected transactions for Essex Company during July of the current year are listed in Problem 6-3B....Problem 9PB:
Selected transactions during April between Swan Company and Bird Company are listed in Problem 6-4B....Problem 10PB:
On June 30, 2016, the balances of the accounts appearing in the ledger of Simkins Company are as...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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