Solutions for Financial Accounting
Problem 2DQ:
Why is it important to take a physical inventory periodically when using a perpetual inventory...Problem 3DQ:
Do the terms FIFO, LIFO, and weighted average refer to techniques used in determining quantities of...Problem 4DQ:
If merchandise inventory is being valued at cost and the price level is decreasing, which of the...Problem 5DQ:
Which of the three methods of inventory costingFIFO, LIFO, or weighted average costwill in general...Problem 6DQ:
If inventory is being valued at cost and the price level is steadily rising, which of the three...Problem 7DQ:
Using the following data, how should the merchandise be valued under lower of cost or market?Problem 8DQ:
The inventory at the end of the year was understated by 14,750. (a) Did the error cause an...Problem 9DQ:
Hutch Co. sold merchandise to Bibbins Company on May 31, FOB shipping point. If the merchandise is...Problem 10DQ:
A manufacturer shipped merchandise to a retailer on a consignment basis. If the merchandise is...Problem 1PEA:
The following three identical units of Item BZ1810 are purchased during November: Assume that one...Problem 1PEB:
The following three identical units of Item Beta are purchased during June: Assume that one unit is...Problem 2PEA:
Beginning inventory, purchases, and sales for Item ProX2 are as follows: Assuming a perpetual...Problem 2PEB:
Beginning inventory, purchases, and sales for Item Delta are as follows: Assuming a perpetual...Problem 3PEA:
Beginning inventory, purchases, and sales for Item Zebra 9x are as follows: Assuming a perpetual...Problem 3PEB:
Beginning inventory, purchases, and sales for Item Foxtrot are as follows: Assuming a perpetual...Problem 4PEA:
Beginning inventory, purchases, and sales for 30xT are as follows: Assuming a perpetual inventory...Problem 4PEB:
Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...Problem 5PEA:
The units of an item available for sale during the year were as follows: There are 14 units of the...Problem 6PEA:
On the basis of the following data, determine the value of the inventory at the lower of cost or...Problem 7PEB:
During the taking of its physical inventory on December 31, 2016, Waterjet Bath Company incorrectly...Problem 8PEA:
Financial statement data for years ending December 31 for Holland Company follows: a. Determine the...Problem 8PEB:
Financial statement data for years ending December 31 for Tango Company follows: a. Determine the...Problem 1E:
Triple Creek Hardware Store currently uses a periodic inventory system. Kevin Carlton, the owner, is...Problem 2E:
Hardcase Luggage Shop is a small retail establishment located in a large shopping mall. This shop...Problem 4E:
Assume that the business in Exercise 7-3 maintains a perpetual inventory system, costing by the...Problem 5E:
Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: a....Problem 6E:
Assume that the business in Exercise 7-5 maintains a perpetual inventory system, costing by the...Problem 7E:
The following units of an item were available for sale during the year: The firm uses the perpetual...Problem 9E:
The following units of a particular item were available for sale during the calendar year: The firm...Problem 10E:
Assume that the business in Exercise 7-9 maintains a perpetual inventory system. Determine the cost...Problem 11E:
Assume that the business in Exercise 7-9 maintains a perpetual inventory system. Determine the cost...Problem 14E:
Assume that a firm separately determined inventory under FIFO and LIFO and then compared the...Problem 16E:
Based on the data in Exercise 7-15 and assuming that cost was determined by the FIFO method, show...Problem 17E:
Missouri River Supply Co. sells canoes, kayaks, whitewater rafts, and other boating supplies. During...Problem 18E:
Fonda Motorcycle Shop sells motorcycles, ATVs, and other related supplies and accessories. During...Problem 19E:
During 2016, the accountant discovered that the physical inventory at the end of 2015 had been...Problem 20E:
The following data (in thousands) were taken from recent annual reports of Apple Inc., a...Problem 21E:
Kroger, Safeway Inc., and Whole Foods Markets, Inc. are three grocery chains in the United States....Problem 22E:
A business using the retail method of inventory costing determines that merchandise inventory at...Problem 23E:
A business using the retail method of inventory costing determines that merchandise inventory at...Problem 24E:
A business using the retail method of inventory costing determines that merchandise inventory at...Problem 25E:
On the basis of the following data, estimate the cost of the merchandise inventory at June 30 by the...Problem 26E:
The merchandise inventory was destroyed by fire on December 13. The following data were obtained...Problem 1PA:
The beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month...Problem 2PA:
The beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month...Problem 3PA:
The beginning inventory for Funky Party Supplies and data on purchases and sales for a three-month...Problem 4PA:
The beginning inventory for Funky Party Supplies and data on purchases and sales for a three-month...Problem 6PA:
Data on the physical inventory of Ashwood Products Company as of December 31 follow: Quantity and...Problem 7PA:
Selected data on merchandise inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks...Problem 1PB:
The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a...Problem 2PB:
The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...Problem 3PB:
The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...Problem 4PB:
The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...Problem 5PB:
Pappas Appliances uses the periodic inventory system. Details regarding the inventory of appliances...Problem 6PB:
Data on the physical inventory of Katus Products Co. as of December 31 follow: Quantity and cost...Problem 7PB:
Selected data on merchandise inventory, purchases, and sales for Jaffe Co. and Coronado Co. are as...Problem 1CP:
Anstead Co. is experiencing a decrease in sales and operating income for the fiscal year ending...Problem 2CP:
The following is an excerpt from a conversation between Paula Marlo, the warehouse manager for...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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