Solutions for Financial Accounting
Problem 1DQ:
What are the three classifications of receivables?Problem 2DQ:
Dans Hardware is a small hardware store in the rural township of Twin Bridges. It rarely extends...Problem 3DQ:
What kind of an account (asset, liability, etc.) is Allowance for Doubtful Accounts, and is its...Problem 4DQ:
After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a...Problem 5DQ:
A firm has consistently adjusted its allowance account at the end of the fiscal year by adding a...Problem 6DQ:
Which of the two methods of estimating uncollectibles provides for the most accurate estimate of the...Problem 7DQ:
Neptune Company issued a note receivable to Sailfish Company. (a) Who is the payee? (b) What is the...Problem 8DQ:
If a note provides for payment of principal of 85,000 and interest at the rate of 6%, will the...Problem 9DQ:
The maker of a 240,000, 6%, 90-day note receivable failed to pay the note on the due date of...Problem 10DQ:
The note receivable dishonored in Discussion Question 9 is paid on December 30 by the maker, plus...Problem 1PEB:
Journalize the following transactions, using the direct write-off method of accounting for...Problem 2PEB:
Journalize the following transactions, using the allowance method of accounting for uncollectible...Problem 3PEA:
At the end of the current year, Accounts Receivable has a balance of 1,975,000; Allowance for...Problem 3PEB:
At the end of the current year, Accounts Receivable has a balance of 3,460,000, Allowance for...Problem 4PEA:
At the end of the current year, Accounts Receivable has a balance of 1,975,000; Allowance for...Problem 4PEB:
At the end of the current year, Accounts Receivable has a balance of 3,460,000, Allowance for...Problem 5PEA:
Guzman Company received a 60-day, 5% note for 54,000 dated July 12 from a customer on account. a....Problem 5PEB:
Prefix Supply Company received a 120-day, 8% note for 450,000, dated April 9, from a customer on...Problem 6PEA:
Financial statement data for years ending December 31 for Chiro-Solutions Company follows: a....Problem 2E:
MGM Resorts International owns and operates hotels and casinos including the MGM Grand and the...Problem 3E:
Journalize the following transactions in the accounts of Midwest Medical Co., a medical equipment...Problem 5E:
Creative Solutions Company, a computer consulting firm, has decided to write off the 11,750 balance...Problem 6E:
At the end of the current year, the accounts receivable account has a debit balance of 1,400,000 and...Problem 7E:
Toot Auto Supply distributes new and used automobile parts to local dealers throughout the Midwest....Problem 8E:
The accounts receivable clerk for Waddell Industries prepared the following partially completed...Problem 9E:
Waddell Industries has a past history of uncollectible accounts, as follows. Estimate the allowance...Problem 10E:
Using data in Exercise 9-9, assume that the allowance for doubtful accounts for Waddell Industries...Problem 11E:
Selbys Bike Co. is a wholesaler of motorcycle supplies. An aging of the companys accounts receivable...Problem 12E:
Using the data in Exercise 9-11, assume that the allowance for doubtful accounts for Selbys Bike Co....Problem 13E:
The following selected transactions were taken from the records of Shipway Company for the first...Problem 14E:
The following selected transactions were taken from the records of Rustic Tables Company for the...Problem 16E:
Using the data in Exercise 9-15, assume that during the second year of operations, Macks Plumbing...Problem 17E:
Casebolt Company wrote off the following accounts receivable as uncollectible for the first year of...Problem 18E:
Seaforth International wrote off the following accounts receivable as uncollectible for the year...Problem 19E:
Determine the due date and the amount of interest due at maturity on the following notes dated in...Problem 20E:
Master Designs Decorators issued a 180-day, 6% note for 75,000, dated May 14, 2016, to Morgan...Problem 23E:
Journalize the following transactions of Trapper Jons Productions: June 23. Received a 48,000,...Problem 24E:
Journalize the following transactions in the accounts of Safari Games Co., which operates a...Problem 26E:
Polo Ralph Lauren Corporation designs, markets, and distributes a variety of apparel, home decor,...Problem 1PA:
The following transactions were completed by The Irvine Company during the current fiscal year ended...Problem 2PA:
Trophy Fish Company supplies flies and fishing gear to sporting goods stores and outfitters...Problem 3PA:
Call Systems Company, a telephone service and supply company, has just completed its fourth year of...Problem 4PA:
Flush Mate Co. wholesales bathroom fixtures. During the current fiscal year, Flush Mate Co. received...Problem 5PA:
The following data relate to notes receivable and interest for CGH Cable Co., a cable manufacturer...Problem 6PA:
The following were selected from among the transactions completed by Caldemeyer Co. during the...Problem 1PB:
The following transactions were completed by The Wild Trout Gallery during the current fiscal year...Problem 2PB:
Wig Creations Company supplies wigs and hair care products to beauty salons throughout Texas and the...Problem 4PB:
Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received...Problem 5PB:
The following data relate to notes receivable and interest for Owens Co., a financial services...Problem 6PB:
The following were selected from among the transactions completed during the current year by Danix...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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