Financial Accounting15th EditionCarl Warren, James M. Reeve, Jonathan Duchac Publisher: Cengage LearningISBN: 9781337272124
Financial Accounting
Solutions for Financial Accounting
Problem 4DQ:
Josh Reilly is the owner of Dispatch Delivery Service. Recently, Josh paid interest of 4,500 on a...Problem 5DQ:
On July 12, Reliable Repair Service extended an offer of 150,000 for land that had been priced for...Problem 8DQ:
A business had revenues of 679,000 and operating expenses of 588,000. Did the business (a) incur a...Problem 9DQ:
A business had revenues of 640,000 and operating expenses of 715,000. Did the business (a) incur a...Problem 10DQ:
The financial statements are interrelated. (a) What item of financial or operating data appears on...Problem 1PEA:
On February 3, Clairemont Repair Service extended an offer of 360,000 for land that had been priced...Problem 1PEB:
On March 31, Higgins Repair Service extended an offer of 415,000 for land that had been priced for...Problem 2PEA:
Terry Fleming is the owner and operator of Go-For-It LLC, a motivational consulting business. At the...Problem 2PEB:
Fritz Evans is the owner and operator of Be-The-One, a motivational consulting business. At the end...Problem 3PEA:
Bridgeport Delivery Service is owned and operated by Jerome Foley. The following selected...Problem 3PEB:
Interstate Delivery Service is owned and operated by Katie Wyer. The following selected transactions...Problem 4PEA:
The revenues and expenses of Adventure Travel Service for the year ended April 30, 2019, follow:...Problem 4PEB:
The revenues and expenses of Sentinel Travel Service for the year ended August 31, 2019, follow:...Problem 5PEA:
Using the income statement for Adventure Travel Service shown in Practice Exercise 1-4A, prepare a...Problem 5PEB:
Using the income statement for Sentinel Travel Service shown in Practice Exercise 1-4B, prepare a...Problem 6PEA:
Using the following data for Adventure Travel Service as well as the statement of owners equity...Problem 6PEB:
Using the following data for Sentinel Travel Service as well as the statement of owners equity shown...Problem 7PEA:
A summary of cash flows for Adventure Travel Service for the year ended April 30, 2019, follows: The...Problem 7PEB:
A summary of cash flows for Sentinel Travel Service for the year ended August 31, 2019, follows: The...Problem 8PEA:
The following data were taken from Mesa Companys balance sheet: a. Compute the ratio of liabilities...Problem 8PEB:
The following data were taken from Alvarado Companys balance sheet: a. Compute the ratio of...Problem 1E:
The following is a list of well-known companies: 1. Alcoa Inc. 2. Boeing 3. Caterpillar 4. Citigroup...Problem 2E:
A fertilizer manufacturing company wants to relocate to Lakeside County. A report from a fired...Problem 5E:
The total assets and total liabilities (in millions) of Dollar Tree Inc. and Target Corporation...Problem 7E:
Annie Rasmussen is the owner and operator of Go44, a motivational consulting business. At the end of...Problem 8E:
Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3)...Problem 9E:
Describe how the following business transactions affect the three elements of the accounting...Problem 11E:
Indicate whether each of the following types of transactions will either (a) increase owners equity...Problem 12E:
The following selected transactions were completed by Silverado Delivery Service during February: 1....Problem 13E:
Teri West operates her own catering service. Summary financial data for July are presented in...Problem 14E:
The income statement of a proprietorship for the month of February indicates a net income of 17,500....Problem 15E:
Four different proprietorships, Jupiter, Mars, Saturn, and Venus, show the same balance sheet data...Problem 16E:
From the following list of selected items taken from the records of Rosewood Appliance Service as of...Problem 17E:
From the following list of selected items taken from the records of Rosewood Appliance Service as of...Problem 18E:
Financial information related to Udder Products Company, a proprietorship, for the month ended April...Problem 19E:
Dairy Services was organized on August 1, 2019. A summary of the revenue and expense transactions...Problem 20E:
One item is omitted in each of the following summaries of balance sheet and income statement data...Problem 23E:
Indicate whether each of the following activities would be reported on the statement of cash flows...Problem 24E:
A summary of cash flows for Ethos Consulting Group for the year ended May 31, 2019, follows: The...Problem 25E:
We-Sell Realty, organized August 1, 2019, is owned and operated by Omar Farah. How many errors can...Problem 1PA:
On June 1 of the current year, Chad Wilson established a business to manage rental property. He...Problem 2PA:
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the end of...Problem 3PA:
Seth Feye established Reliance Financial Services on July 1, 2019. Reliance Financial Services...Problem 5PA:
DLite Dry Cleaners is owned and operated by Joel Palk. A building and equipment are currently being...Problem 6PA:
The financial statements at the end of Wolverine Realtys first month of operations are as follows:...Problem 1PB:
Amy Austin established an insurance agency on March 1 of the current year and completed the...Problem 2PB:
The amounts of the assets and liabilities of Wilderness Travel Service at April 30, 2019, the end of...Problem 3PB:
Jose Loder established Bronco Consulting on August 1, 2019. The effect of each transaction and the...Problem 4PB:
On April 1, 2019, Maria Adams established Custom Realty. Maria completed the following transactions...Problem 5PB:
Bevs Dry Cleaners is owned and operated by Beverly Zahn. A building and equipment are currently...Problem 6PB:
The financial statements at the end of Atlas Realtys first month of operations follow: Instructions...Problem 1COP:
Peyton Smith enjoys listening to all types of music and owns countless CDs. Over the years, Peyton...Problem 1CP:
Marco Brolo is one of three partners who own and operate Silkroad Partners, a global importexport...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 - Internal Control And CashChapter 9 - ReceivablesChapter 10 - Long-term Assets: Fixed And Intangible
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 16 - Statement Of Cash FlowsChapter 17 - Financial Statement AnalysisChapter MJ - Mornin's JoeChapter B - International Financial Reporting Standards (ifrs)
Book Details
Gain a solid foundation in financial accounting to ensure you are prepared for future business courses and the real world with Warren/Reeve/Duchac's market-leading Financial Accounting, 15E and CengageNOWv2. This edition helps you connect concepts to the bigger picture with features such as the new chapter opening schema that allows you to see how each chapter's specific content fits within the overall framework of the book. A focus on why accounting is important to business and a prosperous society is reinforced throughout with Why It Matters Concept Clip animations in CengageNOWv2 and a new CengageNOWv2 Journal Entry Tool that illustrates the impact of transactions on the accounting equation. In addition, the Warren/Reeve/Duchac hallmark accounting cycle coverage provides unmatched foundation so you are prepared to succeed in later chapters.
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 5PAChapter 1, Problem 6PAChapter 1, Problem 5PBChapter 1, Problem 6PBChapter 2, Problem 1DQ
Chapter 2, Problem 2PAChapter 2, Problem 3PAChapter 2, Problem 4PAChapter 2, Problem 3PBChapter 2, Problem 4PBChapter 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 1COPChapter 4, Problem 1CPPChapter 5, Problem 1DQChapter 5, Problem 2PAChapter 5, Problem 3PAGeneral Ledger: General ledger refers to the ledger that records all the transactions of the...Chapter 5, Problem 2PBChapter 5, Problem 3PBGeneral 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 1PAChapter 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 2CPPInventory: Inventory refers to the raw materials, work in progress, and finished goods that are held...Chapter 7, Problem 21EChapter 7, Problem 3PAChapter 7, Problem 4PAChapter 7, Problem 5PAChapter 7, Problem 4PBChapter 7, Problem 5PBInventory 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...Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,...Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,...Bank 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 4PANote receivable: Note receivable refers to a written promise received by the creditor from the...Chapter 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 2PBChapter 10, Problem 3PBDisposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need...Chapter 11, Problem 1DQChapter 11, Problem 1PAChapter 11, Problem 3PALiabilities: 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. 20Y5ParticularsDebit ($)Credit ($)January3Petty Cash4,500...Proprietorships: Proprietorship is a form of organization, which is owned by an individual, called...Working Notes for determining the division of net income between partner M and G under different...Working Note 1: Calculation of Allowances for Doubtful Accounts – Allowance for doubtful debt is to...Chapter 12, Problem 5PAWorking note 1 Calculation of division of realization Profit among partners: The following table...Working Notes 1: Calculation of Allowances for Doubtful Accounts – Allowance for doubtful debt is to...Chapter 12, Problem 6PBChapter 13, Problem 1DQChapter 13, Problem 10EChapter 13, Problem 3PACommon stock: These are the ordinary shares that a corporation issues to the investors in order to...Chapter 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 2PAChapter 14, Problem 3PAChapter 14, Problem 4PABonds: Bonds are long-term promissory notes that are represented by a company while borrowing money...Chapter 14, Problem 2PBChapter 14, Problem 3PBChapter 14, Problem 4PBChapter 15, Problem 1DQChapter 15, Problem 1PAChapter 15, Problem 2PAChapter 15, Problem 3PAChapter 15, Problem 1PBTrading securities: These are short-term investments in debt and equity securities with an intention...Chapter 15, Problem 3PBStatement 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 3PAChapter 16, Problem 1PBFinancial Ratios: Financial ratios are the metrics used to evaluate the liquidity, solvency,...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 5PBChapter 17, Problem 1FSAGenerally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create...International Financial Reporting Standards (IFRS): IFRS are a set of international accounting...Chapter B, Problem 1DQ
More Editions of This Book
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Financial Accounting
5th Edition
ISBN: 9780538829465
Financial Accounting
13th Edition
ISBN: 9781133607618
Financial Accounting
13th Edition
ISBN: 9781285606873
Acct 1100: Chapter 1-9 Financial Accounting
24th Edition
ISBN: 9781285007939
EBK FINANCIAL ACCOUNTING
14th Edition
ISBN: 9780100546653
Financial Accounting
14th Edition
ISBN: 9781305088436
Financial Accounting
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ISBN: 9781305534087
Cengagenow For Financial Accounting
14th Edition
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Financial Accounting (Loose Leaf)
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ISBN: 9781305088443
Bundle: Financial Accounting, Loose-Leaf Version, 14th + CengageNOWv2, 1 term Printed Access Card (2)
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ISBN: 9781305777934
Financial Accounting
12th Edition
ISBN: 9780538479950
FINANCIAL ACCOUNTING (LL)-W/CENGAGENOWV2
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ISBN: 9780357499955
FINANCIAL ACCOUNTING LL W/CENGAGE NOW
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ISBN: 9780357499948
FINANCIAL ACCOUNTING
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ISBN: 9780357538753
Financial Accounting
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ISBN: 9781337913263
Financial Accounting
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Bundle: Financial Accounting, Loose-Leaf Version, 15th + LMS Integrated CengageNOWv2, 1 term Printed Access Card
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ISBN: 9781337587549
Financial Accounting - With Cengagenow
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ISBN: 9781337587495
Financial Accounting (Looseleaf)
15th Edition
ISBN: 9781337272254
FINAN.ACCOUNTING-W/DGT ACCESS (LOOSE)
15th Edition
ISBN: 9781337587488
FINANCIAL ACCOUNTING
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ISBN: 9781337885928
EBK FINANCIAL ACCOUNTING
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ISBN: 8220103648639
CENGAGENOWV2 FOR WARREN/REEVE/DUCHAC S
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ISBN: 9781337272346
Financial Accounting
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International Edition---financial Accounting, 10th Edition
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Working Papers, Financial Accounting
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ISBN: 9780324067637
Financial Accounting -with Cd
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