Financial Accounting15th EditionCarl Warren, James M. Reeve, Jonathan Duchac Publisher: Cengage LearningISBN: 9781337272124
Financial Accounting
Solutions for Financial Accounting
Problem 4DQ:
eCatalog Services Company performed services in October for a specific customer for a fee of 7,890....Problem 5DQ:
If the two totals of a trial balance are equal, does it mean that there are no errors in the...Problem 6DQ:
Assume that a trial balance is prepared with an account balance of 8,900 listed as 9,800 and an...Problem 7DQ:
Assume that when a purchase of supplies of 2,650 for cash was recorded, both the debit and the...Problem 8DQ:
Assume that Muscular Consulting erroneously recorded the payment of 7,500 of owner withdrawals as a...Problem 9DQ:
Assume that Sunshine Realty Co. borrowed 300,000 from Columbia First Bank and Trust. In recording...Problem 10DQ:
Checking accounts are a common form of deposits for banks. Assume that Surety Storage has a checking...Problem 1PEA:
State for each account whether it is likely to have (a) debit entries only, (b) credit entries only,...Problem 1PEB:
State for each account whether it is likely to have (a) debit entries only, (b) credit entries only,...Problem 2PEA:
Prepare a journal entry for the purchase of office equipment on February 19 for 18,500 paying 4,500...Problem 4PEA:
Prepare a journal entry on December 23 for the withdrawal of 20,000 by Steve Buckley for personal...Problem 4PEB:
Prepare a journal entry on June 30 for the withdrawal of 11,500 by Dawn Pierce for personal use.Problem 5PEB:
On August 1, the supplies account balance was 1,025. During August, supplies of 3,110 were...Problem 6PEA:
For each of the following errors, considered individually, indicate whether the error would cause...Problem 6PEB:
For each of the following errors, considered individually, indicate whether the error would cause...Problem 7PEA:
The following errors took place in journalizing and posting transactions: a. Rent expense of 4,650...Problem 7PEB:
The following errors took place in journalizing and posting transactions: a. The receipt of 8,400...Problem 1E:
The following accounts appeared in recent financial statements of Delta Air Lines: Identify each...Problem 2E:
Oak Interiors is owned and operated by Fred Biggs, an interior decorator. In the ledger of Oak...Problem 3E:
Outdoor Leadership School is a newly organized business that teaches people how to inspire and...Problem 4E:
The following table summarizes the rules of debit and credit. For each of the items (a) through (l),...Problem 5E:
During the month, Midwest Labs Co. has a substantial number of transactions affecting each of the...Problem 6E:
Identify each of the following accounts of Dispatch Services Co. as asset, liability, owners equity,...Problem 7E:
Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable;...Problem 8E:
On September 18, 2019, Afton Company purchased 2,475 of supplies on account. In Afton Companys chart...Problem 9E:
The following selected transactions were completed during August of the current year: 1. Billed...Problem 10E:
During the month, Warwick Co. received 515,000 in cash and paid out 375,000 in cash. a. Do the data...Problem 11E:
a. During February, 186,500 was paid to creditors on account, and purchases on account were 201,400....Problem 12E:
As of January 1, Terrace Waters, Capital had a credit balance of 500,000. During the year,...Problem 13E:
National Park Tours Co. is a travel agency. The nine transactions recorded by National Park Tours...Problem 14E:
Based upon the T accounts in Exercise 2-13, prepare the nine journal entries from which the postings...Problem 15E:
Based upon the data presented in Exercise 2-13, (a) prepare an unadjusted trial balance, listing the...Problem 16E:
The accounts in the ledger of Hickory Furniture Company as of December 31, 2019, are listed in...Problem 17E:
Indicate which of the following errors, each considered individually, would cause the trial balance...Problem 18E:
The following preliminary unadjusted trial balance of Ranger Co., a sports ticket agency, does not...Problem 19E:
The following errors occurred in posting from a two-column journal: 1. A credit of 6,000 to Accounts...Problem 21E:
The following errors took place in journalizing and posting transactions: a. Insurance of 18,000...Problem 22E:
The following errors took place in journalizing and posting transactions: a. Cash of 8,800 received...Problem 23E:
The following data (in millions) are taken from the financial statements of Target Corporation: a....Problem 24E:
The following data (in millions) were taken from the financial statements of Costco Wholesale...Problem 1PA:
Connie Young, an architect, opened an office on October 1, 2019. During the month, she completed the...Problem 2PA:
On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following...Problem 3PA:
On June 1, 2019, Kris Storey established an interior decorating business, Eco-Centric Designs....Problem 4PA:
Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted...Problem 5PA:
The Colby Group has the following unadjusted trial balance as of August 31, 2019: The debit and...Problem 1PB:
Ken Jones, an architect, opened an office on April 1, 2019. During the month, he completed the...Problem 3PB:
On October 1, 2019, Jay Pryor established an interior decorating business, Pioneer Designs. During...Problem 4PB:
Valley Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted...Problem 5PB:
Tech Support Services has the following unadjusted trial balance as of January 31, 2019: The debit...Problem 1COP:
The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. The...Problem 1CP:
Buddy Dupree is the accounting manager for On-Time Geeks, a tech support company for individuals and...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
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Financial Accounting
13th Edition
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Acct 1100: Chapter 1-9 Financial Accounting
24th Edition
ISBN: 9781285007939
EBK FINANCIAL ACCOUNTING
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Financial Accounting
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Financial Accounting
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Cengagenow For Financial Accounting
14th Edition
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Financial Accounting (Loose Leaf)
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Financial Accounting
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FINANCIAL ACCOUNTING (LL)-W/CENGAGENOWV2
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FINANCIAL ACCOUNTING LL W/CENGAGE NOW
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ISBN: 9780357499948
FINANCIAL ACCOUNTING
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Financial Accounting
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Financial Accounting - With Cengagenow
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Financial Accounting (Looseleaf)
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FINAN.ACCOUNTING-W/DGT ACCESS (LOOSE)
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ISBN: 9781337587488
FINANCIAL ACCOUNTING
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EBK FINANCIAL ACCOUNTING
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CENGAGENOWV2 FOR WARREN/REEVE/DUCHAC S
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Financial Accounting
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