Financial Accounting15th EditionCarl Warren, James M. Reeve, Jonathan Duchac Publisher: Cengage LearningISBN: 9781337272124
Financial Accounting
Solutions for Financial Accounting
Problem 2DQ:
Describe the nature of the assets that compose the following sections of a balance sheet: (a)...Problem 10DQ:
Recent fiscal years for several well-known companies are as follows: What general characteristic...Problem 1PEA:
The balances for the accounts that follow appear in the Adjusted Trial Balance columns of the...Problem 1PEB:
The balances for the accounts that follow appear in the Adjusted Trial Balance columns of the...Problem 2PEA:
Marcie Davies owns and operates Gemini Advertising Services. On January 1, 2018, Marcie Davies,...Problem 2PEB:
Blake Knudson owns and operates Grab Bag Delivery Services. On January 1, 2018, Blake Knudson,...Problem 3PEA:
The following accounts appear in an adjusted trial balance of Waterloo Consulting. Indicate whether...Problem 4PEA:
After the accounts have been adjusted at December 31, the end of the fiscal year, the following...Problem 4PEB:
After the accounts have been adjusted at April 30, the end of the fiscal year, the following...Problem 5PEA:
From the following list of steps in the accounting cycle, identify what two steps are missing: a....Problem 5PEB:
From the following list of steps in the accounting cycle, identify what two steps are missing: a....Problem 6PEA:
Current assets and current liabilities for HQ Properties Company follow: a. Determine the working...Problem 6PEB:
Current assets and current liabilities for Brimstone Company follow: a. Determine the working...Problem 1E:
The balances for the accounts that follow appear in the Adjusted Trial Balance columns of the...Problem 2E:
Balances for each of the following accounts appear in an adjusted trial balance. Identify each as...Problem 3E:
Bamboo Consulting is a consulting firm owned and operated by Lisa Gooch. The following end-of-period...Problem 4E:
Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The following...Problem 5E:
The following account balances were taken from the adjusted trial balance for Laser Messenger...Problem 7E:
FedEx Corporation had the following revenue and expense account balances (in millions) for a recent...Problem 8E:
Apex Systems Co. offers its services to residents in the Seattle area. Selected accounts from the...Problem 9E:
Selected accounts from the ledger of Restoration Arts for the fiscal year ended April 30, 2019, are...Problem 10E:
Ex 410 Classifying assets Identify each of the following as (a) a current asset or (b) property,...Problem 11E:
At the balance sheet date, a business owes a mortgage note payable of 375,000, the terms of which...Problem 12E:
Optimum Weight Loss Co. offers personal weight reduction consulting services to individuals. After...Problem 13E:
List the errors you find in the following balance sheet. Prepare a corrected balance sheet.Problem 15E:
Prior to closing, total revenues were 12,840,000 and total expenses were 9,975,000. During the year,...Problem 16E:
Assume that the entry closing total revenues of 3,190,000 and total expenses of 2,350,000 has been...Problem 17E:
Stylist Services Co. offers its services to individuals desiring to improve their personal images....Problem 18E:
Which of the following accounts will usually appear in the post-closing trial balance? a. Accounts...Problem 19E:
An accountant prepared the following post-closing trial balance: Prepare a corrected post-closing...Problem 20E:
Rearrange the following steps in the accounting cycle in proper sequence: a. Transactions are...Problem 21E:
The following data (in thousands) were taken from recent financial statements of Under Armour, Inc.:...Problem 22E:
The following data (in thousands) were taken from recent financial statements of Starbucks...Problem 24E:
Alert Security Services Co. offers security services to business clients. The trial balance for...Problem 25E:
Alert Security Services Co. offers security services to business clients. Complete the following...Problem 26E:
Based on the data in Exercise 4-25, prepare an income statement, statement of owners equity, and...Problem 30E:
On the basis of the following data, (a) journalize the adjusting entries at December 31, the end of...Problem 31E:
On the basis of the following data, (a) journalize the adjusting entries at June 30, the end of the...Problem 32E:
Portions of the wages expense account of a business follow: a. Indicate the nature of the entry...Problem 33E:
Portions of the salaries expense account of a business follow: a. Indicate the nature of the entry...Problem 1PA:
Beacon Signals Company maintains and repairs warning lights, such as those found on radio towers and...Problem 2PA:
Finders Investigative Services is an investigative services firm that is owned and operated by Stacy...Problem 3PA:
The unadjusted trial balance of Epicenter Laundry at June 30, 2019, the end of the fiscal year,...Problem 4PA:
The unadjusted trial balance of Lakota Freight Co. at March 31, 2019, the end of the year, follows:...Problem 5PA:
For the past several years, Jolene Upton has operated a part-time consulting business from her home....Problem 1PB:
Last Chance Company offers legal consulting advice to prison inmates. Last Chance Company prepared...Problem 2PB:
The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of...Problem 3PB:
The unadjusted trial balance of La Mesa Laundry at August 31, 2019, the end of the fiscal year,...Problem 4PB:
The unadjusted trial balance of Recessive Interiors at January 31, 2019, the end of the year,...Problem 5PB:
For the past several years, Jeff Horton has operated a part-time consulting business from his home....Problem 1COP:
The unadjusted trial balance of PS Music as of July 31, 2019, along with the adjustment data for the...Problem 1CPP:
Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2019. The accounting cycle...Problem 1CP:
New Wave Images is a graphics design firm that prepares its financial statements using a calendar...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
Corresponding editions of this textbook are also available below:
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
14th Edition
ISBN: 9781305534087
Cengagenow For Financial Accounting
14th Edition
ISBN: 9781305500143
Financial Accounting (Loose Leaf)
14th Edition
ISBN: 9781305088443
Bundle: Financial Accounting, Loose-Leaf Version, 14th + CengageNOWv2, 1 term Printed Access Card (2)
14th Edition
ISBN: 9781305777934
Financial Accounting
12th Edition
ISBN: 9780538479950
FINANCIAL ACCOUNTING (LL)-W/CENGAGENOWV2
16th Edition
ISBN: 9780357499955
FINANCIAL ACCOUNTING LL W/CENGAGE NOW
16th Edition
ISBN: 9780357499948
FINANCIAL ACCOUNTING
16th Edition
ISBN: 9780357538753
Financial Accounting
16th Edition
ISBN: 9781337913263
Financial Accounting
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ISBN: 9781337913102
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
15th Edition
ISBN: 9781337885928
EBK FINANCIAL ACCOUNTING
15th Edition
ISBN: 8220103648639
CENGAGENOWV2 FOR WARREN/REEVE/DUCHAC S
15th Edition
ISBN: 9781337272346
Financial Accounting
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ISBN: 9781337515504
Bundle: Financial Accounting, Loose-Leaf Version, 15th + CengageNOWv2, 1 term Printed Access Card
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ISBN: 9781337587501
Cengagenowv2, 1 Term Printed Access Card For Warren/reeve/duchac's Financial Accounting, 15th
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International Edition---financial Accounting, 10th Edition
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ISBN: 9780324366082
Working Papers, Financial Accounting
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ISBN: 9780324067637
Financial Accounting -with Cd
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ISBN: 9780324806113
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