Financial Accounting18th EditionJan Williams Publisher: Mcgraw-hill Higher Education (us)ISBN: 9781260706307
Financial Accounting
Solutions for Financial Accounting
Problem 2STQ:
2. Sunset Tours has a $3,500 account receivable from the Del Mar Rotary. On January 20, the Rotary...Problem 3STQ:
3. Indicate all of the following statements that correctly describe net income. Net income:
Is equal...Problem 4STQ:
4. Which of the following is provided by a trial balance in which total debits equal total...Problem 5STQ:
5. Which of the following explains the debit and credit rules relating to the recording of revenue...Problem 7STQ:
Indicate all correct answers. In the accounting cycle:
Transactions are posted before they are...Problem 1DQ:
1. Baker Construction is a small corporation owned and managed by Tom Baker. The corporation has 21...Problem 2DQ:
2. What relationship exists between the position of an account in the balance sheet equation and the...Problem 3DQ:
3. State briefly the rules of debit and credit as applied to asset accounts and as applied to...Problem 5DQ:
5. What requirement is imposed by the double-entry system in the recording of any business...Problem 10DQ:
10. When do accountants consider revenue to be realized? What basic question about recording revenue...Problem 14DQ:
14. How do dividends affect owners’ equity? Are they treated as a business expense? Explain.
Problem 2BE:
BRIEF EXERCISE 3.2
Recording Transactions in a Journal
Record the following selected transactions in...Problem 3BE:
BRIEF EXERCISE 3.3
Recording Transactions
Wagner Excavating organized as a corporation on January 18...Problem 4BE:
BRIEF EXERCISE 3.4
Debit and Credit Rules
Five account classifications are shown as column headings...Problem 5BE:
BRIEF EXERCISE 3.5
Changes in Retained Earnings
Hewitt Corporation’s Retained Earnings account...Problem 7BE:
BRIEF EXERCISE 3.7
When Is Revenue Realized?
The following transactions were carried out during the...Problem 10BE:
BRIEF EXERCISE 3.10
Matching Principle
Harley Consulting has provided the following information...Problem 3E:
EXERCISE 3.3
Relationship between Journal and Ledger Accounts
Transactions are first journalized and...Problem 4E:
EXERCISE 3.4
Preparing a Trial Balance
Using the information in the ledger accounts presented in...Problem 5E:
EXERCISE 3.5
Relationship between Net Income and Equity
The following information came from a recent...Problem 6E:
EXERCISE 3.6
Effects of Transactions on the Accounting Equation
Satka Fishing Expeditions, Inc.,...Problem 7E:
EXERCISE 3.7
Effect of Transactions on the Accounting Equation
A number of transactions of Claypool...Problem 8E:
EXERCISE 3.8
Preparing Journal Entries for Revenue, Expenses, and Dividends
Shown as follows are...Problem 13E:
EXERCISE 3.13
Analyzing Transactions
Listed as follows are descriptions of six transactions,...Problem 1AP:
PROBLEM 3.1A
Journalizing Transactions
Glenn Grimes is the founder and president of Heartland...Problem 3AP:
PROBLEM 3.3A
Analyzing and Journalizing Transactions
Weida Surveying, Inc., provides land surveying...Problem 8BP:
PROBLEM 3.8B
Analyzing the Effects of Accounting Errors
Blind River, Inc., recently hired Neil Young...Browse All Chapters of This Textbook
Chapter 1 - Accounting: Information For Decision MakingChapter 2 - Basic Financial StatementsChapter 3 - The Accounting Cycle: Capturing Economic EventsChapter 4 - The Accounting Cycle: Accruals And DeferralsChapter 5 - The Accounting Cycle: Reporting Financial ResultsChapter 6 - Merchandising ActivitiesChapter 7 - Financial AssetsChapter 8 - Inventories And The Cost Of Goods SoldChapter 9 - Plant And Intangible AssetsChapter 10 - Liabilities
Chapter 11 - Stockholders’ Equity: Paid-in CapitalChapter 12 - Income And Changes In Retained EarningsChapter 13 - Statement Of Cash FlowsChapter 14 - Financial Statement AnalysisChapter 15 - Global Business And AccountingChapter 16 - Management Accounting: A Business PartnerChapter 17 - Job Order Cost Systems And Overhead AllocationsChapter 18 - Process CostingChapter 19 - Costing And The Value ChainChapter 20 - Cost-volume-profit AnalysisChapter 21 - Incremental AnalysisChapter 22 - Responsibility Accounting And Transfer PricingChapter 23 - Operational BudgetingChapter 24 - Standard Cost SystemsChapter 25 - Rewarding Business PerformanceChapter 26 - Capital BudgetingChapter B - The Time Value Of Money: Future Amounts And Present ValuesChapter C - Forms Of Business Organization
Sample Solutions for this Textbook
We offer sample solutions for Financial Accounting homework problems. See examples below:
Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,...Financial statements: Financial statements are condensed summary of transactions communicated in the...Balance sheet: This financial statement reports a company’s resources (assets) and claims of...Balance sheet: This financial statement reports a company’s resources (assets) and claims of...Balance sheet: This financial statement reports a company’s resources (assets) and claims of...Balance sheet: This financial statement reports a company’s resources (assets) and claims of...Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....1. (a) The asset account (Accounts receivable) is increased. Increase in asset account is recorded...Income statement: The financial statement which reports revenues and expenses from business...
Income statement: The financial statement which reports revenues and expenses from business...1. (a) The asset account (Accounts receivable) is increased. Increase in asset account is recorded...Income statement: The financial statement which reports revenues and expenses from business...Income statement: The financial statement which reports revenues and expenses from business...Option (a) Adjust the retained earnings account for the revenue, expense, and dividends recorded...Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to...Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to...Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to...Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to...Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to...Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to...Publicly owned companies: Publicly owned companies are those companies whose shares are listed on a...Income statement: The financial statement which reports revenues and expenses from business...Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Rules of Debit and Credit: Following rules are followed for debiting and crediting different...Option (a): Generally the merchandising company will have the longer operating cycle, as it have the...Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Prepare the journal entry to record the sale of merchandise on account: DateAccounts title and...Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Perpetual inventory system: The method or system of maintaining, recording, and adjusting the...Gross invoice method: In gross invoice method, the companies will record the purchase of the...Operating cycle of a merchandising company: Operating cycle is the sequence of activities which...Financial assets: The assets that are easily and directly converted into amounts of cash are called...Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Marketable securities: The financial instruments that are traded in less than a year, on the public...Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from...Marketable securities: The financial instruments that are traded in less than a year, on the public...Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from...Cost flow assumptions can be referred to as the method which determines the flow of costs when an...Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....a. Commuter Airline is required by law to maintain its aircraft in “as good as new” condition....1. Straight-line Depreciation: Under the straight-line method of depreciation, the same amount of...Calculate total cost of the shelving: Cost of shelving $12,000Freight charges 520Sales taxes...1. Straight-line Depreciation: Under the straight-line method of depreciation, the same amount of...1. Straight-line Depreciation: Under the straight-line method of depreciation, the same amount of...Calculate the total cost of the furniture: Cost of furniture $11,000Freight charges 375Sales taxes...1. Straight-line Depreciation: Under the straight-line method of depreciation, the same amount of...Liabilities: The claims creditors have over assets or resources of a company are referred to as...Bonds: Bonds are a kind of interest bearing notes payable, usually issued by companies, universities...Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Bonds: Bonds are long-term promissory notes that are issued by a company while borrowing money from...Bonds: Bonds are long-term promissory notes that are issued by a company while borrowing money from...Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Bonds: Bonds are long-term promissory notes that are issued by a company while borrowing money from...Bonds: Bonds are long-term promissory notes that are issued by a company while borrowing money from...Corporation: A business concern where there is a separate legal entity, and are owned by...Preferred stock: The stock that provides a fixed amount of return (dividend) to its stockholder...The number of shares of preferred stock issued: Number of shares ofpreferred stock issued }=( Par...The number of shares of common stock issued: Number of shares ofcommon stock issued }=( Par value of...Stockholders’ Equity Section: It is refers to the section of the balance sheet that shows the...The number of shares of preferred stock issued: Number of shares ofpreferred stock issued }=( Par...Stockholders’ Equity Section: It is refers to the section of the balance sheet that shows the...Unusual or infrequent items: These are nonrecurring transactions that either do not repeat...Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Stockholders’ equity: It refers to the amount of capital that includes the amount of investment by...Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Stockholders’ equity section: The section of balance sheet which reports the changes in stock,...Stockholders’ equity: It refers to the amount of capital that includes the amount of investment by...Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Stockholders’ equity section: The section of balance sheet which reports the changes in stock,...Statement of cash flows: Statement of cash flows reports all the cash transactions which are...Statement of cash flows: Statement of cash flows reports all the cash transactions which are...Statement of cash flows: Statement of cash flows reports all the cash transactions which are...Spreadsheet: A spreadsheet is a worksheet. It is used while preparing a financial statement. It is a...Statement of cash flows: Statement of cash flows reports all the cash transactions which are...Statement of cash flows: Statement of cash flows reports all the cash transactions which are...Spreadsheet: A spreadsheet is a worksheet. It is used while preparing a financial statement. It is a...Option a. Quick ratio: The liquidity ratio which evaluates the ability of a company to pay off the...Ratio analysis: The analysis of a company using the financial ratios and comparing its trends and...Net income: Net income is the excess amount of revenue after deducting all the expenses of a...1) Working capital: Working capital refers to the excess amount of current assets over its current...Net income: Net income is the excess amount of revenue after deducting all the expenses of a...1) Working capital: Working capital refers to the excess amount of current assets over its current...The years covered in the primary comparative financial statements of Incorporation HD consist of the...Globalization is a process where managers become aware of and involve in cross-border trade and...Exchange rate: The costs incurred to purchase one unit of currency with another currency Calculate...(1) The calculation based on Company G pesos pre-tax income is as follows: Amount of bonus based on...Currency Exchange rate: Currency exchange rate is the cost incurred to purchase one unit of currency...Exchange rate: The costs incurred to purchase one unit of currency with another currency Calculate...Currency Exchange rate: Currency exchange rate is the cost incurred to purchase one unit of currency...Managerial accounting: Management accounting is a practice whereby management reports and accounts...Direct material: Direct material cost is the cost of material that is directly involved in the...Direct material: Direct material cost is the cost of material that is directly involved in the...Identify the shortcomings and errors in the income statement, and explain the company’s actual net...Job order costing: Job order costing is one of the methods of cost accounting under which is...Calculate the utilities cost pool to each product line assuming by assuming deluxe model used as...Prepare journal entry to record the purchase of direct materials in December. DateAccounts title and...Calculate overhead rate for department A. Overhead application rate = Manufacturing overheadMachine...Calculate the amount of Maintenance Department costs that would be allocated to each robot model (on...Calculate overhead rate for department A. Overhead application rate = Manufacturing overheadMachine...Calculate the amount of Maintenance Department costs that would be allocated to each product line...Process Costing: It is a method of cost accounting used by an enterprise with processes categorized...Process Costing: It is a method of cost accounting used by an enterprise with processes categorised...Process Costing: It is a method of cost accounting used by an enterprise with processes categorised...Process Costing: It is a method of cost accounting used by an enterprise with processes categorised...Prepare a schedule showing units started and completed in the forging department during July as...Process Costing: It is a method of cost accounting used by an enterprise with processes categorised...Prepare a schedule showing units started and completed in the assembly department during March as...A non-value-added activity: A non-value-added activity is an activity does not add to the...Target costing: Target costing is a business procedure that targets at the earliest stages of new...Total Quality Management: Total Quality Management is a method that eliminates wasteful activities...Target costing: Target costing is a business procedure that targets at the earliest stages of new...A Value-added activity: A Value-added activity is an activity that adds to the desirability of the...A Value-added activity: A Value-added activity is an activity that adds to the desirability of the...Semi-variable costs: These costs are fixed up to certain level of activity; over that level costs...Contribution Margin: The process or theory which is used to judge the benefit given by each unit of...Contribution Margin: The process or theory which is used to judge the benefit given by each unit of...Contribution Margin Ratio: The contribution margin ratio shows the amount of difference in the...Cost Volume Profit Analysis (CVP Analysis): This analysis is helpful in determining that how any...Contribution Margin: The process or theory which is used to judge the benefit given by each unit of...Contribution Margin Ratio: The contribution margin ratio shows the amount of difference in the...Option (a): There is an idle capacity of 20,000 (50,000units−30,000units) units. So, Company P...Job order costing: Job order costing is one of the methods of cost accounting under which cost is...a. The Salaries of the store security personnel comes under the fixed cost, because the store...Prepare the January income statement for the Eastern Territory by product lineas follows: Company...Contribution margin: Contribution margin is a measurement of performance where only revenue and...Ascertain the operating profit before tax for each division using the market transfer price of $150...Prepare the January income statement for the Northern Territory by product line as follows:...Contribution margin: Contribution margin is a measurement of performance where only revenue and...Ascertain the operating profit before tax for each division using the market transfer price of $135...Master budget: Master budget is an interrelated budget that collectively summarizes all the planned...Budget: Budget is an effective tool to achieve the financial and operational goals of the business....Budget: Budget is an effective tool to achieve the financial and operational goals of the business....Budget: Budget is an effective tool to achieve the financial and operational goals of the business....Budget: Budget is an effective tool to achieve the financial and operational goals of the business....Budget: Budget is an effective tool to achieve the financial and operational goals of the business....Budget: Budget is an effective tool to achieve the financial and operational goals of the business....Labor rate variance usually indicates the extents to which the hourly wages rate that are...Variance: Variance refers to the difference level in the actual cost incurred and standard cost. The...Calculate material price variance. Material price variance = (Standard price −Actual price) × Actual...Variance: Variance refers to the difference level in the actual cost incurred and standard cost. The...Variance: Variance refers to the difference level in the actual cost incurred and standard cost. The...Calculate material price variance. Material price variance = (Standard price −Actual price) × Actual...Variance: Variance refers to the difference level in the actual cost incurred and standard cost. The...DuPont system for performance measurement: it is a method to evaluate the company performance by...Return on investment (ROI): This financial ratio evaluates how efficiently the assets are used in...Return on investment (ROI): This financial ratio evaluates how efficiently the assets are used in...DuPont model: It is a model which allows the analyst to analyse a company’s performance using the...Return on investment (ROI): This financial ratio evaluates how efficiently the assets are used in...Return on investment (ROI): This financial ratio evaluates how efficiently the assets are used in...Budget: Budget is an effective tool to achieve the financial and operational goals of the business....Discounted cash flow: Discounted cash flow is a process which is used to evaluate the value of an...Capital budgeting: Capital budgeting is a process by which the management can plan and evaluate the...Capital budgeting: Capital budgeting is a process by which the management can plan and evaluate the...Capital budgeting: Capital budgeting is a process by which the management can plan and evaluate the...Capital budgeting: Capital budgeting is a process by which the management can plan and evaluate the...Capital budgeting: Capital budgeting is a process by which the management can plan and evaluate the...Capital budgeting: Capital budgeting is a process by which the management can plan and evaluate the...Time value of money: Time value of money is one of the most fundamental and basic concept of...Lease: Lease is a contractual agreement whereby the right to use an asset for a particular period of...Sole proprietorship: The form of business entity which is owned and managed by an individual is...Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Sole proprietorship: The form of business entity which is owned and managed by an individual is...
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FINANCIAL ACCOUNTING
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Financial Accounting
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Financial Accounting Foundations ACCT-115
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Financial and Managerial Accounting: The Basis for Business Decisions
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