Financial Accounting: Tools for Busines...8th EditionPaul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso Publisher: WILEYISBN: 9781118953808
Financial Accounting: Tools for Busines...
Solutions for Financial Accounting: Tools for Business Decision Making, 8th Edition
Problem 5Q:
Waymon Co. has net sales of 100,000, cost of goods sold of 70,000, and operating expenses of 18,000....Problem 6Q:
Masie Ascot believes revenues from credit sales may be recorded before they are collected in cash....Problem 7Q:
(a) What is the primary source document for recording (1) cash sales and (2) credit sales? (b) Using...Problem 9Q:
As the end of Smyle Companys fiscal year approached, it became clear that the company had...Problem 10Q:
To encourage bookstores to buy a broader range of book titles and to discourage price discounting,...Problem 11Q:
Goods costing 1,900 are purchased on account on July 15 with credit terms of 2/10, n/30. On July 18,...Problem 21Q:
In the following cases, use a periodic inventory system to identify the item(s) designated by the...Problem 23Q:
What factors affect a companys gross profit ratethat is, what can cause the gross profit rate to...Problem 26Q:
On July 15, a company purchases on account goods costing 1,900, with credit terms of 2/10, n/30. On...Problem 5.1BE:
Presented here are the components in Salas Companys income statement. Determine the missing amounts.Problem 5.6BE:
Explain where each of these items would appear on a multiple-step income statement: gain on disposal...Problem 5.2E:
Assume that on September 1, Office Depot had an inventory that included a variety of calculators....Problem 5.1IFRS:
Explain the difference between the nature-of-expense and function-of-expense classifications.Browse All Chapters of This Textbook
Chapter 1 - Introduction To Financial StatementsChapter 2 - A Further Look At Financial StatementsChapter 3 - The Accounting Information SystemChapter 4 - Accrual Accounting ConceptsChapter 5 - Merchandising Operations And The Multiple-Step Income StatementChapter 6 - Reporting And Analyzing InventoryChapter 7 - Fraud, Internal Control, And CashChapter 8 - Reporting And Analyzing ReceivablesChapter 9 - Reporting And Analyzing Long-Lived AssetsChapter 10 - Reporting And Analyzing Liabilities
Book Details
Starting with the big picture of financial statements first, Paul Kimmel's Financial, 8th Edition, shows students why financial accounting is important to their everyday lives, business majors, and future careers. This best-selling financial accounting program is known for a student-friendly writing style, visual pedagogy, the most relevant and easy to understand examples, and teaching the accounting cycle through the lens of one consistent story of Sierra Corp, an outdoor adventure company.
Sample Solutions for this Textbook
We offer sample solutions for Financial Accounting: Tools for Business Decision Making, 8th Edition homework problems. See examples below:
Business organization consists of three basic forms. They are sole proprietorship, partnership, and...Explanation: To determine the total stockholder’s equity, first determine total assets and total...The following is the retained earnings statement of Incorporation D. Incorporation DRetained...Explanation: Income statement is used to determine the net income / net loss of the company. It is...Explanation: Calculate the amount of stockholders’ equity at the beginning of the year. Given...Chapter 2, Problem 1QExplanation: Compute EPS of Corporation N for 2017, if net income is $80,000, preferred dividends...Explanation: Prepare income statement for Corporation F for the year ended July 31, 2017....Explanation: Compute current ratio of Company AE for 2017, if current assets are $925,359,000 and...
Explanation: Compute net income (loss) of Company L for 2017. Net income (loss) =...Explanation: Compute EPS of Corporation D for 2017, if net income is $70,000, preferred dividends...Compute working capital of Corporation T, if current assets are $17,488,000,000 and current...Explanation: Accounting Information System (AIS): The Accounting Information System is a system that...Explanation: 1.) Cash is an asset and increased, hence debit cash for $7,000. Common stock is a...Explanation: Journalize the issuance of common stock in exchange of cash. Date Account Title and...Explanation: April. 1 Cash is an asset and increased, hence debit cash for $18,000. Common stock is...Explanation: Common stock account: Common stock Sep, 30 $15,000 Bal. $15,000 Equipment account:...Explanation: Working note for correct cash balance: Correct cash balance = (Amount of cash in trial...Explanation: Prepare the T-account to enter the opening balances of TT Incorporation as follows:...Explanation: Cash account: Cash Jul, 31 $4,000 Bal. $4,000 Account receivable account: Accounts...Explanation: The beginning balancesare entered in the general ledger using T- Accounts as on April...Explanation: The periodicity assumption refers to the recognition of all accounting transactions...Explanation: Record the transactions in journal for Company AQG. Journal is referred as one of the...Explanation: The adjusting journal entries in the book of Hotel M at the end of the May month are as...The adjusting entries of Company S for the quarter ended September 30, 2017 are as follows: (1)...Explanation: The adjusting journal entries in the book of RT Court at the end of the quarter are as...Explanation: Enter the beginning balances of November in the ledger accounts as follows: Cash Nov. 1...Explanation: The journal entries in the book of Company KWW are as follows: Date Account Title Post...Explanation: Journalize the transaction of Company L for the month of March. Date Account Title and...Explanation: Prepare the T-account to enter the opening balances of Company BB as follows: Cash Aug,...Explanation: Enter the beginning balances of July in the ledger accounts as follows: Cash July. 1 $...Explanation: The steps in the accounting cycle that is same for both Merchandise Company, and...Explanation: Prepare the journal entries for Store WH during May: Date Account Title and Explanation...Explanation: Accounting Equation represents the association between assets, liabilities and...Explanation: Prepare the journal entries for Company GH during April: Date Account Title and...Explanation: Prepare the multi-step income statement of W Departmental Store. Multi-step Income...Explanation: Journalize the adjusting entries. 1. The following is the adjusting entry for the...Explanation: Prepare the journal entries for Company GH during April: Journal entries Date Account...Explanation: Prepare the journal entries for Company DD during December: Date Account Title and...Explanation: Prepare the journal entries for Incorporation I during November: Date Account Title and...Chapter 6, Problem 1QCalculate the ending inventory and cost of goods sold using FIFO method. Particulars Amount ($)...Calculate the ending inventory and cost of goods sold using FIFO method. FIFO...Explanation: Calculate the ending inventory using FIFO method. Calculation of ending inventory under...Explanation: Calculate the inventory turnover of Company P for 2015. Cost of goods sold = $18,038...Explanation: Calculate the inventory turnover of Company Z for 2016. Cost of goods sold = $1,288,000...Explanation: Step 1: Calculate the Total Cost and units of Goods Available for Sales. Date...Explanation: To maximize gross profit, J Gems should sell the diamonds with the lowest cost....Explanation: Record the transaction for the month December, 2017. Date Account Title and Explanation...Chapter 7, Problem 1QExplanation: Bank reconciliation: Bank statement is prepared by bank. The company maintains its own...Explanation: Deposits-in-transit: The checks that are deposited and recorded by the depositor, but...Explanation: Prepare journal entry for the transaction on August 1. Date Account Titles and...Explanation: Prepare bank reconciliation of Company K as at July 31, 2017. Company K Bank...Explanation: Prepare bank reconciliation of Company B as at November 30, 2017. Company B Bank...Explanation: Prepare bank reconciliation of Company T as at May 31, 2017. Company T Bank...Explanation: Journal entry: Journal entry is a set of economic events which can be measured in...Chapter 8, Problem 1QExplanation: Sale on account increases accounts receivable and sales revenue account by $800,000....Explanation: 1. $2,500,000 Sale on account increases accounts receivable and sales revenue account....Explanation: Allowance for doubtful accounts (contra asset account) normal balance is credit...Explanation: Allowance for doubtful accounts (contra asset account) normal balance is a credit...$4,000 sale on account increases accounts receivable and sales revenue, as sale of merchandise were...Explanation: July 5: Company M had made sales on account. This transaction increases accounts...Explanation: Explanation for journal entries: January 1: Exchange of accounts receivable for notes...Explanation: According to the historical cost principle, all the plant assets should be recorded at...Record the journal entry for the disposal of the equipment with no salvage value on January 1, 2017....Explanation: Journalize the transactions of the plant assets. Date Particulars Post Ref. Debit ($)...Explanation: Record the journal entries for the accounts related property, plant, and equipment....Explanation: Record the journal entries for the accounts related to intangible assets. Date Account...Explanation: Computethe amount of accumulated depreciation on each machine at December 31st, 2018....Explanation: Prepare the journal entries journal entries and adjusting entries for the transactions....Explanation: Prepare the journal entries for the transactions 1-9. Date Account Titles and...Explanation: Compute the return on assets ratio for Incorporation A, and Incorporation W for the...Explanation: In the present case, Company B once the largest retailer of electronics lost its...Explanation: Current liability is a debt that can be paid within a fiscal year or operating cycle...Prepare the journal entry to record the issuance of 5% notes payable from bank A on January 1, 2017...Prepare the journal entry to record the issuance of 6% notes payable to purchase of an inventory on...Cash is a current asset and increased. Therefore, debit Cash account for $396,000. Bonds payable is...Current ratio is calculated by dividing current assets by current liabilities. Hence, the current...Explanation: Interest payable is a current liability, and decreased. Therefore, debit interest...Cash is a current asset, and increased. Therefore, debit cash account for $2,040,000. Premium on...Prepare the journal entry to record the issuance of bonds of Company S on January 1, 2017 as shown...Cash is a current asset, and increased. Therefore, debit cash account for $2,147,202. Premium on...Figure (1) Description: Interest payable is a current liability, and decreased. Therefore, debit...Working capital is calculated by deducting current liabilities from current assets. Hence, working...Explanation: A Corporation has a separate legal existence. It means that the ownership and...Explanation: January 10: Issued 70,000 shares of common stock for cash at $4 per share. Cash is an...February 1: Issued 5,000 shares of common stock for $30,000. Cash is an asset account. The amount is...January 15: Declared cash dividends at $0.50 per share. Cash Dividends is a temporary stockholders’...Prepare the journal entries for Company H during 2017: DateAccount Title and DescriptionPost Ref....Accounting Cycle: The accounting cycle refers to the entire process of recording the accounting...Return on common stockholders’ equity ratio: It is a profitability ratio that measures the profit...Return on common stockholders’ equity ratio: It is a profitability ratio that measures the profit...Chapter 11, Problem 11.6EYCTExplanation: Statement of cash flow is a financial statement that shows the cash and cash...Explanation: The net cash provided by operating activities is calculated by deducting all cash...Explanation: The net cash provided by operating activities is calculated by deducting all cash...Explanation: Sustainable income is the level of income that a company receives regularly from its...Explanation: Given info: Balance sheet and income statement Current ratio is used to determine the...Explanation: Given info: Balance sheet and Income statement Current ratio for 2017 Current...Explanation: Given info: Income statement and Balance sheet A portion of profit that an individual...Explanation: Given info: Balance sheet and income statement Liquidity ratios: Liquidity explains the...Explanation: Given info: Income statement and Balance sheet 1. Current ratio for T Company and W...Explanation: Given info: Data from consolidated financial statements. (1) Current ratio of C Company...Explanation: Step 1: Calculate the amount of simple interest. Simple interest =( Principal...Explanation: The reasons for investing in securities are explained below: To earn returns by...Explanation: Available-for-sale securities: Available-for-sale are short-term or long-term debt...Explanation: Journalize the investments transactions for Company N. Record the purchase entry of...Explanation: Record the purchase of common stock by Company W. Date Account Title and Description...Explanation: Record the sale entry of stock investment. Date Account Titles and Description Post...
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