FINANCIAL ACCT.FUND.(LOOSELEAF)7th EditionWild Publisher: MCGISBN: 9781260482867
FINANCIAL ACCT.FUND.(LOOSELEAF)
Solutions for FINANCIAL ACCT.FUND.(LOOSELEAF)
Problem 1MCQ:
Amalia Company received its utility bill for the current period of $700 and immediately paid it. Its...Problem 2MCQ:
On May 1, Mattingly Lawn Service collected $2,500 cash from a customer in advance of five months of...Problem 3MCQ:
Liang Shue contributed $250,000 cash and land worth $500,000 to open his new business, Shue...Problem 4MCQ:
A trial balance prepared at year-end shows total credits exceed total debits by$765. This...Problem 5MCQ:
Bonaventure Company has total assets of $1,000,000, liabilities of $400,000, and equity of $600,000....Problem 1DQ:
Provide the names of two (a) asset accounts, (b) liability accounts, and (c) equity accounts.Problem 6E:
Analyzing account entries and balances A1 Use the information in each of the following separate...Problem 20E:
Identifying effects of posting errors on the trial balance A1 P2 Posting errors are identified in...Browse All Chapters of This Textbook
Chapter 1 - Accounting In BusinessChapter 2 - Accounting For Business TransactionsChapter 3 - Adjusting Accounts For Financial StatementsChapter 4 - Accounting For Merchandising OperationsChapter 5 - Inventories And Cost Of SalesChapter 6 - Cash, Fraud, And Internal ControlChapter 7 - Accounting For ReceivablesChapter 8 - Accounting For Long-term AssetsChapter 9 - Accounting For Current LiabilitiesChapter 10 - Accounting For Long-term Liabilities
Book Details
Utilizing the first thirteen chapters of Wild's best-selling, Financial and Managerial Accounting text, Financial Accounting Fundamentals responds to the market's request for a low-cost, succinct book; a book that balances large and small businesses, and one that is contemporary, engaging, and accessible for today's students. Its innovation is reflected in its extensive use corporate examples, the integration of new technology learning tools, superior end-of-chapter material, and a highly engaging, pedagogical design.
Sample Solutions for this Textbook
We offer sample solutions for FINANCIAL ACCT.FUND.(LOOSELEAF) homework problems. See examples below:
Option c: As per GAAP guidelines the new asset purchased by a company will always recorded at its...Assets=Liabilities+EquityCash+Accounts Receivable+Equipment=Accounts Payable+Common...Given, The amount of assets is $55,000. The amount of liabilities is $24,500. Formula to calculate...Table (1) Hence, the cash balance is $42,780, office equipment is $1,890, accounts payable is $80,...Table (1) Hence, the cash balance is $59,180,accounts receivables is $900, office supplies is $1,150...Given, The amount of assets is $54,000. The amount of liabilities is $25,000. Formula to calculate...Table (1) Hence, the cash balance is $130,060,accounts receivables is$675 equipment is $2,400,...Chapter 1, Problem 9PSBTotal assets arethe same as the total liabilities of the company. Here, total liabilities arethe sum...
Chapter 2, Problem 1MCQLWJournalDateAccount Titles & ExplanationsAccount No.DebitCredit1-AprCash101$80,000 Office...AEJournalSr. No.Account Titles & ExplanationsAccount No.DebitCreditaCash101$100,000 Office...Journal entries to record the transactions in September S.noAccount title and...DateParticularsDebit ($)Credit ($)a.CashOffice equipmentComputer equipmentB.G., Capital(To record...Journal entries to record the transactions in the month of June S.noAccount title and...Journal entries to record the transactions DateAccount Title and...Journal entries to record the transactions in the month of June S.noAccount title and...Journal entries to record the transactions in the month of September S.noAccount title and...Journal entries to record the transactions in the month of September S.noAccount title and...Chapter 3, Problem 1MCQChapter 3, Problem 16EThe income statement is prepared as follows: TCIncome StatementFor the Year Ended December 31,...CashDr CrDateBalanceAmount$ DateBalanceAmount $31-Decbalance c/d60,000 Accounts ReceivableDr...The T-accounts are prepared as follows: CashDate ExplanationDebit ($)Credit ($)Balance ($) Account...Chapter 3, Problem 6PSBChapter 3, Problem 3SPInsurance expense is an expense. Since, expense reduces equity, debit insurance expense account....Accounts receivable is an asset. Since, the revenue is earned, the asset has increased. So, debit...Expense account will be debited because it reduces equity. Prepaid expense account is an asset...Option c, $357,000 is correct. Given, The net sales are $550,000. The gross profit is $193,000. The...Purchased merchandise inventory worth $6,000. DateAccount Title and ExplanationPost...Chapter 4, Problem 2PSAPurchased merchandise inventory worth $6,000. DateAccount Title and ExplanationPost...Purchased merchandise inventory worth $7,500. DateAccount Title and ExplanationPost...(a) Physical count of Store supplies at the year end shows $3,700 still available but Store supplies...Chapter 4, Problem 4SPJournal entries Purchased merchandise inventory worth $6,000. DateAccount Title and ExplanationPost...Purchased merchandise inventory worth $7,500. DateAccount Title and ExplanationPost...Physical count of Store supplies at the year end shows $1,750 still available but store supplies...Chapter 5, Problem 1MCQChapter 5, Problem 1PSAChapter 5, Problem 2PSAChapter 5, Problem 3PSAGiven info, Units available for sale are 1,800 units. Units of goods sold are 1,400 units. 1. Cost...Given info, DateParticularsUnits acquiredCost per unit ($)Units soldRetail price per unit ($)Apr...Given info, DateParticularsUnits acquiredCost per unit ($)Units soldRetail price per unit ($)May...Given info, Units available for sale are 680 units. Units of goods sold are 480 units. 1. Cost of...The ending inventory as a part of the current assets as on September 26, 2015 accounts for $2,349....The ending inventory as a part of the current assets as on September 26, 2015 accounts for $2,349....e. DateAccount Title and ExplanationPost refDebit($)Credit($)Expenses420Cash over and short5 Cash425...To establish the petty cash fund. DateAccount Title and ExplanationPost refDebit($)Credit($)May...While bank reconciliation required adjustments should be made to match the balances. Bank...Balance of cash and cash equivalents as on September26, 2014and 2015 are as follows:...Day’s sales uncollected imply how much days a company takes to collect its accounts receivables....Balance of cash and cash equivalents as on September26, 2014and 2015 are as follows:...Day’s sales uncollected imply how much days a company takes to collect its accounts receivables....‘Option d- $4,698’ is correct. Bad Debts Expense=[( Total Accounts Receivable ×Percentage of...June 4 sold $650 of merchandise on credit (that had cost $400) to N.M. DateAccount Title and...a. Sold $1,345,434 of merchandise (that has cost $975,000) on credit, terms n/30. DateAccount Title...The reporting can be provided as the footnote at the end of financial statement when a business...Chapter 7, Problem 1PSBa. Sold $685,350 of merchandise (that has cost $500,000) on credit, terms n/30. DateAccount Title...The reporting can be provided as the footnote at the end of financial statement when a business...Accepted a $10,800, 60 day, 8% note dated this day in granting D.T a time extension on his part due...Answer: ‘Option b, Land, $163,000; land improvements, $60,000; building, $97,800.’ is correct....Chapter 8, Problem 1PSAPrepare table to show allocation of cost: Table (1) Working Notes: Computation of total appraised...To record the entry for improvement made in equipment on Jan 1 2016. DateAccount Title and...Record cost of machine purchased. DateAccount Title and ExplanationPost refDebit($)Credit($)Jan...Chapter 8, Problem 1PSBGiven, Cost of machine is $324,000. Salvage value is $30,000. Formula to calculate Depreciable cost:...Prepare table to show allocation of cost: DetailsLand($)Building 2($)Building 3($)Land Improvement...To record cost of machine purchased. DateAccount Title and ExplanationPost refDebit($)Credit($)Jan...Given, Cost of the van is $44,000. Salvage value is $2,000. Useful life is 4 years. Formula to...Answer ‘Option b’ is correct. Interest Expense Intrest Expenses =Principal ×Interest Rate...Date of maturity of notes S. No.NotesIssue dateTermMaturity Date1LMay 19, 201690 daysAugust...Given, For M company Income before interest is $200,000. Interest expense is $60,000. Times interest...Date of maturity of notes S. No.NotesIssue dateTermMaturity Date1FMay 23, 201660 daysJuly...Employee’s FICA for social security Formula to calculate FICA for social security, FICA Social...Given, For E company Income before interest is $120,000. Interest expense is $90,000. Times interest...Given, Cash balance as per bank is $15,100. Deposit in transit is $2,450. Outstanding checks are...Option A: To borrow $6,000 as on June 1 for 90 days bearing the interest at10%. Calculation of...Option b, the bond trades at $975 per $1,000 is correct. b. The bond traded at 971/2 means that the...Issue of bonds at discount on January 1, 2017 DateAccount Title and...Issue of bonds at discount on January 1, 2017 DateAccount Title and...Issue of bonds at discount on January 1, 2017 DateAccount Title and...Issue of bonds at discount on January 1, 2017 DateAccount Title and...Issue of bonds at discount on January 30, 2017 DateAccount Title and...Issue of bonds at discount on January 1, 2017 DateAccount Title and...Issue of bonds at premium on January 1, 2017 DateAccount Title and...Issue of bonds at discount on January 1, 2017 DateAccount Title and...Issue of bonds at discount on January 1, 2017 DateAccount Title and...Issue of bonds at discount on January 30, 2017 DateAccount Title and...Cash is an asset. Since, cash is received, it increases asset. Hence debit cash account Common stock...DateNo. of outstanding sharesJan 540,000 sharesApr 537,000 sharesJul 537,000 sharesOct 544,400...DateNo. of outstanding sharesFeb 1517,000 sharesMay 1516,000 sharesAug 1516,000 sharesNov 1518,000...Prepare journal entries: Treasury stock is purchased. DateAccount Title and Post...Prepare journal entry. Declared and paid a cash dividend: DateAccount Title and ExplanationPost...Solution: Formula for calculating book value per share is: Book value of share=Total common...Solution: Formula for calculating book value per share is: Book value of share=Total common...When an organization engaged itself in buyback, it reduces both the assets and the liabilities by...‘Option b’ is the correct answer. Calculate cash flow from operating activity. Given, Net income is...The cash flow from operating activities shows the outflow and inflow of cash from the operations of...Cash flow statementAmount($)Amount($)Cash flow from operating activities:Net income 99,510Adjustment...Cash flow statement (Direct method) Cash flow statementAmount($)Amount($)Cash flow from operating...Prepare section related to operating activities of statement of cash flows: L CompanyStatement of...Cash flow from operating activitiesAmount($)Cash receipts form customer155,400Cash paid for...a. Retirement of the notes payable DateAccount title and explanationPost ref.Amount($)Amount($)Notes...Decrease in the account receivable DateAccount title and explanationpost...Purchase of the equipment DateAccount title and explanationpost ref.Amount($)Amount($)Equipment...‘Option a’ is correct answer. Given, Sale of the 2016 is $300,000. Sale of the 2017 is $351,000....Given, Current assets are $86,900 Current liabilities are $24,000 Formula to calculate current ratio...(a) Formula to calculate current ratio is, Current ratio=Current AssetsCurrent Liabilities Current...Formula to calculate current ratio is, Current ratio=Current AssetsCurrent Liabilities 2017 Given,...(1) Given info, Current assets are $43,600. Current liabilities are $17,400. Formula to calculate...(a) Formula to calculate current ratio is, Current ratio=Current AssetsCurrent Liabilities F Company...Chapter 13, Problem 1AATo compute trend percents, base amount is required firstly. Base amount is an amount which is...1. The annual interest rate is 8% and it is required to convert it compounded quarterly. The...The items required for the calculation of present value of an investment are future value of...Option d, $625 is correct. Given, Value of bond is $30,000. Interest rate is 5%. Interest paid on...On February 15, 90-day short-term notes are purchased. DateAccount Title and ExplanationPost...2017 On January 2, 30,000 shares are purchased from G Company for $408,000 with $3,000 brokerage...Journal entries are prepared as follows: Date Account title and explanation Debit ($)Credit ($)Year...Journal entries are prepared as follows: Date Account title and explanation Debit ($)Credit ($)Year...To record purchase of 4,000shares of G company at $24.25 per share plus $180 as commission...To record sale of 3,500 share of B common stock at $79,188 and brokerage fee is $1500. DateAccount...The Return on total assets is computed by dividing the net income of the year by the total assets of...
More Editions of This Book
Corresponding editions of this textbook are also available below:
FINANCIAL ACCOUNTING FUNDAMENTALS W/ CO
7th Edition
ISBN: 9781264017478
FINANCIAL ACCT.FUNDAMENTALS <CUSTOM LL>
7th Edition
ISBN: 9781260811230
FINANCIAL ACCOUNTING FUNDAMENTALS
7th Edition
ISBN: 9781264017560
Gen Combo Ll Financial Accounting Fundamentals; Connect Access Card
7th Edition
ISBN: 9781260581256
FINANCIAL ACCOUNTING FUNDAMENTALS
7th Edition
ISBN: 9781264116386
FINANCIAL ACCOUNTING FUNDAMENTALS
7th Edition
ISBN: 9781265864576
FINANCIAL ACCOUNTING FUNDAMENTALS
7th Edition
ISBN: 9781265877910
Financial Accounting Fundamentals
7th Edition
ISBN: 9781260247862
FINANCIAL ACCOUNTING FUNDAMENTALS W/ CO
7th Edition
ISBN: 9781260959628
FINANCIAL ACCOUNTING FUNDAMENTALS
7th Edition
ISBN: 9781260827767
FINANCIAL ACCT FUNDAMENTALS CONNECT COD
7th Edition
ISBN: 9781264017751
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