Solutions for Financial & Managerial 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: Company Fiscal Year Ending J....Problem 4.1BE:
Flow of accounts into financial statements The balances for the accounts that follow appear in the...Problem 4.2BE:
Retained earnings statement Blake Knudson owns and operates Grab Bag Delivery Services. On January...Problem 4.3BE:
Classified balance sheet The following accounts appear in an adjusted trial balance of Kangaroo...Problem 4.4BE:
Closing entries After the accounts have been adjusted at April 30, the end of the fiscal year, the...Problem 4.5BE:
Accounting cycle From the following list of steps in the accounting cycle, identify what two steps...Problem 4.1EX:
Flow of accounts into financial statements The balances for the accounts that follow appear in the...Problem 4.2EX:
Classifying accounts Balances for each of the following accounts appear in an adjusted trial...Problem 4.3EX:
Financial statements from the end-of-period spreadsheet Taser Consulting is a consulting firm owned...Problem 4.4EX:
Financial statements from the end-of-period spreadsheet Triton Consulting is a consulting firm owned...Problem 4.5EX:
Income statement The following account balances were taken from the adjusted trial balance for...Problem 4.6EX:
Income statement; net loss The following revenue and expense account balances were taken from the...Problem 4.7EX:
Income statement FedEx Corporation had the following revenue and expense account balances (in...Problem 4.8EX:
Retained earnings statement Climate Control Systems Co. offers its services to residents in the...Problem 4.9EX:
Retained earnings statement; net loss Selected accounts from the ledger of Restoration Arts for the...Problem 4.10EX:
Classifying assets Identify each of the following as (A) a current asset or (B) property, plant, and...Problem 4.11EX:
Balance sheet classification At the balance sheet date, a business owes a mortgage note payable of...Problem 4.12EX:
Balance sheet Dynamic Weight Loss Co. offers personal weight reduction consulting services to...Problem 4.13EX:
Balance sheet List the errors you find in the following balance sheet. Prepare a corrected balance...Problem 4.15EX:
Closing entries Prior to its closing, Income Summary had total debits of 1,190,500 and total credits...Problem 4.16EX:
Closing entries with net income After all revenue and expense accounts have been closed at the end...Problem 4.18EX:
Identifying permanent accounts Which of the following accounts will usually appear in the...Problem 4.19EX:
Post-closing trial balance An accountant prepared the following post-closing trial balance: Security...Problem 4.20EX:
Steps in the accounting cycle Rearrange the following steps in the accounting cycle in proper...Problem 4.21EX:
Appendix 1 Completing an end-of-period spreadsheet List (A) through (J) in the order they would be...Problem 4.22EX:
Appendix 1 Adjustment data on an end-of-period spreadsheet Alert Security Services Co. offers...Problem 4.23EX:
Appendix 1 Completing an end-of-period spreadsheet Alert Security Services Co. offers security...Problem 4.26EX:
Appendix 1 Closing entries from an end-of-period spreadsheet Based on the data in Exercise 4-23,...Problem 4.27EX:
Appendix 2 Reversing entry The following adjusting entry for accrued wages was recorded on December...Problem 4.28EX:
Appendix 2 Adjusting and reversing entries On the basis of the following data, (A) journalize the...Problem 4.29EX:
Appendix 2 Adjusting and reversing entries On the basis of the following data, (A) journalize the...Problem 4.30EX:
Appendix 2 Entries posted to wages expense account Portions of the wages expense account of a...Problem 4.31EX:
Appendix 2 Entries posted to wages expense account Portions of the salaries expense account of a...Problem 4.1APR:
Financial statements and closing entries Lamp Light Company maintains and repairs warning lights,...Problem 4.2APR:
Financial statements and closing entries Foxy Investigative Services is an investigative services...Problem 4.4APR:
Ledger accounts, adjusting entries, financial statements, and closing entries; optional spreadsheet...Problem 4.5APR:
Complete accounting cycle For the past several years, Steffy Lopez has operated a part-time...Problem 4.1BPR:
Financial statements and closing entries Last Chance Company offers legal consulting advice to...Problem 4.2BPR:
Financial statements and closing entries The Gorman Group is a financial planning services firm...Problem 4.4BPR:
Ledger accounts, adjusting entries, financial statements, and closing entries; optional...Problem 4.5BPR:
Complete accounting cycle For the past several years, Jeff Horton has operated a part-time...Problem 1CPP:
The unadjusted trial balance of PS Music as of July 31, 2018, along with the adjustment data for the...Problem 1COP:
Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2018. The accounting cycle...Problem 1ADM:
Continuing Company Analysis- Amazon: Working capital and current ratio Amazon.com, Inc. is the...Problem 2ADM:
Under Armour: Current ratio The following year-end data were taken from recent balance sheets of...Problem 4ADM:
Google and Microsoft: Current ratio Google, Inc. and Microsoft Corporation design and distribute...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 For Merchandising BusinessesChapter 6 - InventoriesChapter 7 - Internal Control And CashChapter 8 - ReceivablesChapter 9 - Long-Term Assets: Fixed And IntangibleChapter 10 - Liabilities: Current, Installment Notes, Contingencies
Chapter 11 - Liabilities: Bonds PayableChapter 12 - Corporations: Organization, StockTransactions, And DividendsChapter 13 - Statement Of Cash FlowsChapter 14 - Financial Statement AnalysisChapter 15 - Introduction To Managerial AccountingChapter 16 - Job Order CostingChapter 17 - Process Cost SystemsChapter 18 - Activity-Based CostingChapter 19 - Cost-Volume-Profit AnalysisChapter 20 - Variable Costing For Management AnalysisChapter 21 - BudgetingChapter 22 - Evaluating Variances From Standard CostsChapter 23 - Evaluating Decentralized OperationsChapter 24 - Differential Analysis And Product PricingChapter 25 - Capital Investment AnalysisChapter 26 - Lean Manufacturing And Activity AnalysisChapter C - Appendix CChapter D - Appendix D
Book Details
Give your students a solid foundation in core accounting concepts while helping learners develop a true appreciation for why accounting is important to business and a prosperous society. Warren/Reeve/Duchac’s FINANCIAL AND MANAGERIAL ACCOUNTING, 14E clear
Sample Solutions for this Textbook
We offer sample solutions for Financial & Managerial Accounting homework problems. See examples below:
Chapter 1, Problem 1DQChapter 1, Problem 1.3BEChapter 1, Problem 1.5APRChapter 1, Problem 1.6APRChapter 1, Problem 1.5BPRChapter 1, Problem 1.6BPRChapter 1, Problem 3ADMChapter 2, Problem 1DQChapter 2, Problem 2.3APR
Chapter 2, Problem 2.4APRChapter 2, Problem 2.3BPRChapter 2, Problem 2.4BPRChapter 2, Problem 1COPChapter 3, Problem 1DQChapter 3, Problem 3.3APRChapter 3, Problem 3.5APRChapter 3, Problem 3.2BPRExplanation: The following entry shows the adjusting entry for supplies on April 30. Date Account...Chapter 3, Problem 3.5BPRChapter 3, Problem 1COPChapter 4, Problem 1DQSolution: Record the transactions directly in their respective T-accounts, and determine their...Chapter 4, Problem 4.4APRChapter 4, Problem 4.5APRChapter 4, Problem 4.4BPRChapter 4, Problem 4.5BPRChapter 4, Problem 1COPExplanation: The following table shows the differences between a merchandising businesses from a...Chapter 5, Problem 5.2APRChapter 5, Problem 5.3APRChapter 5, Problem 5.4APRChapter 5, Problem 5.1BPRChapter 5, Problem 5.2BPRChapter 5, Problem 5.3BPRChapter 5, Problem 5.4BPRChapter 5, Problem 2CPPChapter 6, Problem 1DQChapter 6, Problem 6.3APRChapter 6, Problem 6.4APRChapter 6, Problem 6.5APRChapter 6, Problem 6.4BPRExplanation: The tabular column showing inventory cost is presented as follows: Model Quantity ($)...Chapter 6, Problem 2ADMInternal Control: Internal control refers to the policies, and plans of the business organization...Explanation: Journal entry 1: Establish petty cash fund. Date Account Title and Explanation Post Ref...Explanation: The deposits which are not recorded by the bank are referred to as deposits in transit....Explanation: The deposits which are not recorded by the bank are referred to as deposits in transit....Explanation: Journal entry 1: Establish petty cash fund. Date Account Title and Explanation Post Ref...Explanation: The deposits which are not recorded by the bank are referred to as deposits in transit....Chapter 8, Problem 1DQChapter 8, Problem 8.13EXChapter 8, Problem 8.14EXChapter 8, Problem 8.1APRChapter 8, Problem 8.4APRChapter 8, Problem 8.4BPRChapter 9, Problem 1DQChapter 9, Problem 9.3APRChapter 9, Problem 9.4APRJournalize the transactions and adjusting entries for Year 1. Date Account Title and Explanation...Explanation: Determinethe amount of depreciation for four years ending December 31 by straight-line...Explanation: Determinethe amount of depreciation for four years ending December 31 by straight-line...Chapter 9, Problem 9.5BPRChapter 10, Problem 1DQChapter 10, Problem 10.1APRChapter 10, Problem 10.3APRExplanation: Working notes: Calculate interest expense for discounted notes. Interest expense =...Explanation: Working notes: Calculate gross earnings for Mr. A. Gross earnings=Monthly salary×Number...Explanation: The following are the journal entries. 20Y5 Particulars Debit ($) Credit ($) January 3...Chapter 11, Problem 1DQChapter 11, Problem 11.1APRExplanation: Cash is an asset and it is increased. So, debit it by $26,625,925. Premium on Bonds...Chapter 11, Problem 11.1BPRCash is an asset and it is increased. So, debit it by $73,100,469. Premium on Bonds Payable is an...Chapter 12, Problem 1DQExplanation: Transaction 1: Declared 5% of stock dividends. Stock Dividends is a...Chapter 12, Problem 12.4APRChapter 12, Problem 12.5APRChapter 12, Problem 12.4BPRWorking note: Compute the amount of total cash dividends declared on March 1. Amount of total cash...Explanation: The main disadvantage is that the cash receipts and cash payments data’s might not be...Chapter 13, Problem 13.17EXExplanation: Working notes: Calculate increase or decrease in merchandise inventories: Increase or...Chapter 13, Problem 13.21EXExplanation: Working notes: Calculate the amount of cash received from customers: (Cash received...Explanation: Company AT has more revenue of $132,447 which is more than the revenue of Company F of...Explanation: In general, as said above, financial ratios are mainly used for evaluation of the...Compute working capital. Current ratio=Current assets–Current liabilities= $1,650,000 –...Chapter 14, Problem 14.4APRChapter 14, Problem 14.3BPRChapter 14, Problem 14.4BPRExplanation: Rate of return on assets(20Y8)=Net income + Interest expenseAverage total...Chapter 14, Problem 1FSAChapter 15, Problem 1DQChapter 15, Problem 15.4APRChapter 15, Problem 15.4BPRWorking Notes: Determine the in-patient days for the month of April. In−patientdays for April}=...Explanation: The two principal types of cost accounting systems are: 1. Job order cost system 2....Chapter 16, Problem 16.15EXChapter 16, Problem 16.2APRChapter 16, Problem 16.2BPRChapter 16, Problem 16.2TIFChapter 17, Problem 1DQChapter 17, Problem 17.17EXChapter 17, Problem 17.1APRChapter 17, Problem 17.1BPRChapter 17, Problem 17.2BPRChapter 17, Problem 17.4BPRExplanation: From: LB Former Plant manager Company GP To: JM Current Plant manager Company GP Re:...Chapter 18, Problem 1DQChapter 18, Problem 18.4EXChapter 18, Problem 18.13EXChapter 18, Problem 18.16EXChapter 18, Problem 18.3APRChapter 18, Problem 18.3BPRChapter 19, Problem 1DQDetermine the break-even point in sales units for the overall Product E. Fixed cost =$2,498,600...Chapter 19, Problem 19.6APRConstruct a cost-volume-profit chart indicating the break-even sales for last year. Figure (1) The...Chapter 19, Problem 19.5BPRExplanation: Prepare an estimated income statement for 20Y7. Company B Estimated Income Statement...Chapter 20, Problem 1DQChapter 20, Problem 20.14EXChapter 20, Problem 20.1APRChapter 20, Problem 20.3APRExplanation: Working notes: 1. Calculate the value of ending inventory per unit. Ending inventory...Chapter 20, Problem 20.3BPRExplanation: The three major objectives of budgeting are described below: To set the goals for the...Chapter 21, Problem 21.13EXChapter 21, Problem 21.2APRChapter 21, Problem 21.3APRChapter 21, Problem 21.2BPRChapter 21, Problem 21.3BPRChapter 22, Problem 1DQChapter 22, Problem 22.6BEChapter 22, Problem 22.5APRChapter 22, Problem 22.1BPRExplanation: Determine the direct labor time variance. Direct labor time variance} = [(Actual direct...Chapter 22, Problem 5CPPExplanation: Differences between centralized and decentralized operations: Centralized Operations...Chapter 23, Problem 23.5EXExplanation: 1) Determine ROI of MN Segment, if income from operations is $7,321,000,000, sales are...Chapter 23, Problem 23.16EXChapter 23, Problem 23.4APRChapter 23, Problem 23.4BPRChapter 24, Problem 1DQExplanation: Desired Profit: Company CD aims at earning a profit of 15% of the total investment made...Explanation: Desired Profit: Company NG aims at earning a profit of 10% of the total investment made...Chapter 24, Problem 1ADMExplanation: Operating income: Operating income refers to the income generated from the operation of...The major objection for using the average rate of return method is as follows: 1. Average rate of...The cash payback period for the given proposals is as follows: Proposal A: Initial...Chapter 25, Problem 25.6BPRChapter 25, Problem 1ADMExplanation: The benefits of lean philosophy are as follows: Lean philosophy helps to reduce the...Chapter 26, Problem 26.12EXChapter 26, Problem 26.13EXChapter 26, Problem 26.14EXChapter 26, Problem 26.3APRChapter 26, Problem 26.3BPRDue to tremendous growth in international commerce, the companies require to report to the users...Chapter D, Problem D.1EXChapter D, Problem D.5EX
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