Financial and Managerial Accounting15th EditionCarl S. Warren; Jefferson P. Jones; William B. Tayler, Ph.D., CMA Publisher: Cengage Learning USISBN: 9780357297162
Financial and Managerial Accounting
Solutions for Financial and Managerial Accounting
Problem 4DQ:
eCatalog Services Company performed services in October for a specific customer, for a fee of 7,890....Problem 5DQ:
If the two totals of a trial balance are equal, does it mean that there are no errors in the...Problem 7DQ:
Assume that when a purchase of supplies of 2,650 for cash was recorded, both the debit and the...Problem 8DQ:
Assume that Muscular Consulting erroneously recorded the payment of 7,500 of dividends as a debit to...Problem 9DQ:
Assume that Sunshine Realty Co. borrowed 300,000 from Columbia First Bank and Trust. In recording...Problem 10DQ:
Checking accounts are one of the most common forms of deposits for banks. Assume that Surety Storage...Problem 1BE:
Rules of debit and credit and normal balances State for each account whether it is likely to have...Problem 2BE:
Journal entry for asset purchase Prepare a journal entry for the purchase of office supplies on...Problem 3BE:
Journal entry for fees earned Prepare a journal entry on August 13 for cash received for services...Problem 4BE:
Journal entry for dividends Prepare a journal entry on June 30 for dividends of 11,500.Problem 5BE:
Missing amount from an account On August 1, the supplies account balance was 1,025. During August,...Problem 6BE:
Trial balance errors For each of the following errors, considered individually, indicate whether the...Problem 7BE:
Correcting entries The following errors took place in journalizing and posting transactions: A. The...Problem 2E:
Chart of accounts Superior Interiors is owned and operated by Ken Lopez, an interior decorator. In...Problem 3E:
Chart of accounts LeadCo School is a newly organized business that teaches people how to inspire and...Problem 4E:
Rules of debit and credit The following table summarizes the rules of debit and credit. For each of...Problem 5E:
Normal entries for accounts During the month, Gates Labs Co. has a substantial number of...Problem 6E:
Normal balances of accounts Identify each of the following accounts of Liken Services Co. as asset,...Problem 7E:
Transactions Innovative Consulting Co. has the following accounts in its ledger: Cash, Accounts...Problem 8E:
Journalizing and posting On February 11, 20Y9, Quick Fix Company purchased 2,250 of supplies on...Problem 9E:
Transactions and T accounts The following selected transactions were completed during July of the...Problem 10E:
Cash account balance During the month, Bavarian Auto Co. received 1,245,000 in cash and paid out...Problem 11E:
Account balances A. During February, 186,500 was paid to creditors on account, and purchases on...Problem 12E:
Retained earnings account balance As of January 1, Retained Earnings had a credit balance of...Problem 13E:
Identifying transactions Rocky Mountain Tours Co. is a travel agency. The nine transactions recorded...Problem 14E:
Journal entries Based upon the T accounts in Exercise 2-13, prepare the nine journal entries from...Problem 15E:
Trial balance Based upon the data presented in Exercise 2-13, (a) prepare an unadjusted trial...Problem 16E:
Trial balance The accounts in the ledger of Seaside Furniture Company as of August 20Y5 are listed...Problem 17E:
Effect of errors on trial balance Indicate which of the following errors, each considered...Problem 18E:
Errors in trial balance The following preliminary unadjusted trial balance of Ranger Co., a sports...Problem 19E:
Effect of errors on trial balance The following errors occurred in posting from a two-column...Problem 20E:
Errors in trial balance Identify the errors in the following trial balance. All accounts have normal...Problem 21E:
Entries to correct errors The following errors took place in journalizing and posting transactions:...Problem 22E:
Entries to correct errors The following errors took place in journalizing and posting transactions:...Problem 1PA:
Entries into T accounts and trial balance Marjorie Knaus, an architect, organized Knaus Architects...Problem 2PA:
Journal entries and trial balance On October 1, 20Y6, Jay Crowley established Affordable Realty,...Problem 3PA:
Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior...Problem 4PA:
Journal entries and trial balance Elite Realty acts as an agent in buying, selling, renting, and...Problem 5PA:
Corrected trial balance The Lexington Group has the following unadjusted trial balance as of May 31,...Problem 1PB:
Entries into T accounts and trial balance Ken Jones, an architect, organized Jones Architects on...Problem 2PB:
Journal entries and trial balance On August 1, 20Y7, Rafael Masey established Planet Realty, which...Problem 3PB:
Journal entries and trial balance On October 1, 20Y4, Jay Pryor established an interior decorating...Problem 4PB:
Journal entries and trial balance Valley Realty acts as an agent in buying, selling, renting, and...Problem 5PB:
Corrected trial balance Tech Support Services has the following unadjusted trial balance as of...Problem 1CONP:
The transactions completed by PS Music during June 20Y5 were described at the end of Chapter 1. The...Problem 1MAD:
Analyze Amazon.com Amazon.com, Inc. (AMZN) is the largest Internet retailer in the United States....Browse All Chapters of This Textbook
Chapter 1 - Introduction To Accounting And BusinessChapter 2 - Analyzing TransactionsChapter 3 - The Adjusting ProcessChapter 4 - The Accounting CycleChapter 5 - Accounting For Retail BusinessesChapter 6 - InventoriesChapter 7 - Internal Control And CashChapter 8 - ReceivablesChapter 9 - Long-term Assets: Fixed And IntangibleChapter 10 - Liabilities: Current, Installment Notes, And Contingencies
Chapter 11 - Liabilities: Bonds PayableChapter 12 - Corporations: Organization, Stock Transactions, 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 - Support Department And Joint Cost AllocationChapter 20 - Cost-volume-profit AnalysisChapter 21 - Variable Costing For Management
analysisChapter 22 - BudgetingChapter 23 - Evaluating Variances From Standard CostsChapter 24 - Evaluating Decentralized OperationsChapter 25 - Differential Analysis And Product PricingChapter 26 - Capital Investment AnalysisChapter 27 - Lean Manufacturing And Activity AnalysisChapter 28 - The Balanced Scorecard And Corporate Social ResponsibilityChapter C - International Financial Reporting Standards (ifrs)Chapter D - Investments
Sample Solutions for this Textbook
We offer sample solutions for Financial and Managerial Accounting homework problems. See examples below:
Users of accounting information: People who rely on accounting information to make best decisions or...Chapter 1, Problem 3BEChapter 1, Problem 12EIncome statement: The financial statement which reports revenues and expenses from business...Chapter 1, Problem 6PAChapter 1, Problem 5PBChapter 1, Problem 6PBChapter 2, Problem 1DQChapter 2, Problem 2PA
Chapter 2, Problem 3PAChapter 2, Problem 4PAChapter 2, Problem 2PBChapter 2, Problem 3PBChapter 2, Problem 4PBChapter 2, Problem 1CONPChapter 3, Problem 1DQChapter 3, Problem 1PAChapter 3, Problem 2PAChapter 3, Problem 5PAChapter 3, Problem 2PBAdjusting Entries Adjusting entries indicates those entries, which are passed in the books of...Chapter 3, Problem 5PBChapter 3, Problem 1CONPChapter 4, Problem 1DQChapter 4, Problem 4PAChapter 4, Problem 5PAChapter 4, Problem 4PBChapter 4, Problem 5PBChapter 4, Problem 1CONPChapter 4, Problem 1COMPRetail Business and Service Business: A retail business generates income by selling goods to its...Chapter 5, Problem 2PAChapter 5, Problem 3PAChapter 5, Problem 4PAChapter 5, Problem 1PBChapter 5, Problem 2PBChapter 5, Problem 3PBChapter 5, Problem 4PBChapter 5, Problem 7PBChapter 5, Problem 1COMPChapter 6, Problem 1DQChapter 6, Problem 3PAChapter 6, Problem 4PAChapter 6, Problem 5PAChapter 6, Problem 4PBChapter 6, Problem 5PBChapter 6, Problem 3MADInternal 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,...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...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...Chapter 8, Problem 1DQChapter 8, Problem 13EChapter 8, Problem 14EChapter 8, Problem 1PAChapter 8, Problem 4PAChapter 8, Problem 1PBNote receivable: Note receivable refers to a written promise received by the creditor from the...Chapter 9, Problem 1DQChapter 9, Problem 3PAChapter 9, Problem 4PAChapter 9, Problem 5PAChapter 9, Problem 2PBChapter 9, Problem 3PBChapter 9, Problem 5PBChapter 10, Problem 1DQChapter 10, Problem 1PAChapter 10, Problem 3PAChapter 10, Problem 1PBChapter 10, Problem 3PBPayroll: The total payment that a company is required to pay to its employee for the services...The following are the journal entries. 20Y5ParticularsDebit ($)Credit ($)January3Petty Cash4,500...Chapter 11, Problem 1DQChapter 11, Problem 1PABonds: Bonds are long-term promissory notes that are represented by a company while borrowing money...Chapter 11, Problem 3PAChapter 11, Problem 1PBBonds: Bonds are long-term promissory notes that are represented by a company while borrowing money...Chapter 12, Problem 1DQChapter 12, Problem 4PACommon stock: These are the ordinary shares that a corporation issues to the investors in order to...Chapter 12, Problem 4PBCommon stock: These are the ordinary shares that a corporation issues to the investors in order to...Chapter 12, Problem 1COMPChapter 13, Problem 1DQChapter 13, Problem 17EStatement of cash flows: It is one of the financial statement that shows the cash and cash...Statement of cash flows: It is one of the financial statement that shows the cash and cash...Statement of cash flows: It is one of the financial statement that shows the cash and cash...Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and...Financial Ratios: Financial ratios are the metrics used to evaluate the capabilities, profitability,...Chapter 14, Problem 3PAChapter 14, Problem 4PAChapter 14, Problem 5PAChapter 14, Problem 3PBFinancial Ratios: Financial ratios are the metrics used to evaluate the capabilities, profitability,...Chapter 14, Problem 5PBChapter 15, Problem 1DQChapter 15, Problem 4PAChapter 15, Problem 4PBManagerial accounting: Managerial accounting is the process of identifying, measuring, analyzing,...Chapter 16, Problem 1DQChapter 16, Problem 2PAChapter 16, Problem 2PBChapter 16, Problem 3MADChapter 16, Problem 2TIFChapter 17, Problem 1DQChapter 17, Problem 8EChapter 17, Problem 16EChapter 17, Problem 18EChapter 17, Problem 1PAChapter 17, Problem 1PBChapter 17, Problem 4PBChapter 18, Problem 1DQChapter 18, Problem 4EChapter 18, Problem 13EChapter 18, Problem 16EChapter 18, Problem 3PAChapter 18, Problem 3PBChapter 19, Problem 1DQChapter 19, Problem 6EChapter 19, Problem 9EChapter 19, Problem 10EChapter 19, Problem 2PAChapter 19, Problem 2PBChapter 20, Problem 1DQCost-Volume-Profit Analysis: It is a method followed to analyze the relationship between the sales,...Sales mix: It refers to the relative distribution of the total sales among the number of products...Chapter 20, Problem 6PACost-Volume-Profit Analysis: It is a method followed to analyze the relationship between the sales,...Sales mix: It refers to the relative distribution of the total sales among the number of products...Chapter 20, Problem 6PBChapter 21, Problem 1DQChapter 21, Problem 14EChapter 21, Problem 1PAChapter 21, Problem 3PAChapter 21, Problem 1PBChapter 21, Problem 3PBBudgeting: Budgeting is a process to prepare the financial statement by the manager to estimate the...Chapter 22, Problem 5BEChapter 22, Problem 13EChapter 22, Problem 2PAChapter 22, Problem 3PAChapter 22, Problem 2PBChapter 22, Problem 3PBChapter 23, Problem 1DQChapter 23, Problem 6BEChapter 23, Problem 12EChapter 23, Problem 1PAChapter 23, Problem 5PAChapter 23, Problem 1PBDirect material variances: The difference between the actual material cost per unit and the standard...Chapter 24, Problem 1DQChapter 24, Problem 5EProfit margin: This ratio gauges the operating profitability by quantifying the amount of income...Chapter 24, Problem 3PAChapter 24, Problem 4PAChapter 24, Problem 2PBChapter 24, Problem 4PBChapter 25, Problem 1DQChapter 25, Problem 6PAChapter 25, Problem 6PBChapter 25, Problem 1MADChapter 25, Problem 2MADChapter 25, Problem 4MADChapter 26, Problem 1DQChapter 26, Problem 6PAChapter 26, Problem 6PBNet present value method: Net present value method is used to compare the initial cash outflow of...Chapter 27, Problem 1DQChapter 27, Problem 12EChapter 27, Problem 13EChapter 27, Problem 14EChapter 27, Problem 3PAChapter 27, Problem 3PBChapter 28, Problem 1DQChapter 28, Problem 10EChapter 28, Problem 2PAChapter 28, Problem 2PBDue to tremendous growth in international commerce, the companies require to report to the users...Stock investments: Stock investments are equity securities which claim ownership in the investee...Stock investments: Stock investments are equity securities which claim ownership in the investee...
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