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 1DQ:
How are revenues and expenses reported on the incomee statement under (A) the cash basis of...Problem 2DQ:
Is the matching concept related to (A) the cash basis of accounting or (B) the accrual basis of...Problem 5DQ:
Identify the four different categories of adjusting entries frequently required at the end of an...Problem 6DQ:
If the effect of the debit portion of an adjusting entry is to increase the balance of an asset...Problem 7DQ:
If the effect of the credit portion of an adjusting entry is to increase the balance of a liability...Problem 10DQ:
(A) Explain the purpose of the two accounts: Depreciation Expense and Accumulated Depreciation. (B)...Problem 1BE:
Accounts requiring adjustment Indicate with a Yes or No whether or not each of the following...Problem 3BE:
Adjustment for accrued revenues At the end of the current year, 17,555 of fees have been earned but...Problem 5BE:
Adjustment for unearned revenue On June 1, 20Y2, Herbal Co. received 18,900 for the rent of land for...Problem 6BE:
Adjustment for prepaid expense The prepaid insurance account had a beginning balance of 11,500 and...Problem 7BE:
Adjustment for depreciation The estimated amount of depreciation on equipment for the current year...Problem 8BE:
Effect of omitting adjustments For the year ending April 30, Urology Medical Services Co. mistakenly...Problem 9BE:
Effect of errors on adjusted trial balance For each of the following errors, considered...Problem 2E:
Classifying adjusting entries The following accounts were taken from the unadjusted trial balance of...Problem 3E:
Adjusting entry for accrued fees At the end of the current year, 59,500 of fees have been earned but...Problem 4E:
Effect of omitting adjusting entry Paradise Realty Co. pays weekly salaries of 25,500 on Friday for...Problem 5E:
Adjusting entries for accrued salaries Paradise Realty Co. pays weekly salaries of 25,500 on Friday...Problem 6E:
Determining wages paid The wages payable and wages expense accounts at August 31, after adjusting...Problem 7E:
Effect of omitting adjusting entry Accrued salaries owed to employees for October 30 and 31 are not...Problem 8E:
Effect of omitting adjusting entry When preparing the financial statements for the month ended...Problem 9E:
Adjusting entries for unearned fees The balance in the unearned fees account, before adjustment at...Problem 10E:
Effect of omitting adjusting entry At the end of October, the first month of the business year, the...Problem 11E:
Adjusting entry for supplies The balance in the supplies account, before adjustment at the end of...Problem 12E:
Determining supplies purchased The supplies and supplies expense accounts at December 31, after...Problem 13E:
Effect of omitting adjusting entry At March 31, the end of the first month of operations, the usual...Problem 14E:
Adjusting entries for prepaid insurance The balance in the prepaid insurance account, before...Problem 15E:
Adjusting entries for prepaid insurance The prepaid insurance account had a balance of 3,000 at the...Problem 16E:
Adjusting entries for unearned and accrued fees The balance in the unearned fees account, before...Problem 17E:
Adjusting entries for prepaid and accrued taxes A-Z Construction Company was organized on May 1 of...Problem 18E:
Adjustment for depreciation The estimated amount of depreciation on equipment for the current year...Problem 19E:
Determining fixed assets book value The balance in the equipment account is 3,150,000, and the...Problem 21E:
Effects of errors on financial statements For a recent period, the balance sheet for Costco...Problem 22E:
Effects of errors on financial statements For a recent year, the balance sheet for The Campbell Soup...Problem 23E:
Effects of errors on financial statements The accountant for Healthy Life Company, a medical...Problem 26E:
Adjusting entries from trial balances The unadjusted and adjusted trial balances for American Leaf...Problem 27E:
Adjusting entries from trial balances The accountant for Evas Laundry prepared the following...Problem 1PA:
Adjusting entries On March 31, the following data were accumulated to assist the accountant in...Problem 2PA:
Adjusting entries Selected account balances before adjustment for Atlantic Coast Realty at July 31,...Problem 3PA:
Adjusting entries Trident Repairs Service, an electronics repair store, prepared the following...Problem 4PA:
Adjusting entries Good Note Company specializes in the repair of music equipment and is owned and...Problem 5PA:
Adjusting entries and adjusted trial balances Sears Editing Company is a small editorial services...Problem 1PB:
Adjusting entries On May 31, the following data were accumulated to assist the accountant in...Problem 2PB:
Adjusting entries Selected account balances before adjustment for Intuit Realty at November 30, the...Problem 4PB:
Adjusting entries The Signage Company specializes in the maintenance and repair of signs, such as...Problem 5PB:
Adjusting entries and adjusted trial balances Reece Financial Services Co., which specializes in...Problem 6PB:
Adjusting entries and errors At the end of August, the first month of operations, the following...Problem 1CONP:
The unadjusted trial balance that you prepared for PS Music at the end of Chapter 2 should appear as...Problem 1MAD:
Analyze Amazon.com Amazon.com, Inc. (AMZN) is the largest Internet retailer in the United States....Problem 4MAD:
Analyze Chipotle Mexican Grill Chipotle Mexican Grill, Inc. (CMG) is a quick-service restaurant...Problem 5MAD:
Analyze Nike The following data are taken from recent financial statements of Nike, Inc. (NKE) (in...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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