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 2DQ:
Describe the nature of the assets that compose the following sections of a balance sheet: (A)...Problem 9DQ:
Which step of the accounting cycle is optional?Problem 1BE:
Flow of accounts into financial statements The balances for the accounts that follow appear in the...Problem 3BE:
Classified balance sheet The following accounts appear in an adjusted trial balance of Bridgewater...Problem 4BE:
Closing entries After the accounts have been adjusted at November 30, the end of the fiscal year,...Problem 5BE:
Accounting cycle From the following list of steps in the accounting cycle, identify the two steps...Problem 6BE:
Working capital and current ratio Current assets and current liabilities for Brimstone Company...Problem 1E:
Flow of accounts into financial statements The balances for the accounts that follow appear in the...Problem 2E:
Classifying accounts Balances for each of the following accounts appear in an adjusted trial...Problem 3E:
Financial statements from the end-of-period spreadsheet Demo Consulting is a consulting firm owned...Problem 4E:
Financial statements from the end-of-period spreadsheet Triton Consulting is a consulting firm owned...Problem 5E:
Income statement The following account balances were taken from the adjusted trial balance for...Problem 6E:
Income statement; net loss The following revenue and expense account balances were taken from the...Problem 7E:
Income statement FedEx Corporation (FDX) had the following revenue and expense account balances (in...Problem 8E:
Statement of stockholders equity Climate Control Systems Co. offers its services to residents in the...Problem 9E:
Statement of stockholders equity; net loss Selected accounts from the ledger of Restoration Arts for...Problem 10E:
Classifying assets Identify each of the following as (A) a current asset or (B) property, plant, and...Problem 11E:
Balance sheet classification At the balance sheet date, a business owes a mortgage note payable of...Problem 12E:
Balance sheet Dynamic Weight Loss Co. offers personal weight reduction consulting services to...Problem 13E:
Balance sheet The following balance sheet was prepared by Labyrinth Services Co. for its year ended...Problem 14E:
Identifying accounts to be closed From the list that follows, identify the accounts that should be...Problem 15E:
Closing entries with net income Automation Services Co. offers its services to companies desiring to...Problem 16E:
Closing entries with net loss Summit Services Co. offers its services to individuals desiring to...Problem 17E:
Identifying permanent accounts Which of the following accounts will usually appear in the...Problem 18E:
Post-closing trial balance An accountant prepared the following post-closing trial balance: Prepare...Problem 19E:
Steps in the accounting cycle Rearrange the following steps in the accounting cycle in proper...Problem 20E:
Completing an end-of-period spreadsheet List (a) through (j) in the order they would be performed in...Problem 21E:
Appendix 1 Adjustment data on an end-of-period spreadsheet Alert Security Services Co. offers...Problem 23E:
Appendix 1 Financial statements from an end-of-period spreadsheet Based on the data in Exercise...Problem 24E:
Appendix 1 Adjusting entries from an end-of-period spreadsheet Based on the data in Exercise 4-21,...Problem 26E:
Reversing entry The following adjusting entry for accrued wages was recorded on December 31: a....Problem 27E:
Adjusting and reversing entries On the basis of the following data, (a) journalize the adjusting...Problem 28E:
Adjusting and reversing entries On the basis of the following data, (a) journalize the adjusting...Problem 29E:
Entries posted to wages expense account Portions of the salaries expense account of a business...Problem 30E:
Entries posted to wages expense account Portions of the salaries expense account of a business...Problem 1PA:
Financial statements and closing entries Beacons Company maintains and repairs warning lights, such...Problem 2PA:
Financial statements and closing entries Foxy Investigative Services is an investigative services...Problem 3PA:
T accounts, adjusting entries, financial statements, and closing entries; optional end-of-period...Problem 4PA:
Ledger accounts, adjusting entries, financial statements, and closing entries; optional spreadsheet...Problem 5PA:
Complete accounting cycle For the past several years, Steffy Lopez has operated a part-time...Problem 1PB:
Financial statements and closing entries Last Chance Company offers legal consulting advice to...Problem 2PB:
Financial statements and closing entries The Gorman Group is a financial planning services firm...Problem 3PB:
T accounts, adjusting entries, financial statements, and closing entries; optional end-of-period...Problem 4PB:
Ledger accounts, adjusting entries, financial statements, and closing entries; optional...Problem 5PB:
Complete accounting cycle For the past several years, Jeff Horton has operated a part-time...Problem 1CONP:
The unadjusted trial balance of PS Music as of July 31, 20Y5, along with the adjustment data for the...Problem 1COMP:
Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 20Y8. The accounting cycle...Problem 1MAD:
Analyze and compare Amazon.com to Best Buy Amazon.com, Inc. (AMZN) is the largest Internet retailer...Problem 2MAD:
Analyze and compare Zynga, Electronic Arts, and Take-Two Data (in millions) from recent financial...Problem 3MAD:
Analyze and compare Foot Locker and The Finish Line The Foot Locker, Inc. (FL) and The Finish Line,...Problem 4MAD:
Analyze Under Armour The following year-end data were taken from recent balance sheets of Under...Problem 6MAD:
Analyze and compare Alphabet (Google) and Microsoft Alphabet Inc. (GOOG) and Microsoft Corporation...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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