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 3DQ:
The credit period during which the buyer of merchandise is allowed to pay usually begins with what...Problem 6DQ:
What is the nature of (A) a credit memo issued by the seller o merchandise, (B) a debit memo issued...Problem 7DQ:
Who is responsible for freight when the terms of sale are (A) FOB shipping point, (B) FOB...Problem 8DQ:
Name three accounts that would normally appear in the chart of accounts of a retail business but...Problem 9DQ:
Audio Outfitter Inc., which uses a perpetual inventory system, experienced a normal inventory...Problem 10DQ:
Assume that Audio Outfitter Inc. in Discussion Question 9 experienced an abnormal inventory...Problem 1BE:
Gross profit During the current year, merchandise is sold for 95,500 cash and 1,315,000 on account....Problem 2BE:
Purchases transactions Elkhorn Company purchased merchandise on account from Springhill Company for...Problem 4BE:
Freight terms Determine the amount to be paid in full settlement of each of two invoices, (a) and...Problem 5BE:
Transactions for buyer and seller Shore Co. sold merchandise to Blue Star Co. on account, 112,000,...Problem 6BE:
Adjusting entries Hahn Flooring Company uses a perpetual inventory system. Journalize the December...Problem 7BE:
Asset turnover ratio Financial statement data for years ended December 31, 20Y3 and 20Y2, for Edison...Problem 1E:
Determining gross profit During the current year, merchandise is sold for 8,100,000. The cost of the...Problem 2E:
Determining cost of goods sold For a recent year, Best Buy (BBY) reported sales of 39,528 million....Problem 3E:
Chart of accounts Monet Paints Co. is a newly organized retail business with a list of accounts...Problem 4E:
Purchase-related transactions The Stationery Company purchased merchandise on account from a...Problem 5E:
Purchase-related transactions A retailer is considering the purchase of 1,000 units of a specific...Problem 6E:
Purchase-related transactions The debits and credits from four related transactions, (1) through...Problem 8E:
Purchase-related transactions Journalize entries for the following related transactions of Lilly...Problem 9E:
Sales-related transactions, including the use of credit cards Journalize the entries for the...Problem 10E:
Customer refund Senger Company sold merchandise of 15,500, terms 2/10, n/30, to Burris Inc. on April...Problem 13E:
Sales-related transactions The debits and credits for five related transactions, (1) through (5),...Problem 15E:
Determining amounts to be paid on invoices Determine the amount to be paid in full settlement of...Problem 16E:
Sales-related transactions Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on...Problem 17E:
Purchase-related transactions Based on the data presented in Exercise 5-16, journalize Balboa Co.s...Problem 20E:
Normal balances of accounts for retail business What is the normal balance of the following...Problem 21E:
Income statement and accounts for retail business For the fiscal year, sales were 46,680,000 and the...Problem 22E:
Adjusting entry for inventory shrinkage Omega Tire Co.s perpetual inventory records indicate that...Problem 23E:
Adjusting entry for customer refunds, allowances, and returns Scott Company had sales of 12,350,000...Problem 24E:
Adjusting entry for customer refunds, allowances, and returns Statz Company had sales of 1,800,000...Problem 25E:
Income statement for retail business The following expenses were incurred by a retail business...Problem 26E:
Determining amounts for items omitted from income statement One item is omitted in each of the...Problem 27E:
Multiple-step income statement On March 31, 20Y9, the balances of the accounts appearing in the...Problem 28E:
Multiple-step income statement The following income statement for Curbstone Company was prepared for...Problem 29E:
Single-step income statement Summary operating data for Custom Wire Tubing Company during the year...Problem 30E:
Closing the accounts of a retail business From the following list, identify the accounts that should...Problem 31E:
Closing entries; net income Based on the data presented in Exercise 5-27, journalize the closing...Problem 32E:
Closing entries On July 31, the close of the fiscal year, the balances of the accounts appearing in...Problem 35E:
Appendix 1 Adjusting entry for gross method The following data were extracted from the accounting...Problem 36E:
Appendix 1 Discount taken in next fiscal year Using the data for Sacajawea Mercantile Co. in...Problem 38E:
Rules of debit and credit for periodic inventory accounts Complete the following table by indicating...Problem 39E:
Journal entries using the periodic inventory system The following selected transactions were...Problem 40E:
Identify items missing in determining cost of goods sold For (a) through (e), identify the items...Problem 41E:
Cost of goods sold and related items The following data were extracted from the accounting records...Problem 42E:
Cost of goods sold Based on the following data, determine the cost of goods sold for November:Problem 43E:
Cost of goods sold Based on the following data, determine the cost of goods sold for July:Problem 44E:
Appendix 2 Cost of goods sold Identify the errors in the following schedule of the cost of goods...Problem 45E:
Closing entries using periodic inventory system United Rug Company is a small rug retailer owned and...Problem 1PA:
Purchase-related transactions using perpetual inventory system The following selected transactions...Problem 2PA:
Sales-related transactions using perpetual inventory system The following selected transactions were...Problem 3PA:
Sales and purchase-related transactions using perpetual inventory system The following were selected...Problem 4PA:
A Sales and purchase-related transactions for seller and buyer Obj. 2 using perpetual inventory...Problem 5PA:
Multiple-step income statement and balance sheet The following selected accounts and their current...Problem 6PA:
Single-step income statement and balance sheet Selected accounts and related amounts for Clairemont...Problem 7PA:
Appendix 2 Purchase-related transactions using periodic inventory system Selected transactions for...Problem 8PA:
Sales and purchase-related transactions using periodic inventory system Selected transactions for...Problem 9PA:
Appendix 2 PR 5-9A Sales and purchase-related transactions for buyer and seller using periodic...Problem 10PA:
2. Net income, 185,000 Appendix 2 PR 5-10A Periodic inventory accounts, multiple-step income...Problem 1PB:
Purchase-related transactions using perpetual inventory system The following selected transactions...Problem 2PB:
Sales-related transactions using perpetual inventory system The following selected transactions were...Problem 3PB:
Sales and purchase-related transactions using perpetual inventory system The following were selected...Problem 4PB:
Sales and purchase-related transactions for seller and buyer using perpetual inventory system The...Problem 5PB:
Multiple-step income statement and balance sheet The following selected accounts and their current...Problem 6PB:
Single-step income Statement and balance sheet Selected accounts and related amounts for Kanpur Co....Problem 7PB:
Purchase-related transactions using periodic inventory system Selected transactions for Niles Co....Problem 8PB:
Sales and purchase-related transactions using periodic inventory system Selected transactions for...Problem 9PB:
Appendix 2 Sales and purchase-related transactions for buyer and seller using periodic inventory...Problem 10PB:
Appendix 2 PR 5-10B Periodic inventory accounts, multiple-step income statement, closing entries On...Problem 1COMP:
Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account...Problem 1MAD:
Analyze and compare Amazon.com and Netflix Amazon.com, Inc. (AMZN) is one of the largest Internet...Problem 2MAD:
Analyze Dollar General Dollar General Corporation (DG) is a discount retailer with more than 12,000...Problem 3MAD:
Compare Dollar Tree and Dollar General The asset turnover ratios for two recent years for Dollar...Problem 4MAD:
Analyze and compare CSX, Union Pacific, and YRC Worldwide CSX Corporation (CSX) and Union Pacific...Problem 5MAD:
Analyze Home Depot The Home Depot (HD) reported the following data (in millions) in its recent...Problem 6MAD:
Analyze and compare Kroger and Tiffany The Kroger Company (KR), a national supermarket chain,...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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