Solutions for Fundamentals Of Financial Accounting
Problem 1Q:
Define accounting.Problem 4Q:
The accounting process generates financial reports for both internal and external users. Describe...Problem 5Q:
Explain what the separate entity assumption means when it says a business is treated as separate...Problem 6Q:
List the three main types of business activities on the statement of cash flows and give an example...Problem 7Q:
What information should be included in the heading of each of the four primary financial statements?Problem 8Q:
What are the purposes of (a) the balance sheet, (b) the income statement, (c) the statement of...Problem 9Q:
Explain why the income statement, statement of retained earnings, and statement of cash flows would...Problem 11Q:
Describe the basic accounting equation that provides the structure for the balance sheet. Define the...Problem 12Q:
Describe the equation that provides the structure for the income statement. Explain the three major...Problem 13Q:
Describe the equation that provides the structure for the statement of retained earnings. Explain...Problem 17Q:
Briefly define what an ethical dilemma is and describe the steps to consider when evaluating ethical...Problem 2MC:
Which of the following is true regarding the income statement? a. The income statement is sometimes...Problem 3MC:
Which of the following is false regarding the balance sheet? a. The accounts shown on a balance...Problem 4MC:
Which of the following regarding retained earnings is false? a. Retained earnings is increased by...Problem 6MC:
Which of the following statements regarding the statement of cash flows is false? a. The statement...Problem 8MC:
Which of the following is true? a. FASB creates SEC. b. GAAP creates FASB. c. SEC creates CPA. d....Problem 9MC:
Which of the following would not be a goal of external users reading a companys financial...Problem 2ME:
Matching Definitions with Terms or Abbreviations Match each definition with its related term or...Problem 3ME:
Matching Definitions with Terms Match each definition with its related term by entering the...Problem 4ME:
Matching Financial Statement Items to Balance Sheet and Income Statement Categories For each of the...Problem 5ME:
Matching Financial Statement Items to Balance Sheet and Income Statement Categories For each item,...Problem 6ME:
Matching Financial Statement Items to Balance Sheet and Income Statement Categories Tootsie Roll...Problem 7ME:
Matching Financial Statement Items to Balance Sheet and Income Statement Categories General Mills is...Problem 8ME:
Matching Financial Statement Items to the Basic Financial Statements Oakley, Inc., reported the...Problem 9ME:
Matching Financial Statement Items to the Four Basic Financial Statements Match each element with...Problem 10ME:
Reporting Amounts on the Statement of Cash Flows Learning which items belong in each cash flow...Problem 12ME:
Preparing a Statement of Retained Earnings Stone Culture Corporation was organized on January 1,...Problem 13ME:
Relationships among Financial Statements Items from the income statement, statement of retained...Problem 15ME:
Relationships among Financial Statements Items from the 2015 income statement, statement of retained...Problem 16ME:
Preparing an Income Statement, Statement of Retained Earnings, and Balance Sheet The following...Problem 1E:
Reporting Amounts on the Four Basic Financial Statements Using the following table and the equations...Problem 2E:
Reporting Amounts on the Four Basic Financial Statements Using the following table and the equations...Problem 3E:
Preparing a Balance Sheet DSW, Inc., is a designer shoe warehouse, selling luxurious and fashionable...Problem 4E:
Completing a Balance Sheet and Inferring Net Income Ken Young and Kim Sherwood organized Reader...Problem 5E:
Labeling and Classifying Business Transactions The following items relate to business transactions...Problem 6E:
Preparing an Income Statement and Inferring Missing Values Cinemark Holdings, Inc., operates movies...Problem 7E:
Preparing an Income Statement Home Realty, Incorporated, has been operating for three years and is...Problem 9E:
Preparing an Income Statement and Balance Sheet Five individuals organized Miami Music Corporation...Problem 10E:
Analyzing and Interpreting an Income Statement Three individuals organized Pest Away Corporation on...Problem 12E:
Matching Cash Flow Statement Items to Business Activity Categories The Coca-Cola Company is one of...Problem 1CP:
Preparing an Income Statement. Statement of Retained Earnings, and Balance Sheet Assume that you are...Problem 2CP:
Interpreting the Financial Statements Refer to CP1-1. Required: 1. Was the company profitable? Which...Problem 3CP:
Reporting Amounts on the Four Basic Financial Statements Fitbit, Inc., reported the following...Problem 4CP:
Evaluating Financial Statements Refer to CP1-3. Required: 1. Did Fitbit rely more on creditors or...Problem 1PA:
Preparing an Income Statement, Statement of Retained Earnings, and Balance Sheet Assume that you are...Problem 3PA:
Reporting Amounts on the Four Basic Financial Statements The following information for the year...Problem 4PA:
Evaluating Financial Statements Refer to PA1-3. Required: 1. Did Nice Bite rely more on creditors or...Problem 1PB:
Preparing an Income Statement and Balance Sheet Assume that you are the president of APEC Aerospace...Problem 2PB:
Interpreting the Financial Statements Refer to PB 1-1. Required: 1. Is the company financed mainly...Problem 3PB:
Reporting Amounts on the Four Basic Financial Statements Cheese Factory Incorporated reported the...Problem 4PB:
Evaluating Financial Statements Refer to PB1-3. Required: 1. Did Cheese Factorys cash balance...Problem 1SDC:
Finding Financial Information Answer the following questions by referring to the financial...Browse All Chapters of This Textbook
Chapter 1 - Business Decisions And Financial AccountingChapter 2 - The Balance SheetChapter 3 - The Income StatementChapter 4 - Adjustments, Financial Statements, And Financial ResultsChapter 5 - Fraud, Internal Control, And CashChapter 6 - Merchandising Operations And The Multistep Income StatementChapter 7 - Inventory And Cost Of Goods SoldChapter 8 - Receivables, Bad Debt Expense, And Interest RevenueChapter 9 - Long-lived Tangible And Intangible AssetsChapter 10 - Liabilities
Book Details
Fundamentals of Financial Accounting, presents an engaging, balanced, and appropriately paced analysis of the fundamentals of financial accounting. Its writing style makes it easy to read and understand, while the selection of real focus companies reinforces the relevance of accounting by introducing students to accounting and business activities in the context of their favorite companies. Balance between preparer and user orientations is achieved throughout the book, by studying both the accounting activities that take place inside the company, as well as evaluating their impact on decisions, and users outside the company. Topic coverage is paced appropriately for students new to accounting, and is thoroughly reinforced every step of the way with an ample variety of innovative pedagogical tools. Clearly understandable, relevant, and accessible, FFA is simply the most student-friendly financial book on the market and provides the tools for students to grasp financial accounting from the ground up.
Sample Solutions for this Textbook
We offer sample solutions for Fundamentals Of Financial Accounting homework problems. See examples below:
Chapter 1, Problem 1QBalance Sheet: Balance Sheet summarizes the assets, the liabilities, and the Shareholder’s equity of...Chapter 2, Problem 1QChapter 2, Problem 2CPChapter 2, Problem 3CPChapter 2, Problem 2PAChapter 2, Problem 3PAExplanation: Accounting equation: Accounting equation is an accounting tool expressed in the form of...Chapter 2, Problem 3PB
Chapter 2, Problem 1CCIncome statement: An income statement is one of the financial statements which shows the revenues,...Chapter 3, Problem 13EExplanation: Journal: Journal is the book of original entry. Journal consists of the day today...Explanation: Journal: Journal is the book of original entry. Journal consists of the day today...Explanation: Accounting Equation: The accounting equation implies the relationship between the...Chapter 3, Problem 2PAChapter 3, Problem 3PAJournal entry: Journal entry is a set of economic events which can be measured in monetary terms....Chapter 3, Problem 3PBAccounting Equation: The accounting equation implies the relationship between the assets,...Explanation: Adjusting entries: Adjusting entries are the journal entries which are recorded at the...Chapter 4, Problem 15EChapter 4, Problem 19EChapter 4, Problem 20EChapter 4, Problem 1COPT-account: T-account refers to an individual account, where the increases or decreases in the value...Chapter 4, Problem 3COPChapter 4, Problem 4COPChapter 4, Problem 5COPExplanation: Journal: Journal is the method of recording monetary business transactions in...Explanation: Fraud: Fraud is a deliberate and deceptive action of an employee to obtain unlawful...Explanation: Bank reconciliation: Bank statement is prepared by bank. The company maintains its own...Deposits-in-transit: The checks that are deposited and recorded by the company, but not yet recorded...Explanation: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts...Deposits-in-transit: The checks that are deposited and recorded by the company, but not yet recorded...Deposits-in-transit: The checks that are deposited and recorded by the company, but not yet recorded...Chapter 5, Problem 1COPChapter 5, Problem 1CCFollowing is the distinction between servicing and merchandising company: Servicing company renders...Chapter 6, Problem 6EChapter 6, Problem 29EChapter 6, Problem 3CPChapter 6, Problem 6CPChapter 6, Problem 3PAChapter 6, Problem 6PASales revenue: Sales revenue is the amount received by the company from the sale of goods and...Chapter 6, Problem 6PBChapter 6, Problem 2COPJournal entry: Journal entry is a set of economic events which can be measured in monetary terms....Chapter 7, Problem 1QDetermine cost of goods available for sale. Date Particulars Units ($) Unit cost ($) Total cost ($)...Chapter 7, Problem 7EChapter 7, Problem 10EChapter 7, Problem 14EChapter 7, Problem 1CPChapter 7, Problem 1PADetermine cost of goods available for sale. Date Particulars Units ($) Unit cost ($) Total cost ($)...Explanation: Calculate the amount of inventory: Amount of inventory = (Units on hand×Units...Chapter 7, Problem 2COPChapter 8, Problem 1QChapter 8, Problem 3CPChapter 8, Problem 4CPChapter 8, Problem 4PAChapter 8, Problem 5PANote Receivable: Note receivable refers to a written promise by the debtor for the amounts to be...Chapter 8, Problem 4PBChapter 8, Problem 3COPChapter 8, Problem 1CCChapter 9, Problem 1QChapter 9, Problem 9EChapter 9, Problem 3CPExplanation: Accounting equation: Accounting equation is an accounting tool expressed in the form of...Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Chapter 9, Problem 3PBJournal entry: Journal entry is a set of economic events which can be measured in monetary terms....Chapter 9, Problem 1COPChapter 9, Problem 1CCExplanation: Liabilities: Liabilities are referred to as the obligations of the business towards the...Chapter 10, Problem 1CPBonds: Bonds are long-term promissory notes that are represented by a company while borrowing money...Bonds: Bonds are long-term promissory notes that are represented by a company while borrowing money...Amortization Schedule: An amortization schedule is a table that shows the details of each loan...Amortization Schedule: An amortization schedule is a table that shows the details of each loan...Amortization Schedule: An amortization schedule is a table that shows the details of each loan...Explanation: Liabilities: Liabilities are debt and obligations of a business. These are the claims...Amortization Schedule: An amortization schedule is a table that shows the details of each loan...Amortization Schedule: An amortization schedule is a table that shows the details of each loan...Amortization Schedule: An amortization schedule is a table that shows the details of each loan...Corporation: A business concern where there is a separate legal entity and are owned by stockholders...Chapter 11, Problem 2EChapter 11, Problem 8EExplanation: Accounting equation: Accounting equation is an accounting tool expressed in the form of...Chapter 11, Problem 18EChapter 11, Problem 1CPChapter 11, Problem 1PAChapter 11, Problem 1COPJournal: Journal is the method of recording monetary business transactions in chronological order....Chapter 12, Problem 1QExplanation: Prepare journal entries. Journal: Journal is the method of recording monetary business...Explanation: Prepare journal entries. Journal: Journal is the method of recording monetary business...Explanation: The amount deducted by the each company on the income statement related to inventory is...Chapter 12, Problem 23EStatement of cash flows: This statement reports all the cash transactions which are responsible for...Chapter 12, Problem 5PAExplanation: Statement of cash flows: Statement of cash flow is a financial statement that shows the...Chapter 13, Problem 1QExplanation: Current ratio: Current ratio is used to determine the relationship between current...Gross Profit Percentage: Gross profit is the financial ratio that shows the relationship between the...Explanation: Net Profit margin Ratio: This ratio gauges the operating profitability by quantifying...Financial Ratios Financial ratios are the metrics used to evaluate the capabilities, profitability,...Chapter 13, Problem 6PAFinancial Ratios Financial ratios are the metrics used to evaluate the capabilities, profitability,...Chapter 13, Problem 6PBGross Profit Percentage: Gross profit is the financial ratio that shows the relationship between the...Explanation: Time value of money explains the idea of dollar that is received at present and which...Chapter C, Problem 6EExplanation: Present value is the amount of future value reduced or discounted at a rate of interest...Chapter C, Problem 2PAExplanation: Present value is the amount of future value reduced or discounted at a rate of interest...
More Editions of This Book
Corresponding editions of this textbook are also available below:
FUND. OF FINANCIAL ACCT. (LL) W/CONNECT
6th Edition
ISBN: 9781260725254
CONNECT CODE F/FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781260685978
GEN COMBO LL FUNDAMENTALS OF FINANCIAL ACCOUNTING; CONNECT ACCESS CARD
6th Edition
ISBN: 9781260260083
FUND OF FINANCIAL ACTNG (LL) W/CNCT COD
6th Edition
ISBN: 9781260692815
FINANCIAL ACCOUNTING (LL W/CONNECT)
6th Edition
ISBN: 9781260536331
FUNDAMENTALS OF FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781260664386
Fundamentals Of Financial Accounting
6th Edition
ISBN: 9781260159516
FUNDAMENTALS OF FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781260584486
FINANCIAL ACCOUNTING (LL)W/CONNECT
18th Edition
ISBN: 9781260801071
GEN CMB LL FND FINCL ACCT; CNCT 5 2016
5th Edition
ISBN: 9781259678479
FUND OF FIN ACCT(LL) W/CONNECT ACCESS
6th Edition
ISBN: 9781260522945
FINANCIAL ACCT -CONNECT CODE ONLY
19th Edition
ISBN: 9781260663075
FUND. OF FINANCIAL ACCT.-CONNECT ACCESS
6th Edition
ISBN: 9781264047284
CONNECT AC FUND OF FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781264314478
FUND OF FIN ACCOUNTING W/CONNECT
6th Edition
ISBN: 9781260260090
FUND OF FINANCIAL ACCOUNTING W/CONNECT
6th Edition
ISBN: 9781264314256
FUNDAMENTALS OF FINANCIAL ACCOUNTING LL
6th Edition
ISBN: 9781265554927
FINANCIAL ACCT (LL)W/CONNECT
6th Edition
ISBN: 9781260664874
FUNDAMENTALS OF FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781260823875
FUNDAMENTALS OF ACCT. W/CONNECT >LL<
5th Edition
ISBN: 9781259701061
FINANCIAL ACCOUNTING (CUSTOM)
17th Edition
ISBN: 9781307138146
FUND OF FINANCIAL ACCOUNTING
5th Edition
ISBN: 9781259712609
Loose Leaf For Fundamentals Of Financial Accounting
6th Edition
ISBN: 9781260159547
FUNDAMENTALS OF FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781259684234
FUNDAMENTALS OF FIN ACCOUNTING >IP<
3rd Edition
ISBN: 9781259675386
FUND FINCL ACCT (LL) W/CONNECT >IB<
5th Edition
ISBN: 9781260036138
FUND.OF FINAN.ACCT.(LL) >CUSTOM PKG.<
6th Edition
ISBN: 9781264107551
FUND.OF FINANCIAL ACCT.-CONNECT ACCESS
6th Edition
ISBN: 9781260518399
Connect Access Card for Fundamentals of Financial Accounting
6th Edition
ISBN: 9781260159509
Connect Online Access for Fundamentals of Financial Accounting
7th Edition
ISBN: 9781264239283
FUN. OF FIN. ACTG LOOSELEAF WITH ACCESS
7th Edition
ISBN: 9781264408290
FUND OF FIN ACTG CONNECT ACCESS
7th Edition
ISBN: 9781264402847
FUND.OF FINANCIAL ACCOUNTING
7th Edition
ISBN: 9781260771381
FUND.OF FINANCIAL ACCOUNTING(LL)W/CONNEC
7th Edition
ISBN: 9781266497612
FUND.OF FINANCIAL ACCOUNTING-CONNECT >C<
7th Edition
ISBN: 9781265586409
FUND.OF FINANCIAL ACCT.-CONNECT ACCESS
7th Edition
ISBN: 9781264239726
FUNDAMENTALS OF FINANCIAL ACCOUNTING
7th Edition
ISBN: 9781265227722
FUND.OF FINANCIAL ACCOUNTING (LOOSE)
7th Edition
ISBN: 9781264239290
FUNDAMENTALS OF FINANCIAL ACCT W/CONNECT
7th Edition
ISBN: 9781264447961
Fundamentals of Financial Accounting
7th Edition
ISBN: 9781264239313
FUND OF FIN.ACCOUTING (LL))W/CONNECT
7th Edition
ISBN: 9781266130779
FUND OF FINANCIAL ACCT-CONNECT
7th Edition
ISBN: 9781266102721
FUND. OF FIN. ACCOUNTING CONNECT CODE (C
7th Edition
ISBN: 9781266869792
FUND. OF FIN. ACCOUNTING W/CONNECT (CUST
7th Edition
ISBN: 9781266858819
FUND.OF FINANCIAL ACCT.(LL)-W/CONNECT
7th Edition
ISBN: 9781265934132
FUND.OF FINANCIAL ACCT.W/C+ >IC<
4th Edition
ISBN: 9781259232046
LL FND FINCL ACCT
9th Edition
ISBN: 9781265941130
Fundamentals of Financial Accounting
2nd Edition
ISBN: 9780390432759
Fundamentals Of Financial Accounting With Annual Report
3rd Edition
ISBN: 9780077344931
Fundamentals Of Financial Accounting - Text Only.
3rd Edition
ISBN: 9780073527109
Fundamentals of Financial Accounting
3rd Edition
ISBN: 9780077476595
Fundamentals of Financial Accounting
5th Edition
ISBN: 9780078025914
Fundamentals of Financial Accounting
5th Edition
ISBN: 9781259140259
FUNDAMENTALS OF FINANCIAL ACCT W/CONNECT
5th Edition
ISBN: 9781307583960
Loose-leaf for Fundamentals of Financial Accounting with Connect
5th Edition
ISBN: 9781259619007
EBK FUNDAMENTALS OF FINANCIAL ACCOUNTIN
5th Edition
ISBN: 8220102801462
FUND.OF FIN.ACCT.-ACCESS >CUSTOM<
5th Edition
ISBN: 9781259685477
FUND OF FIN ACCT W/CONNECT (LL)>CUSTOM
5th Edition
ISBN: 9781259684654
FUND.OF FIN.ACCOUNTING W/CONNECT+ >IC<
15th Edition
ISBN: 9781308537849
FUND OF FIN ACCTG W/ CONNECT (LL) >BI<
16th Edition
ISBN: 9781260024500
Fundamentals of Financial Accounting - With Access
5th Edition
ISBN: 9781259695858
Fund. of Financial Accounting - With Access
5th Edition
ISBN: 9781259636240
Loose-leaf for Fundamentals of Financial Accounting
5th Edition
ISBN: 9781259115400
FUNDAMENTALS OF FINANCIAL ACCOUNTING
5th Edition
ISBN: 9781260195293
FUND.OF.FIN.ACCT.-CONNECT >CUSTOM<
5th Edition
ISBN: 9781259719226
Fundementals of Financial Accounting- Marist College with access code
16th Edition
ISBN: 9781308501451
Fundamentals of Financial Accounting (No connect)
5th Edition
ISBN: 9781308786131
Access Card To Accompany Financial Accounting Niagara County Community College Acc 116 2-semester Access Phillips
5th Edition
ISBN: 9781259663420
Connect 1 Semester Access Card for Fundamentals of Financial Accounting
5th Edition
ISBN: 9781259128547
Related Accounting Textbooks with Solutions
Still sussing out bartleby
Check out a sample textbook solution.