Solutions for Fundamentals Of Financial Accounting
Problem 2Q:
When accounting was developed in the 14th and 15th centuries, some businesses had very short lives....Problem 7Q:
What is a performance obligation?Problem 8Q:
How do you report revenue from a contract that contains more than one performance obligation but...Problem 12Q:
Complete the following table by entering either debit or credit in each cell: Item Increase Decrease...Problem 13Q:
Complete the following table by entering either increase or decrease in each cell: Item Debit Credit...Problem 17Q:
What is the difference between Accounts Payable for advertising and Advertising Expense?Problem 18Q:
For each of the following situations, indicate whether it represents an accounting error and explain...Problem 1MC:
Which of the following items is not a specific account in a companys accounting records? a. Accounts...Problem 2MC:
Which of the following accounts normally has a debit balance? a. Deferred Revenue b. Rent Expense c....Problem 4MC:
Which of the following would the core revenue recognition principle consider a contract? a. A...Problem 5MC:
If a company incorrectly records a payment as an asset, rather than as an expense, how will this...Problem 8MC:
Which account is least likely to be debited when revenue is recorded? a. Accounts Payable b....Problem 9MC:
Webby Corporation reported the following amounts on its income statement: service revenues, 32,500;...Problem 10MC:
Which of the following is the entry to be recorded by a law firm when it receives a payment from a...Problem 1ME:
Identifying Performance Obligations Lakeside Indoor Tennis Club (LITC) sells a tennis membership for...Problem 3ME:
Identifying Accrual Basis Revenues The following transactions are July activities of Bills Extreme...Problem 4ME:
Identifying Accrual Basis Expenses The following transactions are July activities of Bills Extreme...Problem 5ME:
Recording Accrual Basis Revenues For each of the transactions in M3-2, write the journal entry using...Problem 6ME:
Recording Accrual Basis Expenses For each of the transactions in M3-3, write the journal entry using...Problem 11ME:
Identifying Accrual Basis Expenses The following transactions are February activities of Swing Hard...Problem 13ME:
Recording Accrual Basis Expenses For each of the transactions in M3-10, write the journal entry...Problem 15ME:
Preparing Accrual Basis Journal Entries for Business Activities Junktrader is an online company that...Problem 16ME:
Preparing Accrual Basis Journal Entries for Business Activities An international childrens charity...Problem 17ME:
Preparing Accrual Basis Journal Entries and Reporting Financial Statements Andys Autobody Shop has...Problem 18ME:
Determining the Accounting Equation Effects of Operating Activities Involving Revenues The following...Problem 20ME:
Preparing an Income Statement and Calculating Net Profit Margin Given the transactions in M3-17 and...Problem 21ME:
Preparing Financial Statements from a Trial Balance The following accounts are taken from...Problem 22ME:
Preparing an Income Statement and Calculating Net Profit Margin For each of the following items in...Problem 23ME:
Calculating and Interpreting Net Profit Margin Expedia and Priceline compete as online travel...Problem 24ME:
Calculating and Interpreting Net Profit Margin Kijijo Auctions runs an online auction company. Its...Problem 1E:
Matching Definitions with Terms Match each definition with its related term by entering the...Problem 2E:
Matching Definitions with Terms Match each definition with its related term by entering the...Problem 3E:
Identifying Performance Obligations and Timing Revenue Recognition Sirius XM Holdings Inc. sells a...Problem 4E:
Identifying Accrual Basis Revenues According to the revenue recognition principle, revenues should...Problem 5E:
Identifying Accrual Basis Revenues According to the revenue recognition principle, revenues should...Problem 6E:
Identifying Accrual Basis Expenses Under accrual basis accounting, expenses are recognized when...Problem 7E:
Identifying Accrual Basis Expenses Under accrual basis accounting, expenses are recognized when...Problem 8E:
Determining Accounting Equation Effects and Net Income The following transactions occurred during a...Problem 9E:
Determining Accounting Equation Effects and Net Income Wolverine World Wide, Inc., manufactures...Problem 10E:
Recording Journal Entries and Determining Net Income Sysco, formed in 1969, is Americas largest...Problem 12E:
Recording Journal Entries and Determining Net Income and Net Profit Margin Rowland Sons Air...Problem 13E:
Recording and Posting Accrual Basis Journal Entries, and Preparing an Unadjusted Trial Balance and...Problem 14E:
Analyzing Transactions from the Perspectives of Different Companies Over-the-Top Technologies (OTT)...Problem 16E:
Determining Accounting Equation Effects of Several Transactions In January, Tongo, Inc., a branding...Problem 17E:
Preparing Journal Entries For each of the transactions in E3-16 (including the sample), write the...Problem 19E:
Creating an Unadjusted Trial Balance Based on the transactions posted to T-accounts in E3-18, create...Problem 20E:
Inferring Transactions, Creating Financial Statements, and Calculating Net Profit Margin An analysis...Problem 21E:
Determining the Effects of Various Transactions EZ Reader was founded in January to provide text...Problem 1CP:
COACHED PROBLEMS Recording Nonquantitative Journal Entries The following list includes a series of...Problem 2PA:
Recording Journal Entries Diana Mark is the president of ServicePro, Inc., a company that provides...Problem 3PA:
Analyzing the Effects of Transactions Using T-Accounts, Preparing an Unadjusted Trial Balance, and...Problem 3PB:
Analyzing the Effects of Transactions Using T-Accounts, Preparing an Unadjusted Trial Balance, and...Problem 4PB:
Analyzing, Journalizing, and Interpreting Business Activities The following items present a sample...Problem 1SDC:
Finding Financial Information Refer to the financial statements of The Home Depot in Appendix A at...Problem 2SDC:
Comparing Financial Information Refer to the financial statements of The Home Depot in Appendix A...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...
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