Solutions for Fundamentals Of Financial Accounting
Problem 2Q:
Explain the relationships between adjustments and the following Chapter 3 concepts: (a) the time...Problem 5Q:
What is a contra-asset? Give an example of one.Problem 8Q:
On December 31, a company makes a 59,000 payment for renting a warehouse in January, February, and...Problem 9Q:
Using the information in question 8, determine the amounts and accounts that will be reported on the...Problem 10Q:
Using the information in question 8, prepare the journal entry and adjusting journal entries to be...Problem 11Q:
What is the equation for each of the following statements: (a) income statement, (b) balance sheet,...Problem 13Q:
What is the purpose of closing journal entries?Problem 16Q:
What is a post-closing trial balance? Is it a useful part of the accounting cycle? Explain.Problem 17Q:
The owner of a local business complains that the adjustments process consumes a lot of time and...Problem 1MC:
Which of the following accounts would not appear in a closing journal entry? a. Interest Revenue b....Problem 2MC:
Which account is least likely to appear in an adjusting journal entry? a. Cash b. Interest...Problem 3MC:
When a concert promotions company collects cash for ticket sales two months in advance of the show...Problem 4MC:
On December 31, an adjustments made to reduce unearned revenue and report (earned) revenue. How many...Problem 5MC:
An adjusting journal entry to recognize accrued salaries payable would cause which of the following?...Problem 7MC:
Company A has owned a building for several years. Which of the following statements regarding...Problem 8MC:
Which of the following trial balances is used as a source for preparing the income statement? a....Problem 9MC:
Assume the balance in Prepaid Insurance is 2,500 but it should be 1,500. The adjusting journal entry...Problem 10MC:
Assume a company receives a bill for 10,000 for advertising done during the current year. If this...Problem 2ME:
Understanding Concepts Related to Adjustments Match each situation below to two applicable reasons...Problem 3ME:
Matching Transactions with Type of Adjustment Match each transaction with the type of adjustment...Problem 4ME:
Recording Adjusting Journal Entries Using the information in M4-3. Prepare the adjusting journal...Problem 5ME:
Determine Accounting Equation Effects of Deferral Adjustments For each of the following transactions...Problem 7ME:
Determining Accounting Equation Effects of Accrual Adjustments For each of the following...Problem 8ME:
Recording Adjusting Journal Entries Using be information in M4-7, prepare the adjusting journal...Problem 9ME:
Preparing Journal Entries for Deferral Transactions and Adjustments For each of the following...Problem 10ME:
Preparing Journal Entries for Deferral Transactions and Adjustments For each of the following...Problem 11ME:
Preparing Journal Entries for Deferral and Accrual Adjustments Service Pro Corp (SPC) is preparing...Problem 12ME:
Reporting Adjusted Account Balances Indicate whether each of the following accounts would be...Problem 13ME:
Preparing an Adjusted Trial Balance Macro Company has the following adjusted accounts and balances...Problem 14ME:
Reporting an Income Statement The Sky Blue Corporation has the following adjusted trial balance at...Problem 15ME:
Reporting a Statement of Retained Earnings Refer to M4-14. Prepare a statement of retained earnings...Problem 17ME:
Recording Closing Journal Entries Refer to the adjusted trial balance in M4-14. Prepare closing...Problem 18ME:
Preparing and Posting Adjusting Journal Entries At December 31, the unadjusted trial balance of HR...Problem 19ME:
Preparing and Posting Adjusting Journal Entries At December 31, the unadjusted trial balance of HR...Problem 2E:
Identifying Adjustments and Preparing Financial Statements from a Trial Balance FedEx Corporation...Problem 4E:
Determining Adjustments and Accounting Equation Effects Mobo, a wireless phone earrier, completed...Problem 5E:
Determining Adjustments and Accounting Equation Effects Mobo, a wireless phone carrier, completed...Problem 6E:
Determining Adjustments and Accounting Equation Effects Fes Company is making adjusting journal...Problem 7E:
Recording Adjusting Journal Entries Refer to E4-6. Required: Prepare adjusting journal entries at...Problem 8E:
Recording Typical Adjusting Journal Entries Jaworskis Ski Store is completing the accounting process...Problem 9E:
Determining Accounting Equation Effects of Typical Adjusting Journal Entries Refer to E4-8....Problem 10E:
Determining Adjusted Income Statement Account Balances Partial comparative income statements are...Problem 11E:
Reporting Depreciation The adjusted trial balance for Rowdy Profits Corporation reports that its...Problem 12E:
Recording Transactions Including Adjusting and Closing Journal Entries The following accounts are...Problem 13E:
Analyzing the Effects of Adjusting Journal Entries on the Income Statement and Balance Sheet On...Problem 14E:
Reporting an Adjusted Income Statement Dyer, Inc., completed its first year of operations on...Problem 15E:
Recording Adjusting Entries and Preparing an Adjusted Trial Balance North Star prepared the...Problem 16E:
Recording Four Adjusting Journal Entries and Preparing an Adjusted Trial Balance Mint Cleaning Inc....Problem 17E:
Recording Four Adjusting Journal Entries and Preparing an Adjusted Trial Balance Mint Cleaning Inc....Problem 19E:
Analyzing, Recording, and Summarizing Business Activities and Adjustments The following relates to a...Problem 20E:
Preparing Adjusting Entries, an Adjusted Trial Balance, and Financial Statements Bills Boards (BB)...Problem 1CP:
Preparing an Adjusted Trial Balance, Closing Journal Entry, and Post-Closing Trial Balance The...Problem 2CP:
Analyzing and Recording Adjusting Journal Entries Jordan Companys annual accounting year ends on...Problem 4CP:
Identifying and Preparing Adjusting Journal Entries Golf Academy, Inc., provides private golf...Problem 1PA:
Preparing a Trial Balance, Closing Journal Entry, and Post-Closing Trial Balance Starbooks...Problem 2PA:
Analyzing and Recording Adjusting Journal Entries Brokeback Towing Company is at the end of its...Problem 4PA:
Identifying and Preparing Adjusting Journal Entries Vals Hair Emporium operates a hair salon. Its...Problem 1PB:
Preparing a Trial Balance, Closing Journal Entry, and Post-Closing Trial Balance Regis Corporation...Problem 2PB:
Recording Adjusting Journal Entries Cactus Companys annual accounting year ends on June 30. Assume...Problem 3PB:
Determining Accounting Equation Effects of Adjusting Journal Entries Refer to PB4-2. Required:...Problem 4PB:
Identifying and Preparing Adjusting Journal Entries Learn to Play, Inc., is a one-person company...Problem 1COP:
From Recording Transactions to Preparing Accrual and Deferral Adjustments and Reporting Results on...Problem 3COP:
Recording Transactions (Including Adjusting Journal Entries), Preparing Financial Statements and...Problem 4COP:
From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements...Problem 5COP:
From Recording Transactions to Preparing Accrual and Deferral Adjustments and Reporting Results on...Problem 1SDC:
Finding Financial Information Refer to the financial statements of The Home Depot in Appendix A at...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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