Fundamentals Of Financial Accounting6th EditionPHILLIPS Publisher: MCGISBN: 9781260159516
Fundamentals Of Financial Accounting
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 combines an engaging writing style entrepreneurial focus and data-driven pedagogy in a balanced approach to Financial Accounting. Its extended coverage of the Accounting Cycle is proven to yield better short- and long-
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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