FUNDAMENTALS OF FINANCIAL ACCOUNTING6th EditionPHILLIPS Publisher: MCGRAW-HILL CUSTOM PUBLISHINGISBN: 9781260823875
FUNDAMENTALS OF FINANCIAL ACCOUNTING
Solutions for FUNDAMENTALS OF FINANCIAL ACCOUNTING
Problem 1Q:
Define the following: a. Asset b. Current asset c. Liability d. Current liability e. Common stock f....Problem 2Q:
Define a transaction anti give an example of each of the two types of events that are considered...Problem 3Q:
For accounting purposes, what is an account? Explain why accounts are used in an accounting system.Problem 4Q:
What is the basic accounting equation?Problem 9Q:
What is a T-account? What is its purpose?Problem 1MC:
Which of the following is not an asset account? a. Cash b. Land c. Equipment d. Common StockProblem 2MC:
Which of the following statements describe transactions that would be recorded in the accounting...Problem 3MC:
Total assets on a balance sheet prepared on any date must agree with which of the following? a. The...Problem 4MC:
The duality of effects can best be described as follows: a. When a transaction is recorded in the...Problem 5MC:
The T-account is used to summarize which of the following? a. Increases and decreases to a single...Problem 7MC:
A company was recently formed with 50,000 cash contributed to the company by stockholders for common...Problem 8MC:
Which of the following statements would be considered true regarding debits and credits? a. In any...Problem 3ME:
Matching Terms with Definitions Match each term with its related definition by entering the...Problem 8ME:
Identifying Events as Accounting Transactions Half Price Books is the countrys largest family-owned...Problem 9ME:
Determining Financial Statement Effects of Several Transactions For each of the following...Problem 10ME:
Preparing Journal Entries For each of the transactions in M2-9 (including the sample), write the...Problem 11ME:
Posting to T-Accounts For each of the transactions in M2-9 (including the sample), post the effects...Problem 12ME:
Reporting a Classified Balance Sheet Given the transactions in M2-9 (including the sample), prepare...Problem 15ME:
Identifying Transactions and Preparing Journal Entries Joel Henry founded Bookmart.com at the...Problem 2E:
Identifying Account Titles The following are independent situations. a. A company orders and...Problem 3E:
Classifying Accounts and Their Usual Balances As described in a recent annual report. Digital...Problem 4E:
Determining Financial Statement Effects of Several Transactions The following events occurred for...Problem 5E:
Recording Journal Entries Refer to E2-4. Required: For each of the events in E2-4, prepare journal...Problem 7E:
Recording Journal Entries Refer to E2-6. Required: 1. For each of the events in E2-6, prepare...Problem 8E:
Analyzing the Effects of Transactions in T-Accounts Mulkeen Service Company, Inc. was incorporated...Problem 9E:
Inferring Investing and Financing Transactions and Preparing a Balance Sheet Home Comfort Furniture...Problem 10E:
Analyzing Accounting Equation Effects, Recording Journal Entries, and Summarizing Financial...Problem 11E:
Recording Journal Entries and Preparing a Classified Balance Sheet Assume Down.com was organized on...Problem 12E:
Analyzing the Effects of Transactions Using T-Accounts; Preparing and Interpreting a Balance Sheet...Problem 13E:
Explaining the Effects of Transactions on Balance Sheet Accounts Using T-Accounts Heavey and Lovas...Problem 14E:
Calculating and Evaluating the Current Ratio Columbia Sportswear Company reported the following in...Problem 1CP:
Determining Financial Statement Effects of Various Transactions Ag Bio Tech (ABT) was organized on...Problem 2CP:
Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance; Preparing and...Problem 3CP:
Recording Transactions (in a Journal and T-Accounts); Preparing and Interpreting the Balance Sheet...Problem 2PA:
Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance; Preparing and...Problem 3PA:
Recording Transactions (in a Journal and T-Accounts); Preparing and Interpreting the Balance Sheet...Problem 1PB:
Determining Financial Statement Effects of Various Transactions Swish Watch Corporation...Problem 3PB:
Recording Transactions (in a Journal and T-Accounts); Preparing and Interpreting the Balance Sheet...Problem 1SDC:
Finding and Analyzing Financial Information Refer to the financial statements of The Home Depot in...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
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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