Principles of Accounting Volume 119th EditionOpenStax Publisher: OpenStax CollegeISBN: 9781947172685
Principles of Accounting Volume 1
Solutions for Principles of Accounting Volume 1
Problem 1MC:
Which of the following is not considered a current liability? A. Accounts Payable B. Unearned...Problem 2MC:
A company regularly purchases materials from a manufacturer on credit. Payments for these purchases...Problem 3MC:
The following is selected financial data from Block Industries: How much does Block Industries have...Problem 4MC:
A ski company takes out a $400,000 loan from a bank. The bank requires eight equal repayments of the...Problem 5MC:
Nido Co. has a standing agreement with a supplier for purchasing car parts. The terms of the...Problem 6MC:
A client pays cash in advance for a magazine subscription to Living Daily. Living Daily has yet to...Problem 7MC:
Lime Co. incurs a $4,000 note with equal principal installment payments due for the next eight...Problem 8MC:
Which of the following best describes a contingent liability that is likely to occur but cannot be...Problem 9MC:
Blake Department Store sells television sets with one-year warranties that cover repair and...Problem 10MC:
What accounts are used to record a contingent warranty liability that is probable and estimable but...Problem 11MC:
Which of the following best describes a contingent liability that is unlikely to occur? A. remote B....Problem 12MC:
Which of the following accounts are used when a short-term note payable with 5% interest is honored...Problem 13MC:
Which of the following is not a characteristic of a short-term note payable? A. Payment is due in...Problem 14MC:
Sunlight Growers borrows $250,000 from a bank at a 4% annual interest rate. The loan is due in three...Problem 15MC:
Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual...Problem 16MC:
An employee earns $8,000 in the first pay period. The FICA Social Security Tax rate is 6.2%, and the...Problem 17MC:
Which of the following is considered an employer payroll tax? A. FICA Medicare B. FUTA C. SUTA D. A...Problem 18MC:
Employees at Rayon Enterprises earn one day a month of vacation compensation (twelve days total each...Problem 19MC:
An employee and employer cost-share health insurance. If the employee covers three-fourths of the...Problem 4Q:
How is the sales tax rate usually determined? Does the company get to keep the sales tax as earned...Problem 5Q:
If Bergen Air Systems takes out a $100,000 loan, with eight equal principal payments due over the...Problem 6Q:
What amount is payable to a state tax board if the original sales price is $3,000, and the tax rate...Problem 8Q:
What is a contingent liability?Problem 10Q:
If a bankruptcy is deemed likely to occur and is reasonably estimated, what would be the recognition...Problem 11Q:
Name the four contingent liability treatments.Problem 12Q:
A companys sales for January are $250,000. If the company projects warranty obligations to be 5% of...Problem 13Q:
What is a key difference between a short-term note payable and a current portion of a noncurrent...Problem 14Q:
What business circumstance could bring about a short-term note payable created from a purchase?Problem 15Q:
What business circumstance could produce a short-term notes payable created from a loan?Problem 16Q:
Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual...Problem 17Q:
What are examples of involuntary deductions employers are required to collect for employee and...Problem 18Q:
What are the tax rates for FICA Social Security and FICA Medicare? What are the maximum taxable...Problem 19Q:
What are FUTA and SUTA taxes? Is there any possible reduction in the FUTA tax rate? If so, what is...Problem 20Q:
Use Figure 12.15 as a reference to answer the following questions. A. If an employee makes $1,400...Problem 1EA:
Campus Flights takes out a bank loan in the amount of $200,500 on March 1. The terms of the loan...Problem 2EA:
Consider the following accounts and determine if the account is a current liability, a noncurrent...Problem 3EA:
Lamplight Plus sells lamps to consumers. The company contracts with a supplier who provides them...Problem 4EA:
Review the following transactions and prepare any necessary journal entries for Olinda Pet Supplies....Problem 5EA:
Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises....Problem 6EA:
Elegant Electronics sells a cellular phone on September 2 for $450. On September 6, Elegant sells...Problem 7EA:
Homeland Plus specializes in home goods and accessories. In order for the company to expand its...Problem 8EA:
Bhakti Games is a chain of board game stores. Record entries for the following transactions related...Problem 9EA:
Following is the unadjusted trial balance for Sun Energy Co. on December 31, 2017. You are also...Problem 10EA:
Barkers Baked Goods purchases dog treats from a supplier on February 2 at a quantity of 6,000 treats...Problem 11EA:
Use information from EA10. Compute the interest expense due when Barkers honors the note. Show the...Problem 12EA:
Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank...Problem 13EA:
Following are payroll deductions for Mars Co. Classify each payroll deduction as either a voluntary...Problem 14EA:
Toren Inc. employs one person to run its solar management company. The employees gross income for...Problem 15EA:
In EA14, you prepared the journal entries for the employee of Toren Inc. You have now been given the...Problem 16EA:
An employee and employer cost-share pension plan contributions and health insurance premium...Problem 1EB:
Everglades Consultants takes out a loan in the amount of $375,000 on April 1. The terms of the loan...Problem 3EB:
Pianos Unlimited sells pianos to customers. The company contracts with a supplier who provides it...Problem 4EB:
Review the following transactions and prepare any necessary journal entries for Bernard Law Offices....Problem 5EB:
Review the following transactions and prepare any necessary journal entries for Lands Inc. A. On...Problem 6EB:
Monster Drinks sells twenty-four cases of beverages on October 18 for $120 per case. On October 25,...Problem 7EB:
McMasters Inc. specializes in BBQ accessories. In order for the company to expand its business, they...Problem 8EB:
Following is the unadjusted trial balance for Pens Unlimited on December 31, 2017. You are also...Problem 9EB:
Airplanes Unlimited purchases airplane parts from a supplier on March 19 at a quantity of 4,800...Problem 10EB:
Use information from EB9. Compute the interest expense due when Airplanes Unlimited honors the note....Problem 11EB:
Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from...Problem 12EB:
Reference Figure 12.15 and use the following information to complete the requirements. A. Determine...Problem 13EB:
Marc Associates employs Janet Evanovich at its law firm. Her gross income for June is $7,500....Problem 14EB:
In EB13, you prepared the journal entries for Janet Evanovich, an employee of Marc Associates. You...Problem 15EB:
An employee and employer cost-share 401(k) plan contributions, health insurance premium payments,...Problem 1PA:
Consider the following situations and determine (1) which type of liability should be recognized...Problem 2PA:
Stork Enterprises delivers care packages for special occasions. They charge $45 for a small package,...Problem 3PA:
Review the following transactions, and prepare any necessary journal entries for Renovation Goods....Problem 4PA:
Review the following transactions, and prepare any necessary journal entries for Juniper Landscaping...Problem 5PA:
Review the following transactions, and prepare any necessary journal entries. A. On July 16, Arrow...Problem 6PA:
Machine Corp. has several pending lawsuits against its company. Review each situation and (1)...Problem 7PA:
Emperor Pool Services provides pool cleaning and maintenance services to residential clients. It...Problem 8PA:
Serene Company purchases fountains for its inventory from Kirkland Inc. The following transactions...Problem 9PA:
Mohammed LLC is a growing consulting firm. The following transactions take place during the current...Problem 10PA:
Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and...Problem 1PB:
Consider the following situations and determine (1) which type of liability should be recognized...Problem 2PB:
Perfume Depot sells two different tiers of perfume products to customers. They charge $30 for tier 1...Problem 3PB:
Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc....Problem 4PB:
Review the following transactions and prepare any necessary journal entries for Woodworking...Problem 5PB:
Review the following transactions and prepare any necessary journal entries. A. On January 5, Bunnet...Problem 6PB:
Roundhouse Tools has several potential warranty claims as a result of damaged tool kits. Review each...Problem 7PB:
Shoe Hut sells custom, handmade shoes. It offers a one-year warranty on all shoes for repair or...Problem 8PB:
Air Compressors Inc. purchases compressor parts for its inventory from a supplier. The following...Problem 9PB:
Pickles R Us is a pickle farm located in the Northeast. The following transactions take place: A. On...Browse All Chapters of This Textbook
Chapter 1 - Role Of Accounting In SocietyChapter 2 - Introduction To Financial StatementsChapter 3 - Analyzing And Recording TransactionsChapter 4 - The Adjustment ProcessChapter 5 - Completing The Accounting CycleChapter 6 - Merchandising TransactionsChapter 7 - Accounting Information SystemsChapter 8 - Fraud, Internal Controls, And CashChapter 9 - Accounting For ReceivablesChapter 10 - Inventory
Sample Solutions for this Textbook
We offer sample solutions for Principles of Accounting Volume 1 homework problems. See examples below:
More Editions of This Book
Corresponding editions of this textbook are also available below:
CENGAGENOWV2 FOR OPENSTAX'S PRINCIPLES
1st Edition
ISBN: 9780357364796
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