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 these statements is not one of the financial statements? A. income statement B. balance...Problem 2MC:
Stakeholders are less likely to include which of the following groups? A. owners B. employees C....Problem 3MC:
Identify the correct components of the income statement. A. revenues, losses, expenses, and gains B....Problem 4MC:
The balance sheet lists which of the following? A. assets, liabilities, and owners equity B....Problem 5MC:
Assume a company has a $350 credit (not cash) sale. How would the transaction appear if the business...Problem 6MC:
Which of the following statements is true? A. Tangible assets lack physical substance. B. Tangible...Problem 7MC:
Owners have no personal liability under which legal business structure? A. a corporation B. a...Problem 9MC:
Which of the following decreases owners equity? A. investments by owners B. losses C. gains D....Problem 10MC:
Exchanges of assets for assets have what effect on equity? A. increase equity B. may have no impact...Problem 11MC:
All of the following increase owners equity except for which one? A. gains B. investments by owners...Problem 12MC:
Which of the following is not an element of the financial statements? A. future potential sales...Problem 13MC:
Which of the following is the correct order of preparing the financial statements? A. income...Problem 14MC:
The three heading lines of financial statements typically include which of the following? A....Problem 15MC:
Which financial statement shows the financial performance of the company on a cash basis? A. balance...Problem 16MC:
Which financial statement shows the financial position of the company? A. balance sheet B. statement...Problem 17MC:
Working capital is an indication of the firms ________. A. asset utilization B. amount of noncurrent...Problem 2Q:
Define the term stakeholders. Identify two stakeholder groups, and explain how each group might use...Problem 3Q:
Identify one similarity and one difference between revenues and gains. Why is this distinction...Problem 4Q:
Identify one similarity and one difference between expenses and losses. Why is this distinction...Problem 5Q:
Explain the concept of equity, and identify some activities that affect equity of a business.Problem 6Q:
Explain the difference between current and noncurrent assets and liabilities. Why is this...Problem 7Q:
Identify/discuss one similarity and one difference between tangible and intangible assets.Problem 8Q:
Name the three types of legal business structure. Describe one advantage and one disadvantage of...Problem 9Q:
What is the accounting equation? List two examples of business transactions, and explain how the...Problem 10Q:
Identify the order in which the four financial statements are prepared, and explain how the first...Problem 11Q:
Explain how the following items affect equity: revenue, expenses, investments by owners, and...Problem 4EA:
For each independent situation below, place an (X) by the transactions that would be included in the...Problem 5EA:
For each of the following items, identify whether the item is considered current or noncurrent, and...Problem 6EA:
For the items listed below, indicate how the item affects equity (increase, decrease, or no impact....Problem 7EA:
Forest Company had the following transactions during the month of December. What is the December 31...Problem 8EA:
Here are facts for the Hudson Roofing Company for December. Assuming no investments or withdrawals,...Problem 9EA:
Prepare an income statement using the following information for DL Enterprises for the month of July...Problem 10EA:
Prepare a statement of owners equity using the information provided for Pirate Landing for the month...Problem 11EA:
Prepare a balance sheet using the following information for the Ginger Company as of March 31, 2019.Problem 4EB:
For each of the following independent situations, place an (X) by the transactions that would be...Problem 5EB:
For each of the following items, identify whether the item is considered current or noncurrent, and...Problem 6EB:
For the items listed below, indicate how the item affects equity (increase, decrease, or no impact)....Problem 7EB:
Gumbo Company had the following transactions during the month of December. What was the December 1...Problem 8EB:
Here are facts for Haileys Collision Service for January. Assuming no investments or withdrawals,...Problem 9EB:
Prepare an income statement using the following information for CK Company for the month of February...Problem 10EB:
Prepare a statement of owners equity using the following information for the Can Due Shop for the...Problem 11EB:
Prepare a balance sheet using the following information for Mikes Consulting as of January 31, 2019.Problem 1PA:
The following information is taken from the records of Baklava Bakery for the year 2019. A....Problem 2PA:
Each situation below relates to an independent companys owners equity. A. Calculate the missing...Problem 3PA:
The following information is from a new business. Comment on the year-to-year changes in the...Problem 4PA:
Each of the following situations relates to a different company. A. For each of these independent...Problem 5PA:
For each of the following independent transactions, indicate whether there was an increase, a...Problem 6PA:
Olivias Apple Orchard had the following transactions during the month of September, the first month...Problem 7PA:
Using the information in PA6, determine the amount of revenue and expenses for Olivias Apple Orchard...Problem 8PA:
The following ten transactions occurred during the July grand opening of the Pancake Palace. Assume...Problem 1PB:
The following information is taken from the records of Rosebloom Flowers for the year 2019. A....Problem 2PB:
Each situation below relates to an independent companys Owners Equity. A. Calculate the missing...Problem 3PB:
The following information is from a new business. Comment on the year-to-year changes in the...Problem 4PB:
Each of the following situations relates to a different company. A. For each of these independent...Problem 5PB:
For each of the following independent transactions, indicate whether there was an increase,...Problem 6PB:
Mateos Maple Syrup had the following transactions during the month of February, its first month in...Problem 7PB:
Using the information in PB6, determine the amount of revenue and expenses for Mateos Maple Syrup...Problem 1TP:
Choose three stakeholders (or stakeholder groups) for Walmart and prepare a written response for...Problem 2TP:
Assume you purchased ten shares of Roku during the companys IPO. Comment on why this might be a good...Problem 3TP:
A trademark is an intangible asset that has value to a business. Assume that you are an accountant...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
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More Editions of This Book
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CENGAGENOWV2 FOR OPENSTAX'S PRINCIPLES
1st Edition
ISBN: 9780357364796
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