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 a criterion to recognize revenue under GAAP? A. The earnings process...Problem 2MC:
Which of the following best represents the matching principle criteria? A. Expenses are reported in...Problem 3MC:
If a customer pays with a credit card and the service has been provided, which of the following...Problem 4MC:
A car dealership sells a car to a customer for $35,000. The customer makes a 10% down payment, and...Problem 5MC:
Tines Commerce computes bad debt based on the allowance method. They determine their current years...Problem 6MC:
Doer Company reports year-end credit sales in the amount of $390,000 and accounts receivable of...Problem 7MC:
Balloons Plus computes bad debt based on the allowance method. They determine their current years...Problem 8MC:
Conner Pride reports year-end credit sales in the amount of $567,000 and accounts receivable of...Problem 9MC:
Which method delays recognition of bad debt until the specific customer accounts receivable is...Problem 10MC:
Which of the following estimation methods considers the amount of time past due when computing bad...Problem 11MC:
Which of the following best represents a positive product of a lower number of days sales in...Problem 12MC:
South Rims has an accounts receivable balance at the end of 2018 of $357,470. The net credit sales...Problem 13MC:
What information can best be elicited from a receivable ratio? A. company performance with current...Problem 14MC:
Ancient Grains Unlimited has an accounts receivable turnover ratio of 3.34 times. The net credit...Problem 15MC:
Which of the following is not a way to manage earnings? A. Change the method for bad debt...Problem 16MC:
Which of the following is true about earnings management? A. It works within the constraints of...Problem 17MC:
Which statement is most directly affected by a change to net income? A. balance sheet B. income...Problem 18MC:
Michelle Company reports $345,000 in credit sales and $267,500 in accounts receivable at the end of...Problem 19MC:
Which of the following is true of a maturity date? A. It must be calculated in days, not in months...Problem 20MC:
Mark Industries issues a note in the amount of $45,000 on August 1, 2018 in exchange for the sale of...Problem 21MC:
A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...Problem 22MC:
A company collects an honored note with a maturity date of 24 months from establishment, a 10%...Problem 23MC:
Orion Rentals is unable to collect on a note worth $25,000 and has accumulated interest of $250. It...Problem 1Q:
What is the matching principle?Problem 2Q:
A beverage wholesale outlet sells beverages by the case. On April 13, a customer purchased 18 cases...Problem 3Q:
On January 1, a flower shop contracts with customers to provide flowers for their wedding on June 2....Problem 4Q:
American Signs allows customers to pay with their Jones credit card and cash. Jones charges American...Problem 5Q:
Which account type is used to record bad debt estimation and is a contra account to Accounts...Problem 6Q:
Earrings Depot records bad debt using the allowance, balance sheet method. They recorded $97,440 in...Problem 7Q:
Racing Adventures records bad debt using the allowance, income statement method. They recorded...Problem 8Q:
Aron Larson is a customer of Bank Enterprises. Mr. Larson took out a loan in the amount of $120,000...Problem 9Q:
The following accounts receivable information pertains to Growth Markets LLC. What is the total...Problem 10Q:
What are bad debts?Problem 11Q:
What are some possible negative signals when the product of the accounts receivable turnover ratio...Problem 12Q:
Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales...Problem 13Q:
What are the two most common receivables ratios, and what do these ratios tell a stakeholder about...Problem 15Q:
What is an earnings management benefit from showing a reduced figure for bad debt expense?Problem 16Q:
Angelos Outlet used to report bad debt using the balance sheet method and is now switching to the...Problem 17Q:
What is an earnings management benefit from showing an increased figure for bad debt expense?Problem 19Q:
What is the installment method?Problem 21Q:
What is the completed contract method?Problem 22Q:
What is the percentage of completion method?Problem 23Q:
British Imports is unable to collect on a note worth $215,000 that has accumulated interest of $465....Problem 24Q:
Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms...Problem 25Q:
What is the principal of a note?Problem 26Q:
A customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer...Problem 3EA:
Consider the following transaction: On March 6, Fun Cards sells 540 card decks with a sales price of...Problem 4EA:
Window World extended credit to customer Nile Jenkins in the amount of $130,900 for his purchase of...Problem 5EA:
Millennium Associates records bad debt using the allowance, income statement method. They recorded...Problem 6EA:
Millennium Associates records bad debt using the allowance, balance sheet method. They recorded...Problem 7EA:
The following accounts receivable information pertains to Marshall Inc. Determine the estimated...Problem 8EA:
Using the following select financial statement information from Black Water Industries, compute the...Problem 9EA:
Using the following select financial statement information from Black Water Industries, compute the...Problem 10EA:
Millennial Manufacturing has net credit sales for 2018 in the amount of $1,433,630, beginning...Problem 11EA:
Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables....Problem 12EA:
Aerospace Electronics reports $567,000 in credit sales for 2018 and $632,500 in 2019. They have a...Problem 13EA:
Dortmund Stockyard reports $896,000 in credit sales for 2018 and $802,670 in 2019. It has a $675,000...Problem 14EA:
Arvan Patel is a customer of Banks Hardware Store. For Mr. Patels latest purchase on January 1,...Problem 15EA:
Resin Milling issued a $390,500 note on January 1, 2018 to a customer in exchange for merchandise....Problem 16EA:
Mystic Magic issued a $120,250 note on January 1, 2018 to a customer, Amy Arnold, in exchange for...Problem 3EB:
Consider the following transaction: On February 15, Darling Dolls sells 110 dolls with a sales price...Problem 4EB:
Laminate Express extended credit to customer Amal Sunderland in the amount of $244,650 for his...Problem 5EB:
Olena Mirrors records bad debt using the allowance, income statement method. They recorded $343,160...Problem 6EB:
Olena Mirrors records bad debt using the allowance, balance sheet method. They recorded $343,160 in...Problem 7EB:
The following accounts receivable information pertains to Envelope Experts. Determine the estimated...Problem 8EB:
Using the following select financial statement information from Mover Supply Depot, compute the...Problem 9EB:
Using the following select financial statement information from Mover Supply Depot, compute the...Problem 10EB:
Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts...Problem 11EB:
Outpost Designs uses the balance sheet aging method to account for uncollectible debt on...Problem 12EB:
Clovis Enterprises reports $845,500 in credit sales for 2018 and $933,000 in 2019. It has a $758,000...Problem 13EB:
Fortune Accounting reports $1,455,000 in credit sales for 2018 and $1,678,430 in 2019. It has an...Problem 14EB:
Anderson Air is a customer of Handler Cleaning Operations. For Anderson Airs latest purchase on...Problem 15EB:
Rain T-Shirts issued a $440,600 note on January 1, 2018 to a customer, Larry Potts, in exchange for...Problem 16EB:
Element Surfboards issued a $210,800 note on January 1, 2018 to a customer, Leona Marland, in...Problem 4PA:
Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The...Problem 5PA:
The following accounts receivable information pertains to Luxury Cruises. A. Determine the estimated...Problem 6PA:
Funnel Direct recorded $1,345,780 in credit sales for the year and $695,455 in accounts receivable....Problem 7PA:
Review the select information for Bean Superstore and Legumes Plus (industry competitors), and then...Problem 8PA:
The following select financial statement information from Candid Photography. Compute the accounts...Problem 9PA:
Noren Company uses the balance sheet aging method to account for uncollectible debt on receivables....Problem 10PA:
Elegant Universal uses the balance sheet aging method to account for uncollectible debt on...Problem 15PA:
Organics Plus is considering which bad debt estimation method works best for its company. It is...Problem 4PB:
Bristax Corporation recorded $1,385,660 in credit sales for the year, and $732,410 in accounts...Problem 5PB:
The following accounts receivable information pertains to Select Distributors. A. Determine the...Problem 6PB:
Ink Records recorded $2,333,898 in credit sales for the year and $1,466,990 in accounts receivable....Problem 7PB:
Review the select information for Liquor Plaza and Beer Buddies (industry competitors) and complete...Problem 8PB:
The following select financial statement information from Vortex Computing. Compute the accounts...Problem 9PB:
Elegant Linens uses the balance sheet aging method to account for uncollectible debt on receivables....Problem 10PB:
Goods for Less uses the balance sheet aging method to account for uncollectible debt on receivables....Problem 15PB:
Shimmer Products is considering which bad debt estimation method works best for its company. It is...Problem 1TP:
Review the new revenue recognition guidance issued by the Financial Accounting Standards Board...Problem 4TP:
You are considering two possible companies for investment purposes. The following data is available...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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