Principles of Financial Accounting, Cha...22nd EditionWild Publisher: MCGISBN: 9781259582394
Principles of Financial Accounting, Cha...
Solutions for Principles of Financial Accounting, Chapters 1-17 - With Access (Looseleaf)
Problem 1MCQ:
Perpetual: Assume that Marvel uses a perpetual FIFO inventory system. What is the dollar value of...Problem 2MCQ:
Perpetual: Assume that Marvel uses a perpetual LIFO inventory system. What is the dollar value of...Problem 3MCQ:
Perpetual and Periodic: Assume that Marvel uses a specific identification inventory system. Its...Problem 4MCQ:
Periodic: Assume that Marvel uses a periodic FIFO inventors- system. What is the dollar value of its...Problem 6MCQ:
A company has cost of goods sold of 85,000 and ending inventory of 18,000. Its days sales in...Problem 1DQ:
Describe how costs flow from inventory to cost of goods sold for the following methods: (a) FIFO and...Problem 4DQ:
If costs are declining, will the LIFO or FIFO method of inventory valuation yield the lower cost of...Problem 8DQ:
If inventory errors are said to correct themselves, why are accounting users concerned when such...Problem 10DQ:
What is the meaning of market as it is used in determining the lower of cost or market for...Problem 13DQ:
When preparing interim financial statements, what two methods can companies utilize to estimate cost...Problem 1QS:
Inventory ownership Homestead Crafts, a distributor of handmade gifts, operates out of owner Emma...Problem 3QS:
Computing goods available for sale Wattan Company reports beginning inventory of 10 units at 60...Problem 4QS:
A company reports the following beginning inventory and two purchases for the month of January. On...Problem 5QS:
Perpetual: Inventory costing with FIFO P1 A company reports the following beginning inventory and...Problem 6QS:
Perpetual: Inventory costing with FIFO P1 A company reports the following beginning inventory and...Problem 7QS:
Perpetual: Inventory costing with FIFO P1 A company reports the following beginning inventory and...Problem 8QS:
Perpetual: Inventory costing with FIFO P1 A company reports the following beginning inventory and...Problem 9QS:
Perpetual: Inventory costing with FIFO P1 A company reports the following beginning inventory and...Problem 10QS:
Perpetual: Assigning costs with FIFO Trey Monson starts a merchandising business on December 1 and...Problem 11QS:
Perpetual: Assigning costs with FIFO P1 Trey Monson starts a merchandising business on December 1...Problem 12QS:
Perpetual: Assigning costs with FIFO P1 Trey Monson starts a merchandising business on December 1...Problem 13QS:
Perpetual: Assigning costs with FIFO P1 Trey Monson starts a merchandising business on December 1...Problem 14QS:
Perpetual: Assigning costs with FIFO P1 Trey Monson slam a merchandising business on December 1 and...Problem 15QS:
Perpetual: Assigning costs with FIFO P1 Trey Monson starts a merchandising business on December 1...Problem 16QS:
Perpetual: Assigning costs with FIFO P1 Trey Monson slam a merchandising business on December 1 and...Problem 17QS:
Perpetual: Assigning costs with FIFO P1 Trey Monson starts a merchandising business on December 1...Problem 18QS:
QS 5-18 Contrasting inventory costing methods
Identify the inventory costing method best described...Problem 21QS:
Analyzing inventory Endor Company begins the year with 140,000 of goods in inventory. At year-end,...Problem 2E:
Inventory costs Walberg Associates, antique dealers, purchased the contents of an estate for 75,000....Problem 3E:
Perpetual: Inventory costing methods P1 Laker Company reported the following January purchases and...Problem 4E:
Question: Laker Company reported the following January purchases and sales data for its only...Problem 7E:
Perpetual: Inventors- costing methodsFIFO and LIFO1 Hemming Co. reported the following current-year...Problem 8E:
Question: Refer to the information in Exercise 6-7. Ending inventory consists of 45 units from the...Problem 9E:
Question: Refer to the information in Exercise 6-7 and assume the periodic inventory system is used....Problem 10E:
Lower of cost or market Martinez Companys ending inventory includes the following items. Compute the...Problem 14E:
Periodic: Cost flow assumptions Lopez Company reported the following current-year data for its only...Problem 15E:
Periodic: Cost flow assumptions Floras Gifts reported the following current-month data for its only...Problem 17E:
Estimating ending inventorgross profit method On January 1, JKR Shop had 225,000 of inventory at...Problem 1AP:
Alternative cost flows Warnerwoods Company uses a perpetual inventory system. It entered into the...Problem 2AP:
Perpetual: Alternative cost flows P1 Warnerwoods Company uses a perpetual inventory system. It...Problem 3AP:
Alternative cost flows Montoure Company uses a perpetual inventory system. It entered into the...Problem 4AP:
Perpetual: Alternative cost flows P1 Montoure Company uses a perpetual inventory system. It entered...Problem 1BP:
Alternative cost flows Ming Company uses a perpetual inventory system. It entered into the following...Problem 2BP:
Perpetual: Alternative cost flows P1 Ming Company uses a perpetual inventory system. It entered into...Problem 3BP:
Perpetual: Alternative cost flows Aloha Company uses a perpetual inventory system. It entered into...Problem 9BP:
Retail inventory method The records of Macklin Co. provide the following information for the year...Problem 3BTN:
ETHICS CHALLENGE Golf Challenge Corp. is a retail sports store carrying golf apparel and equipment....Browse All Chapters of This Textbook
Chapter 1 - Accounting In BusinessChapter 2 - Analyzing And Recording TransactionsChapter 3 - Adjusting Accounts And Preparing Financial StatementsChapter 4 - Competing The Accouting CycleChapter 5 - Accounting For Merchandising OperationsChapter 6 - Inventories And Cost Of SalesChapter 7 - Accounting Information SystemsChapter 8 - Cash And Internal ControlsChapter 9 - Accounting For ReceivablesChapter 10 - Plant Assets, Natural Resources, And Intangibles
Chapter 11 - Current Liabilities And Payroll AccountingChapter 12 - Accounting For PartnershipsChapter 13 - Accounting For CorporationsChapter 14 - Long-term LiabilitiesChapter 15 - Investments And International OperationsChapter 16 - Reporting The Statement Of Cash FlowChapter 17 - Analysis Of Financial StatementsChapter 18 - Managerial Accounting Concepts And PrinciplesChapter 19 - Job Order CostingChapter 20 - Process CostingChapter 21 - Cost-volume-profit AnalysisChapter 22 - Master Budgets And PlanningChapter 23 - Flexible Budgets And Standard CostsChapter 24 - Performance Measurement And Responsibility AccountingChapter 25 - Capital Budgeting And Managerial DecisionsChapter B - Time Value Of MoneyChapter C - Activity-based Costing
Sample Solutions for this Textbook
We offer sample solutions for Principles of Financial Accounting, Chapters 1-17 - With Access (Looseleaf) homework problems. See examples below:
Historical cost principle: This is an accounting principle which states that the actual cost paid in...Liabilities: Liabilities are an obligation of the business to pay to the creditors in future for the...The arrangement of asset, liability and equity titles is as follows: Figure (1)Liabilities: Liabilities are an obligation of the business to pay to the creditors in future for the...Figure (1)The arrangement of asset, liability and equity titles in a table is as follows: Figure (1)Chapter 2, Problem 1MCQJournal entry: Journal entry is a set of economic events which can be measured in monetary terms....Option (a): If the Company forgot to record the accrued and unpaid wages of $350,000 will over-state...
Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to...Prepare the adjusting entries as of 31st December 2015. a. Prepare the adjusting entries to record...T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this...Prepare the adjusting entries as of 31st October 2015. a. Prepare the adjusting entries to record...T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this...Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Chapter 4, Problem 1MCQAdjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to...Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Income statement: The financial statement which reports revenues and expenses from business...Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Income statement: The financial statement which reports revenues and expenses from business...Closing entries: The journal entries prepared to close the temporary accounts to permanent account...Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to...Cost of goods sold indicates the costs involved for the inventory sold by the business in a specific...Perpetual Inventory System refers to the inventory system that maintains the detailed records of...Perpetual Inventory System refers to the inventory system that maintains the detailed records of...Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Perpetual Inventory System refers to the inventory system that maintains the detailed records of...Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Chapter 6, Problem 1MCQPeriodic inventory system: The method or system of recording the transaction related to inventory...Chapter 6, Problem 7EChapter 6, Problem 14EChapter 6, Problem 1APChapter 6, Problem 3APChapter 6, Problem 1BPChapter 6, Problem 3BPInventory turnover: This is the ratio which analyzes the number of times inventory is sold during...Inventory turnover: This is the ratio which analyzes the number of times inventory is sold during...Chapter 7, Problem 1DQBank reconciliation: Bank statement is prepared by bank. The company maintains its own records from...Gross method: The method of recording the inventory purchases without deducting any purchase...Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,...Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from...Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,...Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from...Cash and cash equivalents: Cash is the money readily available in the form of currency. Cash...Chapter 9, Problem 1MCQBad debt expense: Bad debt expense is an expense account. The amounts of loss incurred from...Credit card: Credit card is an electronic card, which allows the credit card holders to buy...a. Bad debt expense: Bad debt expense is an expense account. The amounts of loss incurred from...Note receivable: Note receivable refers to a written promise for the amounts to be received within a...Credit card: Credit card is an electronic card, which allows the credit card holders to buy...a. Bad debt expense: Bad debt expense is an expense account. The amounts of loss incurred from...Chapter 10, Problem 1MCQJournal entry: Journal entry is a set of economic events which can be measured in monetary terms....Lump-Sum purchase: If a company purchases a group of assets collectively and a lump sum amount is...Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Lump-Sum purchase: If a company purchases a group of assets collectively and a lump sum amount is...Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....The percent of the original cost of property and equipment that remains to be depreciated is...Chapter 11, Problem 1MCQPayroll tax: Payroll tax refers to the tax that are equally contributed by employees and employer...Payroll tax: Payroll tax refers to the tax that are equally contributed by employees and employer...Notes payable: Notes Payable is a written promise to pay a certain amount on a future date, with...Warranty expense: Warranty expenses are those costs that a business expects to or has already...Notes payable: Notes Payable is a written promise to pay a certain amount on a future date, with...Warranty expense: Warranty expenses are those costs that a business expects to or has already...Times interest earned ratio: Times interest earned quantifies the number of times the earnings...Assets: These are the resources owned and controlled by business and used to produce benefits for...Partnership: A partnership is an unincorporated form of business which is formed by an agreement,...Partnership: A partnership is an unincorporated form of business which is formed by an agreement,...(a) To record the sale of inventory. DateAccounts title and explanation Debit ($) Credit ($)...Partnership: A partnership is an unincorporated form of business which is formed by an agreement,...(a) To record the sale of equipment. DateAccounts title and explanation Debit ($) Credit ($)...Chapter 13, Problem 1MCQStock dividends: Stock dividends are the number of shares issued by a company to the existing...Stock dividends: Stock dividends are the number of shares issued by a company to the existing...Treasury stock: The shares which were reacquired or bought back by the company, but not formally...Treasury stock: The shares which were reacquired or bought back by the company, but not formally...Market value: Market value is the price at which, both seller and buyer agree to exchange the...Treasury stock: The shares which were reacquired or bought back by the company, but not formally...Market value: Market value is the price at which, both seller and buyer agree to exchange the...Chapter 14, Problem 1MCQCalculate the semi-annual interest. Semi-annual interest payment)=Par value of bond×Interest...Bonds: Bonds are long-term promissory notes that are represented by a company while borrowing money...Prepare the journal entry to record issuance of notes as follows: DateAccount titles and...Bonds: 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...Bonds: Bonds are long-term promissory notes that are issued by a company while borrowing money from...1. Selling price of bond: Selling price of bond is the sum of present value of interest payments...Bonds: Bonds are long-term promissory notes that are represented by a company while borrowing money...Bonds: Bonds are long-term promissory notes that are issued by a company while borrowing money from...Working note: Debt investment: Debt investments refer to the investments made in debt instrument by...Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Chapter 16, Problem 1MCQStatement of cash flows: Statement of cash flows reports all the cash transactions which are...Statement of cash flows: Statement of cash flows reports all the cash transactions which are...Statement of cash flows: Statement of cash flows reports all the cash transactions which are...Statement of cash flows: Statement of cash flows reports all the cash transactions which are...Statement of cash flows: Statement of cash flows reports all the cash transactions which are...Statement of cash flows: Statement of cash flows reports all the cash transactions which are...Statement of cash flows: Statement of cash flows reports all the cash transactions which are...Statement of cash flows: Statement of cash flows reports all the cash transactions which are...Horizontal analysis: The comparison of an item of a financial statement of one year against the same...Days’ sales uncollected: This ratio is used to determine the number of days a particular company...1) Current ratio: Current ratio is one of the liquidity ratios, which measures the capacity of the...Chapter 17, Problem 5AP1) Current ratio: Current ratio is one of the liquidity ratios, which measures the capacity of the...Chapter 17, Problem 5BPGross margin ratio: The percentage of gross profit generated by every dollar of net sales is...Continuous improvement: “Continuous improvement rejects the notions of good enough or acceptable”...The income statement is a financial statement which reports revenues and expenses from business...Cost of goods manufactured refers to the cost incurred for a making a product, that are available...Cost of goods manufactured refers to the cost incurred for a making a product, that are available...Overhead application rate: Overhead application rate refers to device that is used by the business...Job order costing: Job order costing is one of the methods of cost accounting under which cost is...Job order costing: Job order costing is one of the methods of cost accounting under which cost is...Job order costing: Job order costing is one of the methods of cost accounting under which cost is...Job order costing: Job order costing is one of the methods of cost accounting under which cost is...Job order costing: Job order costing is one of the methods of cost accounting under which cost is...Job order costing: Job order costing is one of the methods of cost accounting under which cost is...Equivalents units of production (EUP): Equivalents units are a measure of the work done during an...Equivalents units for production (EUP): Equivalents units are a measure of the work done during an...Equivalents units for production: The activity of a processing department in terms of fully...Process cost summary: Process cost summary is prepared separately for each production department or...Determine the number of units transferred to finished goods. Units transferred to finished goods...Equivalents units for production: The activity of a processing department in terms of fully...Process cost summary: Process cost summary is prepared separately for each production department or...Determine the number of units transferred to finished goods. Units transferred to finished goods...Process Costing: Process costing is method of cost accounting in which all the costs that are...Contribution Margin: It is defined as the difference between the sales and the variable cost....Break-Even Point: It is the point of sales at which entity neither earns a profit nor suffers a...Break-Even Point: It is the point of sales at which entity neither earns a profit nor suffers a...Break-even Point: It refers to a point in the level of operations at which a company experiences its...Break-Even Point: It is the point of sales at which entity neither earns a profit nor suffers a...Break-Even Point: It is the point of sales at which entity neither earns a profit nor suffers a...Break-Even Point: It is the point of sales at which entity neither earns a profit nor suffers a...Break-even Point: It refers to a point in the level of operations at which a company experiences its...Break-Even Point: It is the point of sales at which entity neither earns a profit nor suffers a...Production Budget: A budget to be prepared on the basis of expected sales and desired finished goods...Budgeted Income Statement The statement that indicates the expected profitability of operations for...Sales Budget: The sales budget is the budget prepared to estimate the revenue, the expected number...Cash receipts Budget: This budget gives an estimation of all the cash inflows of a business for the...Sales Budget: The sales budget is the budget prepared to estimate the revenue, the expected number...Sales Budget: The sales budget is the budget prepared to estimate the revenue, the expected number...Cash receipts Budget: This budget gives an estimation of all the cash inflows of a business for the...Sales Budget: The sales budget is the budget prepared to estimate the revenue, the expected number...Fixed Costs: Companies incur some costs that are not flexible according to the units produced. Those...Direct material price variance: The variation in between actual price and estimated price paid for...Direct material price variance: The variation in between actual price and estimated price paid for...Direct material price variance: The variation in between actual price and estimated price paid for...Direct Labor Rate Variance The direct labor rate variance is a measure to determine the variation in...Overhead Budget: Overhead budget is prepared to predict the manufacturing costs, other than direct...Direct material price variance: The variation in between actual price and estimated price paid for...Overhead Budget: Overhead budget is prepared to predict the manufacturing costs, other than direct...Direct material price variance: The variation in between actual price and estimated price paid for...Joint cost: The total cost incurred to produce or manufacture or process, more than two products at...Joint cost: The total cost incurred to produce or manufacture or process, more than two products at...Compute the allocated cost of the sold items: PartsMarket value% of totalAllocated costCost per...Department: A division of the company or an organization which performs the functions of the company...Department: A division of the company or an organization which performs the functions of the company...Incremental revenue: Incremental revenue refers to the difference in the total revenue earned when...Cash inflows: The amount of cash received by a company from the operating, investing, and financing...Cash flow: Cash flow is the monetary consideration (return or income) received by the business for...Income statement: The financial statement which reports revenues and expenses from business...Contribution margin: Contribution margin is a measurement of performance where only revenue and...Prepare a three-column report for (a) the company’s total expenses – column 1, (b) the expenses that...Cash inflows: The amount of cash received by a company from the operating, investing, and financing...Cash flow: Cash flow is the monetary consideration (return or income) received by the business for...Contribution margin: Contribution margin is a measurement of performance where only revenue and...Prepare a three-column report for (a) the company’s total expenses – column 1, (b) the expenses that...Future value: The future value is value of present amount compounded at an interest rate until a...Chapter B, Problem 18EChapter C, Problem 1DQ
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PRINCIPLES OF FINANCIAL ACCOUNTING
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