Solutions for Financial Accounting
Problem 4DQ:
eCatalog Services Company performed services in October for a specific customer for a fee of 7,890....Problem 5DQ:
If the two totals of a trial balance are equal, does it mean that there are no errors in the...Problem 6DQ:
Assume that a trial balance is prepared with an account balance of 8,900 listed as 9,800 and an...Problem 7DQ:
Assume that when a purchase of supplies of 2,650 for cash was recorded, both the debit and the...Problem 8DQ:
Assume that Muscular Consulting erroneously recorded the payment of 7,500 of owner withdrawals as a...Problem 9DQ:
Assume that Sunshine Realty Co. borrowed 300,000 from Columbia First Bank and Trust. In recording...Problem 10DQ:
Checking accounts are a common form of deposits for banks. Assume that Surety Storage has a checking...Problem 1PEA:
State for each account whether it is likely to have (a) debit entries only, (b) credit entries only,...Problem 1PEB:
State for each account whether it is likely to have (a) debit entries only, (b) credit entries only,...Problem 4PEA:
Prepare a journal entry on December 23 for the withdrawal of 20,000 by Steve Buckley for personal...Problem 4PEB:
Prepare a journal entry on June 30 for the withdrawal of 11,500 by Dawn Pierce for personal use.Problem 5PEB:
On August 1, the supplies account balance was 1,025. During August, supplies of 3,110 were...Problem 6PEA:
For each of the following errors, considered individually, indicate whether the error would cause...Problem 6PEB:
For each of the following errors, considered individually, indicate whether the error would cause...Problem 7PEA:
The following errors took place in journalizing and posting transactions: a. Rent expense of 4,650...Problem 7PEB:
The following errors took place in journalizing and posting transactions: a. The receipt of 8,400...Problem 8PEB:
Two income statements for Paragon Company follow: Prepare a horizontal analysis of Paragon Companys...Problem 1E:
The following accounts appeared in recent financial statements of Delta Air Lines: Identify each...Problem 2E:
Innerscape Interiors is owned and operated by Jackie Vargo, an interior decorator. In the ledger of...Problem 3E:
LeadCo School is a newly organized business that teaches people how to inspire and influence others....Problem 4E:
The following table summarizes the rules of debit and credit. For each of the items (a) through (l),...Problem 5E:
During the month, Gates Labs Co. has a substantial number of transactions affecting each of the...Problem 6E:
Identify each of the following accounts of Kaiser Services Co. as asset, liability, owners equity,...Problem 7E:
Jardine Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable;...Problem 8E:
On January 7, 2016, Captec Company purchased 4,175 of supplies on account. In Captec Companys chart...Problem 9E:
The following selected transactions were completed during August of the current year: 1. Billed...Problem 10E:
During the month, Warwick Co. received 515,000 in cash and paid out 375,000 in cash. a. Do the data...Problem 11E:
a. During February, 186,500 was paid to creditors on account, and purchases on account were 201,400....Problem 12E:
As of January 1, Terrace Waters, Capital had a credit balance of 500,000. During the year,...Problem 13E:
Wyoming Tours Co. is a travel agency. The nine transactions recorded by Wyoming Tours during June...Problem 14E:
Based upon the T accounts in Exercise 2-13, prepare the nine journal entries from which the postings...Problem 15E:
Based upon the data presented in Exercise 2-13, (a) prepare an unadjusted trial balance, listing the...Problem 16E:
The accounts in the ledger of Hickory Furniture Company as of December 31, 2016, are listed in...Problem 17E:
Indicate which of the following errors, each considered individually, would cause the trial balance...Problem 18E:
The following preliminary unadjusted trial balance of Ranger Co., a sports ticket agency, does not...Problem 19E:
The following errors occurred in posting from a two-column journal: 1. A credit of 6,000 to Accounts...Problem 21E:
The following errors took place in journalizing and posting transactions: a. Insurance of 18,000...Problem 22E:
The following errors took place in journalizing and posting transactions: a. Cash of 8,800 received...Problem 23E:
The following data (in millions) are taken from the financial statements of Target Corporation: a....Problem 1PA:
Kimberly Manis, an architect, opened an office on January 1, 2016. During the month, she completed...Problem 2PA:
On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following...Problem 3PA:
On November 1, 2016, Patty Cosgrove established an interior decorating business, Classic Designs....Problem 4PA:
Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted...Problem 5PA:
The Colby Group has the following unadjusted trial balance as of August 31, 2016: The debit and...Problem 1PB:
Ken Jones, an architect, opened an office on April 1, 2016. During the month, he completed the...Problem 2PB:
On August 1, 2016, Rafael Masey established Planet Realty, which completed the following...Problem 3PB:
On October 1, 2016, Jay Pryor established an interior decorating business, Pioneer Designs. During...Problem 5PB:
Tech Support Services has the following unadjusted trial balance as of January 31, 2016: The debit...Problem 1COP:
The transactions completed by PS Music during June 2016 were described at the end of Chapter 1. The...Problem 1CP:
At the end of the current month, Gil Frank prepared a trial balance for College App Services. The...Browse All Chapters of This Textbook
Chapter 1 - Introduction To Accounting And BusinessChapter 2 - Analyzing TransactionsChapter 3 - The Adjusting ProcessChapter 4 - Completing The Accounting CycleChapter 5 - Accounting SystemsChapter 6 - Accounting For Merchandising BusinessesChapter 7 - InventoriesChapter 8 - Sarbanes-oxley, Internal Control, And CashChapter 9 - ReceivablesChapter 10 - Fixed Assets And Intangible Assets
Chapter 11 - Current Liabilities And PayrollChapter 12 - Accounting For Partnerships And Limited Liability CompaniesChapter 13 - Corporations: Organization, Stock Transactions, And DividendsChapter 14 - Long-term Liabilities: Bonds And NotesChapter 15 - Investments And Fair Value AccountingChapter 15.MJ - Mornin's JoeChapter 16 - Statement Of Cash FlowsChapter 17 - Financial Statement AnalysisChapter B - Reversing EntriesChapter D - International Financial Reporting Standards(ifrs)
Book Details
Market-leading Warren/Reeve/Duchac's FINANCIAL ACCOUNTING has been on the forefront of innovation and change based on the needs of today's teaching and learning environment. Warren/Reeve/Duchac's FINANCIAL ACCOUNTING 14E and CengageNOW help elevate thinking with content that addresses each stage of the learning process from motivation to mastery. This integrated system motivates students to learn, provides practice opportunities to better prepare for exams, and helps students achieve mastery with tools to help them make connections and see the big picture. The Complete Learning System in FINANCIAL ACCOUNTING and CengageNOWv2 is built around the way students use textbooks and online resources to learn, study and complete homework, allowing them to achieve ultimate success in this course. New to this edition, the authors have created innovative content that is focused on unique student and instructor needs before and after lecture-and the type of activities best-suited to each point in learning. New content such as the author-written Dynamic Exhibits allow students to change the variables in a scenario and see how a change ripples through the accounting system, helping students understand how concepts relate to one another. Dynamic Exhibits allow students to see connections and relationships like never before! The end goal of Warren/Reeve/Duchac's FINANCIAL ACCOUNTING and CengageNOWv2 is to elevate thinking and create more empowered and prepared students-ready to take on the rest of their educational and career goals.
Sample Solutions for this Textbook
We offer sample solutions for Financial Accounting homework problems. See examples below:
Users of accounting information: People who rely on accounting information to make best decisions or...Chapter 1, Problem 3PEAChapter 1, Problem 3PEBChapter 1, Problem 20EChapter 1, Problem 6PAChapter 1, Problem 5PBChapter 1, Problem 6PBChapter 2, Problem 1DQChapter 2, Problem 3PA
Chapter 2, Problem 4PAChapter 2, Problem 2PBChapter 2, Problem 3PBJournal: Journal is the book of original entry. Journal consists of the day today financial...Chapter 2, Problem 1COPChapter 3, Problem 1DQChapter 3, Problem 3PAChapter 3, Problem 4PAChapter 3, Problem 5PAChapter 3, Problem 3PBChapter 3, Problem 4PBChapter 3, Problem 5PBChapter 3, Problem 1COPSpreadsheet: A spreadsheet is a worksheet. It is used while preparing a financial statement. It is a...Chapter 4, Problem 3PAChapter 4, Problem 4PAChapter 4, Problem 5PAChapter 4, Problem 4PBChapter 4, Problem 5PBChapter 4, Problem 1CPPChapter 5, Problem 1DQChapter 5, Problem 1PAChapter 5, Problem 2PAChapter 5, Problem 4PAChapter 5, Problem 5PAChapter 5, Problem 2PBGeneral Ledger: General ledger refers to the ledger that records all the transactions of the...The following table shows the differences between a merchandising business and service business....Chapter 6, Problem 2PAPerpetual Inventory System refers to the Merchandise Inventory system that maintains the detailed...Chapter 6, Problem 4PAChapter 6, Problem 1PBChapter 6, Problem 2PBChapter 6, Problem 3PBChapter 6, Problem 4PBChapter 6, Problem 1COPInventory: Inventory refers to the raw materials, work in progress, and finished goods that are held...Chapter 7, Problem 21EChapter 7, Problem 4PAPeriodic Inventory System: Periodic inventory system is a system, in which the inventory is updated...Chapter 7, Problem 4PBChapter 7, Problem 5PBChapter 7, Problem 3CPInventory turnover ratio: Inventory turnover ratio is used to determine the number of times...Internal Control: Internal control refers to the policies, and plans of the business organization...Chapter 8, Problem 2PABank reconciliation: Bank statement is prepared by bank. The company maintains its own records from...Chapter 8, Problem 2PBBank reconciliation: Bank statement is prepared by bank. The company maintains its own records from...Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from...Chapter 9, Problem 1DQChapter 9, Problem 13EChapter 9, Problem 14EChapter 9, Problem 1PAChapter 9, Problem 4PAChapter 9, Problem 1PBChapter 9, Problem 4PBChapter 10, Problem 1DQFixed Asset turnover: It is a ratio that measures the productive capacity of the fixed assets to...Chapter 10, Problem 2PAChapter 10, Problem 3PAChapter 10, Problem 5PAChapter 10, Problem 2PBMethods of Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset...Chapter 10, Problem 5PBChapter 11, Problem 1DQChapter 11, Problem 1PAPayroll: The total payment that a company is required to pay to its employee for the services...Liabilities: Liabilities are debt and obligations of a business. These are the claims against the...Chapter 11, Problem 2PBChapter 11, Problem 3PBThe following are the journal entries. 2016ParticularsDebit ($)Credit ($)January3Petty Cash4,500...Proprietorships: Proprietorship is a form of organization, which is owned by an individual, called...Partnership: It is that form of organization which is owned and managed by two or more persons who...Partnership: It is that form of organization which is owned and managed by two or more persons who...Chapter 12, Problem 5PAWorking note 1 Calculation of division of realization Profit among partners: The following table...Partnership: It is that form of organization which is owned and managed by two or more persons who...Chapter 12, Problem 6PBChapter 13, Problem 1DQChapter 13, Problem 10EChapter 13, Problem 3PAChapter 13, Problem 4PAChapter 13, Problem 5PAChapter 13, Problem 4PBCommon stock: These are the ordinary shares that a corporation issues to the investors in order to...Chapter 14, Problem 1DQChapter 14, Problem 6EBonds: Bonds are long-term promissory notes that are represented by a company while borrowing money...Chapter 14, Problem 3PAChapter 14, Problem 4PABonds: Bonds are long-term promissory notes that are represented by a company while borrowing money...Prepare journal entry for cash proceeds from the issuance of the bonds on July 1, 2016. DateAccount...Chapter 14, Problem 4PBInternational Financial Reporting Standards (IFRS): IFRS are a set of international accounting...Chapter 15, Problem 1DQBond investment: Bond investments are debt securities which pay a fixed interest revenue to the...Trading securities: These are short-term investments in debt and equity securities with an intention...Equity investments: Equity investments are stock instruments which claim ownership in the investee...Bond investment: Bond investments are debt securities which pay a fixed interest revenue to the...Trading securities: These are short-term investments in debt and equity securities with an intention...Equity investments: Equity investments are stock instruments which claim ownership in the investee...Statement of cash flows: It is one of the financial statement that shows the cash and cash...Chapter 16, Problem 17EStatement of cash flows: It is one of the financial statement that shows the cash and cash...Chapter 16, Problem 22EChapter 16, Problem 23EChapter 16, Problem 3PAStatement of cash flows: It is one of the financial statement that shows the cash and cash...Horizontal Analysis: Horizontal analysis is prepared to make comparison between the financial...Chapter 17, Problem 3PAChapter 17, Problem 4PAChapter 17, Problem 5PAChapter 17, Problem 3PBFinancial Ratios: Financial ratios are the metrics used to evaluate the capabilities, profitability,...Chapter 17, Problem 5PBFinancial Ratios: Financial ratios are the metrics used to evaluate the liquidity, capabilities,...Chapter B, Problem 1EChapter D, Problem 1DQ
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Financial Accounting
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