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978-0078025891 Appendix B Lecture Note
Appendix B – Applying Present and Future Values Appendix B Applying Present and Future Values APP B-1 Copyright © 2015 McGraw-Hill education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw- Hill Education. Student Learning […]
978-0078025891 Appendix B Solution Manual
Appendix B – Applying Present and Future Values © 2015 by McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Solutions Manual, Appendix B 1 Appendix B Applying Present and Future Values […]
978-0078025891 Appendix C Lecture Note
Appendix C – Investments and International Operations APP C-1 Appendix C Investments and International Operations Copyright © 2015 McGraw-Hill education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw- Hill Education. Student Learning Objectives and […]
978-0078025891 Appendix C Solution Manual Part 1
Appendix C – Investments and International Operations Appendix C Investments and International Operations QUESTIONS 1. To be classified as current assets, investments must be (i) capable of being converted into cash quickly and (ii) management must intend to sell the […]
978-0078025891 Appendix C Solution Manual Part 2
Appendix C – Investments and International Operations Exercise C-8 (30 minutes) 2013 (a) Feb. 15 Short-Term Investments—HTM (A.G.) ……………..…………. 160,000 Cash …………………………………………………….… 160,000 Purchased 90-day, 10% notes. (b) Mar. 22 Long-Term Investments—AFS (Fran) …………………………. 35,850 Cash …………………………………………………….… 35,850 Purchased 700 […]
978-0078025891 Appendix C Solution Manual Part 3
Appendix C – Investments and International Operations Problem C-2A (40 minutes) Part 1 2013 Apr. 16 Short-Term Investments—AFS (Gem) …………….……… 97,180 Cash ……………………………………………………………………. 97,180 Purchased 4,000 shares of Gem [(4,000 x $24.25) + $180]. May. 1 Short-Term Investments—AFS (T-bills) …………..……… […]
978-0078025891 Appendix C Solution Manual Part 4
Appendix C – Investments and International Operations Problem C-6AA (60 minutes) Part 1 2013 Apr. 8 Cash …………………………………………………………..…………………. 5,938 Sales …………………………………………………….… 5,938 July 21 Accounts Receivable⎯Sumito …………………….……. 14,100 Sales …………………………………………………….… 14,100 (1,500,000 yen x $0.0094/yen) Oct. 14 Accounts Receivable⎯Smithers ………………………….. […]
978-0078025891 Appendix C Solution Manual Part 5
Appendix C – Investments and International Operations Problem C-4B (40 minutes) Part 1 Available-for-sale securities on December 31, 2013 Security Cost Fair Value 27,500 shares of Company R common stock ……..….. $559,125 $568,125 6,375 shares of Company S common stock […]
978-0078025891 Appendix D Lecture Note
Appendix D – Accounting for Partnerships APP D-1 Appendix D Accounting for Partnerships Copyright © 2015 McGraw-Hill education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw- Hill Education. Related Assignment Materials Student Learning Objectives […]
978-0078025891 Appendix D Solution Manual Part 1
Appendix D – Accounting for Partnerships © 2015 by McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Solutions Manual, Appendix D 1 Appendix D Accounting for Partnerships QUESTIONS 1. Under the […]
978-0078025891 Appendix D Solution Manual Part 2
Appendix D – Accounting for Partnerships Exercise D-6 (35 minutes) Kramer Knox Total 1. Net income ……………………………………………. $ 98,800 Salary allowances ………………………….. $50,000 $ 40,000 90,000 Interest allowances ($60,000 x 10%) ………………………..… 6,000 6,000 ($80,000 x 10%) ………………………..… 8,000 8,000 […]
978-0078025891 Appendix D Solution Manual Part 3
Appendix D – Accounting for Partnerships Problem D-4A (50 minutes) Part 1 a) Feb. 1 Benson, Capital ……………………………………………….. 138,000 North, Capital …………………………………………….. 138,000 To record admission of North. b) Feb. 1 Benson, Capital ……………………………………………….. 138,000 Schmidt, Capital …………………………………………. 138,000 To […]
978-0078025891 Appendix D Solution Manual Part 4
Appendix D – Accounting for Partnerships Problem D-4B (Concluded) Part 2 a) Apr. 30 Cash ……………………………………………………………….. 300,000 Chip, Capital*……………………………………………… 300,000 To record admission of Chip. * Supporting calculations $606,000 + $148,000 + $446,000 = $1,200,000 ($1,200,000 + $300,000) x 20% […]
978-0078025891 Appendix E Lecture Note Part 1
Appendix E – Accounting with Special Journals APP E-1 Appendix E Accounting with Special Journals Related Assignment Materials Student Learning Objectives Questions Quick Studies* Exercises* Problems* Beyond the Numbers Conceptual objectives: C1. Identify the principles and components of accounting information […]
978-0078025891 Appendix E Lecture Note Part 2
Appendix E – Accounting with Special Journals APP E-10 Appendix E Alternate Demonstration Problem #1 Continued 14 Issued Check No. 415, payable to Payroll, in payment of sales salaries for the first half of the month, $855. Cashed the check […]
978-0078025891 Appendix E Solution Manual Part 1
Appendix E – Accounting with Special Journals © 2015 by McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Solutions Manual, Appendix E 1 Appendix E Accounting with Special Journals QUESTIONS 1. […]
978-0078025891 Appendix E Solution Manual Part 2
Appendix E – Accounting with Special Journals Exercise E-7 (10 minutes) April 3 Purchases Journal 9 Cash Disbursements Journal 12 Sales Journal 17 Cash Disbursements Journal 20 Purchases Journal 28 Cash Disbursements Journal 29 Cash Disbursements Journal 30 Cash Disbursements […]
978-0078025891 Appendix E Solution Manual Part 3
Appendix E – Accounting with Special Journals Problem E-2A (Continued) General Ledger—continued Accounts Payable Acct. No. 201 Date Explanation PR Debit Credit Balance Apr. 6 G3 80 (80) 23 G3 750 (830) 30 P3 53,860 53,030 30 D3 27,300 25,730 […]
978-0078025891 Appendix E Solution Manual Part 4
Appendix E – Accounting with Special Journals Problem E- 4AA (Continued) Parts 2 and 3—continued ACCOUNTS RECEIVABLE LEDGER Page Alistair Date Explanation PR Debit Credit Balance Apr. 3 S3 4,000 4,000 13 R3 4,000 0 13 S3 5,100 5,100 23 […]
978-0078025891 Appendix E Solution Manual Part 5
Appendix E – Accounting with Special Journals Problem E-6AA (Continued) GENERAL JOURNAL Page 2 Mar. 17 Accounts Payable—CD Co. ………………….………. 201/✓ 2,425 Purchases Returns and Allowances ……………….. 506 2,425 Received a credit memo for returns. 19 Accounts Payable—Spell Supply ……………………….. […]
978-0078025891 Appendix E Solution Manual Part 6
Appendix E – Accounting with Special Journals Problem E-2B (Continued) General Ledger—continued Store Equipment Acct. No. 165 Date Explanation PR Debit Credit Balance July 9 P3 38,220 38,220 Accounts Payable Acct. No. 201 Date Explanation PR Debit Credit Balance July […]
978-0078025891 Appendix E Solution Manual Part 7
Appendix E – Accounting with Special Journals Problem E-4BA (Continued) Parts 2 and 3—continued ACCOUNTS RECEIVABLE LEDGER Ruth Blake Date Explanation PR Debit Credit Balance July 6 S3 7,500 7,500 16 R3 7,500 0 29 S3 17,500 17,500 Ashton Moore […]
978-0078025891 Appendix E Solution Manual Part 8
Appendix E – Accounting with Special Journals Problem E-6BA (Continued) Accounts Payable Acct. No. 201 Date Explanation PR Debit Credit Balance Nov. 17 G2 557 (557) 26 G2 922 (1,479) 30 P2 42,614 41,135 30 D2 35,500 5,635 Long-Term Notes […]
978-0078025891 Chapter 1 Lecture Note Part 1
Chapter 01 – Introducing Financial Accounting 1-1 Chapter 01 Introducing Financial Accounting Student Learning Objectives and Related Assignment Materials* Student Learning Objectives Discussion Questions Quick Studies Exercises Problems** (A & B set) Beyond the Numbers Conceptual objectives: C1. Explain the […]
978-0078025891 Chapter 1 Lecture Note Part 2
Chapter 01 – Introducing Financial Accounting 1-9 Chapter Outline Notes Transaction 11: Payment of cash dividend – Assets (Cash) = – Equity (Dividends) The company declared and paid a dividend to its owner. Dividends (decreases in equity) are not reported […]
978-0078025891 Chapter 1 Solution Manual Part 1
Chapter 01 – Introducing Financial Accounting Chapter 1 Introducing Financial Accounting QUESTIONS 1. The purpose of accounting is to provide decision makers with relevant and reliable information to help them make better decisions. Examples include information for people making investments, […]
978-0078025891 Chapter 1 Solution Manual Part 2
Chapter 01 – Introducing Financial Accounting Exercise 1-4 (20 minutes) a. Situations involving ethical decision making in coursework include performing independent work on examinations and individually completing assignments/projects. It can also extend to promptly returning reference materials so others can […]
978-0078025891 Chapter 1 Solution Manual Part 3
Chapter 01 – Introducing Financial Accounting Problem 1-1A (Continued) Part 3 Company C First, calculate the beginning balance of equity: Dec. 31, 2012 Assets …………………………………………………. $24,000 Liabilities …………………………………………….. ( 9,000) Equity …………………………………………………. $15,000 Next, find the ending balance of equity […]
978-0078025891 Chapter 1 Solution Manual Part 4
Chapter 01 – Introducing Financial Accounting Problem 1-8A (Concluded) Part 3—continued Ander Electric Statement of Cash Flows For Month Ended December 31 Cash flows from operating activities Cash received from customers1 …………………………… $ 6,200 Cash paid for rent ……………………………………………….. (1,000) […]
978-0078025891 Chapter 1 Solution Manual Part 5
Chapter 01 – Introducing Financial Accounting Problem 1-7B (60 minutes) Parts 1 and 2 Assets = Liabilities + Equity Date Cash + Accounts Receivable + Equipment = Accounts Payable + Common Stock – Dividends + Revenues – Expenses June 1 […]
978-0078025891 Chapter 1 Solution Manual Part 6
Chapter 01 – Introducing Financial Accounting Problem 1-11B (15 minutes) 1. Return on assets is net income divided by average total assets (the average amount invested). For Carbondale Company this return is computed as: $201,000 / $3,000,000 = 0.067 or […]
978-0078025891 Chapter 10 Lecture Note Part 1
Chapter 10 – Reporting and Analyzing Long-Term Liabilities 10-1 Chapter 10 Reporting and Analyzing Long-Term Liabilities Student Learning Objectives and Related Assignment Materials* Student Learning Objectives Discussion Questions Quick Studies Exercises Problems (A &B set)** Beyond the Numbers Conceptual objectives: […]
978-0078025891 Chapter 10 Lecture Note Part 2
Chapter 10 – Reporting and Analyzing Long-Term Liabilities 10-9 Chapter Outline 2. Term or Serial a. Term bonds and notes are scheduled for maturity on one specified date. b. Serial bonds and notes mature at more than one date (often […]
978-0078025891 Chapter 10 Solution Manual Part 1
Chapter 10 – Reporting and Analyzing Long-Term Liabilities © 2015 by McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Solutions Manual, Chapter 10 1 Chapter 10 Reporting and Analyzing Long-Term Liabilities […]
978-0078025891 Chapter 10 Solution Manual Part 2
Chapter 10 – Reporting and Analyzing Long-Term Liabilities Exercise 10-4 (30 minutes) 1. Premium = Issue price – Par value = $409,850 – $400,000 = $9,850 2. Total bond interest expense over the life of the bonds Amount repaid Six […]
978-0078025891 Chapter 10 Solution Manual Part 3
Chapter 10 – Reporting and Analyzing Long-Term Liabilities Exercise 10-15 (20 minutes) 2013 Jan. 1 Cash …………………………………………………………………….. 100,000 Notes Payable …………………………………………..…….. 100,000 Borrowed $100,000 by signing a 7% installment note. 2013 Dec. 31 Interest Expense …………………………………………….…….. 7,000 Notes Payable ………………………………………………..…….. […]
978-0078025891 Chapter 10 Solution Manual Part 4
Chapter 10 – Reporting and Analyzing Long-Term Liabilities Problem 10–5AB (45 minutes) Part 1 Ten payments of $8,125* ……………….…….. $ 81,250 Par value at maturity ……………………..…… 250,000 Total repaid ………………………………………….. 331,250 Less amount borrowed ………………….…….. (255,333) Total bond interest expense […]
978-0078025891 Chapter 10 Solution Manual Part 5
Chapter 10 – Reporting and Analyzing Long-Term Liabilities Problem 10-11AD (35 minutes) Part 1 Present Value of the Lease Payments $10,000 x 3.9927 (from Table B.3) = $39,927 Part 2 Leased Asset—Office Equipment ……………………….…. 39,927 Lease Liability …………………………………………………. 39,927 To […]
978-0078025891 Chapter 10 Solution Manual Part 6
Chapter 10 – Reporting and Analyzing Long-Term Liabilities Problem 10-6B (60 minutes) Part 1 2013 Jan. 1 Cash …………………………………………………….… 198,494 Discount on Bonds Payable ………………….………. 41,506 Bonds Payable ………………………………..………………. 240,000 Sold bonds on stated issue date. Part 2 Thirty payments […]
978-0078025891 Chapter 10 Solution Manual Part 7
Chapter 10 – Reporting and Analyzing Long-Term Liabilities SERIAL PROBLEM — SP 10 Serial Problem — SP 10, Success Systems (75 minutes) Part 1 Total equity = $129,034 Thus, total liabilities can be no more than its total equity x […]
978-0078025891 Chapter 11 Lecture Note Part 1
Chapter 11 – Reporting and Analyzing Equity 11-1 Chapter 11 Reporting and Analyzing Equity Student Learning Objectives and Related Assignment Materials* Student Learning Objectives Discussion Questions Quick Studies Exercises Problems (A &B set)** Beyond the Numbers Conceptual objectives: C1. Identify […]
978-0078025891 Chapter 11 Lecture Note Part 2
Chapter 11 – Reporting and Analyzing Equity 11-11 Chapter Outline Notes B. Reissuing Treasury Stock 1. Selling treasury stock at cost: debit Cash, credit Treasury Stock, Common. 2. Selling treasury stock above cost: debit Cash, credit Treasury Stock, Common, credit […]
978-0078025891 Chapter 11 Solution Manual Part 1
Chapter 11 – Reporting and Analyzing Equity © 2015 by McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Solutions Manual, Chapter 11 1 Chapter 11 Reporting and Analyzing Equity QUESTIONS 1. […]
978-0078025891 Chapter 11 Solution Manual Part 2
Chapter 11 – Reporting and Analyzing Equity Exercise 11-3 (15 minutes) 1. Cash ………………………………………………………………………. 35,000 Common Stock, $5 Par Value* ……………………………. 20,000 Paid-In Capital in Excess of Par Value, Common Stock** …………………………………………….. 15,000 Issued common stock for cash. *4,000 shares […]
978-0078025891 Chapter 11 Solution Manual Part 3
Chapter 11 – Reporting and Analyzing Equity Exercise 11–18 (Concluded) Part 2 ALEXANDER CORPORATION Statement of Retained Earnings For Year Ended December 31, 2014 Retained earnings, December 31, 2013 ……………………… $ 340,000 Plus net income ……………………………………………………….. 52,000 392,000 Less: Cash […]
978-0078025891 Chapter 11 Solution Manual Part 4
Chapter 11 – Reporting and Analyzing Equity Problem 11-2B (Concluded) Part 2 BALTHUS CORP. Statement of Retained Earnings For Year Ended December 31, 2014 Retained earnings, December 31, 2013 ………………………. $2,160,000 Plus net income ………………………………………………………… 1,072,000 3,232,000 Less: Cash dividends […]
978-0078025891 Chapter 11 Solution Manual Part 5
Chapter 11 – Reporting and Analyzing Equity Reporting in Action — BTN 11–1 (All shares in thousands.) 1. As of September 29, 2012, the shares of common stock issued and outstanding are 939,208 (see balance sheet). As of September 24, […]
978-0078025891 Chapter 12 Lecture Note Part 1
Chapter 12 – Reporting and Analyzing Cash Flows 12-1 Chapter 12 Reporting and Analyzing Cash Flows Student Learning Objectives and Related Assignment Materials* Student Learning Objectives Discussion Questions Quick Studies Exercises Problems (A &B set)** Beyond the Numbers Conceptual objectives: […]
978-0078025891 Chapter 12 Solution Manual Part 1
Chapter 12 – Reporting and Analyzing Cash Flows © 2015 by McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Solutions Manual, Chapter 12 1 Chapter 12 Reporting and Analyzing Cash Flows […]
978-0078025891 Chapter 12 Solution Manual Part 2
Chapter 12 – Reporting and Analyzing Cash Flows Exercise 12-2B (15 minutes) Statement of Cash Flows Noncash Operating Activities Investing Activities Financing Activities Investing & Financing Activities Not Reported on Statement or in Notes a. Retired long-term notes payable by […]
978-0078025891 Chapter 12 Solution Manual Part 3
Chapter 12 – Reporting and Analyzing Cash Flows Exercise 12–15B (20 minutes) FERRON COMPANY Statement of Cash Flows For Year Ended December 31, 2013 Cash flows from operating activities Receipts from customers ……………………………………. $ 495,000 Receipts of interest…………………………………………….. 3,500 Payments […]
978-0078025891 Chapter 12 Solution Manual Part 4
Chapter 12 – Reporting and Analyzing Cash Flows Problem 12–5AA (Concluded) GOLDEN CORPORATION Statement of Cash Flows For Year Ended December 31, 2013 Cash flows from operating activities Net income ……………………………………………………………………….. $136,000 Adjustments to reconcile net income to net cash […]
978-0078025891 Chapter 12 Solution Manual Part 5
Chapter 12 – Reporting and Analyzing Cash Flows Problem 12–5BA (50 minutes) SATU COMPANY Spreadsheet for Statement of Cash Flows For Year Ended December 31, 2013 December 31, 2012 Analysis of Changes December 31, 2013 Debit Credit Balance sheet—debits Cash […]
978-0078025891 Chapter 12 Solution Manual Part 6
Chapter 12 – Reporting and Analyzing Cash Flows © 2015 by McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Solutions Manual, Chapter 12 49 Ethics Challenge — BTN 12-3 1. The […]
978-0078025891 Chapter 13 Lecture Note Part 1
Chapter 13 – Analyzing and Interpreting Financial Statements Chapter 13 Analyzing and Interpreting Financial Statements Student Learning Objectives and Related Assignment Materials* Student Learning Objectives Discussion Questions Quick Studies Exercises Problems (A &B set)** Beyond the Numbers Conceptual objectives: C1. […]
978-0078025891 Chapter 13 Lecture Note Part 2
Chapter 13 – Analyzing and Interpreting Financial Statements 13-7 Chapter Outline Notes 3. Ratios in this block: a. Profit margin—net income divided by net sales; describes the ability to earn net income from sales. b. Return on total assets—net income […]
978-0078025891 Chapter 13 Solution Manual Part 1
Chapter 13 – Analyzing and Interpreting Financial Statements © 2015 by McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Solutions Manual, Chapter 13 1 Chapter 13 Analyzing and Interpreting Financial Statements […]
978-0078025891 Chapter 13 Solution Manual Part 2
Chapter 13 – Analyzing and Interpreting Financial Statements Exercise 13-8 (25 minutes) 1. Current ratio 2014: = 1.88 to 1 2013: = 2.52 to 1 2012: = 2.87 to 1 $35,625 + $62,500 + $82,500 + $9,375 $75,250 $37,800 + […]
978-0078025891 Chapter 13 Solution Manual Part 3
Chapter 13 – Analyzing and Interpreting Financial Statements Problem 13-2A (concluded) Part 2 Analysis and Interpretation • The statements and the trend percent data indicate that the company significantly expanded its plant assets in 2012. Prior to that time, the […]
978-0078025891 Chapter 13 Solution Manual Part 4
Chapter 13 – Analyzing and Interpreting Financial Statements Problem 13-2B (120 minutes) Part 1 TRIPOLY COMPANY Income Statement Trends For Years Ended December 31, 2014-2008 2014 2013 2012 2011 2010 2009 2008 Sales ………………………………. 65.1% 70.9% 73.3% 79.1% 86.0% 89.5% […]
978-0078025891 Chapter 13 Solution Manual Part 5
Chapter 13 – Analyzing and Interpreting Financial Statements SERIAL PROBLEM — SP 13 Serial Problem — SP 13, Success Systems (45 minutes) 1. Gross margin with services revenue Gross margin = Total revenue – Cost of goods sold = $43,853 […]
978-0078025891 Chapter 2 Lecture Note Part 1
Chapter 02 – Accounting System and Financial Statements 2-1 Chapter 02 Accounting System and Financial Statements Student Learning Objectives and Related Assignment Materials* Student Learning Objectives Discussion Questions Quick Studies Exercises Problems (A &B set)** Beyond the Numbers Conceptual objectives: […]
978-0078025891 Chapter 2 Lecture Note Part 2
Chapter 02 – Accounting System and Financial Statements Chapter Outline Notes d. Recompute each account balance in the ledger. e. Verify that each journal entry is properly posted. f. Verify that the original journal entry has equal debits and credits. […]
978-0078025891 Chapter 2 Solution Manual Part 1
Chapter 02 – Accounting System and Financial Statements Chapter 2 Accounting System and Financial Statements QUESTIONS 1. a. Common asset accounts: cash, accounts receivable, notes receivable, prepaid expenses (rent, insurance, etc.), office supplies, store supplies, equipment, building, and land. b. […]
978-0078025891 Chapter 2 Solution Manual Part 2
Chapter 02 – Accounting System and Financial Statements Exercise 2-8 (30 minutes) Cash Photography Equipment Aug. 1 6,500 Aug. 2 2,100 Aug. 1 33,500 20 3,331 5 880 31 675 Common Stock Balance 6,176 Aug. 1 40,000 Office Supplies Photography […]
978-0078025891 Chapter 2 Solution Manual Part 3
Chapter 02 – Accounting System and Financial Statements Exercise 2-21 (15 minutes) a. The debit column is correctly stated because the erroneous debit (to Accounts Payable) is deducted from an account with a (larger assumed) credit balance. b. The credit […]
978-0078025891 Chapter 2 Solution Manual Part 4
Chapter 02 – Accounting System and Financial Statements Problem 2-3A (90 minutes) Part 1 April 1 Cash……………………………………………………. 101 80,000 Office Equipment …………………………………. 163 26,000 Common Stock …………………………….. 307 106,000 Owner invested cash and equipment for stock. 2 Prepaid Rent ……………………………………….. […]
978-0078025891 Chapter 2 Solution Manual Part 5
Chapter 02 – Accounting System and Financial Statements © 2015 by McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Solutions Manual, Chapter 2 41 PROBLEM SET B Problem 2-1B (90 minutes) […]
978-0078025891 Chapter 2 Solution Manual Part 6
Chapter 02 – Accounting System and Financial Statements Problem 2-3B (Concluded) Part 3 HUMBLE MANAGEMENT SERVICES Trial Balance September 30 Debit Credit Cash ………………………………………………………… $21,520 Accounts receivable ………………………………… 9,800 Office supplies …………………………………………. 2,950 Prepaid insurance ……………………………………. 1,900 Prepaid rent …………………………………………….. […]
978-0078025891 Chapter 2 Solution Manual Part 7
Chapter 02 – Accounting System and Financial Statements Serial Problem, Success Systems (Continued) Prepaid Insurance Acct. No. 128 Date Explanation PR Debit Credit Balance Oct. 5 2,220 2,220 Prepaid Rent Acct. No. 131 Date Explanation PR Debit Credit Balance Oct. […]
978-0078025891 Chapter 3 Lecture Note Part 1
Chapter 03 – Adjusting Accounts for Financial Statements 3-1 Chapter 03 Adjusting Accounts for Financial statements Student Learning Objectives and Related Assignment Materials* Student Learning Objectives Discussion Questions Quick Studies Exercises Problems (A &B set)** Beyond the Numbers Conceptual objectives: […]
978-0078025891 Chapter 3 Lecture Note Part 2
Chapter 03 – Adjusting Accounts for Financial Statements 3-11 Chapter Outline Notes 1. Profit margin (also called return on sales) is a useful measure of a company’s operating results. 2. It is calculated as net income divided by net sales. […]
978-0078025891 Chapter 3 Lecture Note Part 3
Chapter 03 – Adjusting Accounts for Financial Statements 3-18 Chapter 3 – Alternate Demonstration Problem #1 On July 1, 2013, Howard M. Tenant, Inc., rents office space from John Q. Landlord for two years, starting immediately, at a rate of […]
978-0078025891 Chapter 3 Solution Manual Part 1
Chapter 03 – Adjusting Accounts for Financial Statements Chapter 3 Adjusting Accounts for Financial Statements QUESTIONS 1. The cash basis of accounting reports revenues when cash is received while the accrual basis reports revenues when they are earned. The cash […]
978-0078025891 Chapter 3 Solution Manual Part 10
Chapter 03 – Adjusting Accounts for Financial Statements Serial Problem, SP 3 (Continued) Part 7 Closing entries 2013 Dec. 31 Computer Services Revenue …………………….. 403 31,284 Income Summary ……………………………….. 901 31,284 To close the revenue account. 31 Income Summary ……………………………………… […]
978-0078025891 Chapter 3 Solution Manual Part 11
Chapter 03 – Adjusting Accounts for Financial Statements © 2015 by McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Solutions Manual, Chapter 3 99 Reporting in Action — BTN 3-1 (Concluded) […]
978-0078025891 Chapter 3 Solution Manual Part 2
Chapter 03 – Adjusting Accounts for Financial Statements Quick Study 3-18 (15 minutes) a. Step 1: Salaries Payable equals $0 Step 2: Salaries Payable should equal $15,500 (not yet recorded) Step 3: Adjusting entry to get from Step 1 to […]
978-0078025891 Chapter 3 Solution Manual Part 3
Chapter 03 – Adjusting Accounts for Financial Statements Exercise 3-6 (25 minutes) Dec. 31 Accounts Receivable ……………………………………… 2,100 Fees Earned …………………………………………….. 2,100 To record earned but unbilled fees (30% x $7,000). 31 Unearned Fees ……………………………………………….. 4,900 Fees Earned …………………………………………….. 4,900 […]
978-0078025891 Chapter 3 Solution Manual Part 4
Chapter 03 – Adjusting Accounts for Financial Statements Exercise 3-16 (10 minutes) Dec. 31 Net Sales ………………………………………………. 1,014,345 Income Summary ……………………………. 1,014,345 To close the revenue account. 31 Income Summary ………………………………….. 936,724 Cost of Sales ………………………………….. 626,379 Advertising Expense ………………………. […]
978-0078025891 Chapter 3 Solution Manual Part 5
Chapter 03 – Adjusting Accounts for Financial Statements Problem 3-4A (Continued) Part 2 JKL COMPANY Income Statement For Year Ended July 31, 2013 Revenues Consulting fees earned ………………………….. $134,240 Expenses Depreciation expense—Office equipment .. $ 6,000 Salaries expense …………………………………… 74,000 […]
978-0078025891 Chapter 3 Solution Manual Part 6
Chapter 03 – Adjusting Accounts for Financial Statements Problem 3-7A (Continued) Part 5—continued ADVENTURE TRAVEL Balance Sheet April 30, 2013 Assets Cash ………………………………………………………………………. $27,000 Accounts receivable ………………………………………………. 1,750 Office supplies ……………………………………………………….. 600 Prepaid insurance ………………………………………………….. 2,267 Computer equipment ……………………………………………… $20,000 […]
978-0078025891 Chapter 3 Solution Manual Part 7
Chapter 03 – Adjusting Accounts for Financial Statements Problem 3-3B (90 minutes) Parts 1 and 2 Cash Accounts Payable Bal. 60,000 Bal. 11,200 Accounts Receivable Salaries Payable Unadj. Bal. 0 Unadj. Bal. 0 (f) 5,750 (g) 450 Adj. Bal. 5,750 […]
978-0078025891 Chapter 3 Solution Manual Part 8
Chapter 03 – Adjusting Accounts for Financial Statements Problem 3-5B (Concluded) SPEEDY COURIER Balance Sheet December 31, 2013 Assets Cash ……………………………………………………………. $ 58,000 Accounts receivable …………………………………….. 120,000 Interest receivable ………………………………………… 7,000 Notes receivable (due in 90 days)……………………. 210,000 Office supplies […]
978-0078025891 Chapter 3 Solution Manual Part 9
Chapter 03 – Adjusting Accounts for Financial Statements Problem 3-7B (Continued) Common Stock Acct. No. 307 Date Explanation PR Debit Credit Balance July 1 180,000 180,000 Retained Earnings Acct. No. 318 Date Explanation PR Debit Credit Balance July 31 Closing […]
978-0078025891 Chapter 4 Lecture Note Part 1
Chapter 04 Reporting and Analyzing Merchandising Operations 4-1 Chapter 04 Reporting and Analyzing Merchandising Operations Student Learning Objectives and Related Assignment Materials* Student Learning Objectives Discussion Questions Quick Studies Exercises Problems (A &B set)** Beyond the Numbers Conceptual objectives: C1. […]
978-0078025891 Chapter 4 Lecture Note Part 2
Chapter 04 Reporting and Analyzing Merchandising Operations 4-8 Chapter Outline financing costs, income tax expense and other special items. 2. Both systems require separate disclosure of items when their size, nature or frequency are important. 3. IFRS permits expenses to […]
978-0078025891 Chapter 4 Solution Manual Part 1
Chapter 04 – Reporting and Analyzing Merchandising Operations © 2015 by McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Solutions Manual, Chapter 4 1 Chapter 4 Reporting and Analyzing Merchandising Operations […]
978-0078025891 Chapter 4 Solution Manual Part 2
Chapter 04 – Reporting and Analyzing Merchandising Operations Exercise 4-2 (30 minutes) Apr. 2 Merchandise Inventory ………………………………. 4,600 Accounts Payable—Lyon …………………….. 4,600 Purchased merchandise on credit. 3 Merchandise Inventory ………………………………. 300 Cash …………………………………………………… 300 Paid shipping charges on purchased merchandise. […]
978-0078025891 Chapter 4 Solution Manual Part 3
Chapter 04 – Reporting and Analyzing Merchandising Operations Exercise 4-13 (15 minutes) Case X Case Y Case Z Current ratio computation Current assets …………………… $5,200 $3,500 $7,300 Current liabilities ……………….. $2,200 $1,200 $3,750 Current ratio ………………………. 2.36 2.92 1.95 Acid-test […]
978-0078025891 Chapter 4 Solution Manual Part 4
Chapter 04 – Reporting and Analyzing Merchandising Operations Problem 4-2A (Concluded) Aug. 15 Cash ………………………………………………………….. 4,508 Sales Discounts* ……………………………………….. 92 Accounts Receivable—Laird ……………….. 4,600 Collected receivable within 2% discount period. *[($5,200 – $600) x 2%] 18 Accounts Payable—Waters ………………………… 4,840 […]
978-0078025891 Chapter 4 Solution Manual Part 5
Chapter 04 – Reporting and Analyzing Merchandising Operations PROBLEM SET B Problem 4-1B (40 minutes) May 2 Merchandise Inventory ………………………………. 10,000 Accounts Payable—Havel ……………………. 10,000 Purchased goods on credit, terms 1/15, n/30. 4 Accounts Receivable—Heather ………………….. 11,000 Sales …………………………………………………… 11,000 […]
978-0078025891 Chapter 4 Solution Manual Part 6
Chapter 04 – Reporting and Analyzing Merchandising Operations Problem 4-6BB (50 minutes) FOSTER PRODUCTS COMPANY Work Sheet For Year Ended October 31, 2013 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Title Dr. Cr. Dr. Cr. […]
978-0078025891 Chapter 4 Solution Manual Part 7
Chapter 04 – Reporting and Analyzing Merchandising Operations Serial Problem — SP 4 (Continued) Sales Discounts Acct. No. 415 Date Explanation PR Debit Credit Balance Jan. 22 47 47 Cost of Goods Sold Acct. No. 502 Date Explanation PR Debit […]
978-0078025891 Chapter 4 Solution Manual Part 8
Chapter 04 – Reporting and Analyzing Merchandising Operations Comparative Analysis — BTN 4-2 1. Apple Google ($ millions) Current Prior Current Prior Net sales ……………… $156,508 $108,249 $50,175 $37,905 Cost of sales ………… 87,846 64,431 20,634 13,188 Gross margin ……….. […]
978-0078025891 Chapter 5 Lecture Note Part 1
Chapter 05 – Reporting and Analyzing Inventories 5-1 Chapter 05 Reporting and Analyzing Inventories Student Learning Objectives and Related Assignment Materials* Student Learning Objectives Discussion Questions Quick Studies Exercises Problems (A &B set)** Beyond the Numbers Conceptual objectives: C1. Identify […]
978-0078025891 Chapter 5 Lecture Note Part 2
Chapter 05 – Reporting and Analyzing Inventories 5-10 VISUAL #5-1 Computation of Cost of Goods Available Units Cost Total Jan. 1 Beginning Inventory 60 @ $10 = $ 600 Mar. 27 Purchase 90 @ 11 = 990 Aug. 15 Purchase […]
978-0078025891 Chapter 5 Solution Manual Part 1
Chapter 05 – Reporting and Analyzing Inventories © 2015 by McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Solutions Manual, Chapter 5 1 Chapter 5 Reporting and Analyzing Inventories QUESTIONS 1. […]
978-0078025891 Chapter 5 Solution Manual Part 2
Chapter 05 – Reporting and Analyzing Inventories Exercise 5-3 (continued) b. Weighted Average—Perpetual Date Goods Purchased Cost of Goods Sold Inventory Balance 1/1 140 @ $6.00 = $ 840.00 1/10 100 @ $6.00 = $ 600.00 40 @ $6.00 = […]
978-0078025891 Chapter 5 Solution Manual Part 3
Chapter 05 – Reporting and Analyzing Inventories Exercise 5-17B (20 minutes) Goods available for sale Inventory, January 1 ………………………………………….…. $ 225,000 Net cost of goods purchased* …………………………….…. 802,250 Goods available for sale …………………………………….…. 1,027,250 Less estimated cost of goods sold […]
978-0078025891 Chapter 5 Solution Manual Part 4
Chapter 05 – Reporting and Analyzing Inventories Problem 5-3A (Continued) 3d. Specific Identification Cost of goods available for sale ………………. $77,200 Less: Cost of Goods Sold 600 @ $45.00 ………………………………. $27,000 300 @ $42.00 ………………………………. 12,600 200 @ $27.00 ………………………………. […]
978-0078025891 Chapter 5 Solution Manual Part 5
Chapter 05 – Reporting and Analyzing Inventories PROBLEM SET B Problem 5-1B (40 minutes) 1. Compute cost of goods available for sale and units available for sale Beginning inventory ……………………… 20 units @ $3,000 $ 60,000 April 6 ………………………………………….. 30 […]
978-0078025891 Chapter 5 Solution Manual Part 6
Chapter 05 – Reporting and Analyzing Inventories Problem 5-3B (Continued) 4. FIFO LIFO Weighted Average Specific Identifi- cation Sales* ……………………………….. $636,000 $636,000 $636,000 $636,000 Less: Cost of goods sold …… 160,500 186,800 173,700 174,800 Gross profit ……………………….. $475,500 $449,200 $462,300 […]
978-0078025891 Chapter 5 Solution Manual Part 7
Chapter 05 – Reporting and Analyzing Inventories Reporting in Action — BTN 5-1 ($ millions for all parts) 1. Ending inventories at September 29, 2012: $791. Ending inventories at September 24, 2011: $776. 2. September 29, 2012: $791 / $176,064 […]
978-0078025891 Chapter 5 Solution Manual Part 8
Chapter 05 – Reporting and Analyzing Inventories Teamwork in Action (Continued) LIFO Expert: (a) and (b) Concept: Purchases are always recorded at actual costs. The LIFO cost flow assumption requires (i) units sold be assigned the most recent cost—total cost […]
978-0078025891 Chapter 6 Lecture Note Part 1
Chapter 06 – Reporting and Analyzing Cash and Internal Controls Chapter 06 Reporting and Analyzing Cash and Internal Controls Student Learning Objectives and Related Assignment Materials* Student Learning Objectives Discussion Questions Quick Studies Exercises Problems (A &B set)** Beyond the […]
978-0078025891 Chapter 6 Lecture Note Part 2
Chapter 06 – Reporting and Analyzing Cash and Internal Controls 6-8 Chapter Outline 4. Adjusting Entries From A Bank Reconciliation: A bank reconciliation often identifies unrecorded items that need recording. Only the items reconciling the book balance require adjustment. a. […]
978-0078025891 Chapter 6 Solution Manual Part 1
Chapter 06 – Reporting and Analyzing Cash and Internal Controls Chapter 6 Reporting and Analyzing Cash and Internal Controls QUESTIONS 1. The seven broad principles are: Establish responsibilities; Maintain adequate records; Insure assets and bond key employees; Separate recordkeeping from […]
978-0078025891 Chapter 6 Solution Manual Part 2
Chapter 06 – Reporting and Analyzing Cash and Internal Controls Exercise 6-6 (20 minutes) 1. Sept. 9 Petty Cash ……………………………………………………… 350 Cash ……………………………………………………….… 350 To establish a $350 petty cash fund. 2. Sept. 30 Merchandise Inventory* ………………………………..… 40 Postage Expenses […]
978-0078025891 Chapter 6 Solution Manual Part 3
Chapter 06 – Reporting and Analyzing Cash and Internal Controls Problem 6-4A (Concluded) Part 3 a. If the company’s Cash account balance of $27,497 is listed on the bank reconciliation as $27,947 then: (i) The final balance that results from […]
978-0078025891 Chapter 6 Solution Manual Part 4
Chapter 06 – Reporting and Analyzing Cash and Internal Controls Reporting in Action — BTN 6-1 1. ($ in millions) Balance September 29, 2012 Cash and equivalents as % of: Balance September 24, 2011 Cash and equivalent s as % […]
978-0078025891 Chapter 7 Lecture Note Part 1
Chapter 07 – Reporting and Analyzing Receivables Chapter 07 Reporting and Analyzing Receivables Student Learning Objectives and Related Assignment Materials* Student Learning Objectives Discussion Questions Quick Studies Exercises Problems (A &B set)** Beyond the Numbers Conceptual objectives: C1. Describe accounts […]
978-0078025891 Chapter 7 Lecture Note Part 2
Chapter 07 – Reporting and Analyzing Receivables 7-7 Chapter Outline Notes 2. Interest Computation: Principal of note times the annual interest rate times the time expressed in years. Note that a year has 360 days for interest computations (the banker’s […]
978-0078025891 Chapter 7 Solution Manual Part 1
Chapter 07 – Reporting and Analyzing Receivables © 2015 by McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Solutions Manual, Chapter 7 1 Chapter 7 Reporting and Analyzing Receivables QUESTIONS 1. […]
978-0078025891 Chapter 7 Solution Manual Part 2
Chapter 07 – Reporting and Analyzing Receivables Exercise 7-8 (20 minutes) Feb. 1 Allowance for Doubtful Accounts ……………………..…. 6,800 Accounts Receivable—Oakley Co ……………….…. 900 Accounts Receivable—Brookes Co …………….…. 5,900 To write off specific accounts. June 5 Accounts Receivable—Oakley ………………………….. 900 […]
978-0078025891 Chapter 7 Solution Manual Part 3
Chapter 07 – Reporting and Analyzing Receivables Problem 7-5A (75 minutes) Part 1 2012 Dec. 16 Notes Receivable—D. Todd ………………………….. 10,800 Accounts Receivable—D. Todd ………………. 10,800 To record note received on account. 31 Interest Receivable ………………………………………. 36 Interest Revenue ……………………………………. […]
978-0078025891 Chapter 7 Solution Manual Part 4
Chapter 07 – Reporting and Analyzing Receivables SERIAL PROBLEM — SP 7 Serial Problem — SP 7, Success Systems (50 minutes) 1. a. Bad debts expense is recorded as 1% of total revenues: $43,853 x .01 = $438.53 which is […]
978-0078025891 Chapter 8 Lecture Note Part 1
Chapter 08 – Reporting and Analyzing Long-Term Assets 8-1 Chapter 08 Reporting and Analyzing Long-Term Assets Student Learning Objectives and Related Assignment Materials* Student Learning Objectives Discussion Questions Quick Studies Exercises Problems (A &B set)** Beyond the Numbers Conceptual objectives: […]
978-0078025891 Chapter 8 Lecture Note Part 2
Chapter 08 – Reporting and Analyzing Long-Term Assets Chapter Outline Notes VI. Section 3 — Intangible Assets—nonphysical assets (used in operations) that confer on their owners long-term rights, privileges, or competitive advantages. A. Cost Determination and Amortization 1. An intangible […]
978-0078025891 Chapter 8 Solution Manual Part 1
Chapter 08 – Reporting and Analyzing Long-Term Assets Chapter 8 Reporting and Analyzing Long-Term Assets QUESTIONS 1. A plant asset is tangible; it is used in the production or sale of other assets or services; and it has a useful […]
978-0078025891 Chapter 8 Solution Manual Part 2
Chapter 08 – Reporting and Analyzing Long-Term Assets Exercise 8-9 (10 minutes) Straight-line depreciation for 2012 [($280,000 – $40,000) / 5 years] x 9/12 = $36,000 Straight-line depreciation for 2013 ($280,000 – $40,000) / 5 years = $48,000 Exercise 8-10 […]
978-0078025891 Chapter 8 Solution Manual Part 3
Chapter 08 – Reporting and Analyzing Long-Term Assets Problem 8-3A (50 minutes) 2012 Jan. 1 Equipment ………………………………………………………. 300,600 Cash …………………………………………………………… 300,600 To record loader costs ($287,600 +$11,500 +$1,500). Jan. 3 Equipment ………………………………………………………. 4,800 Cash ………………………………………………………….….. 4,800 To record betterment of […]
978-0078025891 Chapter 8 Solution Manual Part 4
Chapter 08 – Reporting and Analyzing Long-Term Assets Problem 8-5B (25 minutes) Cost of machine …………………………..……………………… $324,000 Less estimated salvage value ……….…………………. 30,000 Total depreciable cost ………………….………. $294,000 Year Straight-Linea Units-of-Productionb Double-Declining- Balancec 1 ………………. $ 58,800 $ 71,120 $129,600 […]
978-0078025891 Chapter 8 Solution Manual Part 5
Chapter 08 – Reporting and Analyzing Long-Term Assets Ethics Challenge — BTN 8-3 1. When managers acquire new assets a number of decisions relative to depreciation must be made. Specifically, the asset must be assigned a useful life, a salvage […]
978-0078025891 Chapter 9 Lecture Note Part 1
Chapter 09 – Reporting and Analyzing Current Liabilities 9-1 Chapter 09 Reporting and Analyzing Current Liabilities Student Learning Objectives and Related Assignment Materials* Student Learning Objectives Discussion Questions Quick Studies Exercises Problems (A &B set)** Beyond the Numbers Conceptual objectives: […]
978-0078025891 Chapter 9 Lecture Note Part 2
Chapter 09 – Reporting and Analyzing Current Liabilities 9-7 Chapter Outline Notes IV. Contingent Liabilities—Potential obligation that depends on a future event arising from past transactions. A. Accounting for Contingent Liabilities – depends on the likelihood that a future event […]
978-0078025891 Chapter 9 Solution Manual Part 1
Chapter 09 – Reporting and Analyzing Current Liabilities Chapter 9 Reporting and Analyzing Current Liabilities QUESTIONS 1. A current liability is expected to be paid within one year or the company’s operating cycle, whichever is longer. Any liability that is […]
978-0078025891 Chapter 9 Solution Manual Part 2
Chapter 09 – Reporting and Analyzing Current Liabilities Exercise 9-10 (15 minutes) 1. B = 0.03 ($500,000 – B) B = $15,000 – 0.03B 1.03B = $15,000 B = $14,563 (rounded to nearest dollar) 2. 2013 Dec. 31 Employee Bonus […]
978-0078025891 Chapter 9 Solution Manual Part 3
Chapter 09 – Reporting and Analyzing Current Liabilities Problem 9-2A (Concluded) 5. Employer’s FUTA taxes Dahlia Trey Kiesha Chee Total Maximum base ………….. $ 7,000 $ 7,000 $ 7,000 $ 7,000 Earned through 8/18 ….. 112,600 112,800 7,100 1,050 Amount […]
978-0078025891 Chapter 9 Solution Manual Part 4
Chapter 09 – Reporting and Analyzing Current Liabilities Problem 9-2B (60 minutes) 1. Each employee’s FICA withholdings for Social Security Ahmed Carlos June Marie Total Maximum base ………… $113,700 $113,700 $113,700 $113,700 Earned through 9/23 … 112,100 112,185 6,650 22,200 […]
978-0078025891 Chapter 9 Solution Manual Part 5
Chapter 09 – Reporting and Analyzing Current Liabilities Comprehensive Problem Bug-Off Exterminators (100 minutes) Part 1 a. Correct ending balance of cash and the amount of the omitted check Balance per bank ………………………….. $15,100 Plus deposit in transit …………………..… 2,450 […]
978-0078025891 Chapter 9 Solution Manual Part 6
Chapter 09 – Reporting and Analyzing Current Liabilities Ethics Challenge — BTN 9-3 1. It is in Bly’s self-interest to maximize the amount of revenues less warranty expenses so as to maximize his personal bonus. Since Bly has some input […]