Accounting Principles 12th Edition

3. SOLVE FOR FUTURE VALUE OF AN ANNUITY. 4. IDENTIFY THE VARIABLES FUNDAMENTAL TO SOLVING PRESENT VALUE PROBLEMS. 3. SOLVE FOR FUTURE VALUE OF AN ANNUITY. 4. IDENTIFY THE VARIABLES FUNDAMENTAL TO SOLVING PRESENT VALUE PROBLEMS. 3. SOLVE FOR FUTURE VALUE OF AN ANNUITY. 4. IDENTIFY

I = $3,600 Accumulated amount = $6,000 + $3,600 = $9,600 I = $3,600 Accumulated amount = $6,000 + $3,600 = $9,600 I = $3,600 Accumulated amount = $6,000 + $3,600 = $9,600 Accumulated amount = $6,000 X 1.79586 = $10,775.16 BRIEF EXERCISE G-2

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3. STATE THE ACCOUNTING EQUATION, AND DEFINE ITS COMPONENTS. 4. ANALYZE THE EFFECTS OF BUSINESS TRANSACTIONS ON THE ACCOUNTING EQUATION. 5. DESCRIBE THE FOUR FINANCIAL STATEMENTS AND HOW THEY ARE PREPARED. *6. EXPLAIN THE CAREER OPPORTUNITIES IN ACCOUNTING. 3. STATE THE ACCOUNTING EQUATION, AND DEFINE ITS COMPONENTS. 4.

R Measuring events in dollars and cents. R Keeping a systematic chronological diary of events. C Explaining uses, meaning, and limitations of data. R Classifying economic events. C Analyzing and interpreting information. R Measuring events in dollars and cents. R Keeping a systematic chronological diary of events. C

$33,200 = NI + $0 - $10,800. NI = $44,000. b. Revenues expenses = net income. $110,000 expenses = $44,000. $33,200 = NI + $0 - $10,800. NI = $44,000. b. Revenues expenses = net income. $110,000 expenses = $44,000. $33,200 = NI + $0 - $10,800. NI = $44,000.

education for the participants). Natalie also decides to include children in her target market. The first difficult decision is coming up with the perfect name for her business. In the end, she settles on Cookie Creations and then moves on to more important issues. education for the participants). Natalie also

P1-1A Analyze transactions and compute net income On April 1, Julie Spengel established Spengel's Travel Agency. The following transactions were completed during the month. 1. Invested $15,000 cash to start the agency. 2 Paid $600 cash for April office rent. 3. Purchased equipment for $3,000 cash. 4. Incurred $700 of advertising costs in the Chicago Tribune,

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(a) SOLKIS REPAIR SHOP Owners Equity Cash + Accounts Receivable + Supplies + Equipment = Accounts Payable + Owners Capital Owners Drawings +

JOHN WILEY & SONS, INC. SOLUTIONS TO CAMPUS CYCLE SHOP A BUSINESS PAPERS PRACTICE SET JERRY J. WEYGANDT Ph.D., C.P.A. Arthur Anderson Alumni Professor of Accounting University of Wisconsin - Madison Madison, Wisconsin PAUL D. KIMMEL Ph.D., C.P.A. Associate Professor of Accounting University of Wisconsin - Milwaukee Milwaukee, Wisconsin DONALD E. KIESO Ph.D., C.P.A. KPMG Emeritus Professor of Accountancy Northern Illinois University DeKalb, Illinois To

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Waterways Continuing Problem 1 managed by Hector Hines. The installation and training division is overseen by vice president Henry Writer, who supervises the managers of the six local installation operations. Each of these local managers hires his or her own local service people. These service employees are trained by the

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Copyright 2015 John Wiley & Sons, Inc. Weygandt, Accounting Principles,12/e Problems: Set B Solutions (For Instructor Use Only) 10-1 Copyright 2015 John Wiley & Sons, Inc. Weygandt, Accounting Principles,12/e Problems: Set B Solutions (For Instructor Use Only) 10-1 Copyright 2015 John Wiley & Sons, Inc. Weygandt, Accounting

Copyright 2015 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 12/e, Cookie Creations (For Instructor Use Only) 10-1 2019 50,000 0.165 8,250 18,150 22,350 *($40,500 $7,500) 200,000 = $0.165 per mile Copyright 2015 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 12/e, Cookie Creations (For Instructor Use Only)

E10-6 Determine depreciation for partial periods Rottino Company purchased a new machine on October 1, 2017, at a cost of $150,000. The company estimated that the machine will have a salvage value of $12,000. The machine is expected to be used for 10,000 working hours during its 5-year life. Instructions Compute the depreciation expense under

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December 31 year-end. (c) What impact will the three methods of depreciation have on Natalies balance sheet at December 31, 2017? What impact will the three methods have on Natalies income statement in 2017? (d) What impact will the three methods of depreciation have on Natalies income statement over the

c) The cost of clearing, draining, and filling land is a permanent cost of the land and never has to be repeated. Once it is done it continues to make the land useful as long as it is owned. Depreciation does not apply to land because its usefulness and

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Copyright 2015 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 12/e, Exercise B/Problem Set C (For Instructor Use Only) 10-12 2019 2020 30,000 15,000 *50%* *50%* 15,000 7,000** 105,000 112,000 *100% 4-year useful life = 25% X 2 = 50%. **[($120,000 $8,000) $105,000] = $7,000. Copyright 2015 John

Copyright 2015 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 12/e, Exercise B/Problem Set C (For Instructor Use Only) 10-1 Copyright 2015 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 12/e, Exercise B/Problem Set C (For Instructor Use Only) 10-1 Copyright 2015 John Wiley & Sons, Inc.

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3. EXPLAIN HOW TO ACCOUNT FOR PAYROLL. *4. DISCUSS ADDITIONAL FRINGE BENEFITS ASSOCIATED WITH EMPLOYEE COMPENSATION. 3. EXPLAIN HOW TO ACCOUNT FOR PAYROLL. *4. DISCUSS ADDITIONAL FRINGE BENEFITS ASSOCIATED WITH EMPLOYEE COMPENSATION. 3. EXPLAIN HOW TO ACCOUNT FOR PAYROLL. *4. DISCUSS ADDITIONAL FRINGE BENEFITS ASSOCIATED WITH

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Interest Expense ($200,000 X 12% X 5/12) ................................... 10,000 Interest Payable ............................................. 10,000 Interest Expense ($120,000 X 10% X 1/12) ................................... 1,000 Interest Expense ($200,000 X 12% X 5/12) ................................... 10,000 Interest Payable ............................................. 10,000 Interest Expense ($120,000 X 10% X 1/12) ................................... 1,000 Interest Expense

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Copyright 2015 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 12/e, Solutions Manual (For Instructor Use Only) 11-21 (2) Jan. 31 Warranty Expense ($45,000 X 7%) ............................... 3,150 Warranty Liability ...................... 3,150 Copyright 2015 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 12/e, Solutions Manual (For Instructor

1. A total of 30 mixers are sold in 2017. 2. Four of the mixers sold in 2017 are returned for repair in 2018. The total shipping cost for returning these four mixers to Boston is $210. 3. A total of 40 mixers are sold in 2018. 4. Two of

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(b) Dec. 31 Unearned Subscription Revenue .................................. 60,000 Subscription Revenue ......................................... 60,000 ($360,000 X 2/12) (c) Transaction (a) increases assets and increases liabilities. Transaction (b) decreases liabilities and increases stockholders equity (due to the revenue). (d) Mar. 31 Unearned Subscription Revenue ................................... 90,000 Subscription Revenue .......................................... 90,000 ($360,000 X 3/12)

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3. EXPLAIN HOW TO ACOUNT FOR THE LIQUIDATION OF A PARTNERSHIP. *4. PREPARE JOURNAL ENTRIES WHEN A NEW PARTNER IS EITHER ADMITTED OR WITHDRAWS. 3. EXPLAIN HOW TO ACOUNT FOR THE LIQUIDATION OF A PARTNERSHIP. *4. PREPARE JOURNAL ENTRIES WHEN A NEW PARTNER IS EITHER ADMITTED OR WITHDRAWS.

E12-4 Prepare schedule showing distribution of net income and closing entry McGill and Smyth have capital balances on January 1 of $50,000 and $40,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $22,000 for McGill and $13,000 for Smyth, (2) interest at 10% on beginning capital balances, and (3) remaining income

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5. True. 6. True. 7. False. When a partnership is dissolved, the assets do not revert to the original contributor. 8. False. In a limited partnership, one or more partners have unlimited liability. 9. False. Mutual agency is a disadvantage of the partnership form of business. 5. True. 6. True.

Land ................................................................................................. 20,000 Buildings ........................................................................................... 85,000 Rosen, Capital ......................................................................... 105,000 Cash ................................................................................................. 10,000 Accounts Receivable ....................................................................... 32,000 Equipment ......................................................................................... 35,000 Allowance for Doubtful Accounts .......................................... 2,000 Toso, Capital ........................................................................... 75,000 Land ................................................................................................. 20,000 Buildings ........................................................................................... 85,000 Rosen, Capital ......................................................................... 105,000 Cash ................................................................................................. 10,000 Accounts Receivable ....................................................................... 32,000 Equipment

anyone. However, Natalie thinks that it may be a good idea to establish a partnership with Katy, and decides to look into it. From past meetings with Katy, Natalie has gathered the following information about Katys business and compared it to her own results. The current market values of the

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Copyright 2015 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 12/e, Exercise B/Problem Set C (For Instructor Use Only) 13-13 June 1 Sept. 1 Dec. 1 J12 J12 J12 6,000 12,000 6,000 24,000 12,000 6,000 Copyright 2015 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 12/e, Exercise B/Problem

P13-5A Prepare stockholders' equity section The following stockholders' equity accounts arranged alphabetically are in the ledger of Galindo Corporation at December 31, 2017. $2,000,000 10,000 679,000 1,600,000 800,000 1,748,000 130,000 Instructions Prepare the stockholders' equity section at December 31, 2017. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" . Stockholders'

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Curtis has operated his coffee shop for 2 years. He buys coffee, muffins, and cookies from a local supplier. Natalies business consists of giving cookie-making classes and selling fine European mixers. The plan is for Natalie to use the premises Curtis currently rents to give her cooking-making classes and demonstrations

2. EXPLAIN HOW TO ACCOUNT FOR THE ISSUANCE OF COMMON AND PREFERRED STOCK. 3. EXPLAIN THE ACCOUNTING FOR TREASURY STOCK. 4. PREPARE A STOCKHOLDERS EQUITY SECTION. 2. EXPLAIN HOW TO ACCOUNT FOR THE ISSUANCE OF COMMON AND PREFERRED STOCK. 3. EXPLAIN THE ACCOUNTING FOR TREASURY STOCK. 4. PREPARE

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2. Land (20,000 X $12) ...................................................................... 240,000 Common Stock (20,000 X $10) ............................................ 200,000 Paid-in Capital in Excess of Par-Common Stock (20,000 X $2) 40,000 (b) To comply with the historical cost principle, in a noncash transaction cost is the cash equivalent price. Thus, cost is either the fair

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13-1 Copyright 2015 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 12/e, Problems: Set B Solutions (For Instructor Use Only) Sept. 1 Cash (5,000 X $6) .................................... 30,000 Common Stock (5,000 X $2) ........... 10,000 Paid-in Capital in Excess of Stated ValueCommon Stock (5,000 X $4) ........................ 20,000

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3. PREPARE AND ANALYZE A COMPREHENSIVE STOCK-HOLDERS EQUITY SECTION. 4. DESCRIBE THE FORM AND CONTENT OF CORPORA-TION INCOME STATEMENTS. 3. PREPARE AND ANALYZE A COMPREHENSIVE STOCK-HOLDERS EQUITY SECTION. 4. DESCRIBE THE FORM AND CONTENT OF CORPORA-TION INCOME STATEMENTS. 3. PREPARE AND ANALYZE A COMPREHENSIVE STOCK- HOLDERS EQUITY SECTION.

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E14-17 Compute earnings per share under different assumptions At December 31, 2017, Millwood Corporation has 2,000 shares of $100 par value, 8% preferred stock outstanding and 100,000 shares of $10 par value common stock issued. Millwood's net income for the year is $241,000. Instructions Compute the earnings per share of common stock under the following

(c) Prepare the stockholders equity section of the balance sheet as of October 31, 2018. (d) Prepare closing entries. (c) Prepare the stockholders equity section of the balance sheet as of October 31, 2018. (d) Prepare closing entries. (c) Prepare the stockholders equity section of the balance sheet as of

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Dec. 15 Cash Dividends (152,000 X $1.20) ....... 182,400 Dividends Payable ........................ 182,400 (b) In the retained earnings statement, dividends of $332,400 will be deducted. In the balance sheet, Dividends Payable of $182,400 will be reported as a current liability. Dec. 15 Cash Dividends (152,000 X $1.20) .......

July 10 Dividends Payable ................................................... 107,000 Cash .............................................................. 107,000 Dec. 15 Cash Dividends (105,000 X $1.20) .......................... 126,000 Dividends Payable ......................................... 126,000 July 10 Dividends Payable ................................................... 107,000 Cash .............................................................. 107,000 Dec. 15 Cash Dividends (105,000 X $1.20) .......................... 126,000 Dividends Payable ......................................... 126,000 July 10 Dividends

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(b) Jan. 1 Bonds Payable ......................................................... 900,000 Loss on Bond Redemption ....................................... 36,000 Cash ($900,000 X 1.04).................................. 936,000 (c) Dec. 31 Interest Expense ...................................................... 135,000 Interest Payable ($1,500,000 X 9%) ............... 135,000 2018 (d) Jan. 1 Bonds Payable ......................................................... 750,000 Cash .............................................................. 739,000 Gain on Bond Redemption ............................ 11,000 (b)

P15-9A Prepare entries to record issuance of bonds, payment of interest, and amortization of bond premium using effective interest method On July 1, 2017, Flanagin Corporation issued $2,000,000, 10%, 10-year bonds at $2,271,813. This price resulted in an effective-interest rate of 8% on the bonds. Flanagin uses the effective-interest method to amortize

4. DISCUSS HOW LONG-TERM LIABILITIES ARE REPORTED AND ANALYZED. *5. APPLY THE STRAIGHT-LINE METHOD OF AMORTIZING BOND DISCOUNT AND BOND PREMIUM. *6. APPLY THE EFFECTIVE-INTEREST METHOD OF AMORTIZING BOND DISCOUNT AND BOND PREMIUM.COMPUTE THE MARKET PRICE OF A BOND. 4. DISCUSS HOW LONG-TERM LIABILITIES ARE REPORTED AND ANALYZED.

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(b) Prepare the journal entry for the purchase of the oven and the issue of the note payable on November 1, 2017. (c) Prepare the journal entries on May 1 and November 1 for the note. (d) Determine the current portion of the note payable and the long-term portion of

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3. Jan 1 Cash ($70,000 X 8% X 1/2) ........................ 5,600 Interest Receivable ........................... 5,600 4. 1 Cash .......................................................... 33,500 Debt Investments ($70,000 X 3/7) ..... 30,000 Gain on Sale of Debt Investments ($33,500 $30,000) ........................ 3,500 3. Jan 1 Cash ($70,000 X 8% X 1/2) ........................ 5,600

E16-10 Prepare adjusting entry to record fair value, and indicate statement presentation At December 31, 2017, the trading securities for Storrer, Inc. are as follows. Security Cost Fair Value A $17,500 $16,000 B 12,500 14,000 C 23,000 21,000 $53,000 $51,000 Instructions (a) Prepare the adjusting entry at December 31, 2017, to report the securities at fair value. (b) Show

Jan. 1 Cash ........................................................................... 38,500 Debt Investments................................................ 35,700 ($61,200 X 35/60) Gain on Sale of Debt Investments ($38,500 $35,700) ....................................... 2,800 (b) Dec. 31 Interest Receivable ....................................................... 2,500 Interest Revenue ................................................. 2,500 ($25,000 X 10%) (c) In the 12/31/18 balance sheet, Forte would report as a current asset interest

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Ken has met with Curtis and Natalie to discuss the business operation. All have concluded that there would be many advantages for Cookie & Coffee Creations Inc. to acquire an interest in The Beanery Coffee. One of the major advantages would be volume discounts for purchases of the coffee bean

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3. DISCUSS HOW DEBT AND STOCK INVESTMENTS ARE REPORTED IN FINANCIAL STATEMENTS. 3. DISCUSS HOW DEBT AND STOCK INVESTMENTS ARE REPORTED IN FINANCIAL STATEMENTS. 3. DISCUSS HOW DEBT AND STOCK INVESTMENTS ARE REPORTED IN FINANCIAL STATEMENTS. Copyright 2015 John Wiley & Sons, Inc. Weygandt, Accounting Principles,

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Cash flows from investing activities Sale of equipment Value Net cash provided by investing activities Value Cash flows from financing activities Issuance of common stock Value Redemption of bonds Value Payment of dividends Value Net cash used by financing activities ? Net increase in cash ? Cash at beginning of period Value Cash at

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E17-14 Prepare a worksheet Comparative balance sheets for International Company are presented below. 2017 2016 Cash $73,000 $22,000 Accounts receivable 85,000 76,000 Inventory 180,000 189,000 Land 75,000 100,000 Equipment 250,000 200,000 Accumulated depreciation - equipment (66,000) (42,000) Total $597,000 $545,000 Liabilities and Stockholders' Equity Accounts payable $34,000 $47,000 Bonds payable 150,000 200,000 Common Stock ($1 par) 214,000 164,000 Retained earnings 199,000 134,000 Total $597,000 $545,000 Additional

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(c) Sale of building for an amount greater than book value. (3) investing activity, (2) operating activity (deducted from net income). (d) Payment of dividends. (4) financing activity. (e) Depreciation. (1) operating activity (added to net income). (f) Receipt of dividends on investment in stock. (6) not separately reported in

1. Recall from Chapter 15 that the company bought kitchen equipment (a commercial oven) for $17,000 on November 1, 2017, and signed a $12,000 note payable to help pay for it. The terms provide for semiannual fixed principal payments of $2,000 on May 1 and November 1 of each year,

*4. PREPARE A STATEMENT OF CASH FLOWS USING THE DIRECT METHOD. *5. USE A WORKSHEET TO PREPARE THE STATEMENT OF CASH FLOWS. *6. USE THE T-ACCOUNT APPROACH TO PREPARE A STATEMENT OF CASH FLOWS. *4. PREPARE A STATEMENT OF CASH FLOWS USING THE DIRECT METHOD. *5. USE A WORKSHEET TO

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E18-1 Prepare horizontal analysis Financial information for Kurzen Inc. is presented below. Current assets Plant assets (net) Current liabilities Long-term liabilities Common stock, $1 par Retained earnings Instructions Prepare a schedule showing a horizontal analysis for 2017 using 2016 as the base year. (Round percentages to one decimal point. NOTE: Enter a number in cells requesting a value; enter either a

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CHAPTER 18 Cookie Creations (Note: This is a continuation of the Cookie Creations from Chapters 1 through 17.) CC18 The balance sheet and income statement of Cookie & Coffee Creations Inc. for its first year of operations, the year ended October 31, 2018, follows. COOKIE & COFFEE CREATIONS INC. Balance

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Finished goods $75,900 Work in process 18,600 Raw materials 39,600 134,100 Total current assets $193,100 Finished goods $75,900 Work in process 18,600 Raw materials 39,600 134,100 Total current assets $193,100 Finished goods $75,900 Work in process 18,600 Raw materials 39,600 134,100 Total current assets $193,100 Current assets Cash $32,000 Accounts

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E19-4 Determine the total amount of various types of costs Knight Company reports the following costs and expenses in May. Factory utilities $15,500 Direct labor $69,100 Depreciation on factory equipment 12,650 Sales salaries 46,400 Depreciation on delivery truck 3,800 Property taxes on factory building 2,500 Indirect factory labor 48,900 Repairs to office equipment 1,300 Indirect materials

Indirect materials .................................................................... 80,800 Factory managers salary ....................................................... 13,000 Property taxes on factory building ........................................ 2,500 Factory repairs ........................................................................ 2,000 Manufacturing overhead ........................................................ $180,245 Indirect materials .................................................................... 80,800 Factory managers salary ....................................................... 13,000 Property taxes on factory building ........................................ 2,500 Factory repairs ........................................................................ 2,000 Manufacturing overhead ........................................................ $180,245

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(d) Total manufacturing costs = $85,500 + 46,000 + 45,500 = $177,000 (e) Total cost of work in process = $177,000 + 21,500 = $198,500 (f) Cost of goods manufactured = $198,500 35,231 = $163,269 Option C: (g) Direct labor = $178,375 78,050 47,750 = $52,575 (h) Work in process

CHAPTER 19 Insurance on factory building Raw materials Utility costs for factory Supplies for general office Wages for assembly line workers Depreciation on office equipment Miscellaneous materials $25,000 000,000 $25,000 $54,000 000,000 $54,000 3,000 800 2,000 $19,500 200 500 000,000 $12,700 CHAPTER 19 Insurance on factory

19-1 SOLUTION Chapter 19 Waterways Continuing Problem 19-2 (b) Waterways Corporation Cost of Goods Manufactured Schedule For the Month of November Work in process 11/1 $ 52,900 Direct materials Raw materials inventory 11/1

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Maintenance and Repairs Expense ACCOUNT NO. 622 20xx Balance Date Item Ref. Debit Credit Debit Sept 21 CP9 4 3 0 4 3 0 30 J7 430 0 Supplies Expense ACCOUNT NO. 631 20xx Balance Date Item Ref. Debit Credit Debit Sept 30 J6 1833 183330 J7 1833 0 Sept 30 J6 1833 183330 J7 1833 0 Sept 30 J6

CC2 COOKIE CREATIONS (a) GENERAL JOURNAL J1 Account Titles and Explanation Debit Credit 11 Advertising Expense ............................... 65 Cash ..................................................... 65 13 Supplies ................................................... 125 Cash ..................................................... 125 11 Advertising Expense ............................... 65 Cash ..................................................... 65 13 Supplies ................................................... 125 Cash

13 She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $125 cash. (Hint: Use Supplies account.) 14 Natalie starts to gather some baking equipment to take with her when teaching the cookie classes. She has an excellent top-of-the-line food processor and mixer that originally cost

Copyright 2015 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 12/e, Problems: Set B Solutions (For Instructor Use Only) 2-1 17 Owners Drawings ................................. 1,000 Cash ............................................... 1,000 (Withdrew cash for personal use) 20 Cash ....................................................... 6,800 Service Revenue ............................ 6,800 (Received cash for services performed) Copyright 2015

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P2-4A, Prepare a correct trial balance The trial balance of Avtar Sandhu Co. shown below does not balance. Debit Credit Cash $3,340 Accounts Receivable $2,812 Supplies $1,200 Equipment $2,600 Accounts Payable $3,666 Unearned Service Revenue $1,100 Owner's Capital $8,000 Owner's Drawings $800 Service Revenue $2,480 Salaries and Wages Expense $3,200 Utilities Expense $810 $12,522 $17,486 Each of the listed accounts has a normal balance per

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Employer Fringe Benefits Payable .................... 6,400 (b) Work in Process Inventory ($77,000 X 80%) ............. 61,600 Manufacturing Overhead ........................................... 15,400 Factory Labor ...................................................... 77,000 Employer Fringe Benefits Payable .................... 6,400 (b) Work in Process Inventory ($77,000 X 80%) ............. 61,600 Manufacturing Overhead ........................................... 15,400 Factory Labor ...................................................... 77,000

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4,8004,8001,300900400Accounts PayableAccumulated Depreciation - EquipmentFactory labor CashManufacturing Overhead 4,8004,8001,300900400Accounts PayableAccumulated Depreciation - EquipmentFactory labor CashManufacturing Overhead 4,800 4,800 1,300 900 400 Accounts Payable Accumulated Depreciation - Equipment Factory labor Cash Manufacturing Overhead 3,6001,2004,8004,5004,500Work in Process InventoryManufacturing OverheadFactory LaborWork in Process Inventory ($3,600 x 1.25)Manufacturing Overhead 3,6001,2004,8004,5004,500Work in Process InventoryManufacturing OverheadFactory LaborWork in Process Inventory ($3,600 x 1.25)Manufacturing Overhead 3,600 1,200 4,800 4,500 4,500 Work in Process Inventory Manufacturing Overhead Factory

20-1 SOLUTION Chapter 20 Waterways Continuing Problem Answer (a) JOB COST SHEET Job Number J57 Quantity 244 units Date Requested Dec 2 Date Completed Dec 15 Item special order parts

Weygandt, Accounting Principles, 12e, Chapter Twenty Solutions to Challenge Exercises Solution CE 20-1 (a) Costs Southside Oceanview Rocky Heights Direct Materials $ 5,450 $ 7,635 $ 6,480 Direct Labor 4,810 5,980 5,525 Operating Overhead (Landscaper hours x $60 per hour) 4,440 5,520 5,100 Totals $14,700

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E20-1 Prepare entries for factory labor The gross earnings of the factory workers for Larkin Company during the month of January are $76,000. The employer's payroll taxes for the factory payroll are $8,000. The fringe benefits to be paid by the employer on this payroll are $6,000. Of the total accumulated

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Copyright 2015 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 12/e, Exercise B/Problem Set C (For Instructor Use Only) 21-1 500 X 100% 500 X 40% 500 1,850 200 1,550 Direct Materials Conversion Costs Work in process, May 1 Costs added Total materials cost $4,862 6,460 $11,322 $3,879 4,026

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E21-7 Prepare a production report The Sanding Department of Quik Furniture Company has the following production and manufacturing cost data for March 2017, the first month of operation. Production: 7,000 units finished and transferred out; 3,000 units started that are 100% complete as to materials and 20% complete as to conversion costs. Manufacturing costs: Materials

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Applications in process March 31 400 Total Applications 1,350 Equivalent Units Materials Conversion Costs Applications transferred out 950 950 Applications in process, March 31 400 x 100% 400 400 x 75% ____ 300 Total equivalent units 1,350 1,250 Applications in process March 31 400 Total Applications 1,350 Equivalent

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21-1 SOLUTION Chapter 21 Waterways Continuing Problem WCP21 (a) Production Report -- Weighted-Average Method Waterways Corporation Molding Department Production Report For the month of January

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E22-6 Compute break-even point The Palmer Acres Inn is trying to determine its break-even point during its off-peak season. The inn has 50 rooms that it rents at $60 a night. Operating costs are as follows. Salaries $5,900 per month Utilities $1,100 per month Depreciation $1,000 per month Maintenance $100 per month Maid Service $14 per

Contribution margin per student = $100 $48 = $52 Break even in units = Fixed costs/Contribution margin = $3,224 / $52 = 62 students Contribution margin per student = $100 $48 = $52 Break even in units = Fixed costs/Contribution margin = $3,224 / $52 = 62 students Contribution margin

22-1 SOLUTION Chapter 22 Waterways Continuing Problem WCP22 (Note: All figures are rounded.) (a) (1) The contribution margin ratio is 30% ($883,920 $2,937,120): Waterways Corporation Contribution Margin Income Statement for Water Control and Timer For the Year Unit Cost Sales (696,000 units)

Copyright 2015 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 12/e, Problems: Set B Solutions (For Instructor Use Only) 22-1 (d) Net income = $18,000 [($4.00 X 1,800) + $9,000] = $1,800 Copyright 2015 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 12/e, Problems: Set B Solutions (For

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CHAPTER 23 SOLUTIONS TO EXERCISESSET B EXERCISE 23-1B JARGON ELECTRONICS INC. Sales Budget For the Six Months Ending June 30, 2017 Quarter 1 Quarter

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Weygandt, Accounting Principles, 12e, Chapter Twenty Three Solutions to Challenge Exercises Solution CE23-1 (a) Martin Company Cash Budget For the months ending February 2017 January February Beginning cash balance $ 135,000 $ 69,500

E23-2 Prepare a sales budget for 2 quarters Edington Electronics Inc. produces and sells two models of pocket calculators, XQ-103 and XQ-104. The calculators sell for $15 and $25 respectively. Because of the intense competition Edington faces, management budgets sales semiannually. The projections for the first 2 quarters of 2017 are as follows. Product

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23-1 SOLUTION Chapter 23 Waterways Continuing Problem WCP23 (a) Sales budget Waterways Corporation Sales Budget For the first quarter of 2017 First Quarter January February March Quarter Expected unit sales 113,333 112,500 116,667 342,500 Unit selling price

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Variable (.15 x sales) $324,000 $504,000 $828,000Fixed 175,000 175,000 350,000Total $499,000 $679,000 $1,178,000 Variable (.15 x sales) $324,000 $504,000 $828,000Fixed 175,000 175,000 350,000Total $499,000 $679,000 $1,178,000 Variable (.15 x sales) $324,000 $504,000 $828,000 Fixed 175,000 175,000 350,000 Total $499,000 $679,000 $1,178,000 Selling and administrative expenses 1,178,000Income from operations 834,040Interest expense 100,000Income before income tax 734,040Income

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Copyright 2015 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 12/e, Exercise B/Problem Set C (For Instructor Use Only) 24-1 Utilities ($.40) Total variable costs ($1.60) Fixed costs Supervision Depreciation Property taxes Total fixed costs Total costs 2,800 11,200 4,000 3,000 800 7,800 $19,000 3,200 12,800 4,000 3,000 800

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P24-3A Prepare flexible manufacturing overhead budget Ratchet Company uses budgets in controlling costs. The August 2017 budget report for the company's Assembling Department is as follows. Difference Favorable F Budget Actual Unfavorable U Variable costs Direct materials $48,000 $47,000 $1,000 F Direct labor 54,000 51,200 2,800 F Indirect materials 24,000 24,200 200 U Indirect labor 18,000

E24-3 Prepare flexible manufacturing overhead budget Myers Company uses a flexible budget for manufacturing overhead based on direct labor hours. Variable manufacturing overhead costs per direct labor hour are as follows. $1.00 0.70 0.40 Fixed overhead costs per month are supervision $4,000, depreciation, $1,200, and property taxes $800. The company believes it will normally operate in a

Free demonstration models $ 25.00 112,500 90,750 21,750 F Total variable $110.75 498,375 462,125 36,250 F Fixed expenses Rent 7,500 7,500 0 Sales salaries 60,000 60,000 0 Office salaries 40,000 40,000 0 Depreciation auto (sales staff) 2,500 3,000 500 U Total fixed 110,000 110,500 500 U Total expenses $608,375

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24-1 SOLUTION Chapter 24 Waterways Continuing Problem WCP 24 (a) Waterways Corporation Manufacturing Overhead Flexible Budget For the Month of March Production in units 115,500 116,500 117,500 118,500 119,500 Variable costs

E25-2 Compute standard materials costs Hank Itzek manufactures and sells homemade wine, and he wants to develop a standard cost per gallon. The following are required for production of a 50-gallon batch. 3,000 ounces of grape concentrate at $0.06 per ounce 54 pounds of granulated sugar at $0.30 per pound 60 lemons at $0.60

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(11,000 X$2.30 ) minus ( 10,000 X $2.10 )=$25,300 minus $21,000 = $4,300 U (11,000 X$2.30 ) minus ( 10,000 X $2.10 )=$25,300 minus $21,000 = $4,300 U (11,000 X$2.30 ) minus ( 10,000 X $2.10 ) =$25,300 minus $21,000 = $4,300 U (11,000 X$2.30 ) minus ( 11,000 X $2.10 )=$25,300 minus $23,100

Copyright 2015 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 12e Problems: Set B Solutions (For Instructor Use Only) 25-1 Total labor variance: ( AH X AR ) (19,600 X $13.10) $256,760 ( SH X SR ) (19,400* X $13.00) $252,200 = $4,560 U *9,700 X 2 Labor price

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Besler Building 3,800 $78.00 $80.00 7,600 F High quality paint purchased on sale Cartwright Building 4,500 $82.00 $80.00 9,000 U Std. quality purchase/price increased Total price variance $13,600 F Besler Building 3,800 $78.00 $80.00 7,600 F High quality paint purchased on sale Cartwright Building 4,500 $82.00 $80.00 9,000 U Std.

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TWO-SEMESTER SEQUENCE SYLLABI Two-semester sequence assuming three one-hour sessions per week, and forty-five sessions a semester. Two in-term exams and a final exam are scheduled. FIRST SEMESTER Meetings Reading Homework Assignments Week 1 1 Introduction None 2 Chapter 1, pp. 211 Q 1 through Q 10

25-1 SOLUTION Chapter 25 Waterways Continuing Problem WCP25 (a) Materials Price Variance Actual Quantity x Actual Price less Actual Quantity x Standard Price 229,000 lbs 229,000 lbs x x $0.74 $0.75* = = $169,460 less $171,750 = $2,290

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E26-4 Use incremental analysis for make-or-buy decision Pottery Ranch Inc. has been manufacturing its own finials for its curtain rods. The company is currently operating at 100% of capacity, and variable manufacturing overhead is charged to production at the rate of 70% of direct labor cost. The direct materials and

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Fixed costs Cost of goods sold (1) 63,200 63,200 65,700 192,100 Selling and administrative (2) 49,000 34,000 24,000 107,000 Total fixed costs112,200 97,200 89,700 299,100Income (loss) from operations($32,200) $132,800 $142,800 $243,400 (1) Division's fixed cost of goods sold plus 1/3 of Division II's unavoidable fixed cost of goods sold[$192,000 x (100% -90%)

EXERCISE 26-10 (a) 1. Cash payback period: $190,000 $50,000 = 3.8 years. 2. Annual rate of return: $12,000 [($190,000 + $0) 2] = 12.63%. (b) Item Amount Years PV Factor Present Value Net annual cash flows Less: Capital investment Net present value $ 50,000

26-1 SOLUTION Chapter 26 Waterways Continuing Problem WCP26 (a) (1) NET PRESENT VALUE Buy New Backhoes Time Period Cash Flow 8% Discount Rate Present Value Equipment purchase 0 ($ 200,000) 1 $ (200,000) Salvage value of old equip 0 42,000 1 42,000 Net cash flow

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COMPREHENSIVE PROBLEM (Continued) (j) Estimated number of helmets sold in December 2017 = 8,000 helmets (good Christmas sales!) Projected wholesale selling price = $40 per helmet Unit contribution margin = Unit selling Price Unit variable costs = $40.00 $18.10 = $21.90 Contribution margin ratio

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Copyright 2015 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 12/e, Exercise B/Problem Set C (For Instructor Use Only) 26-1 (b) As shown in the incremental analysis, Abuelo Company should accept the special order because incremental revenues exceed incremental expenses by $76,000. Copyright 2015 John Wiley & Sons,

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E3-10 Prepare correct income statement The income statement of Montee Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Salaries and Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense $600. In reviewing the statement, you discover the following: 1. 2. Supplies expense includes $250 of supplies

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Copyright 2015 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 12/e, Problems: Set B Solutions (For Instructor Use Only) 3-13 Rent expense .................................................... 4,000 Supplies expense ............................................. 3,800 Insurance expense ........................................... 850 Interest expense ............................................... 500 Total expenses.......................................... 27,250 Net income ............................................................... $34,150 Copyright 2015 John Wiley

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2. Supplies Expense ........................................................................... 2,600 Supplies ................................................................................. 2,600 ($3,500 $900) 2. Supplies Expense ........................................................................... 2,600 Supplies ................................................................................. 2,600 ($3,500 $900) 2. Supplies Expense ........................................................................... 2,600 Supplies ................................................................................. 2,600 ($3,500 $900) 5. Unearned Service Revenue ............................................................ 20,000 Service Revenue ................................................................... 20,000 ($50,000 X 2/5) 5. Unearned Service

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3. Natalies grandmother has decided to charge interest of 6% on the note payable extended on November 16. The loan plus interest is to be repaid in 24 months. (Assume that half a month of interest accrued during November.) 4. On November 30, a friend of Natalies asks her to

3. PREPARE ADJUSTING ENTRIES FOR ACCRUALS. 4. DESCRIBE THE NATURE AND PURPOSE OF AN ADJUSTED TRIAL BALANCE. *5. PREPARE ADJUSTING ENTRIES FOR THE ALTERNA-TIVE TREATMENT OF DEFERRALS. *6. DISCUSS FINANCIAL REPORTING CONCEPTS. 3. PREPARE ADJUSTING ENTRIES FOR ACCRUALS. 4. DESCRIBE THE NATURE AND PURPOSE OF AN ADJUSTED TRIAL

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Copyright 2015 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 12/e, Problems: Set B Solutions (For Instructor Use Only) 4-14 Depreciation Expense Property Taxes Payable Totals Net Income Totals (c) 6,000 53,100 (e) 3,000 53,100 6,000 504,700 3,000 504,700 6,000 236,200 44,000 280,200 280,200 280,200 268,500 268,500 3,000

Copyright 2015 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 12/e, Exercise B/Problem Set C (For Instructor Use Only) 4-21 Cash .................................................................... $2,500 Accounts receivable .......................................... 1,800 Supplies .............................................................. 240 Total current assets ................................... $4,540 Property, plant, and equipment Equipment .......................................................... 6,000 Less: Accum. depreciationequipment ......... 1,400 4,600

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CHAPTER 4 Cookie Creations (Note: This is a continuation of the Cookie Creations from Chapters 1 through 3.) CC4 Natalie had a very busy December. At the end of the month, after journalizing and posting the December transactions and adjusting entries, Natalie prepared the following adjusted trial balance. COOKIE CREATIONS

Ex4-2 Complete the worksheet The adjusted trial balance columns of the worksheet for Savaglia Company are as follows. SAVAGLIA COMPANY Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Cash 10,000 Accounts Receivable 7,840 Prepaid Rent 2,280 Equipment 23,050 Accumulated Depreciation - Equipment 4,900 Notes Payable 5,700 Accounts Payable 4,920 Owner's Capital 27,960 Owner's Drawings 3,650 Service Revenue 15,590 Salaries and Wages Expense 10,840 Rent Expense

COMPREHENSIVE PROBLEM (Continued) (b) & (c) ASHLEYS MAIDS CLEANING SERVICE Worksheet For the Month Ended July 31, 2017 Account

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3. EXPLAIN THE STEPS IN THE ACCOUNTING CYCLE AND HOW TO PREPARE CORRECTING ENTRIES. 4. IDENTIFY THE SECTIONS OF A CLASSIFIED BALANCE SHEET. *5. PREPARE REVERSING ENTRIES. 3. EXPLAIN THE STEPS IN THE ACCOUNTING CYCLE AND HOW TO PREPARE CORRECTING ENTRIES. 4. IDENTIFY THE SECTIONS OF A CLASSIFIED

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(a) MICHAEL PEVNICK, P.I. Worksheet For the Quarter Ended March 31, 2017 Account Titles Trial Balance

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E5-10 Prepare multiple-step and single-step income statement In its income statement for the year ended December 31, 2017, Anhad Company reported the following condensed data. Operating Expenses $725,000 $28,000 Cost of goods sold 1,289,000 17,000 Interest expense 70,000 Net sales 2,200,000 Instructions: (a) Prepare a multiple-step income statement. (b) Prepare a single-step income statement. NOTE: Enter a number in

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2. Ive learned a little about keeping track of inventory using both the perpetual and the periodic systems of accounting for inventory. Which system do you think is better? Which one would you recommend for the type of inventory that I want to sell? 3. How often do I need

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Copyright 2015 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 12/e, Problems: Set B Solutions (For Instructor Use Only) 5-1 20 Accounts Payable ......................................... 300 Inventory ................................................ 300 21 Cash .............................................................. 1,782 Sales Discounts ............................................ 18 Accounts Receivable ............................ 1,800 Copyright 2015 John Wiley & Sons, Inc. Weygandt,

(3) April 7 Equipment ......................................................... 29,000 Accounts Payable .................................... 29,000 (4) April 8 Accounts Payable .............................................. 3,000 Inventory .................................................. 3,000 (5) April 15 Accounts Payable .............................................. 17,000 ($20,000 $3,000) Inventory .................................................. 340 [($20,000 $3,000) X 2%] Cash ($17,000 $340) ............................ 16,660 (3) April 7 Equipment ......................................................... 29,000 Accounts

2. RECORD PURCHASES UNDER A PERPETUAL INVENTORY SYSTEM. 3. RECORD SALES UNDER A PERPETUAL INVENTORY SYSTEM. 2. RECORD PURCHASES UNDER A PERPETUAL INVENTORY SYSTEM. 3. RECORD SALES UNDER A PERPETUAL INVENTORY SYSTEM. 2. RECORD PURCHASES UNDER A PERPETUAL INVENTORY SYSTEM. 3. RECORD SALES UNDER A PERPETUAL INVENTORY SYSTEM. *6.

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4. EXPLAIN THE STATEMENT PRESENTATION AND ANALYSIS OF INVENTORY. *5. APPLY THE INVENTORY COST FLOW METHODS TO PERPETUAL INVENTORY RECORDS. *6. DESCRIBE THE TWO METHODS OF ESTIMATING INVENTORIES. 4. EXPLAIN THE STATEMENT PRESENTATION AND ANALYSIS OF INVENTORY. *5. APPLY THE INVENTORY COST FLOW METHODS TO PERPETUAL INVENTORY RECORDS.

Sept. 19 (24 X $110) ................................................................................ 2,640 Sept. 26 (50 X $112) ................................................................................ 5,600 13,010 Cost of goods available for sale ......................................................................... 15,510 Less: Ending inventory (23 X $112) .................................................................. 2,576 Cost of goods sold ............................................................................................. $12,934 Sept. 19 (24 X $110) ................................................................................ 2,640 Sept. 26 (50 X

Mar. 2 She buys one deluxe mixer on account from Kzinski Supply Co. for $618, FOB destination, terms n/30. 30 Natalie sells two deluxe mixers for a total of $2,300 cash. 31 She pays the amount owed to Kzinski. Apr. 1 She buys two deluxe mixers on account from Kzinski

E6-20 -Determine ending inventory at cost using retail method Kicks Shoe Store uses the retail inventory method for its two departments, Women's Shoes and Men's Shoes. The following information for each department is obtained. Item Women's Shoes Men's Shoes Beginning inventory at cost $25,000 $45,000 Cost of goods purchased at cost 110,000 136,300 Net sales 178,000 185,000 Beginning inventory

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3. RECORD TRANSACTIONS IN SPECIAL JOURNALS IN JOURNALIZING. 3. RECORD TRANSACTIONS IN SPECIAL JOURNALS IN JOURNALIZING. 3. RECORD TRANSACTIONS IN SPECIAL JOURNALS IN JOURNALIZING. Copyright 2015 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 12/e, Instructors Manual (For Instructor Use Only) 7-1 Copyright 2015 John

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Copyright 2015 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 12/e, Exercise B/Problem Set C (For Instructor Use Only) 7-1 Sept. 7 This was a sales return or allowance granted to Hoover. The entry was recorded on page 4 of the General Journal. Sept. 27 This was a payment

Sales Revenue account and the debit side of the Accounts Receivable account in the general ledger. (d) The accounts receivable column total of $133,000 in the cash receipts journal would be posted to the credit side of the Accounts Receivable account in the general ledger. (e) Sales Journal Credit sales

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Chapter 7. A problem statement and an accompanying solution are not available for this chapter. Thank you! Chapter 7. A problem statement and an accompanying solution are not available for this chapter. Thank you! Chapter 7. A problem statement and an accompanying solution are not available for this chapter. Thank

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4. Physical controls. A cash register is used to record the sale. 5. Independent internal verification. The counter clerk, in handling the food, compares the contents of the bag with the items indicated on the order invoice. 6. Human resource controls. No visible application possible. 4. Physical controls.

3. Record all of the deposits in the accounting records. 4. Record all of the checks in the accounting records. 5. Prepare the monthly bank reconciliation. 6. Transfer all of Natalies manual accounting records to his computer accounting program. John maintains all of the accounting information that he keeps for

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4. EXPLAIN THE REPORTING OF CASH. 4. EXPLAIN THE REPORTING OF CASH. 4. EXPLAIN THE REPORTING OF CASH. Copyright 2015 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 12/e, Instructors Manual (For Instructor Use Only) 8-1 Copyright 2015 John Wiley & Sons, Inc. Weygandt, Accounting

E8-11 Prepare bank reconciliation and adjusting entries The following information pertains to Crane Video Company. 1 Cash balance per bank, July 31, $7,263. 2 July bank service charge not recorded by the depositor $28. 3 Cash balance per books, July 31, $7,284. 4 Deposits in transit, July 31, $1,300. 5 Bank collected $700 note for Crane

Miscellaneous Expense ....................................................... 62.00 Cash Over and Short ........................................................... 13.00 Cash .......................................................................... 145.25 July 1 Delivery Expense ................................................................. 31.00 Entertainment Expense........................................................ 71.00 Miscellaneous Expense ....................................................... 44.75 Cash .......................................................................... 146.75 Miscellaneous Expense ....................................................... 62.00 Cash Over and Short ........................................................... 13.00 Cash .......................................................................... 145.25 July 1 Delivery Expense ................................................................. 31.00

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9 Cash .................................................................. 4,214 Sales Discounts ................................................ 86 Accounts ReceivableLorance Company ................................................. 4,300 15 Accounts Receivable ....................................... 600 Sales Revenue ............................................ 600 31 Accounts Receivable ....................................... 9 Interest Revenue ......................................... 9 9 Cash .................................................................. 4,214 Sales Discounts ................................................ 86 Accounts ReceivableLorance Company ................................................. 4,300 15 Accounts Receivable .......................................

P9-3A Journalize entries to record transactions related to bad debts Presented below is an aging schedule for Halleran Company. Customer Total Not yet Due 1-30 31-60 61-90 Over 90 Anders 22,000$ 10,000$ 12,000$ Blake 40,000 40,000$ Coulson 57,000 16,000 6,000 35,000 Deleon 34,000 34,000 Others 132,000 96,000 16,000 14,000 6,000 285,000$ 152,000$ 32,000$

Copyright 2015 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 12/e, Problems: Set B Solutions (For Instructor Use Only) 9-1 The journal entry would therefore be as follows: Bad Debt Expense ............................................. 14,000 Allowance for Doubtful Accounts ............ 14,000 Copyright 2015 John Wiley & Sons, Inc. Weygandt, Accounting

3. EXPLAIN HOW COMPANIES RECOGNIZE NOTES RECEIVABLE. 4. DESCRIBE HOW COMPANIES VALUE NOTES RECEIVABLE, RECORD THEIR DISPOSITION, AND PRESENT AND ANALYZE RECEIVABLES. 3. EXPLAIN HOW COMPANIES RECOGNIZE NOTES RECEIVABLE. 4. DESCRIBE HOW COMPANIES VALUE NOTES RECEIVABLE, RECORD THEIR DISPOSITION, AND PRESENT AND ANALYZE RECEIVABLES. 3. EXPLAIN HOW

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2. Is there an alternative other than extending credit to Curtis for 30 days? 3. I am thinking seriously about being able to have my customers use credit cards. What are some of the advantages and disadvantages of letting my customers pay by credit card? 2. Is there an alternative

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