Connect Access Card for Financial Accounting 5th Edition

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33 Answer: September 1 Investments 15,000 Cash 15,000 (Purchase common stock) ($15,000 = $15 1,000 shares) October 15 Cash ($18 1,000 shares) 18,000 Gain (difference) 3,000 Investments ($15 1,000 shares) 15,000 (Sale of investments above recorded amount) Difficulty: 3 Hard Topic: Equity Investments with Insignificant Influence Learning Objective: D-02

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1 Answer: FALSE Explanation: When insignificant influence exists, the investment should be accounted for by the fair value method. Difficulty: 2 Medium Topic: Why Companies Invest in Other Companies; Equity Investments with Insignificant Influence Learning Objective: D-01 Explain why companies invest in other companies.; D-02 Account for investments in

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21 Answer: D Explanation: Unrealized gains and losses on available-for-sale securities are reported as other comprehensive income. Difficulty: 3 Hard Topic: Debt Investments Learning Objective: D-05 Account for investments in debt securities. Bloom's: Analyze AACSB: Analytical Thinking AICPA/Accessibility: FN Reporting/Keyboard Navigation 21 Answer: D Explanation: Unrealized gains and losses

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Chapter 1 - A Framework for Financial Accounting 2019 McGraw-Hill Education. All rights reserved. Authorized only for instructor use in the classroom. No reproduction or further distribution permitted without the prior written consent of McGraw-Hill Education. Solutions Manual, Chapter 1 1-21 2019 McGraw-Hill Education. All rights reserved. Authorized only for

61 Answer: B Difficulty: 2 Medium Topic: Financial Accounting Standards Learning Objective: 01-05 Explain the term generally accepted accounting principles (GAAP) and describe the role of GAAP in financial accounting. Bloom's: Understand AACSB: Reflective Thinking AICPA: FN Reporting 61 Answer: B Difficulty: 2 Medium Topic: Financial Accounting Standards Learning Objective:

Student Name: Class: 67,700$ 5,500 2,600 61,500 6,200$ Correct!Net income Delivery Total expenses Salaries 5,500 2,600 61,500 6,200$ Correct!Net income Delivery Total expenses Salaries 5,500 2,600 61,500 6,200$ Correct! Net income Delivery Total expenses Salaries 53,400$ Total Common Retained Shareholders' Stock Earnings Equity 40,000$ 18,200$ 58,200$ 4,000 4,000 6,200 6,200 - - 44,000$ 24,400$ 68,400$ Correct! Correct! Correct!Less: DividendsEnding

41 Answer: C Explanation: Beginning Retained Earnings ($0) + Net Income ($4.4) Dividends ($5.4) = Ending Retained Earnings ($1.0). Difficulty: 3 Hard Topic: Financial Statements - Statement of Stockholders' Equity Learning Objective: 01-03 Determine how financial accounting information is communicated through financial statements. Bloom's: Analyze AACSB: Analytical Thinking AICPA: FN

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21 Answer: C Explanation: The journal entry would be: Cash 20,000 Common Stock 1,000 Additional Paid-in Capital 19,000 Difficulty: 3 Hard Topic: Accounting for Common Stock Learning Objective: 10-02 Record the issuance of common stock. Bloom's: Apply AACSB: Knowledge Application AICPA/Accessibility: FN Measurement/Keyboard Navigation 21 Answer: C Explanation: The journal

Student Name: Class: Date Account Debit Credit 14,000 14,000 <--Correct!8,000 <--Correct!7,000 1,000 (Issue common stock)(Purchase treasury stock)May 15, 2021Treasury Stock CashJuly 10, 2021Cash Treasury Stock Additional Paid-in Capital(Reissue treasury stock above cost) 14,000 14,000 <--Correct!8,000 <--Correct!7,000 1,000 (Issue common stock)(Purchase treasury stock)May 15, 2021Treasury Stock CashJuly 10, 2021Cash Treasury Stock Additional Paid-in Capital(Reissue treasury

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1 Answer: FALSE Explanation: Paid-in capital is the amount stockholders have invested in the company. Difficulty: 1 Easy Topic: Characteristics of Corporations Learning Objective: 10-01 Identify the advantages and disadvantages of the corporate form of ownership. Bloom's: Remember AACSB: Reflective Thinking AICPA/Accessibility: FN Measurement/Keyboard Navigation 1 Answer: FALSE Explanation: Paid-in

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61 Answer: C Explanation: Service Revenue $ 15,400 Increase in Accounts Receivable (500) = Cash received from customers $ 14,900 Difficulty: 3 Hard Topic: Operating Activities - Direct Method Learning Objective: 11-07 Prepare the operating activities section of the statement of cash flows using the direct method. Bloom's: Analyze AACSB:

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Student Name: + Class: - NE 12,400$ cash flows from operating activities:5,465 (4,090) 1,475 905 (1,760) 14,395$ Decrease in inventory Decrease in prepaid rent Decrease in accounts payable Net cash flows from operating activitiesCash Flows from Operating ActivitiesNet incomeAdjustments to reconcile net income to net Depreciation expense Increase in accounts receivable 12,400$ cash flows from operating

1 Answer: FALSE Explanation: Operating activities include cash receipts and cash payments for transactions relating to revenue and expense activities. Difficulty: 1 Easy Topic: Classification of Transactions Learning Objective: 11-01 Classify cash transactions as operating, investing, or financing activities. Bloom's: Remember AACSB: Reflective Thinking AICPA/Accessibility: FN Reporting/Keyboard Navigation 1 Answer:

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Chapter 11 - Statement of Cash Flows Chapter 11 - Statement of Cash Flows Chapter 11 - Statement of Cash Flows 2019 McGraw-Hill Education. All rights reserved. Authorized only for instructor use in the classroom. No reproduction or further distribution permitted without the prior written consent of McGraw-Hill Education 2019

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1 Answer: FALSE Explanation: We use vertical analysis for income statement and balance sheet accounts. Difficulty: 2 Medium Topic: Vertical Analysis Learning Objective: 12-01 Perform vertical analysis. Bloom's: Understand AACSB: Reflective Thinking AICPA/Accessibility: BB Critical Thinking/Keyboard Navigation 1 Answer: FALSE Explanation: We use vertical analysis for income statement and

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81 Answer: Difficulty: 3 Hard Topic: Horizontal Analysis Learning Objective: 12-02 Perform horizontal analysis. Bloom's: Analyze AACSB: Analytical Thinking AICPA/Accessibility: FN Measurement/Keyboard Navigation 81 Answer: Difficulty: 3 Hard Topic: Horizontal Analysis Learning Objective: 12-02 Perform horizontal analysis. Bloom's: Analyze AACSB: Analytical Thinking AICPA/Accessibility: FN Measurement/Keyboard Navigation 81 Answer:

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41 Answer: C Explanation: Inventory turnover = = 3.3 times Average days in inventory = 365/3.3 = 110.6 days. Difficulty: 3 Hard Topic: Risk Analysis - Inventory Turnover Ratio; Risk Analysis - Average Days in Inventory Learning Objective: 12-03 Use ratios to analyze a company's risk. Bloom's: Analyze AACSB:

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Chapter 12 - Financial Statement Analysis 2019 McGraw-Hill Education. All rights reserved. Authorized only for instructor use in the classroom. No reproduction or further distribution permitted without the prior written consent of McGraw-Hill Education Solutions Manual, Chapter 12 12-39 2019 McGraw-Hill Education. All rights reserved. Authorized only for instructor use

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21 Answer: A Difficulty: 2 Medium Topic: Risk Analysis - General Learning Objective: 12-03 Use ratios to analyze a company's risk. Bloom's: Understand AACSB: Reflective Thinking AICPA/Accessibility: BB Critical Thinking/Keyboard Navigation 21 Answer: A Difficulty: 2 Medium Topic: Risk Analysis - General Learning Objective: 12-03 Use ratios to analyze

Student Name: + - NE Amount % Amount % 103,500$ 23.0% - Correct! 70,400$ 17.6% - Correct! 46,800 10.4% - Correct! 32,000 8.0% - Correct! 44,550 9.9% - Correct! 71,200 17.8% - Correct! 7,200 1.6% - Correct! 3,600 0.9% - Correct! 54,900 12.2% - Correct! - 0.0% - Correct! 117,450 26.1% - Correct! 141,600 35.4% - Correct! 106,200 23.6% -

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Student Name: Class: Entry Debit Credit 1. 3,000 3. 4,000 4,000 <--Correct!4. 16,000 16,000 <--Correct!5. 3,000 3,000 <--Correct!6. 3,000 3,000 <--Correct!(Record ten months interest expense not yet paid) Interest PayableInterest Expense(Reduce prepaid advertising for one month used of four months prepaid) Prepaid AdvertisingAdvertising Expense(Supplies used during year) SuppliesSupplies Expense(Reduce deferred revenue for completion

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EAGLE SOCCER ACADEMY Worksheet December 31 Unadjusted Trial Balance Adjusting Entries Adjusted Trial Balance Income Statement Balance Sheet Accounts Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash $ 6,900 $ 6,900 $ 6,900 Accounts Receivable 2,000 (h) 700

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LO4-1 Discuss the impact of accounting scandals and the passage of the Sarbanes-Oxley Act. LO4-1 Discuss the impact of accounting scandals and the passage of the Sarbanes-Oxley Act. LO4-1 Discuss the impact of accounting scandals and the passage of the Sarbanes-Oxley Act. Copyright 2019 McGraw-Hill Education. All rights reserved. No

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1,600 (200) (2,100) (300) (1,100) 20 6,000 250 (125) Interest on note Deposits outstanding Checks outstanding Service fees NSF check Company error EFT for rent Interest on account Note collected 1,600 (200) (2,100) (300) (1,100) 20 6,000 250 (125) Interest on note Deposits outstanding Checks outstanding Service fees NSF check Company

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Chapter 5 - Receivables and Sales The McGraw-Hill Companies, Inc., 2019 Solutions Manual, Chapter 5 5-1 The McGraw-Hill Companies, Inc., 2019 Solutions Manual, Chapter 5 5-1 The McGraw-Hill Companies, Inc., 2019 Solutions Manual, Chapter 5 5-1 Chapter 5 Receivables and Sales REVIEW QUESTIONS

LO5-1 Recognize accounts receivable at the time of credit sales. LO5-1 Recognize accounts receivable at the time of credit sales. LO5-1 Recognize accounts receivable at the time of credit sales. Copyright 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Copyright

Chapter 5 - Receivables and Sales The McGraw-Hill Companies, Inc., 2019 Solutions Manual, Chapter 5 5-41 The McGraw-Hill Companies, Inc., 2019 Solutions Manual, Chapter 5 5-41 The McGraw-Hill Companies, Inc., 2019 Solutions Manual, Chapter 5 5-41 Problem 5-2A (LO 5-1, 5-2) Requirement 1 May 2

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Chapter 5 - Receivables and Sales The McGraw-Hill Companies, Inc., 2019 Solutions Manual, Chapter 5 5-21 The McGraw-Hill Companies, Inc., 2019 Solutions Manual, Chapter 5 5-21 The McGraw-Hill Companies, Inc., 2019 Solutions Manual, Chapter 5 5-21 Exercise 5-13 (LO 5-6) Requirement 1 1. Debit

Student Name: Class: Date Account Debit Credit 7,200 7,200 <--Correct!56,000 56,000 <--Correct!10,000 10,000 <--Correct!6,000 6,000 <--Correct!45,000 45,000 <--Correct! Accounts ReceivableCash(Estimate future bad debts) Allowance for Uncollectible AccountsBad Debt Expense(Provide services on account) Service RevenueAccounts ReceivableAllowance for Uncollectible AccountsCash(Write off actual bad debts) Accounts Receivable(Receive cash on account) Accounts ReceivableDecember 31, 2021October 19, 2022July

81 Answer: C Difficulty: 3 Hard Topic: Analysis-Gross Profit Ratio Learning Objective: 06-07 Analyze management of inventory using the inventory turnover ratio and gross profit ratio. Bloom's: Analyze AACSB: Analytical Thinking AICPA/Accessibility: FN Decision Making/Keyboard Navigation 81 Answer: C Difficulty: 3 Hard Topic: Analysis-Gross Profit Ratio Learning Objective: 06-07

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Student Name: Class: Number of Unit Ending Date Transaction Units Cost Inventory Oct. 30 7 930 6,510 8 7,410$ Correct! Correct!Number of Unit Cost ofDate Transaction Units Cost Goods SoldOct. 1 4 900$ 3,600$ Oct. 1 1 900 900 Oct. 10 2 910 1,820 Oct. 10 3 910 2,730 Oct. 20 4 920 3,680

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Student Name: Class: Depreciable Depreciation Depreciation Accumulated Book Year Cost Rate Expense Depreciation Value 2246,000 1/6 41,000 82,000 188,000 3246,000 1/6 41,000 123,000 147,000 4246,000 1/6 41,000 164,000 106,000 5246,000 1/6 41,000 205,000 65,000 6246,000 1/6 41,000 246,000 24,000 Total 246,000 Correct!Correct! 2246,000 1/6 41,000 82,000 188,000 3246,000 1/6 41,000 123,000 147,000 4246,000 1/6 41,000

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Student Name: Class: Date Account Debit Credit 41,000,000 41,000,000 <--Correct!922,500 922,500 <--Correct!922,500 922,500 <--Correct! Interest PayableInterest Receivable(Interest expense incurred, but not paid)October 1, 2021Notes Receivable CashDecember 31, 2021Interest Expense Interest RevenueRequirement 2:(Acceptance of notes receivable)December 31, 2021(Interest revenue earned, but not received) 41,000,000 41,000,000 <--Correct!922,500 922,500 <--Correct!922,500 922,500 <--Correct! Interest PayableInterest Receivable(Interest expense incurred,

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1 Answer: FALSE Explanation: Companies prefer to report a liability as long-term, because long-term debt makes a company appear less risky. Difficulty: 2 Medium Topic: Current vs. Long-Term Classification Learning Objective: 08-01 Distinguish between current and long-term liabilities. Bloom's: Understand AACSB: Reflective Thinking AICPA/Accessibility: FN Reporting/Keyboard Navigation 1 Answer: FALSE

21 Answer: B Difficulty: 1 Easy Topic: Payroll Liabilities Learning Objective: 08-03 Account for employee and employer payroll liabilities. Bloom's: Remember AACSB: Reflective Thinking AICPA/Accessibility: FN Measurement/Keyboard Navigation 21 Answer: B Difficulty: 1 Easy Topic: Payroll Liabilities Learning Objective: 08-03 Account for employee and employer payroll liabilities. Bloom's: Remember AACSB:

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81 Answer: C Explanation: FV ($100,000); PMT ($3,000); I (2.5%); N (10 periods) = PV ($104,376) (rounded). PMT = $100,000 6% 1/2 year = $3,000. I = 5%/2 semiannual periods = 2.5%. N = 5 years 2 periods each year = 10 periods. Difficulty: 3 Hard Topic: Pricing a Bond

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Chapter 9 - Long-Term Liabilities 2019 McGraw-Hill Education. All rights reserved. Authorized only for instructor use in the classroom. No reproduction or further distribution permitted without the prior written consent of McGraw-Hill Education Solutions Manual, Chapter 9 9-21 2019 McGraw-Hill Education. All rights reserved. Authorized only for instructor use in

132 Copyright 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Copyright 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Copyright 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution

Chapter 9 - Long-Term Liabilities 2019 McGraw-Hill Education. All rights reserved. Authorized only for instructor use in the classroom. No reproduction or further distribution permitted without the prior written consent of McGraw-Hill Education 2019 McGraw-Hill Education. All rights reserved. Authorized only for instructor use in the classroom. No reproduction or

101 Copyright 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Copyright 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Copyright 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution

Copyright 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Copyright 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Copyright 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without

61 Answer: C Explanation: $8,000,000 = $400,000 20 payments Difficulty: 3 Hard Topic: Recording Bonds Payable - Discount Learning Objective: 09-05 Record the issuance of bonds and related interest. Bloom's: Analyze AACSB: Analytical Thinking AICPA/Accessibility: FN Measurement/Keyboard Navigation 61 Answer: C Explanation: $8,000,000 = $400,000 20 payments Difficulty: 3 Hard

Student Name: Class: Date Account Debit Credit 24,000 24,000 <--Correct!24,000 24,000 <--Correct!(Pay semiannual interest)June 30, 2021Interest Expense Cash(Pay semiannual interest)December 31, 2021Interest Expense Cash 24,000 24,000 <--Correct!24,000 24,000 <--Correct!(Pay semiannual interest)June 30, 2021Interest Expense Cash(Pay semiannual interest)December 31, 2021Interest Expense Cash 24,000 24,000 <--Correct! 24,000 24,000 <--Correct! (Pay semiannual interest) June 30, 2021 Interest Expense Cash (Pay semiannual interest) December 31,

1 EXCEL TEMPLATES OPERATIONS GUIDE EXCEL TEMPLATES were developed by McGraw-Hill/Irwin to accompany FINANCIAL ACCOUNTING, Fifth Edition, by David Spiceland, Wayne Thomas, and Don Herrmann. It is designed to provide you, the student, with experience in using microcomputers in accounting by working selected problems

Student Name: Class: Accounts payable Capital stock Cash Land Retained earnings Total assets 18,600 40,000 14,100 176,100 13,500$ Correct!84,900$ 13,500 98,400 12,000 86,400$ Correct! 240,000$ 48,000 288,000$ 87,600$ 114,000$ - 114,000 201,600$ Correct!AssetsJune 30, 20xxStockholders' equityLiabilitiesTotal Liabilities & Stockholders' equityTotal Stockholders' equity Retained earnings Capital stock Accounts payableTotal assetsLandCashRetained earnings, June 30Balance SheetWILLAMETTE CONSULTINGLiabilities &

Copyright 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Copyright 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Copyright 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without