Archives: Solution Manual

An asterisk (*) will appear to the right of an incorrect entry. Account Debit Credit 2014 May 1 10 31 31 31 Problem 7-2A Name: Section: 0% JOURNAL Date [Key code here] Instructions Answers are entered in the cells with […]

An asterisk (*) will appear to the right of an incorrect entry. Cost Retail Merchandise inventory, June 1 Purchases in June (net) Merchandise available for sale Ratio of cost to retail price: Cost: Retail: Sales for June (net) Merchandise inventory, […]

Key Code: An asterisk (*) will appear to the right of an incorrect entry. 1. First-In, First-Out Method (list most recent purchases first for each item) Model Quantity Unit Cost Total Cost C55 D11 F32 H29 K47 S33 X74 Total […]

Key Code: An asterisk (*) will appear to the right of an incorrect entry. 1. First-In, First-Out Method (list most recent purchases first for each item) Model Quantity Unit Cost Total Cost A10 B15 E60 G83 J34 M90 Q70 Total […]

An asterisk (*) will appear to the right of an incorrect entry. In part 1, only final inventory cost – Column K – will be graded. 1. Aor. 3 25 $1,200 30,000$ 8 11 30 May 8 10 19 28 […]

An asterisk (*) will appear to the right of an incorrect entry. In part 1, only final inventory cost – Column K – will be graded. 1. June 1 500 $30.00 15,000$ 10 28 30 July 5 10 16 28 […]

An asterisk (*) will appear to the right of an incorrect entry. In part 1, only final inventory cost – Column K – will be graded. 1. Apr. 3 25 $1,200 30,000$ 8 11 30 May 8 10 19 28 […]

An asterisk (*) will appear to the right of an incorrect entry. In part 1, only final inventory cost – Column K – will be graded. 1. June 1 500 $30.00 15,000$ 10 28 30 July 5 10 16 28 […]

An asterisk (*) will appear to the right of an incorrect entry. Only final inventory cost – Column K – will be graded. Aug. 1 775 $44 34,100$ 10 12 14 20 31 31 Balances Quantity Unit Cost Quantity Total […]

An asterisk (*) will appear to the right of an incorrect entry. Only final inventory cost – Column K – will be graded. a. Aug. 1 775 $44 34,100$ 10 12 14 20 31 31 Balances b. Based on the […]

An asterisk (*) will appear to the right of an incorrect entry. Only final inventory cost – Column K – will be graded. Apr. 1 120 $39 4,680$ 6 14 19 25 30 30 Balances Quantity Unit Cost Quantity Total […]

Exercise 5-23 Key Code: Instructions Answers are entered in the cells with gray backgrounds. An asterisk (*) will appear to the right of an incorrect entry. The essay answer will not be graded. a. Revenue from sales: Less: Net sales […]

Key Code: An asterisk (*) will appear to the right of an incorrect entry. Enter all amounts as positive numbers. 1. Simkins Company uses which type of inventory system? 2. Revenue from sales: Less: Net sales Cost of merchandise sold: […]

Key Code: An asterisk (*) will appear to the right of an incorrect entry. Enter all amounts as positive numbers. 1. Wyman Company uses which type of inventory system? 2. Revenue from sales: Less: Net sales Cost of merchandise sold: […]

Problem 5-6B Score: Key Code: Instructions Answers are entered in the cells with gray backgrounds. An asterisk (*) will appear to the right of an incorrect entry. 1. Revenues: Net sales Expenses: Total expenses Net income 2. Retained earnings, July […]

Problem 5-6A Score: Key Code: Instructions Answers are entered in the cells with gray backgrounds. An asterisk (*) will appear to the right of an incorrect entry. 1. Revenues: Net sales Expenses: Total expenses Net income 2. Retained earnings, September […]

Problem 5-5B Score: Key Code: Instructions Answers are entered in the cells with gray backgrounds. An asterisk (*) will appear to the right of an incorrect entry. Essay answers will not be graded. 1. Revenue from sales: Less: Net sales […]

Problem 5-5A Key Code: Instructions Answers are entered in the cells with gray backgrounds. An asterisk (*) will appear to the right of an incorrect entry. Essay answers will not be graded. 1. Revenue from sales: Less: Net sales Cost […]

Key Code: An asterisk (*) will appear to the right of an incorrect entry. Account Debit Credit July 1 1 2 2 5 5 8 8 13 13 14 14 15 0% JOURNAL Date [Key code here] Instructions Answers are […]

Score: Key Code: An asterisk (*) will appear to the left of an incorrect entry. Account Debit Credit Mar. 2 2 3 3 4 4 5 5 12 14 14 Problem 5-2A Name: Section: 0% JOURNAL Date [Key code here] […]

Exercise 4-26 Score: Key Code: Instructions Answers are entered in the cells with gray backgrounds. An asterisk (*) will appear to the right of an incorrect entry. Total expenses Net income (loss) Current assets: Current liabilities Total liabilities Total current […]

Exercise 4-25 Score: Key Code: Instructions Answers are entered in the cells with gray backgrounds. An asterisk (*) will appear to the right of an incorrect entry. In the work sheet, enter a zero in cells you would otherwise leave […]

Exercise 4-24 Score: Key Code: Instructions Answers are entered in the cells with gray backgrounds. An asterisk (*) will appear to the right of an incorrect entry. In the work sheet, enter a zero in cells you would otherwise leave […]

Problem 4-5B Score: Key Code: Instructions Answers are entered in the cells with gray backgrounds. An asterisk (*) will appear to the right of an incorrect entry. In the general ledger accounts, only normal balance columns will be graded. In […]

Problem 4-5A Score: Key Code: Instructions Answers are entered in the cells with gray backgrounds. An asterisk (*) will appear to the right of an incorrect entry. In the general ledger accounts, only normal balance columns will be graded. In […]

Problem 4-4B Score: Key Code: Instructions Answers are entered in the cells with gray backgrounds. An asterisk (*) will appear to the right of an incorrect entry. In the general ledger accounts, only normal balance columns will be graded. In […]

Problem 4-4A Score: Key Code: Instructions Answers are entered in the cells with gray backgrounds. An asterisk (*) will appear to the right of an incorrect entry. In the general ledger accounts, only normal balance columns will be graded. In […]

Problem 4-1B Score: Key Code: Instructions Answers are entered in the cells with gray backgrounds. An asterisk (*) will appear to the right of an incorrect entry. In the trial balance, enter a zero in cells you would otherwise leave […]

Problem 4-1A Score: Key Code: Instructions Answers are entered in the cells with gray backgrounds. An asterisk (*) will appear to the right of an incorrect entry. In the trial balance, enter a zero in cells you would otherwise leave […]

Score: Key Code: An asterisk (*) will appear to the left of an incorrect entry. In the table, enter a zero in cells you would otherwise leave blank. 1. Account Debit Credit a. b. c. d. 2. = + Reported […]

Score: Key Code: An asterisk (*) will appear to the right of an incorrect entry. In the table, enter a zero in cells you would otherwise leave blank. 1. Account Debit Credit a. b. c. d. 2. = + Reported […]

Score: Key Code: An asterisk (*) will appear to the right of an incorrect entry. In the trial balance, enter a zero in cells you would otherwise leave blank. 1. Account Debit Credit a. b. c. d. e. f. g. […]

Score: Key Code: An asterisk (*) will appear to the right of an incorrect entry. 1. Account Debit Credit a. b. c. d. e. 2. are a planned part of the accounting process. are not planned but arise only when […]

Score: Key Code: Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list. An asterisk (*) will appear to the right of incorrect entries in outlined answer cells. Enter a zero in answer cells you would […]

Score: Key Code: Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list. In journal entries, dates will not be graded. In the general ledger accounts, only the final balance of the account will be graded. […]

Score: Key Code: Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list. In journal entries, dates will not be graded. In the general ledger accounts, only the final balance of the account will be graded. […]

Score: Key Code: Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list. An asterisk (*) will appear next to or below an incorrect entry only in the outlined cells. Only the ending balances of the […]

CHAPTER 9 Fixed Assets and Intangible Assets Prob. 9–4A 1. Depreciation Book Value, Year Expense End of Year a. 1…………………………………………… $142,000 $658,000 *[($800,000 – $90,000) ÷ 5] b. 1 [$800,000 × (1/5) × 2]…………… … $320,000 $480,000 2 [$480,000 × […]

CHAPTER 8 Receivables Prob. 8–2B 1. Customer Arcade Beauty 2. and 3. Not Past Over Customer Balance Due 1–30 31–60 61–90 91–120 120 ABC Beauty 15,000 15,000 Angel Wigs 8,000 8,000 Zodiac Beauty 3,000 3,000 Subtotals 875,000 415,000 210,000 112,000 […]

CHAPTER 8 Receivables Ex. 8–28 a. and b. Net sales……………………… … c. The accounts receivable turnover indicates an increase in the efficiency of collecting accounts receivable by increasing from 30.7 to 37.3, a favorable trend. The days’ sales in receivables […]

CHAPTER 7 Sarbanes-Oxley, Internal Control, and Cash Ex. 7–28 a. Year 3: $5,304.7 per month ($63,656 ÷ 12) c. Since Year 1, Allos Therapeutics monthly cash expenses have increased from $3,570.8 in Year 1 to $5,304.7 in Year 3. The […]

CHAPTER 6 Inventories Prob. 6–4B 1. First-In, First-Out Method Merchandise inventory, June 30, 2014…………………………………… … $ 32,864 Cost of merchandise sold………………………………………..………… … 310,776 2. Last-In, First-Out Method Merchandise inventory, June 30, 2014…………………………………… … $ 31,240 Cost of merchandise sold…………………………………….……………… 312,400 […]

CHAPTER 6 Inventories Prob. 6–1A (Concluded) 2. Accounts Receivable 483,800 Sales 483,800 3. $193,350 ($483,800 – $290,450) 4. $26,950 ($8,950 + $18,000) 5. Since the prices rose from $30 for the June 1 inventory to $36 for the purchase on […]

1. The receiving report should be reconciled to the initial purchase order and the vendor’s invoice b efore recording or paying for inventory purchases. This procedure will verify that the inventory 2. A physical inventory should be taken periodically to […]

CHAPTER 5 Accounting for Merchandising Businesses Comp. Problem 2 (Continued) 3. Debit Credit Capital Stock 100,000 Retained Earnings 585,300 Dividends 135,000 Sales 5,532,350 Sales Returns and Allowances 113,700 Sales Discounts 61,600 Cost of Merchandise Sold 3,000,200 Sales Salaries Expense 720,800 […]

CHAPTER 5 Accounting for Merchandising Businesses Appendix Prob. 5–9B (Concluded) 2. Apr. 2 Purchases 32,000 Freight In 330 Accounts Payable—Swan Company 32,330 8 Purchases 49,500 5-61 © 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, […]

CHAPTER 5 Accounting for Merchandising Businesses Appendix Prob. 5–10A 1. Periodic inventory system. Wyman Company uses a periodic inventory 2. See page 5-42. 5-41 © 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted […]

CHAPTER 5 Accounting for Merchandising Businesses Appendix Ex. 5–39 Jan. 2 Merchandise Inventory 18,200 Accounts Payable 18,200 5 Merchandise Inventory 190 5-21 © 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a […]

1. Merchandising businesses acquire merchandise for resale to customers. It is the selling of 2. Yes. Gross profit is the excess of (net) sales over cost of merchandise sold. A net loss arises when operating expenses exceed gross profit. Therefore, […]

CHAPTER 4 Completing the Accounting Cycle Continuing Problem (Continued) Account No. 11 Post. Item Ref. Debit Credit Debit Credit 2014 July 1 Balance 93,920 14 1 1,200 10,420 16 2 2,000 12,420 21 2 620 11,800 22 2 800 11,000 […]