Archives: Solution Manual

CHAPTER 6 Accounting for Merchandising Businesses Appendix Ex. 6–39 Jan. 2 Merchandise Inventory 18,200 Accounts Payable 18,200 5 Merchandise Inventory 190 6-21 © 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 6 Accounting for Merchandising Businesses _____________________________________________ OPENING COMMENTS Chapter 6 introduces the merchandising form of business. It opens by contrasting the income statements of service and merchandising businesses. The majority of the chapter is focused on the presentation of […]

Score: Key Code: An asterisk (*) will appear to the right of an incorrect entry. For correct grading, enter a zero or select N/A in cells you would otherwise leave blank. Although subsidiary ledger accounts are not provided, assume postings […]

Score: Key Code: An asterisk (*) will appear to the right of an incorrect entry. For correct grading, enter a zero or select N/A in cells you would otherwise leave blank. Although subsidiary ledger accounts are not provided, assume postings […]

Score: Key Code: An asterisk (*) will appear to the left of an incorrect entry. For ledger account amounts, only the normal balance column will be graded. Essay answers will not be graded. 1. Page 1 Inv. Post. No. Account […]

Score: Key Code: An asterisk (*) will appear to the left of an incorrect entry. For ledger account amounts, only the normal balance column will be graded. Essay answers will not be graded. 1. Page 1 Inv. Post. No. Account […]

CHAPTER 5 Accounting Systems Prob. 5–5A 1., 3., and 4. Account No. 11 Post. Item Ref. Debit Credit Debit Credit Account No. 12 Post. Item Ref. Debit Credit Debit Credit 1 Balance 914,050 31 R35 21,920 35,970 31 CR31 16,030 […]

CHAPTER 5 Accounting Systems Ex. 5–22 (Concluded) c. Controlling accounts are not posted at the end of the month in a computerized accounting system. In addition, special journals are not normally used to accumulate transactions. Transactions are recorded through data […]

1. The individual accounts receivable ledger accounts provide business managers information on the 2. The major advantages of the use of special journals are substantial savings in record-keeping expenses and a reduction of record-keeping errors. 3. a. 400 b. None […]

3. Describe and illustrate the use of a computerized accounting system. 73 © 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. chapter 5 […]

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 Current assets: Current liabilities Total liabilities Total current assets Property, plant, […]

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. For correct grading in the work sheet, enter a zero in cells you […]

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. For correct grading in the work sheet, enter a zero in cells you […]

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. For […]

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. For […]

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. For […]

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. For […]

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. For correct grading in the trial balance, enter a zero in cells you […]

CHAPTER 4 Completing the Accounting Cycle Comp. Prob. 1 (Continued) Account No. 54 Post. Item Ref. Debit Credit Debit Credit 2014 Account No. 55 Post. Item Ref. Debit Credit Debit Credit 2014 May 31 Adjusting 7 275 275 31 Closing […]

CHAPTER 4 Completing the Accounting Cycle Prob. 4–4B (Continued) Current assets: Current liabilities: Cash $13,100 Accounts payable $4,500 RECESSIVE INTERIORS Balance Sheet January 31, 2014 Assets Liabilities 4-81 © 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied […]

CHAPTER 4 Completing the Accounting Cycle Prob. 4–4A (Continued) 3. Page 26 Post. Ref. Debit Credit 2014 Mar. 31 Supplies Expense 52 22,500 Supplies 13 22,500 Date Adjusting Entries JOURNAL 4-41 © 2014 Cengage Learning. All Rights Reserved. May not […]

CHAPTER 4 Completing the Accounting Cycle Appendix Ex. 4–26 (Concluded) Current assets: Current liabilities: Cash $ 12 Accounts payable $36 ALERT SECURITY SERVICES CO. Balance Sheet October 31, 2014 Assets Liabilities 4-21 © 2014 Cengage Learning. All Rights Reserved. May […]

Quality Measurements Bin Sample 1 2 3 4 5 Mean 0.55 Bin Frequency 18 0.828 0.829 0.865 0.778 0.872 0.834 19 0.805 0.719 0.612 0.938 0.807 0.776 20 0.802 0.756 0.786 0.815 0.801 0.792 21 0.876 0.803 0.701 0.789 0.672 […]

1. The end-of-period spreadsheet illustrates the flow of accounting information from the unadjusted 2. a. Current assets are composed of cash and other assets that may reasonably be expected to be realized in cash or sold or used up, usually […]

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

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

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

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: 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 to update the accounts. are not planned […]

1. a. Supplies Expense Supplies 2,750 Supplies used. b. Accounts Receivable Fees Earned 23,700 Accrued fees earned. c. Depreciation Expense Accumulated Depreciation—Equipment 1,800 Equipment depreciation. d. Wages Expense Wages Payable 1,400 Accrued wages. 1,400 1,800 23,700 2. Total Net Total […]

1. a. Under cash-basis accounting, revenues are reported in the period in which cash is received and 2. The matching concept is related to the accrual basis of accounting. 3. Adjusting entries are necessary at the end of an accounting […]

3. Summarize the adjustment process. 33 © 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. chapter 3 The Adjusting Process ______________________________________________ OPENING COMMENTS […]

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. For correct grading, enter a zero where you […]

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 ending balances of T accounts […]

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 ending balances of T accounts […]

Score: Key Code: Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list. For correct grading, enter a zero “0″ in an amount answer cell you would otherwise leave blank. An asterisk (*) will appear to […]

CHAPTER 2 Analyzing Transactions Prob. 2–2B (Concluded) 3. Debit Credit Balances Balances Cash 20,150 4. a. $13,300 b. $8,750 ($3,000 + $2,800 + $1,500 + $1,050 + $400) c. $4,550 ($13,300 – $8,750) 5. $20,250, which is the initial investment […]

1. An account is a form designed to record changes in a particular asset, liability, owner’s equity, 2. The terms debit and credit may signify either an increase or a decrease, depending upon the nature of the account. For example, […]

19 © 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Also encourage your students to seek help immediately if they begin to struggle […]

MORNIN’ JOE INTERNATIONAL DISCUSSION QUESTIONS 1. U.S. GAAP Term IFRS International Term Statement of comprehensive income* Statement of comprehensive income Balance sheet Statement of financial position Interest expense Finance costs Net income Profit for the year Trading investments Financial assets […]

Score: Key Code: An asterisk (*) will appear next to or below an incorrect entry only in the outlined cells. a. Assets Liabilities Owner’s Equity Total liabilities and Total assets owner’s equity Assets Liabilities Owner’s Equity Total liabilities and Total […]

Score: Key Code: An asterisk (*) will appear next to or below an incorrect entry only in the outlined cells. Fees earned Expenses: Total expenses Exercise 1-19 Name: Section: EXPLORATION SERVICES Income Statement Answers are entered in the cells with […]

Score: Key Code: An asterisk (*) will appear next to or below an incorrect entry only in the outlined cells. Lori Izzo, capital, November 1, 2014 Lori Izzo, capital, November 30, 2014 0% 2 Instructions INFRA-SYSTEMS COMPANY Statement of Owner’s […]

Key Code: Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list. In part 2, place a plus sign or minus sign in the small box beside the amount. Row (a) has been completed as an […]

Problem 1-5A # Incorrect N-box and B-box entries COUNTIF(B7:AT41,”~*”) Name: 0 Section: # N-box Incorrects due to blanks COUNTIF(B7:AT41,” “) 0 # N-box +B-box corrects COUNTIF(B7:AT41,” “) 0 Key Code: 2 Total SUM(AV13:AV15) Instructions 0 Answers are entered in the […]