Archives: Solution Manual

© McGraw-Hill Education, 2016 Solutions Manual, Chapter 4 4-21 Exercise 4-16 (LO 4-7) a. Cash used for purchase of office supplies − $2,400 b. Cash provide from consulting to customers + $50,600 c. Cash used for purchase of mining equipment […]

Student Name: Class: 160,000$ 29,600 84,900$ 13,500 98,400 12,000 86,400 $ Correct! Retained earnings, June 30 Less: Dividends Total 240,000$ 48,000 288,000 $ Total assets Land 87,600$ 114,000$ – 114,000 201,600 $ Correct! Total Liabilities & Stockholders’ equity Total Stockholders’ […]

16 choose any other desired Sort options from the dialog box. DOCUMENT FORMATTING Depending on your hardware, what appears on the screen is what will print out on your printer. Formatting can Remember to always select the cell or range […]

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

Student Name: Class: 13,145$ 8,100$ 1,600 (200) (2,100) (300) Entry Account Debit Credit 270 earned on account balance) (b) 200 300 1,100 125 1,725 <–Correct! and bank service fee) (Record NSF check, recording error, automatic payment, Cash Service Charge Expense […]

Chapter 04 – Cash and Internal Controls 4-1 Chapter 4 Cash and Internal Controls INSTRUCTOR’S MANUAL Learning Objectives LO4-1 Discuss the impact of accounting scandals and the passage of the Sarbanes-Oxley Act. LO4-2 Identify the components, responsibilities, and limitations of […]

Chapter 03 – The Accounting Cycle: End of the Period Requirement 3 Blue Hens Corporation Balance Sheet December 31, 2018 Assets Liabilities Cash $ 15,700 Accounts payable $ 9,300 Accts. receivable 132,500 Salaries payable 12,500 Prepaid rent 6,100 Interest payable […]

Chapter 03 – The Accounting Cycle: End of the Period Chapter 3 The Accounting Cycle: End of the Period EXERCISES Exercise 3-1 1. May 2. 2. Revenue would be recognized as each magazine is delivered. 3. November 21. 4. July […]

Chapter 3 – The Accounting Cycle: End of the Period Additional Perspective 3-1 (continued) Requirement 1 (concluded) Sep. 1, 2018 Prepaid Rent 2,400 Cash 2,400 (Pay cash for one-year rental policy) Sep. 21, 2018 Cash 13,200 Service Revenue (Clinic) 13,200 […]

© McGraw-Hill Education, 2016 Solutions Manual, Chapter 3 3-101 Problem 3-8B (continued) Requirement 8 Pipers Plumbing Income Statement For the year ended December 31, 2018 Service revenue $92,000 Expenses: Salaries 33,000 Utilities 6,000 Supplies 2,400 Depreciation 8,000 Total expenses 49,400 […]

© McGraw-Hill Education, 2016 Solutions Manual, Chapter 3 3-81 Problem 3-9A (concluded) Requirement 11 Zips Storage Unadjusted Trial Balance December 31, 2018 Accounts Debit Credit Cash $103,800 Accounts Receivable 16,100 Prepaid Insurance 5,000 Supplies 2,900 Land 148,000 Accounts Payable $ […]

© McGraw-Hill Education, 2016 Solutions Manual, Chapter 3 3-61 Problem 3-7A (concluded) Requirement 6 (closing entries posted in red) Retained Earnings Service Revenue 42,700 42,200 42,200 18,500 0 19,000 42,200 Salaries Expense Interest Expense Rent Expense 2,100 26,600 800 800 […]

© McGraw-Hill Education, 2016 Solutions Manual, Chapter 3 3-41 Exercise 3-20 (continued) Requirement 4 (continued) Red Flash Photography Balance Sheet December 31, 2018 Assets Liabilities Current assets: Current liabilities: Cash $ 30,000 Accounts payable $ 22,000 Accounts receivable 30,000 Salaries […]

© McGraw-Hill Education, 2016 Solutions Manual, Chapter 3 3-21 Exercise 3-4 (LO 3-2) 1. September 2. 2. January 6. 3. January 1. 4. February 23. Exercise 3-5 (LO 3-1) Net income (unadjusted) $100,000 a. Record insurance expense of $2,000 per […]

Chapter 3 – The Accounting Cycle: End of the Period Chapter 3 The Accounting Cycle: End of the Period REVIEW QUESTIONS Question 3-1 (LO 3-1) The revenue recognition principle states that we record revenue in the period in which we […]

Student Name: Class: Entry Debit Credit (a) 6,000 (b) 2,100 2,100 <–Correct! (c) 800 800 <–Correct! (d) 1,300 1,300 <–Correct! Supplies Supplies Expense (Adjust interest payable) Interest Payable Interest Expense (Adjust salaries payable) Salaries Payable Salaries Expense 6,000 <–Correct! (e) […]

Chapter 03 – The Accounting Cycle: End of the Period Solution: 1. Closing entries December 31 Debit Credit Service Revenue . . . . . . . . . . . . . . . . . . . . […]

Chapter 03 – The Accounting Cycle: End of the Period 3-1 Chapter 3 The Accounting Cycle: End of the Period INSTRUCTOR’S MANUAL Learning Objectives LO3-1 Understand when revenues and expenses are recorded. LO3-2 Distinguish between accrual-basis and cash-basis accounting. LO3-3 […]

EAGLE GOLF 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 Interest Payable (g) 100 […]

Chapter 02 – The Accounting Cycle: During the Period Chapter 2 The Accounting Cycle: During the Period EXERCISES Exercise 2-1 1. c. 2. a. 3. b. 4. e. 5. d. Exercise 2-2 Assets = Liabilities + Stockholders’ Equity 1. Increase […]

© McGraw-Hill Education, 2016 2-60 Financial Accounting, 4e Problem 2-8B (LO 2-4, 2-5, 2-6) Requirement 1 Entries are numbered for posting. (1) Nov. 1 Debit Credit Cash 13,000 Common Stock 13,000 (Issue common stock) (2) Nov. 2 Equipment 3,500 Notes […]

© McGraw-Hill Education 2016 Solutions Manual, Chapter 2 2-41 Problem 2-8A (LO 2-4, 2-5, 2-6) Requirement 1 Entries are numbered for posting. (1) Sep. 1 Debit Credit Cash 4,700 Service Revenue 4,700 (Provide services for cash) (2) Sep. 2 Land […]

© McGraw-Hill Education 2016 Solutions Manual, Chapter 2 2-21 Exercise 2-13 (LO 2-4) Corrections External Transaction Accounts Debit Credit 1. Pay cash dividends of $800 to stockholders. Dividends 800 Cash 800 2. Provide services on account for customers, $3,400 Accounts […]

Chapter 2 – The Accounting Cycle: During the Period Chapter 2 The Accounting Cycle: During the Period REVIEW QUESTIONS Question 2-1 (LO 2-1) External transactions are transactions between the company and a separate economic entity. Internal transactions do not include […]

Student Name: Class: Debit Credit 40,000$ 50,000 Accounts Receivable Cash Accounts Instructor BRUINS COMPANY November 30 Trial Balance Problem 02-06 McGraw-Hill 1,100 3,000 60,800 17,000$ 5,000 3,000 9,000 30,000 50,000 35,000 1,100 65,000 30,000 12,000 3,000 7,000 6,000 214,000$ 214,000$ […]

Chapter 02 – The Accounting Cycle: During the Period Chapter 2 The Accounting Cycle: During the Period INSTRUCTOR’S MANUAL Learning Objectives LO2-1 Identify the basic steps in measuring external transactions. LO2-2 Analyze the impact of external transactions on the accounting […]

Chapter 01 – A Framework for Financial Accounting Chapter 1 A Framework for Financial Accounting EXERCISES Exercise 1-1 1. a. 2. b. 3. a. 4. c. 5. b. 6. a. 7. c. Exercise 1-2 Transaction Account Activity 1. Falcon provides […]

© McGraw-Hill Education 2016 Solutions Manual, Chapter 1 1-35 Problem 1-4B (LO 1-3) (Suggested order of calculation) On the statement of stockholders’ equity, $14,000 + (c) = $17,000 (c) = $3,000 $7,000 + $5,000 − (d) = $8,000 (d) = […]

© McGraw-Hill Education 2016 Solutions Manual, Chapter 1 1-21 Exercise 1-17 (LO 1-3) ($ in billions) Total change in cash = Operating cash flows + Investing cash flows + Financing cash flows 1. Total change in cash = Operating cash […]

Chapter 1 – A Framework for Financial Accounting Chapter 1 A Framework for Financial Accounting REVIEW QUESTIONS Question 1-1 (LO 1-1) Accounting is the language of business. Whereas a basic math class might involve adding, subtracting, and solving for unknown […]

Student Name: Class: 67,700$ Total Common Retained Shareholders’ Stock Earnings Equity 4,000 4,000 6,200 6,200 – – 44,000$ 24,400$ 68,400$ Correct! Correct! Correct! Issuance of common stock Add: Net income Less: Dividends Ending balance 40,000$ 18,200$ 58,200$ 1,200$ 3,400 4,400$ […]

Chapter 01 – A Framework for Financial Accounting 1-1 Chapter 1 A Framework for Financial Accounting INSTRUCTOR’S MANUAL Learning Objectives LO1-1 Describe the two primary functions of financial accounting. LO1-2 Understand the business activities that financial accounting measures. LO1-3 Determine […]

522 Problem 7-6AA (Concluded) Part 3 CHURCH COMPANY Trial Balance March 31 Debit Credit Cash ………………………………………………………………….. $ 69,884 Accounts receivable …………………………………………… 19,225 Inventory ……………………………………………………………. 10,000 Office supplies …………………………………………………… 1,230 Store supplies ……………………………………………………. 1,770 Office equipment………………………………………………… 21,220 Accounts payable ………………………………………………. $ […]

Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 7A 505 Appendix 7A—PERIODIC Accounting Information Systems QUICK STUDIES Quick Study 7-11A (20 minutes) PURCHASES JOURNAL Date Account Date of Invoice Terms PR Accounts Payable Cr. Purchases Dr. Office Supplies Dr. Other […]

1538 Problem 25-3B (Continued) Part 3 NET PRESENT VALUE OF ASSET USING STRAIGHT-LINE DEPRECIATION Present Present Net Cash Value of Value of Net Flows 1 at 10% Cash Flows Year 1 ………………………………………………….. $ 8,400 0.9091 $ 7,636 Year 2 ………………………………………………….. […]

1523 Problem 25-3A (60 minutes) Part 1 RESULTS USING STRAIGHT-LINE DEPRECIATION (a) Income Before Deprec. (b) Straight– Line Deprec. (c) Taxable Income (a) – (b) (d) 40% Income Taxes (e) Net Cash Flows (a) – (d) Year 1 ………………………. $66,000 […]

1503 Exercise 25-11 (25 minutes) a. Project X1 Net Cash Flows Present Value of 1 at 4% Present Value of Net Cash Flows Year 1 ………………………………………………………. $ 25,000 0.9615 $ 24,038 Year 2 ………………………………………………………. 35,500 0.9246 32,823 Year 3 ………………………………………………………. […]

Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 25 1483 Chapter 25 Capital Budgeting and Managerial Decisions QUESTIONS 1. Capital budgeting decisions require careful analysis because they are generally 2. Capital budgeting is the process of planning the acquisition or […]

Wild, Shaw & Chiappetta: Fundamental Accounting Principles, 23rd Edition 25-1 CHAPTER 25 CAPITAL BUDGETING AND MANAGERIAL DECISIONS Related Assignment Materials Student Learning Objectives Discussion Questions Quick Studies* Exercises* Problems* Beyond the Numbers Conceptual objectives: C1. Describe the importance of relevant […]

1463 Problem 24-1B (50 minutes) Part 1 a. Responsibility Accounting Performance Report Dept. Manager, Refrigerator Department For the Month of April Budgeted Actual Over (Under) Amount Amount Budget Controllable Costs Raw materials ………………………….. $400,000 $385,000 $(15,000) Employee wages ……………………… 170,000 […]

1445 Exercise 24-12 (20 minutes) (1) Division Operating income Average assets* Return on investment Beverage ………………….. $349 $2,628 13.28% Cheese …………………….. 634 4,428 14.32% (2) Division Operating income Sales Profit margin Beverage ………………….. $349 $2,681 13.02% Cheese …………………….. 634 3,925 […]

Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 24 1425 Chapter 24 Performance Measurement and Responsibility Accounting QUESTIONS 1. Many companies are divided into departments when they become too large to be effectively managed as single units. This division into […]

Wild, Shaw & Chiappetta: Fundamental Accounting Principles, 23rd Edition 24-1 CHAPTER 24 PERFORMANCE MEASUREMENT AND RESPONSIBILITY ACCOUNTING Related Assignment Materials Student Learning Objectives Discussion Questions Quick Studies* Exercises* Problems* Beyond the Numbers Conceptual objectives: C1. Distinguish between direct and indirect […]

1409 Problem 23-3B (Continued) Part 3 Direct Materials Variances Preliminary computations Actual material used: 69,000 lbs. (given) Standard quantity of materials: 15,000 units x 4.5 lb./unit = 67,500 lb. Direct Materials Price and Quantity Variances Actual Costs AQ x AP […]

1393 Problem 23-3A (60 minutes) Part 1 Variable or Fixed Classification Amount Variable costs (total divided by 15,000 units) Indirect materials ………………………………………………………………….. $ 3.00 Indirect labor ………………………………………………………………………… 12.00 Part 2 ANTUAN COMPANY Flexible Overhead Budgets For Month Ended October 31 […]

Exercise 23-13 (30 minutes) 1. Preliminary computations Actual quantity: 22,000 bd. ft. (given) Standard quantity: 3,000 units x 8 bd. ft./unit = 24,000 bd. ft. Actual price: $266,200/22,000 bd. ft. = $12.10/bd. ft. Standard price: $12.00/bd. ft. (given) Direct material […]

Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 23 1301 Chapter 23 Flexible Budgets and Standard Costs QUESTIONS 1. Fixed budget performance reports have limited usefulness because they do not 2. The primary purpose of a flexible budget is to […]

Wild, Shaw & Chiappetta: Fundamental Accounting Principles, 23rd Edition 23-1 CHAPTER 23 FLEXIBLE BUDGETS AND STANDARD COSTS Related Assignment Materials Student Learning Objectives Discussion Questions Quick Studies* Exercises* Problems* Beyond the Numbers Conceptual objectives: explain how standard cost information is […]

Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 22 1282 Problem 22-4B (Concluded) Supporting Footnotes Note C Note D Beginning raw materials inventory ………………………….. $ 35,000 Purchases of raw materials ………………………………………. 220,840 Less materials used in production** ………………………….. (240,000) Ending […]

1263 Problem 22-6A (50 minutes) ONEIDA COMPANY Cash Budget For September, October, and November September October November Beginning balance …………………………………… $ 5,000 $ 99,250 $ 69,500 Cash receipts Collection on accounts receivable* ………… 159,250 249,250 338,100 Receipts from bank loan […]