Archives: Solution Manual

679 Dali Trey Kiesha Chee Total Amount from part 2 ….. $ 29.00 $ 13.05 $ 6.53 $ 5.80 $ 54.38 Problem 11-3A (60 minutes) 1. Each employee’s FICA withholdings for Social Security Dali Trey Kiesha Chee Total Maximum base […]

Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 11 Chapter 11 Current Liabilities and Payroll Accounting QUESTIONS 1. A current liability is expected to be paid within one year or the company’s operating cycle, whichever is longer. Any liability that […]

Wild, Shaw & Chiappetta: Fundamental Accounting Principles, 23rd Edition 11–1 CHAPTER 11 CURRENT LIABILITIES AND PAYROLL ACCOUNTING Related Assignment Materials Student Learning Objectives Questions Quick Studies* Exercises* Problems* Beyond the Numbers Conceptual objectives: C1. Describe current and long-term 1, 14, […]

647 Problem 10-7B (20 minutes) a. Feb. 19 Mineral Deposit …………………………………………………… 5,400,000 Cash ………………………………………………………. 5,400,000 Record purchase of mineral deposit. b. Mar. 21 Machinery ………………………………………………………. 400,000 Cash ………………………………………………………. 400,000 Record costs of machinery. c. Dec. 31 Depletion Expense—Mineral Deposit …………………… […]

635 Problem 10-3A (45 minutes) Part 1 Land Building 2 Building 3 Land Improve- ments 1 Land Improvements 2 Purchase price* ………………. $1,612,000 $598,000 $390,000 Demolition ……………………… 328,400 Land grading ………………….. 175,400 New building…………………… $2,202,000 New improvements …………. _________ _______ […]

Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 10 Chapter 10 Plant Assets, Natural Resources, and Intangibles QUESTIONS 1. A plant asset is tangible; it is used in the production or sale of other assets or services; and it has […]

Wild, Shaw & Chiappetta: Fundamental Accounting Principles, 23rd Edition 10-1 CHAPTER 10 PLANT ASSETS, NATURAL RESOURCES, AND INTANGIBLES Related Assignment Materials Student Learning Objectives Questions Quick Studies* Exercises* Problems* Beyond the Numbers Conceptual objectives: C1. Explain the cost principle for […]

C-18 Problem C-3A (25 minutes) 1. When companies experience strong price pressure on their high– volume, commodity-type products, they should be concerned. Many managers will blame competitive price cutting on attempts by competitors to undercut prices to gain an edge […]

Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Appendix C C-1 Appendix C Activity-Based Costing QUESTIONS 1. Manufacturing overhead costs cannot be directly traced to units of product like 2. In the first stage, service department costs are assigned to operating […]

Wild, Shaw & Chiappetta: Fundamental Accounting Principles, 23rd Edition C-1 APPENDIX C ACTIVITY-BASED COSTING Related Assignment Materials Student Learning Objectives Discussion Questions Quick Studies* Exercises* Problems* Beyond the Numbers Conceptual objectives: C1. Explain cost flows for activity 1,3,4 A1. Identify […]

Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Appendix B Appendix B Time Value of Money QUICK STUDIES Quick Study B-1 (10 minutes) 1. 2% n = 8 periods 2. 12% n = 2 periods 3. 3% n = 4 periods […]

Wild, Shaw & Chiappetta: Fundamental Accounting Principles, 23rd Edition B-1 APPENDIX B TIME VALUE OF MONEY Related Assignment Materials Student Learning Objectives Quick Studies* Exercises* Conceptual objectives: C1. Describe the earning of interest and the concepts of present and future […]

596 Problem 9-4A (Concluded) 2017 e. Accounts Receivable ………………………………………. 1,525,634 Sales ………………………………………………………. 1,525,634 Record sales on account. Cost of Goods Sold ……………………………………………… 1,250,000 Merchandise Inventory …………………………………… 1,250,000 Record cost of sales. f. Allowance for Doubtful Accounts ……………………. 27,800 Accounts Receivable […]

Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 9 Chapter 9 Accounting for Receivables QUESTIONS 1. When customers use credit cards, the selling companies can avoid having to directly evaluate the credit standing of their customers. They also avoid the […]

Wild, Shaw & Chiappetta: Fundamental Accounting Principles, 23rd Edition 9-1 CHAPTER 9 ACCOUNTING FOR RECEIVABLES Related Assignment Materials Student Learning Objectives Questions Quick Studies* Exercises* Problems* Beyond the Numbers Conceptual objectives: C1. Describe accounts receivable and how they occur and […]

558 Problem 8-5A (Concluded) Part 3 There are several possible reasons why some prenumbered checks are missing from the sequence of canceled checks returned with a bank statement. Reasons include: (1) Some of the checks in the numbered sequence may […]

Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 8 Chapter 8 Cash, Fraud, and Internal Controls QUESTIONS 1. The seven broad principles are: Establish responsibilities; Maintain adequate records; Insure assets and bond key employees; Separate recordkeeping from custody of assets; […]

Wild, Shaw & Chiappetta: Fundamental Accounting Principles, 23rd Edition 8-1 CHAPTER 8 CASH, FRAUD AND INTERNAL CONTROLS Related Assignment Materials Student Learning Objectives Questions Quick Studies* Exercises* Problems* Beyond the Numbers Conceptual objectives: C2. Define cash and cash equivalents and […]

Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 7 493 Comprehensive Problem, Colo Company (Continued) Part 2—continued Office Salaries Expense Acct. No. 620 Date Explanation PR Debit Credit Balance May 15 D2 3,150 3,150 Insurance Expense Acct. No. 637 Date […]

Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 7 SERIAL PROBLEM – SP 7 Serial Problem, Business Solutions (100 minutes) Parts 1 and 2 SALES JOURNAL Page 2 Date Account Debited Invoice Number PR Accounts Receivable Dr. Sales Cr. Cost […]

461 Problem 7-2A (Continued) Parts 2 and 3 (continued) ACCOUNTS RECEIVABLE LEDGER Page Alistair Date Explanation PR Debit Credit Balance Apr. 3 S3 4,000 4,000 13 R3 4,000 0 13 S3 5,100 5,100 23 R3 5,100 0 Paula Kohr Date […]

Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 7 Chapter 7 Accounting Information Systems QUESTIONS 1. The five components of an accounting system are: source documents, input devices, information processors, information storage, and output devices. 2. Source documents contain data […]

Wild, Shaw & Chiappetta: Fundamental Accounting Principles, 23rd Edition 7-1 CHAPTER 7 ACCOUNTING INFORMATION SYSTEMS Related Assignment Materials Student Learning Objectives Questions Quick Studies* Exercises* Problems* Beyond the Numbers Conceptual objectives: C1. Identify the principles and 1, 2, 3, 4, […]

424 Problem 6-8BA (Concluded) Part 2 If Shepard Company had been experiencing decreasing costs in the acquisition of inventory, we would observe the opposite results in our comparisons. Specifically, LIFO would have resulted in a higher ending inventory, lower cost […]

407 Problem 6-10AB (25 minutes) WAYWARD COMPANY Estimated Inventory at March 31 Goods available for sale Inventory, January 1 ………………………………………. $ 302,580 Cost of goods purchased ……………………………….. 941,040 Goods available for sale …………………………………. 1,243,620 Less estimated cost of goods sold […]

387 Exercise 6-15A (20 minutes) Periodic Inventory Ending Inventory Cost of Goods Sold a. Specific Identification (50 x $2.80) + (10 x $2.00) ………………………………. $160.00 $2,540.00 [Goods Available] – $160.00 [Ending Inventory] ……. $2,380.00 b. Weighted Average ($2,540.00/1,000 = $2.54) […]

Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 6 Chapter 6 Inventories and Cost of Sales QUESTIONS 1. (a) FIFO: The cost of the first (earliest) items purchased in inventory flow to cost of goods sold first. (b) LIFO: The […]

Wild, Shaw & Chiappetta: Fundamental Accounting Principles, 23rd Edition 6-1 Chapter 6 Inventories and Cost of Sales Student Learning Objectives and Related Assignment Materials* Student Learning Objectives Discussion Questions Quick Studies Exercises Problems (A &B set)** Beyond the Numbers Conceptual […]

Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 5 Serial Problem — SP 5 (Continued) Part 2 Ledger accounts as of March 31 before posting of March 31 adjusting entries Cash Acct. No. 101 Date Explanation PR Debit Credit Balance […]

331 Problem 5-5A (Concluded) Part 3 Single–step income statement NELSON COMPANY Income Statement For Year Ended January 31, 2017 Net sales ………………………………………………………. $107,750 Expenses Cost of goods sold …………………………………… $40,000 Selling expenses ……………………………………… 40,375* General and administrative expense …………. 26,400* […]

311 a. Gross margin (gross profit/sales) would be understated because the gross profit would be understated. b. Profit margin (net income/sales) would be understated because the net income would be understated. Exercise 5-11 (10 minutes) Multiple-Step Income Statement — Sales […]

Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 5 Chapter 5 Accounting for Merchandising Operations QUESTIONS 1. Merchandising companies report Merchandise Inventory on the balance sheet, service companies do not. Also, merchandising companies report both Sales (of goods) and Cost […]

Wild, Shaw & Chiappetta: Fundamental Accounting Principles, 23rd Edition 5-1 CHAPTER 5 ACCOUNTING FOR MERCHANDISING OPERATIONS Related Assignment Materials Student Learning Objectives Questions Quick Studies* Exercises* Problems* Beyond the Numbers Conceptual objectives: C1. Describe merchandising activities and identify income components […]

275 Problem 4-6BA (Concluded) Part 4 Instructor note: Entries are shown without an account reference column because no posting is required. 2018 Jan. 4 Salaries Expense …………………………………… 1,200 Cash ………………………………………………. 1,200 Record payroll. 15 Interest Expense ……………………………………. 900 Cash ………………………………………………. […]

259 Problem 4-2B (90 minutes) Part 1 POWER DEMOLITION COMPANY Work Sheet For Year Ended April 30, 2017 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet and Statement of Owner’s Equity No. Account Title Dr. Cr. Dr. […]

239 Problem 4-4A (Continued) TYBALT CONSTRUCTION Balance Sheet December 31, 2017 Assets Current assets Cash …………………………………………………………… $ 5,000 Short-term investments ………………………………. 23,000 Supplies …………………………………………………….. 8,100 Prepaid insurance ………………………………………. 7,000 Total current assets ……………………………………. $ 43,100 Plant assets Equipment ………………………………………………….. 40,000 […]

219 Close revenue account. Mar. 31 Income Summary ………………………………….. 507,937 Cost of Sales ………………………………….. 335,196 Advertising Expense ………………………. 54,834 Other Expense, Net …………………………. 117,907 Close expense accounts. Exercise 4-13 (15 minutes) Current assets: Cash ……………………………………………………………………… $ 8,000 Accounts receivable ……………………………………………… […]

Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 4 Chapter 4 Completing the Accounting Cycle QUESTIONS 1. The four-step closing entry process is: (i) close the revenue (and gain) accounts to the Income Summary account, (ii) close the expense (and […]

Wild, Shaw & Chiappetta: Fundamental Accounting Principles, 23rd Edition 4-1 CHAPTER 4 COMPLETING THE ACCOUNTING CYCLE Related Assignment Materials Student Learning Objectives Questions Quick Studies* Exercises* Problems* Beyond the Numbers Conceptual objectives: C1. Explain why temporary accounts are closed each […]

Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 3 185 Serial Problem, SP 3 (Continued) Part 3 BUSINESS SOLUTIONS Adjusted Trial Balance December 31, 2017 Debit Credit Cash ………………………………………………………………… $ 48,372 Accounts receivable …………………………………………. 5,668 Computer supplies …………………………………………… 580 Prepaid […]

171 Problem 3-3B (Continued) Part 2 Adjustment (a) Dec. 31 Insurance Expense ………………………………………… 9,500 Prepaid Insurance …………………………………… 9,500 Record the insurance expired. Adjustment (b) 31 Teaching Supplies Expense …………………………… 50,000 Teaching Supplies ………………………………….. 50,000 Record the cost of supplies used […]

Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 3 151 PROBLEM SET A Problem 3-1A (10 minutes) 1. E 5. C 9. D Problem 3-2A (35 minutes) Part 1 Adjustment (a) Dec. 31 Office Supplies Expense ………………………….. 14,846 Office Supplies […]

Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 3 131 Chapter 3 Adjusting Accounts for Financial Statements QUESTIONS 1. The cash basis of accounting reports revenues when cash is received while the 2. The accrual basis of accounting generally provides […]

Wild, Shaw & Chiappetta: Fundamental Accounting Principles, 23rd Edition 3-1 CHAPTER 3 ADJUSTING ACCOUNTS FOR FINANCIAL STATEMENTS Related Assignment Materials Student Learning Objectives Questions Quick Studies* Exercises* Problems* Beyond the Numbers Conceptual objectives: C1. Explain the importance of 3 3-1 […]

115 Problem 2-5B (60 minutes) Part 1 TAMA CO. Balance Sheet December 31, 2016 Assets Liabilities Cash …………………………….. $ 30,000 Accounts payable ………………………….. $ 4,000 Accounts receivable ……… 35,000 Office supplies ……………… 8,000 Office equipment…………… 40,000 Equity Machinery …………………….. 28,000 […]

99 Problem 2-6A (35 minutes) Part 1 MIN ENGINEERING Trial Balance May 31 Debit Credit Cash ……………………………………………………. $37,600 Office supplies …………………………………….. 890 Prepaid insurance ……………………………….. 4,600 Office equipment …………………………………. 12,900 Accounts payable ………………………………… $12,900 Y. Min, Capital ……………………………………… 18,000 Y. […]

79 Exercise 2-20 (20 minutes) Description (1) Difference between Debit and Credit Columns (2) Column with the Larger Total (3) Identify account(s) incorrectly stated (4) Amount that account(s) is overstated or understated a. $3,600 debit to Rent Expense is posted […]

Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 2 59 Chapter 2 Analyzing and Recording Transactions QUESTIONS 1. a. Common asset accounts: cash, accounts receivable, notes receivable, prepaid expenses (rent, insurance, etc.), office supplies, store supplies, equipment, 2. A note […]

Wild, Shaw & Chiappetta: Fundamental Accounting Principles, 23rd Edition 2-1 CHAPTER 2 ANALYZING AND RECORDING TRANSACTIONS Related Assignment Materials Student Learning Objectives Questions Quick Studies* Exercises* Problems* Beyond the Numbers Conceptual objectives: C1. Explain the steps in processing 3, 6, […]

40 28 – 800 = – 800 29 – 4,000 = – $4,000 30 – 150 = – 150 30 – 890 = – 890 $130,060 + $ 675 + $2,400 = $ 0 + $130,000 – $4,000 + $16,925 […]