Archives: Solution Manual
978-1337398169 Chapter 6 Solution Manual Part 2
CHAPTER 6 Inventories 6–21 Prob. 6–2A (Concluded) 2. Total sales …………………………………………………………………… $ 19,875,000 Total cost of goods sold ………………………………………………. (11,021,250) Gross profit ………………………………………………………………… $ 8,853,750 Total Sales = $19,875,000 = $1,687,500 + $562,500 + $225,000 + $4,320,000 + $4,080,000 + […]
978-1337398169 Chapter 6 Solution Manual Part 1
6–1 CHAPTER 6 INVENTORIES DISCUSSION QUESTIONS 1. The receiving report should be reconciled to the initial purchase order and the vendor’s invoice before recording or paying for inventory purchases. This procedure will verify that the inventory received matches the type […]
978-1337398169 Chapter 6 Excel Part 2
1. Apr. 3 25 $1,200 30,000$ 875 $1,240 93,000$ 25 $1,200 30,000$ 75 $1,240 93,000 11 25 $1,200 30,000$ 15 $1,240 18,600 60 $1,240 74,400$ 30 30 $1,240 37,200$ 30 $1,240 37,200 May 8 60 $1,260 75,600$ 30 $1,240 37,200$ […]
978-1337398169 Chapter 6 Excel Part 1
An asterisk (*) will appear to the right of an incorrect entry. Only final inventory cost – Column K – will be graded. Nov. 1 120 $39 4,680$ 10 15 20 24 30 30 Balances Answers are entered in the […]
978-1337398169 Chapter 5 Solution Manual Part 5
CHAPTER 5 Accounting for Retail Businesses 5–72 Comp. Prob. 2 (Continued) 9. JOURNAL Page 23 Date Post. Ref. Debit Credit 20Y6 Closing Entries May 31 Sales 410 5,316,205 Cost of Goods Sold 510 2,991,950 Sales Salaries Expense 520 727,800 Advertising […]
978-1337398169 Chapter 5 Solution Manual Part 4
CHAPTER 5 Accounting for Retail Businesses © 2019 Cengage Learning. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Comp. Prob. 2 (Continued) Account: Common Stock Account No. 310 Post. […]
978-1337398169 Chapter 5 Solution Manual Part 3
CHAPTER 5 Accounting for Retail Businesses 5–41 Prob. 5–2B July 1 Accounts Receivable—Landscapes Co. 33,450 Sales 33,450 1 Cost of Goods Sold 20,000 Inventory 20,000 2 Cash 92,880 Sales 86,000 Sales Tax Payable ($86,000 8%) 6,880 2 Cost of […]
978-1337398169 Chapter 5 Solution Manual Part 2
CHAPTER 5 Accounting for Retail Businesses 5–21 Appendix 2 Ex. 5–45 Closing Entries Dec. 31 Inventory 460,000 Estimated Returns Inventory 20,000 Sales 2,220,000 Purchases Discounts 35,000 Purchases Returns and Allowances 45,000 Inventory 375,000 Purchases 1,760,000 Freight In 17,000 Salaries Expense […]
978-1337398169 Chapter 5 Solution Manual Part 1
5–1 CHAPTER 5 ACCOUNTING FOR RETAIL BUSINESSES DISCUSSION QUESTIONS 1. Retail businesses acquire merchandise for resale to customers. It is the selling of merchandise, instead of a service, that makes the activities of a retail business different from the activities […]
978-1337398169 Chapter 5 Excel Part 2
4. Closing Entries 20Y2 May 31 31 Problem 5-6A Score: Instructions Answers are entered in the cells with gray backgrounds. Enter a zero in cells you would otherwise leave blank. 1. Sales 11,343,000$ Expenses: Cost of goods sold 7,850,000$ Selling […]
978-1337398169 Chapter 5 Excel Part 1
Exercise 5-27 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. Sales Gross profit Expenses: Total expenses […]
978-1337398169 Chapter 4 Solution Manual Part 7
CHAPTER 4 The Accounting Cycle 4–114 Comp. Prob. 1 (Continued) 7. Kelly Consulting Adjusted Trial Balance May 31, 20Y8 Account Debit Credit No. Balances Balances Cash 11 44,195 Accounts Receivable 12 8,080 Supplies 14 715 Prepaid Rent 15 1,600 Prepaid […]
978-1337398169 Chapter 4 Solution Manual Part 6
CHAPTER 4 The Accounting Cycle 4–101 Continuing Problem (Continued) Account: Fees Earned Account No. 41 Date Item Post. Ref. Debit Credit Balance Debit Credit 20Y5 July 1 Balance ✓ 6,200 11 1 1,000 7,200 16 2 2,000 9,200 23 2 […]
978-1337398169 Chapter 4 Solution Manual Part 5
CHAPTER 4 The Accounting Cycle 4–81 Prob. 4–5B (Continued) JOURNAL Page 2 _ Date Post. Ref. Debit Credit 20Y6 Apr. 17 Cash 11 6,600 Fees Earned 41 6,600 18 Supplies 14 725 Cash 11 725 20 Accounts Receivable 12 16,800 […]
978-1337398169 Chapter 4 Solution Manual Part 4
CHAPTER 4 The Accounting Cycle 4–61 Prob. 4–2B (Continued) The Gorman Group Balance Sheet October 31, 20Y9 Assets Current assets: Cash $ 11,000 Accounts receivable 28,150 Supplies 6,350 Prepaid insurance 9,500 Total current assets $ 55,000 Property, plant, and equipment: […]
978-1337398169 Chapter 4 Solution Manual Part 3
CHAPTER 4 The Accounting Cycle 4–41 Prob. 4–4A (Continued) Lakota Freight Co. Balance Sheet March 31, 20Y4 Assets Current assets: Cash $ 12,000 Supplies 7,500 Prepaid insurance 1,800 Total current assets $ 21,300 Property, plant, and equipment: Equipment $ 110,000 […]
978-1337398169 Chapter 4 Solution Manual Part 2
CHAPTER 4 The Accounting Cycle 4–21 Prob. 4–1A (Continued) 3. Beacons Company Balance Sheet December 31, 20Y5 Assets Current assets: Cash $ 10,800 Accounts receivable 48,000 Prepaid insurance 1,050 Supplies 550 Total current assets $ 60,400 Property, plant, and equipment: […]
978-1337398169 Chapter 4 Solution Manual Part 1
4–1 CHAPTER 4 THE ACCOUNTING CYCLE DISCUSSION QUESTIONS 1. The end-of-period spreadsheet illustrates the flow of accounting information from the unadjusted trial balance into the adjusted trial balance and into the financial statements. In doing so, the spreadsheet illustrates the […]
978-1337398169 Chapter 4 Excel Part 7
Item Ref. Debit Credit Debit Credit April 30 Adjusting Accounts Payable 21 Post. Item Ref. Debit Credit Debit Credit April 5 12 Salaries Payable 22 Post. Item Ref. Debit Credit Debit Credit April 30 Adjusting Unearned Fees 23 Post. Item […]
978-1337398169 Chapter 4 Excel Part 6
Depreciation Expense 54 Post. Item Ref. Debit Credit Debit Credit July 31 Adjusting 31 Closing Insurance Expense 55 Post. Item Ref. Debit Credit Debit Credit July 31 Adjusting 31 Closing Miscellaneous Expense 59 Post. Item Ref. Debit Credit Debit Credit […]
978-1337398169 Chapter 4 Excel Part 5
Equipment 16 Post. Item Ref. Debit Credit Debit Credit Jan. 31 Balance √113,000 Accumulated Depreciation – Equipment 17 Post. Item Ref. Debit Credit Debit Credit Jan. 31 Balance √12,000 31 Adjusting Trucks 18 Post. Item Ref. Debit Credit Debit Credit […]
978-1337398169 Chapter 4 Excel Part 4
31 Adjusted Bal. 57,350 Aug. 31 Balance 7,800 Aug. 31 Adjusting 2,200 Aug. 31 Balance 15,000 Aug. 31 Closing 2,400 Aug. 31 Balance 80,000 31 Closing 27,350 31 Closing Bal. 104,950 Aug. 31 Balance 135,800 Aug. 31 Closing 138,000 31 […]
978-1337398169 Chapter 4 Excel Part 3
3. Debit Credit June 30 30 30 30 1., 3., and 6. June 30 Balance 11,000 June 30 Balance 26,500 June 30 Adjusting 30 Adjusted Bal. June 30 Balance 9,600 June 30 Adjusting 30 Adjusted Bal. June 30 Balance 232,600 […]
978-1337398169 Chapter 4 Excel Part 2
Exercise 4-21 Score: Instructions Answers are entered in the cells with gray backgrounds. In the work sheet, enter a zero in cells you would otherwise leave blank. Account Title Debit Credit Debit Credit Debit Credit Cash 12 – – – […]
978-1337398169 Chapter 4 Excel Part 1
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 correct grading […]
978-1337398169 Chapter 3 Solution Manual Part 2
CHAPTER 3 The Adjusting Process 3-20 Prob. 3–3B 1. 20Y5 Apr. 30 Supplies Expense 5,820 Supplies 5,820 Supplies used ($7,200 – $1,380). 30 Accounts Receivable 3,900 Fees Earned 3,900 Accrued fees earned. 30 Depreciation Expense 3,000 Accumulated Depreciation—Equipment 3,000 Equipment […]
978-1337398169 Chapter 3 Solution Manual Part 1
3-1 CHAPTER 3 THE ADJUSTING PROCESS DISCUSSION QUESTIONS 1. a. Under cash-basis accounting, revenues are reported in the period in which cash is received and expenses are reported in the period in which cash is paid. b. Under accrual-basis accounting, […]
978-1337398169 Chapter 3 Excel
Score: Key Code: An asterisk (*) will appear to the right of an incorrect entry. 1. Account Debit Credit 31 31 31 31 2. are a planned part of the accounting process. are not planned but arise only when necessary […]
978-1337398169 Chapter 2 Solution Manual Part 4
CHAPTER 2 Analyzing Transactions 2–54 Continuing Problem (Continued) 1. and 3. Account: Cash Account No. 11 Date Item Post. Ref. Debit Balance Credit Debit Credit 20Y5 July 1 Balance ✓ 3,920 1 1 5,000 8,920 1 1 1,750 7,170 1 […]
978-1337398169 Chapter 2 Solution Manual Part 3
CHAPTER 2 Analyzing Transactions © 2019 Cengage Learning. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Prob. 2–3B (Continued) Account: Supplies Account No. 13 Post. Balance Date Item Ref. […]
978-1337398169 Chapter 2 Solution Manual Part 2
CHAPTER 2 Analyzing Transactions 2–21 Prob. 2–3A 1. JOURNAL Page 1 Date Description Post. Ref. Debit Credit 20Y9 Nov. 1 Cash 11 50,000 Common Stock 31 50,000 1 Rent Expense 53 4,000 Cash 11 4,000 6 Equipment 16 15,000 Accounts […]
978-1337398169 Chapter 2 Solution Manual Part 1
2–1 CHAPTER 2 ANALYZING TRANSACTIONS DISCUSSION QUESTIONS 1. An account is a form designed to record changes in a particular asset, liability, stockholders’ equity, revenue, or expense. A ledger is a group of related accounts. 2. The terms debit and […]
978-1337398169 Chapter 2 Excel Part 2
Cash 11 Post Date Item Ref. Dr. Cr. Dr. Cr. 20Y9 Nov. Accounts Receivable 12 Post Date Item Ref. Dr. Cr. Dr. Cr. 20Y9 Nov. Supplies 13 Post Date Item Ref. Dr. Cr. Dr. Cr. 20Y9 Nov. Prepaid Insurance 14 […]
978-1337398169 Chapter 2 Excel Part 1
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 or below of incorrect entries in outlined answer cells. Essay answers will not be graded. […]
978-1337398169 Chapter 14 Solution Manual Part 3
CHAPTER 14 Financial Statement Analysis 14–39 Prob. 14–2B 1. Fielder Industries Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Amount Percent Amount Percent Sales $1,300,000 100.0% $ 1,180,000 100.0% Cost of goods sold […]
978-1337398169 Chapter 14 Solution Manual Part 2
CHAPTER 14 Financial Statement Analysis 14–21 Ex. 14–18 a. 11.8% 2 ÷ )$6,088,000 + 0($6,106,00 $16,700 + $702,200 :2 Year Fiscal 6.8% 2 ÷ )$6,106,000 + 0($6,213,10 :3 Year Fiscal = = b. 17.7% 2 ÷ )$4,034,000 + 0($3,891,00 $702,200 […]
978-1337398169 Chapter 14 Solution Manual Part 1
14–1 CHAPTER 14 FINANCIAL STATEMENT ANALYSIS DISCUSSION QUESTIONS 1. Liquidity is the ability of a company to convert assets into cash. Short-term creditors such as banks and financial institutions are most concerned with liquidity. Solvency is the ability of a […]
978-1337398169 Chapter 14 Excel Part 2
[Key essay answer here] An asterisk (*) will appear to the right of an incorrect entry. The essay answer will not be graded. 1. Amount Percent Amount Percent Sales 1,300,000$ 100.0% 1,180,000$ 100.0% Cost of goods sold (682,500) -52.5% (613,600) […]
978-1337398169 Chapter 14 Excel Part 1
An asterisk (*) will appear to the right of an incorrect entry. The essay answer will not be graded. a. Revenues: Amount Percent Amount Percent Admissions 90,639$ 100,694$ Event-related revenue 136,900 146,980 NASCAR broadcasting revenue 224,227 217,469 Other operating revenue […]
978-1337398169 Chapter 13 Solution Manual Part 3
CHAPTER 13 Statement of Cash Flows 13–33 Appendix 2 Prob. 13–4B Martinez Inc. Statement of Cash Flows For the Year Ended December 31, 20Y4 Cash flows from (used for) operating activities: Cash received from customers1 $ 4,433,760 Cash payments for […]
978-1337398169 Chapter 13 Solution Manual Part 2
CHAPTER 13 Statement of Cash Flows 13–21 Prob. 13–3A (Concluded) (Optional) Whitman Co. Spreadsheet (Work Sheet) for Statement of Cash Flows For the Year Ended December 31, 20Y2 Account Title Balance, Dec. 31, 20Y1 Transactions Balance, Dec. 31, 20Y2 Debit […]
978-1337398169 Chapter 13 Solution Manual Part 1
13–1 CHAPTER 13 STATEMENT OF CASH FLOWS DISCUSSION QUESTIONS 1. It is costly to accumulate the data needed and to prepare the statement of cash flows. 2. It focuses on the differences between net income and cash flows from operating […]
978-1337398169 Chapter 13 Excel Part 3
Net increase (decrease) in cash Cash balance, January 1, 20Y6 Cash balance, December 31, 20Y6 Schedule Reconciling Net Income with Cash Flows from Operating Activities: Net income Adjustments to reconcile net income to net cash flow from operating activities: Depreciation […]
978-1337398169 Chapter 13 Excel Part 2
Instructions Answers are entered in the cells with gray backgrounds. An asterisk (*) will appear to the right of an incorrect entry. The optional work sheet will not be graded, but is provided as an aid in determining amounts for […]
978-1337398169 Chapter 13 Excel Part 1
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. Exercise 13-16 Name: Section: Score: 0% Key Code: [Key code here] […]
978-1337398169 Chapter 12 Solution Manual Part 2
CHAPTER 12 Corporations: Organization, Stock Transactions, and Dividends 12–21 Prob. 12–4A (Concluded) 3. Morrow Enterprises Inc. Statement of Stockholders’ Equity For the Year Ended December 31, 20Y6 Common Stock Paid-In Capital in Excess of Stated Value Paid-In Capital from Sale […]
978-1337398169 Chapter 12 Solution Manual Part 1
12–1 CHAPTER 12 CORPORATIONS: ORGANIZATION, STOCK TRANSACTIONS, AND DIVIDENDS DISCUSSION QUESTIONS 1. No. Common stock with a higher par is not necessarily a better investment than common stock with a lower par because par is an amount assigned to the […]
978-1337398169 Chapter 12 Excel
An asterisk (*) will appear to the right of an incorrect entry. Enter a zero in cells you would otherwise leave blank. 1st 2nd 3rd 4th Year Year Year Year (a) Total dividend declared Preferred dividend (current) Preferred dividend in […]
978-1337398169 Chapter 11 Solution Manual Part 2
CHAPTER 11 Liabilities: Bonds Payable © 2019 Cengage Learning. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Appendix 1 and 2 Prob. 11–4A 1. 20Y1 July 1 Cash 37,282,062 […]
978-1337398169 Chapter 11 Solution Manual Part 1
11–1 CHAPTER 11 LIABILITIES: BONDS PAYABLE DISCUSSION QUESTIONS 1. (1) To pay the face (maturity) amount of the bonds at a specified date. (2) To pay periodic interest at a specified percentage of the face amount. 2. a. Bonds that […]