Archives: Solution Manual
978-0078025891 Chapter 6 Lecture Note Part 1
Chapter 06 – Reporting and Analyzing Cash and Internal Controls Chapter 06 Reporting and Analyzing Cash and Internal Controls Student Learning Objectives and Related Assignment Materials* Student Learning Objectives Discussion Questions Quick Studies Exercises Problems (A &B set)** Beyond the […]
978-0078025891 Chapter 5 Solution Manual Part 8
Chapter 05 – Reporting and Analyzing Inventories Teamwork in Action (Continued) LIFO Expert: (a) and (b) Concept: Purchases are always recorded at actual costs. The LIFO cost flow assumption requires (i) units sold be assigned the most recent cost—total cost […]
978-0078025891 Chapter 5 Solution Manual Part 7
Chapter 05 – Reporting and Analyzing Inventories Reporting in Action — BTN 5-1 ($ millions for all parts) 1. Ending inventories at September 29, 2012: $791. Ending inventories at September 24, 2011: $776. 2. September 29, 2012: $791 / $176,064 […]
978-0078025891 Chapter 5 Solution Manual Part 6
Chapter 05 – Reporting and Analyzing Inventories Problem 5-3B (Continued) 4. FIFO LIFO Weighted Average Specific Identifi- cation Sales* ……………………………….. $636,000 $636,000 $636,000 $636,000 Less: Cost of goods sold …… 160,500 186,800 173,700 174,800 Gross profit ……………………….. $475,500 $449,200 $462,300 […]
978-0078025891 Chapter 5 Solution Manual Part 5
Chapter 05 – Reporting and Analyzing Inventories PROBLEM SET B Problem 5-1B (40 minutes) 1. Compute cost of goods available for sale and units available for sale Beginning inventory ……………………… 20 units @ $3,000 $ 60,000 April 6 ………………………………………….. 30 […]
978-0078025891 Chapter 5 Solution Manual Part 4
Chapter 05 – Reporting and Analyzing Inventories Problem 5-3A (Continued) 3d. Specific Identification Cost of goods available for sale ………………. $77,200 Less: Cost of Goods Sold 600 @ $45.00 ………………………………. $27,000 300 @ $42.00 ………………………………. 12,600 200 @ $27.00 ………………………………. […]
978-0078025891 Chapter 5 Solution Manual Part 3
Chapter 05 – Reporting and Analyzing Inventories Exercise 5-17B (20 minutes) Goods available for sale Inventory, January 1 ………………………………………….…. $ 225,000 Net cost of goods purchased* …………………………….…. 802,250 Goods available for sale …………………………………….…. 1,027,250 Less estimated cost of goods sold […]
978-0078025891 Chapter 5 Solution Manual Part 2
Chapter 05 – Reporting and Analyzing Inventories Exercise 5-3 (continued) b. Weighted Average—Perpetual Date Goods Purchased Cost of Goods Sold Inventory Balance 1/1 140 @ $6.00 = $ 840.00 1/10 100 @ $6.00 = $ 600.00 40 @ $6.00 = […]
978-0078025891 Chapter 5 Solution Manual Part 1
Chapter 05 – Reporting and Analyzing Inventories © 2015 by McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Solutions Manual, Chapter 5 1 Chapter 5 Reporting and Analyzing Inventories QUESTIONS 1. […]
978-0078025891 Chapter 5 Lecture Note Part 2
Chapter 05 – Reporting and Analyzing Inventories 5-10 VISUAL #5-1 Computation of Cost of Goods Available Units Cost Total Jan. 1 Beginning Inventory 60 @ $10 = $ 600 Mar. 27 Purchase 90 @ 11 = 990 Aug. 15 Purchase […]
978-0078025891 Chapter 5 Lecture Note Part 1
Chapter 05 – Reporting and Analyzing Inventories 5-1 Chapter 05 Reporting and Analyzing Inventories Student Learning Objectives and Related Assignment Materials* Student Learning Objectives Discussion Questions Quick Studies Exercises Problems (A &B set)** Beyond the Numbers Conceptual objectives: C1. Identify […]
978-0078025891 Chapter 4 Solution Manual Part 8
Chapter 04 – Reporting and Analyzing Merchandising Operations Comparative Analysis — BTN 4-2 1. Apple Google ($ millions) Current Prior Current Prior Net sales ……………… $156,508 $108,249 $50,175 $37,905 Cost of sales ………… 87,846 64,431 20,634 13,188 Gross margin ……….. […]
978-0078025891 Chapter 4 Solution Manual Part 7
Chapter 04 – Reporting and Analyzing Merchandising Operations Serial Problem — SP 4 (Continued) Sales Discounts Acct. No. 415 Date Explanation PR Debit Credit Balance Jan. 22 47 47 Cost of Goods Sold Acct. No. 502 Date Explanation PR Debit […]
978-0078025891 Chapter 4 Solution Manual Part 6
Chapter 04 – Reporting and Analyzing Merchandising Operations Problem 4-6BB (50 minutes) FOSTER PRODUCTS COMPANY Work Sheet For Year Ended October 31, 2013 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Title Dr. Cr. Dr. Cr. […]
978-0078025891 Chapter 4 Solution Manual Part 5
Chapter 04 – Reporting and Analyzing Merchandising Operations PROBLEM SET B Problem 4-1B (40 minutes) May 2 Merchandise Inventory ………………………………. 10,000 Accounts Payable—Havel ……………………. 10,000 Purchased goods on credit, terms 1/15, n/30. 4 Accounts Receivable—Heather ………………….. 11,000 Sales …………………………………………………… 11,000 […]
978-0078025891 Chapter 4 Solution Manual Part 4
Chapter 04 – Reporting and Analyzing Merchandising Operations Problem 4-2A (Concluded) Aug. 15 Cash ………………………………………………………….. 4,508 Sales Discounts* ……………………………………….. 92 Accounts Receivable—Laird ……………….. 4,600 Collected receivable within 2% discount period. *[($5,200 – $600) x 2%] 18 Accounts Payable—Waters ………………………… 4,840 […]
978-0078025891 Chapter 4 Solution Manual Part 3
Chapter 04 – Reporting and Analyzing Merchandising Operations Exercise 4-13 (15 minutes) Case X Case Y Case Z Current ratio computation Current assets …………………… $5,200 $3,500 $7,300 Current liabilities ……………….. $2,200 $1,200 $3,750 Current ratio ………………………. 2.36 2.92 1.95 Acid-test […]
978-0078025891 Chapter 4 Solution Manual Part 2
Chapter 04 – Reporting and Analyzing Merchandising Operations Exercise 4-2 (30 minutes) Apr. 2 Merchandise Inventory ………………………………. 4,600 Accounts Payable—Lyon …………………….. 4,600 Purchased merchandise on credit. 3 Merchandise Inventory ………………………………. 300 Cash …………………………………………………… 300 Paid shipping charges on purchased merchandise. […]
978-0078025891 Chapter 4 Solution Manual Part 1
Chapter 04 – Reporting and Analyzing Merchandising Operations © 2015 by McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Solutions Manual, Chapter 4 1 Chapter 4 Reporting and Analyzing Merchandising Operations […]
978-0078025891 Chapter 4 Lecture Note Part 2
Chapter 04 Reporting and Analyzing Merchandising Operations 4-8 Chapter Outline financing costs, income tax expense and other special items. 2. Both systems require separate disclosure of items when their size, nature or frequency are important. 3. IFRS permits expenses to […]
978-0078025891 Chapter 4 Lecture Note Part 1
Chapter 04 Reporting and Analyzing Merchandising Operations 4-1 Chapter 04 Reporting and Analyzing Merchandising Operations Student Learning Objectives and Related Assignment Materials* Student Learning Objectives Discussion Questions Quick Studies Exercises Problems (A &B set)** Beyond the Numbers Conceptual objectives: C1. […]
978-0078025891 Chapter 3 Solution Manual Part 11
Chapter 03 – Adjusting Accounts for Financial Statements © 2015 by McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Solutions Manual, Chapter 3 99 Reporting in Action — BTN 3-1 (Concluded) […]
978-0078025891 Chapter 3 Solution Manual Part 10
Chapter 03 – Adjusting Accounts for Financial Statements Serial Problem, SP 3 (Continued) Part 7 Closing entries 2013 Dec. 31 Computer Services Revenue …………………….. 403 31,284 Income Summary ……………………………….. 901 31,284 To close the revenue account. 31 Income Summary ……………………………………… […]
978-0078025891 Chapter 3 Solution Manual Part 9
Chapter 03 – Adjusting Accounts for Financial Statements Problem 3-7B (Continued) Common Stock Acct. No. 307 Date Explanation PR Debit Credit Balance July 1 180,000 180,000 Retained Earnings Acct. No. 318 Date Explanation PR Debit Credit Balance July 31 Closing […]
978-0078025891 Chapter 3 Solution Manual Part 8
Chapter 03 – Adjusting Accounts for Financial Statements Problem 3-5B (Concluded) SPEEDY COURIER Balance Sheet December 31, 2013 Assets Cash ……………………………………………………………. $ 58,000 Accounts receivable …………………………………….. 120,000 Interest receivable ………………………………………… 7,000 Notes receivable (due in 90 days)……………………. 210,000 Office supplies […]
978-0078025891 Chapter 3 Solution Manual Part 7
Chapter 03 – Adjusting Accounts for Financial Statements Problem 3-3B (90 minutes) Parts 1 and 2 Cash Accounts Payable Bal. 60,000 Bal. 11,200 Accounts Receivable Salaries Payable Unadj. Bal. 0 Unadj. Bal. 0 (f) 5,750 (g) 450 Adj. Bal. 5,750 […]
978-0078025891 Chapter 3 Solution Manual Part 6
Chapter 03 – Adjusting Accounts for Financial Statements Problem 3-7A (Continued) Part 5—continued ADVENTURE TRAVEL Balance Sheet April 30, 2013 Assets Cash ………………………………………………………………………. $27,000 Accounts receivable ………………………………………………. 1,750 Office supplies ……………………………………………………….. 600 Prepaid insurance ………………………………………………….. 2,267 Computer equipment ……………………………………………… $20,000 […]
978-0078025891 Chapter 3 Solution Manual Part 5
Chapter 03 – Adjusting Accounts for Financial Statements Problem 3-4A (Continued) Part 2 JKL COMPANY Income Statement For Year Ended July 31, 2013 Revenues Consulting fees earned ………………………….. $134,240 Expenses Depreciation expense—Office equipment .. $ 6,000 Salaries expense …………………………………… 74,000 […]
978-0078025891 Chapter 3 Solution Manual Part 4
Chapter 03 – Adjusting Accounts for Financial Statements Exercise 3-16 (10 minutes) Dec. 31 Net Sales ………………………………………………. 1,014,345 Income Summary ……………………………. 1,014,345 To close the revenue account. 31 Income Summary ………………………………….. 936,724 Cost of Sales ………………………………….. 626,379 Advertising Expense ………………………. […]
978-0078025891 Chapter 3 Solution Manual Part 3
Chapter 03 – Adjusting Accounts for Financial Statements Exercise 3-6 (25 minutes) Dec. 31 Accounts Receivable ……………………………………… 2,100 Fees Earned …………………………………………….. 2,100 To record earned but unbilled fees (30% x $7,000). 31 Unearned Fees ……………………………………………….. 4,900 Fees Earned …………………………………………….. 4,900 […]
978-0078025891 Chapter 3 Solution Manual Part 2
Chapter 03 – Adjusting Accounts for Financial Statements Quick Study 3-18 (15 minutes) a. Step 1: Salaries Payable equals $0 Step 2: Salaries Payable should equal $15,500 (not yet recorded) Step 3: Adjusting entry to get from Step 1 to […]
978-0078025891 Chapter 3 Solution Manual Part 1
Chapter 03 – Adjusting Accounts for Financial Statements Chapter 3 Adjusting Accounts for Financial Statements QUESTIONS 1. The cash basis of accounting reports revenues when cash is received while the accrual basis reports revenues when they are earned. The cash […]
978-0078025891 Chapter 3 Lecture Note Part 3
Chapter 03 – Adjusting Accounts for Financial Statements 3-18 Chapter 3 – Alternate Demonstration Problem #1 On July 1, 2013, Howard M. Tenant, Inc., rents office space from John Q. Landlord for two years, starting immediately, at a rate of […]
978-0078025891 Chapter 3 Lecture Note Part 2
Chapter 03 – Adjusting Accounts for Financial Statements 3-11 Chapter Outline Notes 1. Profit margin (also called return on sales) is a useful measure of a company’s operating results. 2. It is calculated as net income divided by net sales. […]
978-0078025891 Chapter 3 Lecture Note Part 1
Chapter 03 – Adjusting Accounts for Financial Statements 3-1 Chapter 03 Adjusting Accounts for Financial statements Student Learning Objectives and Related Assignment Materials* Student Learning Objectives Discussion Questions Quick Studies Exercises Problems (A &B set)** Beyond the Numbers Conceptual objectives: […]
978-0078025891 Chapter 2 Solution Manual Part 7
Chapter 02 – Accounting System and Financial Statements Serial Problem, Success Systems (Continued) Prepaid Insurance Acct. No. 128 Date Explanation PR Debit Credit Balance Oct. 5 2,220 2,220 Prepaid Rent Acct. No. 131 Date Explanation PR Debit Credit Balance Oct. […]
978-0078025891 Chapter 2 Solution Manual Part 6
Chapter 02 – Accounting System and Financial Statements Problem 2-3B (Concluded) Part 3 HUMBLE MANAGEMENT SERVICES Trial Balance September 30 Debit Credit Cash ………………………………………………………… $21,520 Accounts receivable ………………………………… 9,800 Office supplies …………………………………………. 2,950 Prepaid insurance ……………………………………. 1,900 Prepaid rent …………………………………………….. […]
978-0078025891 Chapter 2 Solution Manual Part 5
Chapter 02 – Accounting System and Financial Statements © 2015 by McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Solutions Manual, Chapter 2 41 PROBLEM SET B Problem 2-1B (90 minutes) […]
978-0078025891 Chapter 2 Solution Manual Part 4
Chapter 02 – Accounting System and Financial Statements Problem 2-3A (90 minutes) Part 1 April 1 Cash……………………………………………………. 101 80,000 Office Equipment …………………………………. 163 26,000 Common Stock …………………………….. 307 106,000 Owner invested cash and equipment for stock. 2 Prepaid Rent ……………………………………….. […]
978-0078025891 Chapter 2 Solution Manual Part 3
Chapter 02 – Accounting System and Financial Statements Exercise 2-21 (15 minutes) a. The debit column is correctly stated because the erroneous debit (to Accounts Payable) is deducted from an account with a (larger assumed) credit balance. b. The credit […]
978-0078025891 Chapter 2 Solution Manual Part 2
Chapter 02 – Accounting System and Financial Statements Exercise 2-8 (30 minutes) Cash Photography Equipment Aug. 1 6,500 Aug. 2 2,100 Aug. 1 33,500 20 3,331 5 880 31 675 Common Stock Balance 6,176 Aug. 1 40,000 Office Supplies Photography […]
978-0078025891 Chapter 2 Solution Manual Part 1
Chapter 02 – Accounting System and Financial Statements Chapter 2 Accounting System and Financial Statements QUESTIONS 1. a. Common asset accounts: cash, accounts receivable, notes receivable, prepaid expenses (rent, insurance, etc.), office supplies, store supplies, equipment, building, and land. b. […]
978-0078025891 Chapter 2 Lecture Note Part 2
Chapter 02 – Accounting System and Financial Statements Chapter Outline Notes d. Recompute each account balance in the ledger. e. Verify that each journal entry is properly posted. f. Verify that the original journal entry has equal debits and credits. […]
978-0078025891 Chapter 2 Lecture Note Part 1
Chapter 02 – Accounting System and Financial Statements 2-1 Chapter 02 Accounting System and Financial Statements Student Learning Objectives and Related Assignment Materials* Student Learning Objectives Discussion Questions Quick Studies Exercises Problems (A &B set)** Beyond the Numbers Conceptual objectives: […]
978-0078025891 Chapter 13 Solution Manual Part 5
Chapter 13 – Analyzing and Interpreting Financial Statements SERIAL PROBLEM — SP 13 Serial Problem — SP 13, Success Systems (45 minutes) 1. Gross margin with services revenue Gross margin = Total revenue – Cost of goods sold = $43,853 […]
978-0078025891 Chapter 13 Solution Manual Part 4
Chapter 13 – Analyzing and Interpreting Financial Statements Problem 13-2B (120 minutes) Part 1 TRIPOLY COMPANY Income Statement Trends For Years Ended December 31, 2014-2008 2014 2013 2012 2011 2010 2009 2008 Sales ………………………………. 65.1% 70.9% 73.3% 79.1% 86.0% 89.5% […]
978-0078025891 Chapter 13 Solution Manual Part 3
Chapter 13 – Analyzing and Interpreting Financial Statements Problem 13-2A (concluded) Part 2 Analysis and Interpretation • The statements and the trend percent data indicate that the company significantly expanded its plant assets in 2012. Prior to that time, the […]
978-0078025891 Chapter 13 Solution Manual Part 2
Chapter 13 – Analyzing and Interpreting Financial Statements Exercise 13-8 (25 minutes) 1. Current ratio 2014: = 1.88 to 1 2013: = 2.52 to 1 2012: = 2.87 to 1 $35,625 + $62,500 + $82,500 + $9,375 $75,250 $37,800 + […]
978-0078025891 Chapter 13 Solution Manual Part 1
Chapter 13 – Analyzing and Interpreting Financial Statements © 2015 by McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Solutions Manual, Chapter 13 1 Chapter 13 Analyzing and Interpreting Financial Statements […]
978-0078025891 Chapter 13 Lecture Note Part 2
Chapter 13 – Analyzing and Interpreting Financial Statements 13-7 Chapter Outline Notes 3. Ratios in this block: a. Profit margin—net income divided by net sales; describes the ability to earn net income from sales. b. Return on total assets—net income […]