Archives: Solution Manual
978-0078025822 Bingham Solutions Package Part 4
Requirement 9-d City Hall Annex Total General Construction Debt Service Governmental Fund Fund Fund Funds Revenues Taxes—real property 6,600,000$ 700,000$ 7,300,000$ Taxes—sales 748,000 748,000 Expenditures General government 1,707,316$ 1,707,316 Public safety 3,457,294 3,457,294 Public works 1,712,781 1,712,781 Health and welfare […]
978-0078025822 Bingham Solutions Package Part 3
Requirement 8-e Assets Cash $24,470 0.66224 Investment-bonds 414,562 Interest receivable on investments 6,159 Total Assets $445,191 Net Position Held in trust for depositors $445,191 Note: The reported values were calculated using the following formula: Asset* (CSD Total Equities After Withdrawal/Total […]
978-0078025822 Bingham Solutions Package Part 2
Requirement 5-c Revenues Investment Income 37,500$ Expenditures Construction 7,530,500 Excess of Revenues Over Expenditures (7,493,000) Other Financing Sources (Uses) Proceeds of Bonds 7,500,000$ Interfund transfers out (7,000) Total Other Financing Sources/Uses 7,493,000 Increase (Decrease) in Fund Balances – Fund Balances, […]
978-0078025822 Bingham Solutions Package Part 1
City of Bingham Solution Page Images for Required Trial Balances, Financial Statements and Schedules, and Reports and Analyses © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any […]
978-0078025822 Bingham General Journals and Ledgers Package Part 3
978-0078025822 Bingham General Journals and Ledgers Package Part 2
978-0078025822 Bingham General Journals and Ledgers Package Part 1
City of Bingham Solution Page Images for Fund and Government-wide General Journals and General Ledgers © 2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document […]
978-0078025761 Chapter 9 Solution Manual Part 6
Ethics Challenge — BTN 9-3 1. It is in Bly’s self-interest to maximize the amount of revenues less warranty expenses so as to maximize his personal bonus. Since Bly has some input into setting the warranty expense accrual percent, he […]
978-0078025761 Chapter 9 Solution Manual Part 5
Comprehensive Problem Bug–Off Exterminators (100 minutes) Part 1 a. Correct ending balance of cash and the amount of the omitted check Balance per bank ………………………….. $15,100 Plus deposit in transit …………………..… 2,450 Less outstanding checks ………………… (1,800) Reconciled balance ………………………… […]
978-0078025761 Chapter 9 Solution Manual Part 3
Problem 9-3A (60 minutes) 1. Each employee’s FICA withholdings for Social Security Dahlia Trey Kiesha Chee Total Maximum base ………….. $117,000 $117,000 $117,000 $117,000 Earned through 8/18 ….. 115,900 116,100 7,100 1,050 Yet under maximum …… $ 1,100 $ 900 […]
978-0078025761 Chapter 9 Solution Manual Part 2
Exercise 9-9 (30 minutes) a. Employee Cumulative Pay Pay Subject to FICA Social Security Pay Subject to FICA Medicare Pay Subject to FUTA Taxes Pay Subject to SUTA Taxes Ken S ………..…….. $ 6,000 $ 6,000 $ 6,000 $ 6,000 […]
978-0078025761 Chapter 9 Lecture Note
CHAPTER 9 ACCOUNTING FOR CURRENT LIABILITIES Related Assignment Materials Student Learning Objectives Questions Quick Studies* Exercises* Problems* Beyond the Numbers Conceptual objectives: C1. Describe current and long-term liabilities and their characteristics. 1 9-1, 9-14 9-1 9-5 C2. Identify and describe […]
978-0078025761 Chapter 8 Solution Manual Part 5
Ethics Challenge — BTN 8-3 1. When managers acquire new assets a number of decisions relative to depreciation must be made. Specifically, the asset must be assigned a useful life, a salvage value, and a method of depreciation. 2. When […]
978-0078025761 Chapter 8 Solution Manual Part 4
Problem 8-5B (40 minutes) 2014 Jan. 1 Machinery ………………………………………………………. 114,270 Cash ………………………………………………………….….. 114,270 To record costs of machinery ($107,800 +$6,470). Dec. 31 Depreciation Expense—Machinery …………………..….. 17,425 Accumulated Depreciation—Machinery ………….. 17,425 To record depreciation [($114,270-$9,720)/6]. 2015 Dec. 31 Depreciation Expense—Machinery …………………..….. […]
978-0078025761 Chapter 8 Solution Manual Part 3
Problem 8-3A (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 ….……… _________ _______ _________ […]
978-0078025761 Chapter 8 Solution Manual Part 2
Exercise 8-9 (30 minutes) Straight–line depreciation Income before Depreciation Depreciation Expense* Net Income Year 1 …….. $ 88,500 $ 38,960 $ 49,540 Year 2 …….. 88,500 38,960 49,540 Year 3 …….. 88,500 38,960 49,540 Year 4 …….. 88,500 38,960 49,540 […]
978-0078025761 Chapter 7 Solution Manual Part 4
SERIAL PROBLEM — SP 7 Serial Problem — SP 7, Business Solutions (50 minutes) 1. a. Bad debts expense is recorded as 1% of total revenues: $44,000 x .01 = $440. 2016 Mar. 31 Bad Debts Expense ……………………………………….. 440 Allowance […]
978-0078025761 Chapter 7 Solution Manual Part 3
Problem 7-5A (75 minutes) Part 1 2014 Dec. 16 Notes Receivable—D. Todd ………………………….. 10,800 Accounts Receivable—D. Todd ………………. 10,800 To record note received on account. 31 Interest Receivable ………………………………………. 36 Interest Revenue ……………………………………. 36 To record interest earned [$10,800 x […]
978-0078025761 Chapter 7 Solution Manual Part 2
Exercise 7-8 (20 minutes) Feb. 1 Allowance for Doubtful Accounts ……………………..…. 6,800 Accounts Receivable—Oakley Co ……………….…. 900 Accounts Receivable—Brookes Co …………….…. 5,900 To write off specific accounts. June 5 Accounts Receivable—Oakley ………………………….. 900 Allowance for Doubtful Accounts ………………..…. 900 To […]
978-0078025761 Chapter 7 Lecture Note Part 2
VISUAL # 7-1 METHODS OF ACCOUNTING FOR BAD DEBTS DIRECT WRITE-OFF METHOD Accounts for bad debts from an uncollectible account receivable at the time account is determined to be uncollectible. ALLOWANCE METHOD At the end of each accounting period, bad […]
978-0078025761 Chapter 7 Lecture Note Part 1
CHAPTER 7 ACCOUNTING FOR RECEIVABLES Related Assignment Materials Student Learning Objectives Questions Quick Studies* Exercises* Problems* Beyond the Numbers Conceptual objectives: C1. Describe accounts receivable and how they occur and are recorded. 1 7-1, 7-13 7-1, 7-2 7-1, 7-4 7-5, […]
978-0078025761 Chapter 6 Solution Manual Part 4
Reporting in Action — BTN 6-1 1. ($ in millions) Balance September 28, 2013 Cash and equivalents as % of: Balance September 29, 2012 Cash and equivalent s as % of: Cash and cash equivalents …………… $ 14,259 — $ […]
978-0078025761 Chapter 6 Solution Manual Part 3
Problem 6-4A (Concluded) Part 3 a. If the company’s Cash account balance of $27,497 is listed on the bank reconciliation as $27,947 then: (i) The final balance that results from adjusting the bank statement balance will not be affected by […]
978-0078025761 Chapter 6 Solution Manual Part 2
Exercise 6-6 (20 minutes) 1. Jan. 1 Petty Cash ……………………………………………………… 200 Cash ………………………………………………………. 200 To establish a petty cash fund. 2. Jan. 8 Postage Expense ………………………………………….… 74 Merchandise Inventory* ………………………………..… 29 Delivery Expense ………………………………………….… 16 Miscellaneous Expenses ………………………………… 43 Cash […]
978-0078025761 Chapter 6 Lecture Note Part 1
CHAPTER 6 CASH AND INTERNAL CONTROL Related Assignment Materials Student Learning Objectives Questions Quick Studies* Exercises* Problems* Beyond the Numbers Conceptual objectives: C1. Define internal control and its purpose and principles. 1, 2, 3, 4, 6 6-1, 6-11 6-1, 6-2 […]
978-0078025761 Chapter 5 Solution Manual Part 8
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 of goods sold is tallied based on […]
978-0078025761 Chapter 5 Solution Manual Part 7
Serial Problem — SP 5, Business Solutions (concluded) 2. Per Unit Total Total LCM Applied Inventory Items Units Cost Market Cost Market To Items Office productivity …….. 3 $ 76 $ 74 $228 $222 $222 Desktop publishing …… 2 103 […]
978-0078025761 Chapter 5 Solution Manual Part 6
Problem 5-3B (Continued) 3d. Specific Identification Date Goods Purchased Cost of Goods Sold Inventory Balance May 1 150 @ $300 = $ 45,000 May 6 350 @ $350 = $122,500 150 @ $300 350 @ $350 = $167,500 May 9 […]
978-0078025761 Chapter 5 Solution Manual Part 5
Problem 5-10AB (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 Sales […]
978-0078025761 Chapter 5 Solution Manual Part 3
Exercise 5-15A (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) (60 […]
978-0078025761 Chapter 5 Solution Manual Part 2
EXERCISES Exercise 5-1 (10 minutes) 1. The title will pass at “destination” which is Harlow Company’s receiving dock. Harris should show the $12,500 in its inventory at year– end as Harris retains title until the goods reach Harlow Company. 2. […]
978-0078025761 Chapter 5 Lecture Note Part 1
CHAPTER 5 INVENTORIES AND COST OF SALES Related Assignment Materials Student Learning Objectives Questions Quick Studies* Exercises* Problems* Beyond the Numbers Conceptual objectives: C1. Identify the items making up merchandise inventory. 2, 12, 16 5-1, 5-23 5-1 5-8 C2. Identify […]
978-0078025761 Chapter 4 Solution Manual Part 8
Comparative Analysis — BTN 4-2 1. Apple Google ($ millions) Current Prior Current Prior Net sales ……………… $170,910 $156,508 $59,825 $50,175 Cost of sales ………… 106,606 87,846 25,858 20,634 Gross margin ……….. $ 64,304 $ 68,662 $33,967 $29,541 Gross margin […]
978-0078025761 Chapter 4 Solution Manual Part 6
Problem 4-5B (Concluded) Part 4 Current assets Cash ………………………………………………………………… $ 7,400 Merchandise inventory …………………………………….. 21,300 Store supplies ………………………………………………….. 3,700 Prepaid insurance ……………………………………………. 3,800* Total current assets ………………………………………….. $ 36,200 Current liabilities ………………………………………………… $ 18,000 Current ratio ($36,200 / $18,000) ………………………………. […]
978-0078025761 Chapter 4 Solution Manual Part 5
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 Sold goods on credit, terms 2/10, n/60. 4 Cost […]
978-0078025761 Chapter 4 Solution Manual Part 3
Exercise 4-12 (10 minutes) Multiple–Step Income Statement — Sales Related Information Only Sales (gross) ……………………………………………………… $200,000 Less: Sales discounts …………………………………….. $ 4,000 Sales returns and allowances ………………… 16,000 20,000 Net sales ……………………………………………………………. 180,000 Exercise 4-13 (20 minutes) The employee’s oversight […]
978-0078025761 Chapter 4 Solution Manual Part 2
EXERCISES Exercise 4-1 (30 minutes) Note: The original missing numbers are blocked. (a) (b) (c) (d) (e) Sales ………………………. $62,000 $43,500 $46,000 $79,000 $25,600 Cost of goods sold Merch. inv. (beg.) ……. 8,000 17,050 7,500 8,000 4,560 Total cost of […]
978-0078025761 Chapter 4 Lecture Note Part 3
Alternate Demonstration Problem #1 Chapter Four The following data was taken from ledger account balances and supplementary data for the Whisk Company. Whisk Company uses periodic inventory method to account for its inventory. Merchandise inventory, beginning ………………………………………… $ 20,000 Merchandise […]
978-0078025761 Chapter 4 Lecture Note Part 1
CHAPTER 4 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 for a merchandising company. 1, 2, 3, 4 4-1, 4-18 […]
978-0078025761 Chapter 3 Solution Manual Part 11
Ethics Challenge — BTN 3-3 1. GAAP requires that annual deprecation be accumulated in a contra– asset account, called Accumulated Depreciation. While property, plant, and equipment is often shown at its net value on the balance sheet the cost of […]
978-0078025761 Chapter 3 Solution Manual Part 10
Serial Problem, SP 3 (Continued) [Instructor Note: Ledger includes all entries from prior three months. The Working Papers shorten the solution by showing account balances as of November 30.] General Ledger Cash Acct. No. 101 Date Explanation PR Debit Credit […]
978-0078025761 Chapter 3 Solution Manual Part 9
Problem 3-8B (75 minutes) Part 1 ANARA CO. Income Statement For Year Ended December 31, 2015 Revenues Professional fees earned …………………………….. $59,600 Rent earned ………………………………………………… 4,500 Dividends earned ……………………………………….. 1,000 Interest earned ……………………………………………. 1,320 Total revenues ……………………………………………. $66,420 Expenses Depreciation […]
978-0078025761 Chapter 3 Solution Manual Part 8
Problem 3-6B (Continued) Part 3 SAFE STORAGE CO. Unadjusted Trial Balance July 31, 2015 No. Account Title Debit Credit 101 Cash …………………………………………………………… $ 22,850 106 Accounts receivable …………………………………… 0 124 Office supplies ……………………………………………. 2,400 128 Prepaid insurance ………………………………………. 7,200 173 […]
978-0078025761 Chapter 3 Solution Manual Part 6
Problem 3-6A (Continued) Common Stock Acct. No. 307 Date Explanation PR Debit Credit Balance April 1 50,000 50,000 Retained Earnings Acct. No. 318 Date Explanation PR Debit Credit Balance April 30 Closing 2,197 2,197 30 Closing 1,500 697 Dividends Acct. […]
978-0078025761 Chapter 3 Solution Manual Part 5
Problem 3-5A (50 minutes) Part 1 CHIARA COMPANY Income Statement For Year Ended December 31, 2015 Revenues Fees earned ………………………………………. $484,000 Interest earned …………………………………… 24,000 Total revenues …………………………………… $508,000 Expenses Depreciation expense—Automobiles ….. 26,000 Depreciation expense—Equipment …….. 18,000 Salaries expense […]
978-0078025761 Chapter 3 Solution Manual Part 3
Exercise 3-6 (20 minutes) adidas AG Balance Sheet December 31, 2013 (Euros in millions) Assets Noncurrent assets Intangible assets …………………………………………… € 148 Tangible and other assets ……………………………… 304 Other noncurrent assets ………………………………… 3,476 Total noncurrent assets …………………………………. 3,928 Current assets […]
978-0078025761 Chapter 3 Solution Manual Part 2
Quick Study 3–15 (15 minutes) Accounts Debited and Credited Financial Statement a. Debit Unearned Revenue Balance Sheet Credit Revenue Earned Income Statement b. Debit Wages Expense Income Statement Credit Wages Payable Balance Sheet c. Debit Accounts Receivable Balance Sheet Credit […]
978-0078025761 Chapter 3 Lecture Note Part 3
Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 3-17 Alternate Demonstration Problem #1 Chapter Three On July 1, 2015, Howard M. Tenant, Inc., rents office space from John […]
978-0078025761 Chapter 3 Lecture Note Part 2
Chapter Outline B. Work sheet Applications and Analysis – does not substitute for financial statements. It is a tool used at the end of the period to help organize data and prepare financial statements. XI. Appendix 3C—Reversing Entries A. Accounting […]
978-0078025761 Chapter 3 Lecture Note Part 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 periodic reporting and role of accrual accounting. 1, 2, 3, 20 3-1, […]