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978-0078025761 Chapter 10 Solution Manual Part 5
Problem 10–9AB (Concluded) Part 3 2015 June 30 Bond Interest Expense ………………………….. 7,660 Premium on Bonds Payable ………………….………. 465 Cash ……………………………………………….……… 8,125 To record six months’ interest and premium amortization. 2015 Dec. 31 Bond Interest Expense ………………………….. 7,646 Premium on […]
978-0078025761 Chapter 10 Solution Manual Part 4
Problem 10-3A (Concluded) Part 4 Semiannual Period–End Unamortized Premium Carrying Value 1/01/2015 ………………… $895,980 $4,895,980 6/30/2015 ………………… 866,114 4,866,114 12/31/2015 ………………… 836,248 4,836,248 6/30/2016 ………………… 806,382 4,806,382 12/31/2016 ………………… 776,516 4,776,516 Part 5 2015 June 30 Bond Interest Expense ………………………….. […]
978-0078025761 Chapter 10 Solution Manual Part 3
Exercise 10-13B (30 minutes) 1. Discount = Par value – Issue price = $500,000 – $463,140 = $36,860 2. Total bond interest expense over the life of the bonds Amount repaid Six payments of $22,500* …………….……. $135,000 Par value at […]
978-0078025761 Chapter 10 Solution Manual Part 2
Exercise 10-2 (30 minutes) 1. Discount = Par value – Issue price = $180,000 – $170,862 = $9,138 2. Total bond interest expense over the life of the bonds Amount repaid Six payments of $7,200* …………….. $ 43,200 Par value […]
978-0078025761 Chapter 1 Solution Manual Part 6
Problem 1-12BA (20 minutes) Case 1. Return: No return is generated. Risk: Moderate Risk. By hiding money at home a person risks loss by theft or fire. Also such a strategy might result in a loss of purchasing power in […]
978-0078025761 Chapter 1 Solution Manual Part 5
Problem 1-7B (Continued) Part 3 Niko’s Maintenance Co. Income Statement For Month Ended June 30 Revenues Maintenance services revenue ………. $16,925 Expenses Rent expense…………………………..……. $6,000 Salaries expense …………………………… 1,600 Advertising expense ……………………… 1,150 Utilities expense……………………………. 890 Telephone expense ………………………. 150 […]
978-0078025761 Chapter 1 Solution Manual Part 4
Problem 1-9A (Continued) Part 3 Sony Electric Income Statement For Month Ended December 31 Revenues Electrical fees earned …………………. $7,100 Expenses Rent expense ……………………………… $1,000 Salaries expense ………………………… 1,400 Utilities expense ………………………… 540 Total expenses …………………………… 2,940 Net income ………………………………………….. […]
978-0078025761 Chapter 1 Solution Manual Part 3
Problem 1-2A (Continued) Part 3 Company C First, calculate the beginning balance of equity: Dec. 31, 2014 Assets …………………………………………………. $24,000 Liabilities …………………………………………….. ( 9,000) Equity………………………………………………….. $15,000 Next, find the ending balance of equity by completing this table: Equity, December 31, […]
978-0078025761 Chapter 1 Solution Manual Part 2
Exercise 1-4 (10 minutes) 1. A 4. F 2. G 5. C 3. D Exercise 1-5 (20 minutes) a. Auditing professionals with competing audit clients are likely to learn valuable information about each client that the other clients would benefit […]
978-0078025761 Chapter 1 Lecture Note Part 1
CHAPTER 1 ACCOUNTING IN BUSINESS Related Assignment Materials Student Learning Objectives Questions Quick Studies* Exercises* Problems* Beyond the Numbers Conceptual objectives C1. Explain the purpose and importance of accounting. 1, 5 1-1 1-1, 1-4, 1-6 1-6 C2. Identify users and […]
978-0078025761 Appendix E Solution Manual Part 5
SERIAL PROBLEM – SP E Serial Problem (100 minutes) Parts 1 and 2 SALES JOURNAL Page 2 Date Account Debited Invoice Number PR Accounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Inventory Cr. Jan. 13 Liu Corp. …………………………………………….. […]
978-0078025761 Appendix E Solution Manual Part 4
Problem E-1B (Continued) ACCOUNTS RECEIVABLE LEDGER Carlos Mantel Date Explanation PR Debit Credit Balance Nov. 10 S2 13,500 13,500 19 R2 13,500 0 22 S2 3,695 3,695 Cyd Rounder Date Explanation PR Debit Credit Balance Nov. 8 S2 6,550 6,550 […]
978-0078025761 Appendix E Solution Manual Part 3
Problem E-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 Explanation […]
978-0078025761 Appendix E Solution Manual Part 2
Exercise E-10 (30 minutes) Part 1 ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Anna Page Sara Reed Aaron Reckers May 17 1,850 May 20 350 May 10 2,940 May 6 3,880 25 1,340 Part 2 GENERAL LEDGER Accounts Receivable Sales Sales Returns and […]
978-0078025761 Appendix E Lecture Note Part 2
Feb 28 Post to the customer and creditor accounts and post any amounts that should be posted as individual amounts to general ledger accounts. 28 Foot and crossfoot the journals and make the month–end postings. Required: 1. Open the following […]
978-0078025761 Appendix E Lecture Note Part 1
APPENDIX E ACCOUNTING WITH SPECIAL JOURNALS Related Assignment Materials Student Learning Objectives Questions Quick Studies* Exercises* Problems* Beyond the Numbers Conceptual objectives: C1. Identify the fundamental principles and components of accounting information systems. 1, 2, 3, 4, 5, 6 E-1, […]
978-0078025761 Appendix D Solution Manual Part 5
Communicating in Practice — BTN D-4 — STUDY NOTES –— ORGANIZATIONS WITH PARTNERSHIP CHARACTERISTICS I. Limited Partnerships II. Limited Liability Partnerships III. S Corporations IV. Limited Liability Companies I. Limited Partnerships These organizations are identified in its name with […]
978-0078025761 Appendix D Solution Manual Part 4
Problem D-4B (Concluded) Part 2 a) Apr. 30 Cash ……………………………………………………………….. 300,000 Chip, Capital* ……………………………………………… 300,000 To record admission of Chip. * Supporting calculations $606,000 + $148,000 + $446,000 = $1,200,000 ($1,200,000 + $300,000) x 20% = $300,000 Thus, no bonus […]
978-0078025761 Appendix D Solution Manual Part 2
Exercise D-6 (25 minutes) 1a. 2015 Mar. 1 Cash ……………………………………………………………….. 82,500 Land ……………………………………………………………….. 60,000 Building ………………………………………………………….. 100,000 Long–Term Note Payable ……………………………. 92,500 Eckert, Capital ……………………………………………. 82,500 Kelley, Capital ……………………………………………. 67,500 To record initial capital investments. 1b. 2015 Oct. 20 Eckert, […]
978-0078025761 Appendix D Lecture Note
APPENDIX D ACCOUNTING FOR PARTNERSHIPS Related Assignment Materials Student Learning Objectives Questions Quick Studies* Exercises* Problems* Beyond the Numbers Conceptual objectives: C1. Identify characteristics of partnerships and similar organizations. 1, 2, 3, 4, 5, 8 D-1 D-1, D-2 D-1, D-2, […]
978-0078025761 Appendix C Solution Manual Part 7
Ethics Challenge — BTN C-3 1. Kasey’s bonus is not contingent on the classification of available–for– sale versus held-to-maturity. Designation of the bonds as available–for– sale debt securities will require that an entry be made to recognize the unrealized holding […]
978-0078025761 Appendix C Solution Manual Part 6
Problem C-6BA (60 minutes) Part 1 2015 May 26 Accounts Receivable—Fuji ……………………….…. 60,450 Sales …………………………………………………..….. 60,450 (6,500,000 yen x $0.0093/yen) June 1 Cash ……………………………………………………………………………… 64,800 Sales …………………………………………………..….. 64,800 July 25 Cash*…………………………..………………………………………………… 59,800 Foreign Exchange Loss …………………………….…………………… 650 Accounts Receivable—Fuji ………………….………. […]
978-0078025761 Appendix C Solution Manual Part 5
Problem C-2B (40 minutes) Part 1 Feb. 6 Short–Term Investments—AFS (Nokia)………… 143,250 Cash …………………………………………………… 143,250 Purchased 3,400 shares of Nokia [(3,400 x $41.25) + $3,000]. 15 Short–Term Investments—AFS (T-bills) ……….. 20,000 Cash …………………………………………………… 20,000 Purchased U.S. Treasury bills. Apr. 7 […]
978-0078025761 Appendix C Solution Manual Part 4
Problem C-3A (Concluded) Part 2 12/31/2015 12/31/2016 12/31/2017 Long-Term AFS Securities (cost)………………. $117,100 $85,143 $212,160 Fair Value Adjustment …………………………. (3,650) (13,818) 8,040 Long-Term AFS Securities (fair value) ………. $113,450 $71,325 $220,200 Part 3 2015 2016 2017 Realized gains (losses) Sale […]
978-0078025761 Appendix C Solution Manual Part 3
Exercise C-16A (25 minutes) Quarter ended June 30, 2015 May 8 recorded amount (800,000 x $0.1323) …………………. $105,840 June 30 balance sheet amount (800,000 x $0.1352) ……….. 108,160 Foreign exchange gain ………………………………………………… $ 2,320 Quarter ended September 30, 2015 June […]
978-0078025761 Appendix C Solution Manual Part 2
Exercise C-3 (20 minutes) 1. 2015 Dec. 31 Fair Value Adjustment—Trading …………………… 6,000 Unrealized Gain—Income ………………………… 6,000 To reflect an unrealized gain in fair values of trading securities. 2. The accounts in part (1) are reported on different financial statements. […]
978-0078025761 Appendix C Solution Manual Part 1
Appendix C Investments and International Operations QUESTIONS 1. To be classified as current assets, investments must be (i) capable of being converted into cash quickly and (ii) management must intend to sell the investments as a source of cash to […]
978-0078025761 Appendix C Lecture Note
APPENDIX C INVESTMENTS AND INTERNATIONAL OPERATIONS Related Assignment Materials Student Learning Objectives Questions Quick Studies* Exercises* Problems* Beyond the Numbers Conceptual objectives: C1. Distinguish between debt and equity securities and between long-term investments and short-term investments. 1, 2, 5 C-1, […]
978-0078025761 Appendix B Solution Manual
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 4. 1% n = 24 periods Quick Study B-2 […]
978-0078025761 Appendix B Lecture Note
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 values. B-1 B-11, B-19 Procedural objectives: P1. Apply present value […]
978-0078025754 Chapter 9 Solution Manual Part 4
Comprehensive Problem (Continued) Part 3 2015 (a) Miscellaneous Expenses …………………………………….. 15 Accounts Payable ……………………………………………….. 1,287 Interest Revenue ……………………………………………. 52 Cash ……………………………………………………………… 1,250 Adjust cash account. (Separate entries are acceptable.) (b1) Allowance for Doubtful Accounts …………………………. 679 Accounts Receivable ……………………………………… 679 […]
978-0078025754 Chapter 9 Solution Manual Part 3
Problem 9-2B (25 minutes) Part 1 Jan. 8 Sales Salaries Expense ……………………………………. 34,745.00 Office Salaries Expense ……………………………..……. 21,225.00 Delivery Salaries Expense………………………….. 1,030.00 FICA—Social Security Taxes Payable* …..……. 3,534.00 FICA—Medicare Taxes Payable** …………..……. 826.50 Employee Fed. Income Taxes Payable …..……. 8,625.00 […]
978-0078025754 Chapter 9 Solution Manual Part 2
Exercise 9-17 (concluded) (b) Aug 31 Salaries (or Wages) Expense ………………………….. 10,020.00 FICA—Social Sec. Taxes Payable ………….……. 298.84 FICA—Medicare Taxes Payable ……………..……. 145.29 Employee Fed. Inc. Taxes Payable ………………. 2,380.00 Employee State Inc. Taxes Payable ……….……. 388.00 Employee Benefits Plan […]
978-0078025754 Chapter 9 Solution Manual Part 1
Chapter 9 Accounting for Current Liabilities 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 is not current is considered to be long term. 2. […]
978-0078025754 Chapter 9 Lecture Note
CHAPTER 9 ACCOUNTING FOR CURRENT LIABILITIES Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 11–1 Related Assignment Materials Student Learning Objectives Questions Quick Studies* Exercises* Problems* Beyond the […]
978-0078025754 Chapter 8 Solution Manual Part 3
Problem 8-4B (50 minutes) 2014 Jan. 1 Equipment ………………………………………………………….. 27,670 Cash ……………………………………………………………… 27,670 To record costs of van ($25,860 + $1,810). Jan. 3 Equipment ………………………………………………………….. 1,850 Cash ……………………………………………………………… 1,850 To record betterment of van. Dec. 31 Depreciation Expense—Equipment ……………………… 5,124* […]
978-0078025754 Chapter 8 Solution Manual Part 2
Exercise 8-19 (10 minutes) Jan. 1 Copyright ………………………………………………………. 418,000 Cash…………………………..……………………………..……. 418,000 To record purchase of copyright. Dec. 31 Amortization Expense—Copyright ………………………. 41,800 Accumulated Amortization—Copyright ……………. 41,800 To record amortization of copyright [$418,000 / 10 years]. Exercise 8-20 (10 minutes) 1. […]
978-0078025754 Chapter 8 Lecture Note Part 1
CHAPTER 8 ACCOUNTING FOR LONG-TERM ASSETS Related Assignment Materials Student Learning Objectives Questions Quick Studies* Exercises* Problems* Beyond the Numbers Conceptual objectives: C1. Explain the cost principle for computing the cost of plant asset. 1, 2, 3, 4, 20 8-1, […]
978-0078025754 Chapter 7 Solution Manual Part 3
Problem 7-5B (75 minutes) Part 1 2014 Nov. 1 Notes Receivable—S. Julian ………………………….. 4,800 Accounts Receivable—S. Julian …………………. 4,800 To record note received on account. Dec. 31 Interest Receivable ………………………………………….. 64 Interest Revenue ……………………………………….. 64 To record interest earned [$4,800 […]
978-0078025754 Chapter 7 Lecture Note
CHAPTER 7 ACCOUNTING FOR RECEIVABLES Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 7-1 Related Assignment Materials Student Learning Objectives Questions Quick Studies* Exercises* Problems* Beyond the Numbers […]
978-0078025754 Chapter 6 Solution Manual Part 3
Problem 6-5B (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 have […]
978-0078025754 Chapter 6 Solution Manual Part 2
Exercise 6-14B (Concluded) b. Recording inventory at net amounts Oct. 2 Merchandise Inventory …………………………………….….. 2,940 Accounts Payable ………………………………………….. 2,940 To record merchandise purchases less discount [$3,000 – ($3,000 x .02) = $2,940]. 10 Accounts Payable ……………………………………………….. 490 Merchandise Inventory ……………………………….….. […]
978-0078025754 Chapter 6 Lecture Note
CHAPTER 6 CASH AND INTERNAL CONTROL Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 6-1 Related Assignment Materials Student Learning Objectives Questions Quick Studies* Exercises* Problems* Beyond the […]
978-0078025754 Chapter 5 Solution Manual Part 5
Problem 5-10BB (25 minutes) OTINGO EQUIPMENT CO. Estimated Inventory at March 31 At Cost At Retail Goods available for sale Inventory, January 1 ………………………………… $ 802,880 Cost of goods purchased …………………………. 2,209,636 Goods available for sale …………………………… 3,012,516 Less estimated […]
978-0078025754 Chapter 5 Solution Manual Part 4
Problem 5-1B (Concluded) 3d. Specific Identification Date Goods Purchased Cost of Goods Sold Inventory Balance Apr. 1 20 @ $3,000.00 = $ 60,000.00 Apr. 6 30 @ $3,500.00 = $105,000.00 20 @ $3,000.00 30 @ $3,500.00 = $165,000.00 Apr. 9 […]
978-0078025754 Chapter 5 Solution Manual Part 3
Problem 5-3A (Continued) 3c. Weighted Average Date Goods Purchased Cost of Goods Sold Inventory Balance 1/1 600 @ $45.00 = $27,000 2/10 400 @ $42.00= $16,800 600 @ $45.00 400 @ $42.00 = $43,800 (avg. cost is $43.80) 3/13 200 […]
978-0078025754 Chapter 5 Solution Manual Part 2
Exercise 5-7 (20 minutes) a. FIFO—Perpetual Date Goods Purchased Cost of Goods Sold Inventory Balance 1/1 200 @ $10 = $ 2,000 1/10 150 @ $10 = $ 1,500 50 @ $10 = $ 500 3/14 350 @ $15 = […]
978-0078025754 Chapter 4 Solution Manual Part 5
Serial Problem — SP 4 (Continued) Common Stock Acct. No. 307 Date Explanation PR Debit Credit Balance Dec. 31 Balance 73,000 Jan. 5 25,000 98,000 Retained Earnings Acct. No. 318 Date Explanation PR Debit Credit Balance Dec. 31 Balance 7,360 […]
978-0078025754 Chapter 4 Solution Manual Part 4
Problem 4-3B (Continued) 3. Multiple-step income statement BARKLEY COMPANY Income Statement For Year Ended March 31, 2015 Sales ………………………………………………………….. $332,650 Less: Sales discounts ……………………………….. $ 5,875 Sales returns and allowances …………… 20,000 25,875 Net sales ……………………………………………………. 306,775 Cost of goods […]
978-0078025754 Chapter 4 Solution Manual Part 2
Exercise 4-7 (30 minutes) 1. BUYER– Santa Fe Company a) Credit Purchase Merchandise Inventory ……………………………… 24,000 Accounts Payable ………………………………. 24,000 Purchased merchandise on credit. b) Cash Payment Accounts Payable …………………………………….. 24,000 Merchandise Inventory* ……………………… 720 Cash ………………………………………………….. 23,280 *[24,000 x […]