Archives: Solution Manual
978-1118334324 Chapter 8 Lecture Note Part 2
ACCOUNTING ACROSS THE ORGANIZATION Assume you use a Visa card to purchase some new ties at Nordstrom. Visa acts as the clearing agent for the transaction and transfers funds from the bank that issued your Visa card to Nordstrom’s bank […]
978-1118334324 Chapter 8 Lecture Note Part 1
CHAPTER 8 ACCOUNTING FOR RECEIVABLES LEARNING OBJECTIVES 1. IDENTIFY THE DIFFERENT TYPES OF RECEIVABLES. 2. EXPLAIN HOW COMPANIES RECOGNIZE ACCOUNTS RECEIVABLE. 3. DISTINGUISH BETWEEN THE METHODS AND BASES COMPANIES USE TO VALUE ACCOUNTS RECEIVABLE. 4. DESCRIBE THE ENTRIES TO RECORD […]
978-1118334324 Chapter 7 Solution Manual Part 6
BYP 7-4 REAL-WORLD FOCUS (a) The system of internal control should be evaluated by: (1) responsible individuals from a particular university unit, (2) internal auditors, and (3) university management. (b) Some red flags which may indicate existence of white-collar crime […]
978-1118334324 Chapter 7 Solution Manual Part 5
PROBLEM 7-6B (a) GAMEL COMPANY Bank Reconciliation October 31, 2015 Cash balance per bank statement ……………………………… $15,313.00 Plus: Undeposited receipts ……………………………………… 3,226.18 18,539.18 Less: Outstanding checks No. Amount No. Amount 62 183 284 $107.74 127.50 215.26 862 863 864 $132.10 […]
978-1118334324 Chapter 7 Solution Manual Part 4
PROBLEM 7-6A Matt has created a situation that leaves many opportunities for undetected theft. Here is a list of some of the deficiencies in internal control. You may find others. 1. Documentation procedures. The tickets were unnumbered. By numbering the […]
978-1118334324 Chapter 7 Solution Manual Part 3
EXERCISE 7-10 The outstanding checks are as follows: No. Amount 255 260 264 Total $ 620 890 560 $2,070 EXERCISE 7-11 (a) CRANE VIDEO COMPANY Bank Reconciliation July 31 Cash balance per bank statement ……………………………… $7,263 Add: Deposits in transit […]
978-1118334324 Chapter 7 Solution Manual Part 2
BRIEF EXERCISE 7-9 Mar. 20 Postage Expense …………………………………………………. 52 Freight-Out ………………………………………………………….. 26 Travel Expense ……………………………………………………. 10 Cash Over and Short ……………………………………………. 3 Cash …………………………………………………………….. 91 BRIEF EXERCISE 7-10 1. A check provides documentary evidence of the payment of a specified […]
978-1118334324 Chapter 7 Solution Manual Part 1
CHAPTER 7 Fraud, Internal Control, and Cash ASSIGNMENT CLASSIFICATION TABLE Learning Objectives Questions Brief Exercises Do It! Exercises A Problems B Problems 1. Define fraud and internal control. 1, 2, 3, 4 1, 2, 3 2. Identify the principles of […]
978-1118334324 Chapter 7 Lecture Note Part 2
7-10 Copyright © 2014 John Wiley & Sons, Inc. Weygandt Financial Accounting, 9/e, Instructor’s Manual (For Instructor Use Only) Answer: Some common-sense approaches are to make sure only certain desig- nated individuals can sign checks. In addition, make sure that […]
978-1118334324 Chapter 7 Lecture Note Part 1
CHAPTER 7 FRAUD, INTERNAL CONTROL, AND CASH LEARNING OBJECTIVES 1. DEFINE FRAUD AND INTERNAL CONTROL. 2. IDENTIFY THE PRINCIPLES OF INTERNAL CONTROL ACTIVITIES. 3. EXPLAIN THE APPLICATIONS OF INTERNAL CONTROL PRINCIPLES TO CASH RECEIPTS. 4. EXPLAIN THE APPLICATIONS OF INTERNAL […]
978-1118334324 Chapter 6 Solution Manual Part 9
BYP 6-7 ETHICS CASE (a) The higher cost of the items ordered, received, and on hand at year– end will be charged to cost of goods sold, thereby lowering current year’s income and income taxes. If the purchase at year-end […]
978-1118334324 Chapter 6 Solution Manual Part 8
BYP 6-1 FINANCIAL REPORTING PROBLEM (a) September 24, 2011 September 25, 2010 Inventories $776 million $1,051 million (b) Dollar change in inventories between 2010 and 2011: $776 – $1,051 = $275 million decrease Percentage change in inventories between 2010 and […]
978-1118334324 Chapter 6 Solution Manual Part 7
*PROBLEM 6-8B (Continued) (b) Gross profit: LIFO FIFO Moving-Average Sales $13,800 $13,800 $13,800 Cost of goods sold 7,260 6,020 6,446 Gross profit $ 6,540 $ 7,780 $ 7,354 Ending inventory $ 2,040 $ 3,280 $ 2,854 In a period of […]
978-1118334324 Chapter 6 Solution Manual Part 6
PROBLEM 6-3B (Continued) (b) LIFO (1) Ending Inventory (2) Cost of Goods Sold Date Units Unit Cost Total Cost Cost of goods available for sale $19,300 1/1 400 $8 $3,200 Less: Ending inventory 4,100 2/20 100 9 900 500 $4,100 […]
978-1118334324 Chapter 6 Solution Manual Part 5
Copyright © 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 6-41 *PROBLEM 6-8A (a) Sales: January 8 110 units @ $28 $3,080 January 10 (return) (10 units @ $28) (280) January 20 […]
978-1118334324 Chapter 6 Solution Manual Part 4
PROBLEM 6-1A (a) The sale will be recorded on February 26. The goods (cost, $800) should be excluded from Austin’s February 28 inventory. (b) Austin owns the goods once they are shipped on February 26. Include inventory of $480. (c) […]
978-1118334324 Chapter 6 Solution Manual Part 3
EXERCISE 6-8 (a) Cost of Goods Available for Sale $5,500 ÷ Total Units Available for Sale 900 = Weighted Average Unit Cost $6.11 Ending inventory (100 X $6.11) $ 611 Cost of goods sold (800 X $6.11) 4,889 (b) Ending […]
978-1118334324 Chapter 6 Solution Manual Part 2
BRIEF EXERCISE 6-4 Average unit cost is $6.89 computed as follows: 300 X $6 = $1,800 400 X $7 = 2,800 200 X $8 = 1,600 900 $6,200 $6,200 ÷ 900 = $6.89 (rounded). The cost of the ending inventory […]
978-1118334324 Chapter 6 Solution Manual Part 1
CHAPTER 6 Inventories ASSIGNMENT CLASSIFICATION TABLE Learning Objectives Questions Brief Exercises Do It! Exercises A Problems B Problems 1. Determine how to classify inventory and inventory quantities. 1, 2, 3, 4, 5, 6 1 1 1, 2 1A 1B 2. […]
978-1118334324 Chapter 6 Lecture Note Part 2
6-10 Copyright © 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructor’s Manual (For Instructor Use Only) a. LCM is an example of the accounting convention of conservatism, which means that the approach adopted among accounting alternatives is […]
978-1118334324 Chapter 6 Lecture Note Part 1
CHAPTER 6 INVENTORIES LEARNING OBJECTIVES 1. DETERMINE HOW TO CLASSIFY INVENTORY AND INVENTORY QUANTITIES. 2. EXPLAIN THE ACCOUNTING FOR INVENTORIES AND APPLY THE INVENTORY COST FLOW METHODS. 3. EXPLAIN THE FINANCIAL EFFECTS OF THE INVENTORY COST FLOW ASSUMPTIONS. 4. EXPLAIN […]
978-1118334324 Chapter 5 Solution Manual Part 10
BYP 5-5 (Continued) (c) FAMILY DEPARTMENT STORE Income Statement For the Year Ended December 31, 2015 Net sales ……………………………………………………. $742,000 Cost of goods sold …………………………………….. 563,920 Gross profit ……………………………………………….. 178,080 Operating expenses Selling expenses …………………………………. $72,840* Administrative expenses ……………………… 20,000* […]
978-1118334324 Chapter 5 Solution Manual Part 9
COMPREHENSIVE PROBLEM SOLUTION (Continued) (c) Dec. 31 Salaries and Wages Expense ………………..… Salaries and Wages Payable ………….… 800 800 Depreciation Expense ………………………….. Accumulated Depreciation— Equipment ………………………………….… 200 200 Supplies Expense ………………………………..… Supplies ($3,200 – $1,500) ……………..… 1,700 1,700 (b) & […]
978-1118334324 Chapter 5 Solution Manual Part 8
Copyright © 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 5-69 PROBLEM 5-4B (a) General Journal J1 Date Account Titles and Explanation Ref. Debit Credit Apr. 4 Inventory ……………………………………….. Accounts Payable……………………. 120 […]
978-1118334324 Chapter 5 Solution Manual Part 7
PROBLEM 5-1B (Continued) July 22 Accounts Receivable …………………………….. 2,250 Sales Revenue ……………………………….. 2,250 Cost of Goods Sold ……………………………….. 1,350 Inventory ………………………………………… 1,350 30 Accounts Payable ………………………………….. 1,600 Cash ………………………………………………. 1,600 31 Sales Returns and Allowances ………………… 200 Accounts Receivable ………………………. […]
978-1118334324 Chapter 5 Solution Manual Part 6
*PROBLEM 5-5A (Continued) VALDEZ FASHION CENTER Balance Sheet (Continued) November 30, 2015 Liabilities and Stockholders’ Equity Current liabilities Notes payable (due next year) …………………………… $20,000 Accounts payable …………………………………………….. 48,500 Interest payable ……………………………………………….. 4,000 Total current liabilities ……………………………….. $ 72,500 Long-term […]
978-1118334324 Chapter 5 Solution Manual Part 5
PROBLEM 5-3A (Continued) (c) Nov. 30 Sales Revenue …………………………………. 700,000 Interest Revenue ……………………………… 8,000 Income Summary ………………………. 708,000 30 Income Summary …………………………….. 678,900 Sales Returns and Allowances ……………………………. 8,000 Cost of Goods Sold …………………… 507,000 Salaries and Wages Expense …….. […]
978-1118334324 Chapter 5 Solution Manual Part 4
PROBLEM 5-1A (a) June 1 Inventory ……………………………………………… 1,600 Accounts Payable …………………………. 1,600 3 Accounts Receivable ……………………………. 2,500 Sales Revenue ………………………………. 2,500 Cost of Goods Sold………………………………. 1,440 Inventory ………………………………………. 1,440 6 Accounts Payable ………………………………… 100 Inventory ………………………………………. 100 9 Accounts Payable […]
978-1118334324 Chapter 5 Solution Manual Part 3
EXERCISE 5-6 (a) TSAI COMPANY Income Statement (Partial) For the Year Ended October 31, 2015 Sales Sales revenue …………………………………………. $820,000 Less: Sales returns and allowances ……….. $25,000 Sales discounts ……………………………. 13,000 38,000 Net sales ………………………………………………… $782,000 Note: Freight-out is a […]
978-1118334324 Chapter 5 Solution Manual Part 2
BRIEF EXERCISE 5-7 ARNDT COMPANY Income Statement (Partial) For the Month Ended October 31, 2015 Sales Sales revenue ($280,000 + $100,000) …………….. $380,000 Less: Sales returns and allowances ……………. $11,000 Sales discounts ………………………………… 5,000 16,000 Net sales …………………………………………………….. $364,000 BRIEF […]
978-1118334324 Chapter 5 Solution Manual Part 1
CHAPTER 5 Accounting for Merchandising Operations ASSIGNMENT CLASSIFICATION TABLE Learning Objectives Questions Brief Exercises Do It! Exercises A Problems B Problems *1. Identify the differences between service and merchandising companies. 2, 3, 4 1 1 *2. Explain the recording of […]
978-1118334324 Chapter 5 Lecture Note Part 2
ACCOUNTING ACROSS THE ORGANIZATION Costco Wholesale Corp. has always had a generous return policy, but adopted a new policy requiring that certain electronics be returned within 90 days of their purchase. The reason for the change was that returned electronics […]
978-1118334324 Chapter 5 Lecture Note Part 1
CHAPTER 5 ACCOUNTING FOR MERCHANDISING OPERATIONS LEARNING OBJECTIVES 1. IDENTIFY THE DIFFERENCES BETWEEN SERVICE AND MERCHANDISING COMPANIES. 2. EXPLAIN THE RECORDING OF PURCHASES UNDER A PERPETUAL INVENTORY SYSTEM. 3. EXPLAIN THE RECORDING OF SALES REVENUES UNDER A PERPETUAL INVENTORY SYSTEM. […]
978-1118334324 Chapter 4 Solution Manual Part 11
BYP 4-6 COMMUNICATION ACTIVITY MEMO To: Accounting Instructor From: Student Re: Accounting Cycle The required steps in the accounting cycle, in the order in which they should be completed, are: 1. Analyze business transactions. 2. Journalize the transactions. 3. Post […]
978-1118334324 Chapter 4 Solution Manual Part 10
COMPREHENSIVE PROBLEM (Continued) KRISTIN’S MAIDS CLEANING SERVICE Balance Sheet July 31, 2015 Assets Current assets Cash ……………………………………………………….. $6,600 Accounts receivable ………………………………… 5,200 Supplies ………………………………………………….. 100 Prepaid insurance ……………………………………. 1,650 Total current assets ………………………….. $13,550 Property, plant, and equipment Equipment ………………………………………………. […]
978-1118334324 Chapter 4 Solution Manual Part 9
PROBLEM 4-5B (Continued) Service Revenue No. 400 Date Explanation Ref. Debit Credit Balance Mar. 14 J1 4,800 4,800 28 J1 4,500 9,300 31 Adjusting J2 500 9,800 31 Closing J3 9,800 0 Supplies Expense No. 631 Date Explanation Ref. Debit […]
978-1118334324 Chapter 4 Solution Manual Part 8
PROBLEM 4-3B (Continued) NIHO COMPANY Balance Sheet (Continued) December 31, 2015 Liabilities and Stockholders’ Equity Current liabilities Accounts payable ………………………………… $11,700 Salaries and wages payable ………………….. 3,000 Total current liabilities …………………… $14,700 Stockholders’ equity Common stock …………………………………….. 20,000 Retained earnings […]
978-1118334324 Chapter 4 Solution Manual Part 7
PROBLEM 4-1B (Continued) (b) PEVNICK INC. Income Statement For the Quarter Ended March 31, 2015 Revenues Service revenue……………………………………….. $15,650 Expenses Salaries and wages expense …………………….. $2,200 Travel expense ………………………………………… 1,300 Rent expense …………………………………………… 1,200 Depreciation expense ………………………………. 800 Supplies expense […]
978-1118334324 Chapter 4 Solution Manual Part 6
PROBLEM 4-5A (Continued) (b) & (c) JARA’S CLEANING SERVICE For the Month Ended July 31, 2015 Worksheet Account Titles Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Cash […]
978-1118334324 Chapter 4 Solution Manual Part 5
PROBLEM 4-2A (Continued) Income Summary No. 350 Date Explanation Ref. Debit Credit Balance Dec. 31 Closing entry J14 61,000 61,000 31 Closing entry J14 50,100 10,900 31 Closing entry J14 10,900 0 Service Revenue No. 400 Date Explanation Ref. Debit […]
978-1118334324 Chapter 4 Solution Manual Part 4
EXERCISE 4-17 (Continued) (b) NORSTED COMPANY Balance Sheet July 31, 2015 Assets Current assets Cash ………………………………………………………. $14,200 Accounts receivable ……………………………….. 9,780 Total current assets …………………………. $23,980 Property, plant, and equipment Equipment ……………………………………………… 30,400 Less: Accumulated depreciation— equipment …………………………………….. 6,000 24,400 […]
978-1118334324 Chapter 4 Solution Manual Part 3
EXERCISE 4-7 (a) Service Revenue ……………………………………………. 4,300 Income Summary ……………………………………… 4,300 Income Summary …………………………..………………. 3,500 Salaries and Wages Expense ……………………. 1,344 Miscellaneous Expense ……………………………. 256 Supplies Expense …………………………………….. 1,900 Income Summary …………………………..………………. 800 Retained Earnings ……………………………………. 800 Retained Earnings …………………………..…………….. […]
978-1118334324 Chapter 4 Solution Manual Part 2
BRIEF EXERCISE 4-6 (Continued) Maintenance and Repairs Expense Date Explanation Ref. Debit Credit Balance 7/31 Balance 2,500 2,500 7/31 Closing entry 2,500 0 BRIEF EXERCISE 4-7 The accounts that will appear in the post-closing trial balance are: Accumulated Depreciation—Equipment Common […]
978-1118334324 Chapter 4 Solution Manual Part 1
CHAPTER 4 Completing the Accounting Cycle ASSIGNMENT CLASSIFICATION TABLE Learning Objectives Questions Brief Exercises Do It! Exercises A Problems B Problems *1. Prepare a worksheet. 1, 2, 3, 4, 5 1, 2, 3 1 1, 2, 3, 5, 6 1A, […]
978-1118334324 Chapter 4 Lecture Note Part 2
ACCOUNTING ACROSS THE ORGANIZATION Yale Express, a short-haul trucking firm, turned over much of its cargo to local truckers to complete deliveries and waited 20 days to receive the local truckers’ bills. However, Republic Carloading, a nationwide, long-distance freight forwarder […]
978-1118334324 Chapter 4 Lecture Note Part 1
CHAPTER 4 COMPLETING THE ACCOUNTING CYCLE LEARNING OBJECTIVES 1. PREPARE A WORKSHEET. 2. EXPLAIN THE PROCESS OF CLOSING THE BOOKS. 3. DESCRIBE THE CONTENT AND PURPOSE OF A POST-CLOSING TRIAL BALANCE. 4. STATE THE REQUIRED STEPS IN THE ACCOUNTING CYCLE. […]
978-1118334324 Chapter 3 Solution Manual Part 10
BYP 3-9 ALL ABOUT YOU We address the issue of contingent liabilities in greater detail in Chapter 10. Our primary interest in this exercise is to engage students in a discussion regarding the general nature of the financial statement elements […]
978-1118334324 Chapter 3 Solution Manual Part 9
BYP 3-4 REAL–WORLD FOCUS Answers will vary depending on the company and article chosen by the student. Copyright © 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 3-81 BYP 3-5 REAL-WORLD FOCUS […]
978-1118334324 Chapter 3 Solution Manual Part 8
Copyright © 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 3-71 PROBLEM 3-5B (a), (c) & (e) Cash No. 101 Date Explanation Ref. Debit Credit Balance Sept. 1 8 10 12 20 […]
978-1118334324 Chapter 3 Solution Manual Part 7
PROBLEM 3-2B (Continued) Accounts Receivable No. 112 Date Explanation Ref. Debit Credit Balance Aug. 31 Adjusting J1 4,000 4,000 Supplies No. 126 Date Explanation Ref. Debit Credit Balance Aug. 31 31 Balance Adjusting J1 2,500 3,300 800 Prepaid Insurance […]