Financial & Managerial Accounting14th EditionCarl Warren, James M. Reeve, Jonathan Duchac Publisher: Cengage LearningISBN: 9781337119207
Financial & Managerial Accounting
Solutions for Financial & Managerial Accounting
Problem 1DQ:
Name some users of accounting information.Problem 5DQ:
On July 12, Reliable Repair Service extended an offer of 150,000 for land that had been priced for...Problem 8DQ:
A business had revenues of 679,000 and operating expenses of 588,000. What was the amount of (A) net...Problem 10DQ:
The financial statements are interrelated. What item of financial or operating data appears on both...Problem 1.3BE:
Transactions Interstate Delivery Service is owned and operated by Katie Wyer. The following selected...Problem 1.4BE:
Income statement The revenues and expenses of Paradise Travel Service for the year ended May 31,...Problem 1.6BE:
Balance sheet Using the following data for Paradise Travel Service as well as the retained earnings...Problem 1.7BE:
Statement of cash flows A summary of cash flows for Paradise Travel Service for the year ended May...Problem 1.1EX:
Types of businesses The following is a list of well-known companies: 1. Alcoa Inc. 2. Boeing 3....Problem 1.4EX:
Accounting equation The total assets and total liabilities (in millions) of Keurig Green Mountain...Problem 1.6EX:
Accounting equation Determine the missing amount for each of the following: Assets = Liabilities +...Problem 1.8EX:
Asset, liability, and stockholders equity items Indicate whether each of the following is identified...Problem 1.9EX:
Effect of transactions on accounting equation What is the effect of each of the following...Problem 1.10EX:
Effect of transactions on accounting equation A. A vacant lot acquired for 115,000 is sold for...Problem 1.11EX:
Effect of transactions on stockholders equity Indicate whether each of the following types of...Problem 1.12EX:
Transactions The following selected transactions were completed by Cota Delivery Service during...Problem 1.13EX:
Nature of transactions Teri West operates her own catering service. Summary financial data for July...Problem 1.14EX:
Net income and dividends The income statement for the month of February indicates a net income of...Problem 1.15EX:
Net income and stockholders equity for four businesses Four different corporations, Amber, Blue,...Problem 1.16EX:
Balance sheet items From the following list of selected items taken from the records of Bobcat...Problem 1.17EX:
Income statement items From the following list of selected items taken from the records of Bobcat...Problem 1.19EX:
Income statement Imaging Services was organized on March 1, 2018. A summary of the revenue and...Problem 1.20EX:
Missing amounts from balance sheet and income statement data One item is omitted in each of the...Problem 1.21EX:
Balance sheets, net income Financial information related to Ebony Interiors for February and March...Problem 1.22EX:
Financial statements Each of the following items is shown in the financial statements of Exxon Mobil...Problem 1.23EX:
Statement of cash flows Indicate whether each of the following activities would he reported on the...Problem 1.24EX:
Statement of cash flows A summary of cash flows for Ethos Consulting Group for the year ended May...Problem 1.25EX:
Financial statements We-Sell Realty, organized as a corporation on August 1, 2018, is owned and...Problem 1.1APR:
Transactions On September 1 of the current year, Joy Tucker established a business to manage rental...Problem 1.2APR:
Financial statements The amounts of the assets and liabilities of Journey Travel Agency at December...Problem 1.3APR:
Financial statements Seth Feye established Reliance Financial Services on July 1, 2018. Reliance...Problem 1.4APR:
Transactions; financial statements On August 1, 2018, Brooke Kline established Western Realty....Problem 1.5APR:
Transactions; financial statements DLite Dry Cleaners is owned and operated by Joel Palk. A building...Problem 1.6APR:
Missing amounts from financial statements The financial statements at the end of Wolverine Realtys...Problem 1.1BPR:
Transactions Amy Austin established an insurance agency on March 1 of the current year and completed...Problem 1.2BPR:
Financial statements The amounts of the assets and liabilities of Wilderness Travel Service at April...Problem 1.3BPR:
Financial statements Jose Loder established Bronco Consulting on August 1, 2018. The effect of each...Problem 1.5BPR:
Transactions; financial statements Bevs Dry Cleaners is owned and operated by Beverly Zahn. A...Problem 1.6BPR:
Missing amount from financial statements The financial statements at the end of Atlas Realtys first...Problem 1COP:
Peyton Smith enjoys listening to all types of music and owns countless CDs. Over the years, Peyton...Problem 2ADM:
Home Depot: Ratio of liabilities to stockholders' equity The Home Depot, Inc., is the worlds largest...Problem 3ADM:
Lowes: Ratio of liabilities to stockholders equity Lowes Companies, Inc., a major competitor to The...Browse All Chapters of This Textbook
Chapter 1 - Introduction To Accounting And BusinessChapter 2 - Analyzing TransactionsChapter 3 - The Adjusting ProcessChapter 4 - Completing The Accounting CycleChapter 5 - Accounting For Merchandising BusinessesChapter 6 - InventoriesChapter 7 - Internal Control And CashChapter 8 - ReceivablesChapter 9 - Long-Term Assets: Fixed And IntangibleChapter 10 - Liabilities: Current, Installment Notes, Contingencies
Chapter 11 - Liabilities: Bonds PayableChapter 12 - Corporations: Organization, StockTransactions, And DividendsChapter 13 - Statement Of Cash FlowsChapter 14 - Financial Statement AnalysisChapter 15 - Introduction To Managerial AccountingChapter 16 - Job Order CostingChapter 17 - Process Cost SystemsChapter 18 - Activity-Based CostingChapter 19 - Cost-Volume-Profit AnalysisChapter 20 - Variable Costing For Management AnalysisChapter 21 - BudgetingChapter 22 - Evaluating Variances From Standard CostsChapter 23 - Evaluating Decentralized OperationsChapter 24 - Differential Analysis And Product PricingChapter 25 - Capital Investment AnalysisChapter 26 - Lean Manufacturing And Activity AnalysisChapter C - Appendix CChapter D - Appendix D
Sample Solutions for this Textbook
We offer sample solutions for Financial & Managerial Accounting homework problems. See examples below:
Chapter 1, Problem 1DQChapter 1, Problem 1.3BEChapter 1, Problem 1.5APRChapter 1, Problem 1.6APRChapter 1, Problem 1.5BPRChapter 1, Problem 1.6BPRChapter 1, Problem 3ADMChapter 2, Problem 1DQChapter 2, Problem 2.3APR
Chapter 2, Problem 2.4APRChapter 2, Problem 2.3BPRChapter 2, Problem 2.4BPRChapter 2, Problem 1COPChapter 3, Problem 1DQChapter 3, Problem 3.3APRChapter 3, Problem 3.5APRChapter 3, Problem 3.2BPRExplanation: The following entry shows the adjusting entry for supplies on April 30. Date Account...Chapter 3, Problem 3.5BPRChapter 3, Problem 1COPChapter 4, Problem 1DQSolution: Record the transactions directly in their respective T-accounts, and determine their...Chapter 4, Problem 4.4APRChapter 4, Problem 4.5APRChapter 4, Problem 4.4BPRChapter 4, Problem 4.5BPRChapter 4, Problem 1COPExplanation: The following table shows the differences between a merchandising businesses from a...Chapter 5, Problem 5.2APRChapter 5, Problem 5.3APRChapter 5, Problem 5.4APRChapter 5, Problem 5.1BPRChapter 5, Problem 5.2BPRChapter 5, Problem 5.3BPRChapter 5, Problem 5.4BPRChapter 5, Problem 2CPPChapter 6, Problem 1DQChapter 6, Problem 6.3APRChapter 6, Problem 6.4APRChapter 6, Problem 6.5APRChapter 6, Problem 6.4BPRExplanation: The tabular column showing inventory cost is presented as follows: Model Quantity ($)...Chapter 6, Problem 2ADMInternal Control: Internal control refers to the policies, and plans of the business organization...Explanation: Journal entry 1: Establish petty cash fund. Date Account Title and Explanation Post Ref...Explanation: The deposits which are not recorded by the bank are referred to as deposits in transit....Explanation: The deposits which are not recorded by the bank are referred to as deposits in transit....Explanation: Journal entry 1: Establish petty cash fund. Date Account Title and Explanation Post Ref...Explanation: The deposits which are not recorded by the bank are referred to as deposits in transit....Chapter 8, Problem 1DQChapter 8, Problem 8.13EXChapter 8, Problem 8.14EXChapter 8, Problem 8.1APRChapter 8, Problem 8.4APRChapter 8, Problem 8.4BPRChapter 9, Problem 1DQChapter 9, Problem 9.3APRChapter 9, Problem 9.4APRJournalize the transactions and adjusting entries for Year 1. Date Account Title and Explanation...Explanation: Determinethe amount of depreciation for four years ending December 31 by straight-line...Explanation: Determinethe amount of depreciation for four years ending December 31 by straight-line...Chapter 9, Problem 9.5BPRChapter 10, Problem 1DQChapter 10, Problem 10.1APRChapter 10, Problem 10.3APRExplanation: Working notes: Calculate interest expense for discounted notes. Interest expense =...Explanation: Working notes: Calculate gross earnings for Mr. A. Gross earnings=Monthly salary×Number...Explanation: The following are the journal entries. 20Y5 Particulars Debit ($) Credit ($) January 3...Chapter 11, Problem 1DQChapter 11, Problem 11.1APRExplanation: Cash is an asset and it is increased. So, debit it by $26,625,925. Premium on Bonds...Chapter 11, Problem 11.1BPRCash is an asset and it is increased. So, debit it by $73,100,469. Premium on Bonds Payable is an...Chapter 12, Problem 1DQExplanation: Transaction 1: Declared 5% of stock dividends. Stock Dividends is a...Chapter 12, Problem 12.4APRChapter 12, Problem 12.5APRChapter 12, Problem 12.4BPRWorking note: Compute the amount of total cash dividends declared on March 1. Amount of total cash...Explanation: The main disadvantage is that the cash receipts and cash payments data’s might not be...Chapter 13, Problem 13.17EXExplanation: Working notes: Calculate increase or decrease in merchandise inventories: Increase or...Chapter 13, Problem 13.21EXExplanation: Working notes: Calculate the amount of cash received from customers: (Cash received...Explanation: Company AT has more revenue of $132,447 which is more than the revenue of Company F of...Explanation: In general, as said above, financial ratios are mainly used for evaluation of the...Compute working capital. Current ratio=Current assets–Current liabilities= $1,650,000 –...Chapter 14, Problem 14.4APRChapter 14, Problem 14.3BPRChapter 14, Problem 14.4BPRExplanation: Rate of return on assets(20Y8)=Net income + Interest expenseAverage total...Chapter 14, Problem 1FSAChapter 15, Problem 1DQChapter 15, Problem 15.4APRChapter 15, Problem 15.4BPRWorking Notes: Determine the in-patient days for the month of April. In−patientdays for April}=...Explanation: The two principal types of cost accounting systems are: 1. Job order cost system 2....Chapter 16, Problem 16.15EXChapter 16, Problem 16.2APRChapter 16, Problem 16.2BPRChapter 16, Problem 16.2TIFChapter 17, Problem 1DQChapter 17, Problem 17.17EXChapter 17, Problem 17.1APRChapter 17, Problem 17.1BPRChapter 17, Problem 17.2BPRChapter 17, Problem 17.4BPRExplanation: From: LB Former Plant manager Company GP To: JM Current Plant manager Company GP Re:...Chapter 18, Problem 1DQChapter 18, Problem 18.4EXChapter 18, Problem 18.13EXChapter 18, Problem 18.16EXChapter 18, Problem 18.3APRChapter 18, Problem 18.3BPRChapter 19, Problem 1DQDetermine the break-even point in sales units for the overall Product E. Fixed cost =$2,498,600...Chapter 19, Problem 19.6APRConstruct a cost-volume-profit chart indicating the break-even sales for last year. Figure (1) The...Chapter 19, Problem 19.5BPRExplanation: Prepare an estimated income statement for 20Y7. Company B Estimated Income Statement...Chapter 20, Problem 1DQChapter 20, Problem 20.14EXChapter 20, Problem 20.1APRChapter 20, Problem 20.3APRExplanation: Working notes: 1. Calculate the value of ending inventory per unit. Ending inventory...Chapter 20, Problem 20.3BPRExplanation: The three major objectives of budgeting are described below: To set the goals for the...Chapter 21, Problem 21.13EXChapter 21, Problem 21.2APRChapter 21, Problem 21.3APRChapter 21, Problem 21.2BPRChapter 21, Problem 21.3BPRChapter 22, Problem 1DQChapter 22, Problem 22.6BEChapter 22, Problem 22.5APRChapter 22, Problem 22.1BPRExplanation: Determine the direct labor time variance. Direct labor time variance} = [(Actual direct...Chapter 22, Problem 5CPPExplanation: Differences between centralized and decentralized operations: Centralized Operations...Chapter 23, Problem 23.5EXExplanation: 1) Determine ROI of MN Segment, if income from operations is $7,321,000,000, sales are...Chapter 23, Problem 23.16EXChapter 23, Problem 23.4APRChapter 23, Problem 23.4BPRChapter 24, Problem 1DQExplanation: Desired Profit: Company CD aims at earning a profit of 15% of the total investment made...Explanation: Desired Profit: Company NG aims at earning a profit of 10% of the total investment made...Chapter 24, Problem 1ADMExplanation: Operating income: Operating income refers to the income generated from the operation of...The major objection for using the average rate of return method is as follows: 1. Average rate of...The cash payback period for the given proposals is as follows: Proposal A: Initial...Chapter 25, Problem 25.6BPRChapter 25, Problem 1ADMExplanation: The benefits of lean philosophy are as follows: Lean philosophy helps to reduce the...Chapter 26, Problem 26.12EXChapter 26, Problem 26.13EXChapter 26, Problem 26.14EXChapter 26, Problem 26.3APRChapter 26, Problem 26.3BPRDue to tremendous growth in international commerce, the companies require to report to the users...Chapter D, Problem D.1EXChapter D, Problem D.5EX
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