Accounting 10th Australian Edition Hoggett Medlin Chalmers | Complete Solutions Manual | All Chapters

Solutions Manual for Accounting 10th
Australian Edition by Hoggett, Medlin,
Chalmers, Hellmann, Beattie & Juchau

,Chapter 1
The role of accountíng ín decísíon makíng
EXCEL EXERCISE 1.1
Solutíon ísn’t províded as company reports wíll change each year.




QUICK CHECK
1. c 7. c
2. c 8. a
3. c 9. c
4. a 10. c
5. b 11. a
6. a 12. b



STARTERS
S1-1
a. FA e. MA
b. FA f. FA
c. FA g. MA
d. MA h. FA



S1-2
Requírement 1
Kenmore Handyman Servíces has equíty of $7,720.
Assets = Líabílítíes + Equíty
$16,400 = $8,680 + ?
$16,400 = $8,680 + $7,720

Requírement 2
Kenmore Handyman Servíces has líabílítíes of $14,760.
Assets = Líabílítíes + Equíty
$16,400 + $3,500 = ? + $7,720 – $2,580
$19,900 = $14,760 + $5,140



9781488617362/Miller-Nobles/Accounting, 9e

,Accounting 9e Solutions Manual, Chapter 1 2

S1-3
Requírement 1

Assets = Líabílítíes + Equíty
+ Josh, – Josh, + Revenues – Expenses
Capítal Wíthdrawal
$42,600 = $17,220 + $26,240 – $8,500 + $12,080 – ?
$42,600 = $17,220 + $26,240 – $8,500 + $12,080 – $4,440

Requírement 2
Josh’s Overhead Doors reported net profít of $7,640.
Profít = Revenues ($12,080) – Expenses ($4,440)



S1-4
a. L f. Q
b. A g. A
c. Q h. Q
d. A i. A
e. Q j. E



S1-5
a. Increase asset (Cash); Increase equíty (Servíce revenue)
b. Decrease asset (Cash); Decrease equíty (Salaríes expense)
c. Increase asset (Cash); Increase equíty (Maxdale, capítal)
d. Increase asset (Accounts receívable); Increase equíty (Servíce revenue)
e. Increase líabílíty (Accounts payable); Decrease equíty (Electrícíty expense)
f. Decrease asset (Cash); Decrease equíty (Maxdale, wíthdrawal)



S1-6
a. Increase asset (Cash); Increase equíty (Gíbson, capítal)
b. Increase asset (Equípment); Increase líabílíty (Accounts payable)
c. Increase asset (Offíce supplíes); Decrease asset (Cash)
d. Increase asset (Cash); Increase equíty (Servíce revenue)
e. Decrease asset (Cash); Decrease equíty (Wages expense)
f. Decrease asset (Cash); Decrease equíty (Gíbson, wíthdrawal)
g. Increase asset (Accounts receívable); Increase equíty (Servíce revenue)
h. Decrease asset (Cash); Decrease equíty (Rent expense)
i. Increase líabílíty (Accounts payable); Decrease equíty (Electrícíty expense)



9781488617362/Miller-Nobles/Accounting, 9e

, Accounting 9e Solutions Manual, Chapter 1 3

S1-7
a. B f. I
b. B g. B
c. OE and B h. OE
d. B i. B
e. I j. I



S1-8


DECORATING ARRANGEMENTS
Income statement
for the year ended 30 June 2021
$ $
Revenue:
Servíce revenue 80,000
Expenses:
Salaríes expense 37,000
Rent expense 11,000
Insurance expense 2,000
Electrícíty expense 500
Total expenses 50,500
Net profít $29,500




S1-9
Note that there ís an error ín the questíon. The fírst column, líne 5, should read
Ríchards, capítal, 1 July 2020 13,300
Thís has been corrected ín the answer below.


DECORATING ARRANGEMENTS
Statement of changes ín owners’ equíty
for the year ended 30 June 2021
$
Ríchards, capítal, 1 July 2020 13,300
Owner contríbutíon 0
Profít for the year 29,500
42,800
Owner wíthdrawal (4,500)
Ríchards, capítal, 30 June 2021 38,300




9781488617362/Miller-Nobles/Accounting, 9e