Solutions Manual for Financial and Managerial Accounting, 9th Edition | John Wild | Complete Chapter 1–24 Solutions

Wild & Shaw, Financial and Managerial Accounting 9e Solutions Manual: Chapter 1




Solution Manual For
Financial and Managerial Accounting, 9th Edition By John Wild
Chapter 1-24
With Appendix B,C&D
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Chapter 1
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Accounting in Business
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QUICK STUDIES
Quick Study 1-1 (10 minutes)
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1. f Artificial Intelligence
2. c Recording
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3. h Recordkeeping (bookkeeping)
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Quick Study 1-2 (10 minutes)
a. External user g. External user
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b. External user h. External user
c. External user i. Internal user
d. External user j. External user
e. Internal user k. External user
f. External user l. External user


Quick Study 1-3 (10 minutes)

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, Wild & Shaw, Financial and Managerial Accounting 9e Solutions Manual: Chapter 1



1. Opportunity 4. Opportunity
2. Pressure 5. Pressure
3. Rationalization 6. Rationalization


Quick Study 1-4 (5 minutes)
1. Principle 3. Assumption
2. Assumption 4. Principle
Quick Study 1-5 (10 minutes)
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Attribute Present Proprietorship Partnership Corporation LLC
1. Business taxed no no yes no
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2. Limited liability no no yes yes
3. Legal entity no no yes yes
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Quick Study 1-6 (10 minutes)
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1. Revenue recognition principle
2. Measurement (cost) principle
3. Business entity assumption
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Quick Study 1-7 (5 minutes)
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Assets = Liabilities + Equity
$700,000 (a) $280,000 $420,000
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$500,000 (b) $250,000 (b) $250,000
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Quick Study 1-8 (10 minutes)
1.
Assets = Liabilities + Equity
$75,000 (a) $35,000 $40,000
(b) $95,000 $25,000 $70,000
$85,000 $20,000 (c) $65,000

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, Wild & Shaw, Financial and Managerial Accounting 9e Solutions Manual: Chapter 1




2.
+ Common
Assets = Liabilities - Dividends + Revenues - Expenses
Stock
$40,000 $16,000 $20,000 $ 0 (a) $12,000 $ 8,000
$80,000 $32,000 $44,000 (b) $2,000 $24,000 $18,000
Quick Study 1-9 (5 minutes)
a. Increase
b. Decrease
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c. Increase
d. Decrease
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Quick Study 1-10 (15 minutes)

Assets = Liabilities + Equity
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Accounts Accounts Common
Cash + = + - Dividends + Revenues - Expenses
Recble. Payable Stock

(a) $5,500 = $5,500
Consulting


(b) + $4,000 = + 4,000
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Commission


Bal. 5,500 + 4,000 = + 9,500
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(c) -1,400 = - $1,400
Wages


Bal. 4,100 + 4,000 = + 9,500 - 1,400
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(d) +1,000 + - 1,000 = -

Bal. 5,100 + 3,000 = + 9,500 - 1,400
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(e) -700 + = - 700
Cleaning


Bal. $4,400 + $3,000 = + $9,500 - $2,100




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, Wild & Shaw, Financial and Managerial Accounting 9e Solutions Manual: Chapter 1



Quick Study 1-11 (15 minutes)

Assets = Liabilities + Equity
Accts. Common Divi-
Cash + Supplies + Equip. + Land = + - + Rev. - Exp.
Pay. Stock dends

(a) $15,000 = $15,000

(b) -500 + $500 =

Bal. 14,500 + 500 = + 15,000
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(c) + $10,000 = 10,000
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Bal. 14,500 + 500 + 10,000 = + 25,000

(d) + 200 = +$200
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Bal. 14,500 + 700 + 10,000 = 200 + 25,000

(e) -9,000 + $9,000 =
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Bal. $5,500 + $700 + $10,000 + $9,000 = $200 + $25,000
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Quick Study 1-12 (10 minutes)

a. Balance sheet e. Balance sheet
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b. Statement of cash flows f. Statement of cash flows
c. Balance sheet g. Income statement
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d. Income statement h. Balance sheet
Quick Study 1-13 (5 minutes)
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1. Expenses 4. Dividends 7. Expenses
2. Revenues 5. Expenses 8. Revenues
3. Expenses 6. Revenues


Quick study 1-14 (5 minutes)
1. Assets 3. Assets 5. Assets
2. Liabilities 4. Liabilities 6. Assets
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