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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
N
Chapter 1
U
R
Accounting in Business
SE
QUICK STUDIES
Quick Study 1-1 (10 minutes)
D
1. f Artificial Intelligence
2. c Recording
O
3. h Recordkeeping (bookkeeping)
C
Quick Study 1-2 (10 minutes)
a. External user g. External user
S
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)
1
Copyright © 2022 by McGraw Hill.
All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill.
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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)
N
Attribute Present Proprietorship Partnership Corporation LLC
1. Business taxed no no yes no
U
2. Limited liability no no yes yes
3. Legal entity no no yes yes
R
Quick Study 1-6 (10 minutes)
SE
1. Revenue recognition principle
2. Measurement (cost) principle
3. Business entity assumption
D
Quick Study 1-7 (5 minutes)
O
Assets = Liabilities + Equity
$700,000 (a) $280,000 $420,000
C
$500,000 (b) $250,000 (b) $250,000
S
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
1
Copyright © 2022 by McGraw Hill.
All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill.
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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
N
c. Increase
d. Decrease
U
R
Quick Study 1-10 (15 minutes)
Assets = Liabilities + Equity
SE
Accounts Accounts Common
Cash + = + - Dividends + Revenues - Expenses
Recble. Payable Stock
(a) $5,500 = $5,500
Consulting
(b) + $4,000 = + 4,000
D
Commission
Bal. 5,500 + 4,000 = + 9,500
O
(c) -1,400 = - $1,400
Wages
Bal. 4,100 + 4,000 = + 9,500 - 1,400
C
(d) +1,000 + - 1,000 = -
Bal. 5,100 + 3,000 = + 9,500 - 1,400
S
(e) -700 + = - 700
Cleaning
Bal. $4,400 + $3,000 = + $9,500 - $2,100
2
Copyright © 2022 by McGraw Hill.
All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill.
,AMAZINGTUTOR2
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
N
Chapter 1
U
R
Accounting in Business
SE
QUICK STUDIES
Quick Study 1-1 (10 minutes)
D
1. f Artificial Intelligence
2. c Recording
O
3. h Recordkeeping (bookkeeping)
C
Quick Study 1-2 (10 minutes)
a. External user g. External user
S
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)
1
Copyright © 2022 by McGraw Hill.
All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill.
,AMAZINGTUTOR2
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)
N
Attribute Present Proprietorship Partnership Corporation LLC
1. Business taxed no no yes no
U
2. Limited liability no no yes yes
3. Legal entity no no yes yes
R
Quick Study 1-6 (10 minutes)
SE
1. Revenue recognition principle
2. Measurement (cost) principle
3. Business entity assumption
D
Quick Study 1-7 (5 minutes)
O
Assets = Liabilities + Equity
$700,000 (a) $280,000 $420,000
C
$500,000 (b) $250,000 (b) $250,000
S
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
1
Copyright © 2022 by McGraw Hill.
All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill.
, AMAZINGTUTOR2
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
N
c. Increase
d. Decrease
U
R
Quick Study 1-10 (15 minutes)
Assets = Liabilities + Equity
SE
Accounts Accounts Common
Cash + = + - Dividends + Revenues - Expenses
Recble. Payable Stock
(a) $5,500 = $5,500
Consulting
(b) + $4,000 = + 4,000
D
Commission
Bal. 5,500 + 4,000 = + 9,500
O
(c) -1,400 = - $1,400
Wages
Bal. 4,100 + 4,000 = + 9,500 - 1,400
C
(d) +1,000 + - 1,000 = -
Bal. 5,100 + 3,000 = + 9,500 - 1,400
S
(e) -700 + = - 700
Cleaning
Bal. $4,400 + $3,000 = + $9,500 - $2,100
2
Copyright © 2022 by McGraw Hill.
All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill.
