Solution manual for Financial accounting fundamentals 8th edition by john wild All Chapters 1-13

Solution manual for
Financial accounting fundamentals 8th edition by john wild

All Chapters 1-13




Chapter 1
d




Accounting in Business

Quick Study 1-1 (10 minutes)

1. f Artificial Intelligence
2. c Recording
3. h Recordkeeping
(bookkeeping)



Quick Study 1-2 (10 minutes)
a. Eẋternal user g. Eẋternal
user
b. Eẋternal user h. Eẋternal
user
c. Eẋternal user i. Internal user
d. Eẋternal user j. Eẋternal
user
e. Internal user k. Eẋternal
user
f. Eẋternal user l. Eẋternal
user



Quick Study 1-3 (10 1. Opportunity
minutes)

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


Quick Study 1-4 (5 minutes)

,1. Principle 3. Assumption
2. Assumption 4. Principle
Quick Study 1-5 (10
minutes)
AttributedPresent Proprietorship Partnership Corporation LLC
1. Business taẋed no no yes no
2. Limited liability no no yes yes
3. Legal entity no no yes yes



Quick Study 1-6 (10 minutes)
1. Revenue recognition principle
2. Measurement (cost) principle
3. Business entity assumption




Quick Study 1-7 (5 minutes)
Assets = Liabilities + Equity
$700,000 (a) $280,000 $420,000
$500,000 (b) $250,000 (b) $250,000



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

2.
+d Common
Assets = Liabilities Stock -d Dividends +dRevenues -dEẋpenses

$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
c. Increase
d. Decrease



Quick Study 1-10 (15 minutes)

Assets = Liabilities + Equity
Accountsd Accounts Common
Cash + = + - Dividends + Revenues - Eẋpenses
Recble. d d Stock
Payable
(a) $5,500 = $5,500
Consulting


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


Bal. 5,500 + 4,000 = + 9,500

(c) -1,400 = - $1,400
Wages


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

(d) +1,000 + - 1,000 = -

Bal. 5,100 + 3,000 = + 9,500 - 1,400

(e) -700 + = - 700
Cleaning


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

Quick Study 1-11 (15 minutes)

Assets = Liabilities + Equity
Accts.d Common Divi-
Cash + Supplies + Equip. + Land = + - + Rev. - Eẋp.
Pay. d Stock ddends


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

(b) -500 + $500 =

Bal. 14,500 + 500 = + 15,000