SOLUTION MANUAL Financial Accounting Fundamentals, 8th Edition By John Wild, Chapter 1 - 13 with appendix B&C //Accounting in Business

SOLUTION MANUAL Financial Accounting Fundamentals, 8th Edition By John Wild, Chapter 1 - 13 with appendix B&C //Accounting in Business Chapter 2: Accounting for Business Transactions Chapter 3: Adjusting Accounts for Financial Statements Chapter 4: Accounting for Merchandising Operations Chapter 5: Inventories and Cost of Sales Chapter 6: Cash, Fraud, and Internal Control Chapter 7: Accounting for Receivables Chapter 8: Accounting for Long-Term Assets Chapter 9: Accounting for Current Liabilities Chapter 10: Accounting for Long-Term Liabilities Chapter 11: Corporate Reporting and Analysis Chapter 12: Reporting Cash Flows Chapter 13: Analysis of Financial Statements 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. External user g. External user b. External user h. External user c. External user i. Internal user d. External user j. External user e. f. Internal user External user k. l. External user External user Quick Study 1-3 (10 minutes) 1. Opportunity 2. Pressure 3. Rationalization 4. Opportunity 5. Pressure 6. Rationalization Quick Study 1-4 (5 minutes) QUICK STUDIES Chapter 1 1. Principle 2. Assumption Quick Study 1-5 (10 minutes) 3. Assumption 4. Principle Attribute Present Proprietorship Partnership Corporation LLC 1. Business taxed 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. $75,000 (a) $35,000 $40,000 (b) $95,000 $25,000 $70,000 $85,000 $20,000 (c) $65,000 2. Assets = Liabilities + Common Stock - Dividends + Revenues - Expenses $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 Assets = Liabilities + Equity s Quick Study 1-9 (5 minutes) a. Increase b. Decrease c. Increase d. Decrease Quick Study 1-10 (15 minutes) Assets = Liabilities + Equity Cash + Accounts Recble. = Accounts Payable + Common - Stock Dividends + Revenues - Expenses (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) Asset = Liabilities + Equity Cash + Supplies + Equip. + Land = Accts. Pay. + Common - Divi- + Rev. - Exp. Stock dends (a) $15,000 = $15,000 (b) -500 + $500 = Bal. 14,500 + 500 = + 15,000 (c) + $10,000 = 10,000 Bal. 14,500 + 500 + 10,000 = + 25,000 (d) + 200 = +$200 Bal. 14,500 + 700 + 10,000 = 200 + 25,000 (e) -9,000 + $9,000 = Bal. $5,500 + $700 + $10,000 + $9,000 = $200 + $25,000 Quick Study 1-12 (10 minutes) a. b. Balance sheet Statement of cash flows e. f. Balance sheet Statement of cash flows c. Balance sheet g. Income statement d. Income statement h. Balance sheet Quick Study 1-13 (5 minutes) 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 Quick Study 1-15 (15 minutes) Revenues Services revenue ................................ $16,000 Expenses HAWKIN Income Statement For Month Ended December 31 Wages expense ....................................... $8,000 Rent expense....................................... 1,500 Utilities expense.................................. 700 Total expenses.................................... 10,200 Net income.................................................. $ 5,800 Quick Study 1-16 (15 minutes) Retained earnings, December 1...................... $4,000 Add: Net income......................................... 5,800 9,800 Less: Dividends ........................................... (1,000) Retained earnings, December 31.................... $8,800 Quick Study 1-17 (15 minutes) Assets Liabilities Cash............................... $ 5,100 Accounts payable................. $ 6,000 Accounts receivable .... 600 Total liabilities....................... 6,000 Supplies ........................ 2,000 Equity Equipment..................... 14,000 Common stock...................... 6,900 Retained earnings................. 8,800 Total equity............................ 15,700 Total assets................... $21,700 Total liabilities and equity.... $21,700 Quick Study 1-18 (15 minutes) Cash flows from operating activities Cash received from customers .......................................... $23,500 Cash paid for expenditures ............................................... (6,000) Net cash provided by operating activit