SOLUTION MANUAL | |
Financial Accounting Fundamentals, 8th Edition
| | | |
By John Wild, Chapter 1 - 13 with appendix B&C
| | | | | | | | |
,Chapter 1: 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
| | | | |
,Chapter 1 |
Accounting in Business | |
QUICK STUDIES
|
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. Internal user | k. External user
|
f. External user | l. External user
|
Quick Study 1-3 (10 minutes)
| | | |
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)
| | | |
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.
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.
+ | Common
Assets = Liabilities 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
Financial Accounting Fundamentals, 8th Edition
| | | |
By John Wild, Chapter 1 - 13 with appendix B&C
| | | | | | | | |
,Chapter 1: 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
| | | | |
,Chapter 1 |
Accounting in Business | |
QUICK STUDIES
|
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. Internal user | k. External user
|
f. External user | l. External user
|
Quick Study 1-3 (10 minutes)
| | | |
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)
| | | |
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.
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.
+ | Common
Assets = Liabilities 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
