Instructor’s Solutions Manual for College Accounting, A practical Approach 15 Canadian Edition
Jeffrey Slater_merged
Instructor’s Solutions Manual for College Accounting, A practical Approach 15 Canadian Edition
Jeffrey Slater_merged
, INSTRUCTOR’S SOLUTIONS
MANUAL
FOR
College Accounting: A Practical Approach
Fifteenth Canadian Edition
Jeffrey Slater
North Shore Community College
Mike Deschamps
MiraCosta Community College
Debra Good
Conestoga College
ISBN: 978-0-13-762753-0
Copyright © 2024 Pearson Canada Inc., Toronto, Ontario. All rights reserved. This work is protected by Canadian copyright
laws and is provided solely for the use of instructors in teaching their courses and assessing student learning. Dissemination
or sale of any part of this work (including on the Internet) will destroy the integrity of the work and is not permitted. The
copyright holder grants permission to instructors who have adopted College Accounting by Slater, Deschamps, and Good, to
post this material online only if the use of the website is restricted by access codes to students in the instructor’s class that is
using the textbook and provided the reproduced material bears this copyright notice.
,Instructor’s Solutions Manual for College Accounting, A practical Approach 15 Canadian Edition Jeffrey Slater_merged
1
Accounting Concepts and
Procedures: An Introduction
ANSWERS TO DISCUSSION QUESTIONS AND
CRITICAL THINKING/ETHICAL CASE
1. The functions of accounting are to analyze, record, classify, summarize, report, and interpret information.
2. Sole proprietorship—one owner, unlimited liability; easy to form Partnership—two or more owners; unlimited liability, eas
Corporation—one or more shareholders; limited liability; more difficult to form.
3. Service, merchandising, or manufacturing.
4. The objective of accounting is to provide relevant, timely information for user decision making. Accountants must behave
so that the information they provide will be trustworthy and, therefore, useful for all decisions. Ethics are moral principles t
the conduct of individuals. Sometimes business managers and accountants behave in an unethical manner.
5. The three elements of the basic accounting equation are assets, liabilities, owner’s equity.
6. Capital is the owner’s current investment or equity in the assets of a business. It is one subdivision of owner’s equity.
7. True. The sum of the left side of the equation must equal the sum of the right side of the equation.
8. False. It is the income statement that tells how well the company has performed.
9. False. Revenue is a subdivision of owner’s equity.
10. Owner’s equity is subdivided into Capital, Withdrawals, Revenue, and Expenses.
11. False. It is a subdivision of owner’s equity.
12. Reject. As expenses increase and revenue remains the same, owner’s equity decreases.
13. Revenue less Expenses; an income statement shows performance—profit or loss for the period.
14. False. It calculates ending capital.
15. The question, in this case, is whether Paul should be allowed to “pad” his expense account with an additional $100 of expen
should be allowed to charge only those items that are business related. Paul’s argument that he is entitled to an additional $1
a valid assumption. However, he should be allocated money for any business expenses during the weekend. Paul should als
employer for additional compensation for working during his non-scheduled time. The important point is that accountants
be seen as ethical and should not do unethical activities.
, SOLUTIONS TO CLASSROOM DEMONSTRATION EXERCISES
CDE1. a. A CDE4. $24,000 ($12,000 + $12,000) CDE8. a. IS
b. A b. BS
c. L CDE5. c. J. Takibi, Capital c. BS
d. A d. Advertising Expense d. BS
e. OE f. Service Fees Earned e. IS
f. A g. J. Takibi, Withdrawals f. IS
g. OE
h. BS
CDE2. a. Liabilities CDE6. c. Accounts Payable
b. Assets d. Delivery Fees Earned CDE9 a. OE
c. Accounts Payable b. BS
c. BS
d. IS
CDE3. a. I CDE7. a.
b. S b.
d.
CDE10.
1. balance sheet
2. Assets
3. liabilities
4. accounting equation
5. accounts aayable
6. service
7. owner’s equity
8. Accounts receivable
9. transaction
10. creditor
SOLUTIONS TO EXERCISES—SET A
E1-1A.
a. $15,000 ($19,000 − $4,000)
b. $15,000 ($ 6,000 + $9,000)
c. $ 6,000 ($10,000 − $4,000)
E1-2A.
1. Service 6. Service
2. Merchandise 7. Service
3. Service 8. Manufacturer
4. Merchandise 9. Manufacturer
5. Merchandise 10. Merchandise
E1-3A.
1. b
2. b
3. b
4. a
5. d
6. d
7. d
8. b
9. c
10. a
Jeffrey Slater_merged
Instructor’s Solutions Manual for College Accounting, A practical Approach 15 Canadian Edition
Jeffrey Slater_merged
, INSTRUCTOR’S SOLUTIONS
MANUAL
FOR
College Accounting: A Practical Approach
Fifteenth Canadian Edition
Jeffrey Slater
North Shore Community College
Mike Deschamps
MiraCosta Community College
Debra Good
Conestoga College
ISBN: 978-0-13-762753-0
Copyright © 2024 Pearson Canada Inc., Toronto, Ontario. All rights reserved. This work is protected by Canadian copyright
laws and is provided solely for the use of instructors in teaching their courses and assessing student learning. Dissemination
or sale of any part of this work (including on the Internet) will destroy the integrity of the work and is not permitted. The
copyright holder grants permission to instructors who have adopted College Accounting by Slater, Deschamps, and Good, to
post this material online only if the use of the website is restricted by access codes to students in the instructor’s class that is
using the textbook and provided the reproduced material bears this copyright notice.
,Instructor’s Solutions Manual for College Accounting, A practical Approach 15 Canadian Edition Jeffrey Slater_merged
1
Accounting Concepts and
Procedures: An Introduction
ANSWERS TO DISCUSSION QUESTIONS AND
CRITICAL THINKING/ETHICAL CASE
1. The functions of accounting are to analyze, record, classify, summarize, report, and interpret information.
2. Sole proprietorship—one owner, unlimited liability; easy to form Partnership—two or more owners; unlimited liability, eas
Corporation—one or more shareholders; limited liability; more difficult to form.
3. Service, merchandising, or manufacturing.
4. The objective of accounting is to provide relevant, timely information for user decision making. Accountants must behave
so that the information they provide will be trustworthy and, therefore, useful for all decisions. Ethics are moral principles t
the conduct of individuals. Sometimes business managers and accountants behave in an unethical manner.
5. The three elements of the basic accounting equation are assets, liabilities, owner’s equity.
6. Capital is the owner’s current investment or equity in the assets of a business. It is one subdivision of owner’s equity.
7. True. The sum of the left side of the equation must equal the sum of the right side of the equation.
8. False. It is the income statement that tells how well the company has performed.
9. False. Revenue is a subdivision of owner’s equity.
10. Owner’s equity is subdivided into Capital, Withdrawals, Revenue, and Expenses.
11. False. It is a subdivision of owner’s equity.
12. Reject. As expenses increase and revenue remains the same, owner’s equity decreases.
13. Revenue less Expenses; an income statement shows performance—profit or loss for the period.
14. False. It calculates ending capital.
15. The question, in this case, is whether Paul should be allowed to “pad” his expense account with an additional $100 of expen
should be allowed to charge only those items that are business related. Paul’s argument that he is entitled to an additional $1
a valid assumption. However, he should be allocated money for any business expenses during the weekend. Paul should als
employer for additional compensation for working during his non-scheduled time. The important point is that accountants
be seen as ethical and should not do unethical activities.
, SOLUTIONS TO CLASSROOM DEMONSTRATION EXERCISES
CDE1. a. A CDE4. $24,000 ($12,000 + $12,000) CDE8. a. IS
b. A b. BS
c. L CDE5. c. J. Takibi, Capital c. BS
d. A d. Advertising Expense d. BS
e. OE f. Service Fees Earned e. IS
f. A g. J. Takibi, Withdrawals f. IS
g. OE
h. BS
CDE2. a. Liabilities CDE6. c. Accounts Payable
b. Assets d. Delivery Fees Earned CDE9 a. OE
c. Accounts Payable b. BS
c. BS
d. IS
CDE3. a. I CDE7. a.
b. S b.
d.
CDE10.
1. balance sheet
2. Assets
3. liabilities
4. accounting equation
5. accounts aayable
6. service
7. owner’s equity
8. Accounts receivable
9. transaction
10. creditor
SOLUTIONS TO EXERCISES—SET A
E1-1A.
a. $15,000 ($19,000 − $4,000)
b. $15,000 ($ 6,000 + $9,000)
c. $ 6,000 ($10,000 − $4,000)
E1-2A.
1. Service 6. Service
2. Merchandise 7. Service
3. Service 8. Manufacturer
4. Merchandise 9. Manufacturer
5. Merchandise 10. Merchandise
E1-3A.
1. b
2. b
3. b
4. a
5. d
6. d
7. d
8. b
9. c
10. a
