Solution Manual For Financial Accounting, 11th Edition by Jerry J. Weygandt, Paul D. Kimmel, Verified Chapters 1 - 13, Complete Newest Version

SOLUTION MANUAL xx




Financial Accounting 11th Edition
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by Jerry J. Weygandt, Paul D. Kimmel Chapters
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1 - 13 | Complete
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,TABLEOFCONTENTS
Chapter 1. Accounting in Action Chapte
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r 2. The Recording Process Chapter 3. Adj
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usting the Accounts xx xx




Chapter 4. Completing the Accounting Cycle
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Chapter 5. Accounting for Merchandising Operations Ch
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apter 6. Inventories
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Chapter 7. Fraud, Internal Control and Cash Cha
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pter 8. Accounting for Receivables
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Chapter9.PlantAssets, NaturalResources and Intangible Assets C
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hapter 10. Liabilities xx xx




Chapter 11. Corporations: Organisations, Stock Transactions and Stockholders’ Eq u
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y
Chapter 12. Statement of Cash Flows
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Chapter 13. Financial Analysis: The Big Picture
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,CHAPTER1
x




Accounting in Action xx xx




ASSIGNMENT CLASSIFICATION TABLE xx xx




Brief Exerci
xx A
Learning Objectives xx Questions ses Do It!
xx Exercises Problems

1. 1, 2, 3, 4, 5
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Identify the activities and xx xx xx


users associated with acc
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o unting.
xx




2. Explain the building blocks of acc
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xx xx xx xx 2 3, 4xx


o unting: ethics, principles,and
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as sumptions.
x xx




3. 11, 12, 13, 14.
xx xx xx 1, 2, 3, 4, 5
xx xx xx xx 3 5
State the accounting e
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q uation, and define its
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co mponents.
xx




4. 15, 16, 18
xx xx 6, 7, 8, 9
xx xx xx 4 6, 7, 8
xx xx 1A, 2A, 4A,
xx xx


Analyze the effects of busine
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s s transactions on theaccoun
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tin g equation.
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5. 17, 19, 20, 21,
xx xx xx 10, 11xx 5 8, 9, 10, 11,
xx xx xx 2A, 3A, 4A,
xx xx

Describe the four financial stat xx xx xx xx xx
12, 13, 14, 15,
xx xx xx 5A
ements and how they areprepxx xx xx xx xx
16, 17, 18
xx xx

ared.

, ANSWERS TO QUESTIONS xx xx




1. True. Virtually every organization and person in our society uses accounting information. Businesses, in
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ve stors, creditors, government agencies, and not-for-
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profit organizations must use accounting information to operate effectively.
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LOx x 1,x x BT:x x K,x x Difficulty:x x Easy,x x TOT:x x 2x x min.,x x AACSB:x x None,x x AICPAx x FC:x x Reporting,x x IMA:x x Reporting


2. Accounting is the process of identifying, recording, and communicating the economic events of an or
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gan ization to interested users of the information. The first activity of the accounting process is to iden
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tify eco nomic events that are relevant to a particular business. Once identified and measured, the ev
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ents are rec orded to provide a history of the financial activities of the organization. Recording consist
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s of keeping a c hronological diary of these measured events in anorderly and systematic manner. The
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information is com municated through the preparation and distribution of accounting reports, the
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most common of whic h are called financial statements.A vital element in the communication pro
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cess is the accountant’s ability and responsibility to analyze and interpret the reported information.
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LOx x 1,x x BT:x x K,x x Difficulty:x x Easy,x x TOT:x x 2x x min.,x x AACSB:x x None,x x AICPAx x FC:x x Reporting,x x IMA:x x Reporting


3. (a) Internal users are those who plan, organize, and run the business and therefore are officers and ot
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her decision makers. xx xx


(b) To assist management, accounting provides internal reports. Examples include financial comparis
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on s of operating alternatives, projections of income from new sales campaigns,and forecasts o
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f cash needs for the next year.
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LOx x 1,x x BT:x x K,x x Difficulty:x x Easy,x x TOT:x x 2x x min.,x x AACSB:x x None,x x AICPAx x FC:x x Reporting,x x IMA:x x Reporting


4. (a) Investors (owners) use accounting information to make decisions to buy, hold, or sell stock.
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(b) Creditors2use accounting information to evaluate the risks of granting credit or lending money.
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LOx x 1,x x BT:x x K,x x Difficulty:x x Easy,x x TOT:x x 2x x min.,x x AACSB:x x None,x x AICPAx x FC:x x Reporting,x x IMA:x x Reporting


5. False. Bookkeeping usually involves only the recording of economic events and therefore is just one pa
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rt of the entire accounting process. Accounting, on the other hand, involves the entire process of ident
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ifying
, recording, and communicating economic events.
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LOx x 1,x x BT:x x C,x x Difficulty:x x Easy,x x TOT:x x 2x x min.,x x AACSB:x x None,x x AICPA2xxFC:x x Reporting,x x IMA:x x Reporting


6. Harper Travel Agency should report the land at $85,000 on its December 31, 2022 balance sheet. Thi
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s is true not only at the time the land is purchased, but also over the time the land is held. In determi
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ning whi ch measurement principle to use (historical cost or fair value) companies weigh the factual n
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ature of cost figures versus the relevance of fair value. In general, companies use historical cost. Only i
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n situations whe re assets are actively traded do companies apply the fair value principle.
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LOx x 2,x x BT:x x C,x x Difficulty:x x Easy,x x TOT:x x 2x x min.,x x AACSB:x x None,x x AICPAx x FC:x x Measurement,x x Analysisx x andx x Interpretationx x IMA:x x Reporting


7. The monetary unit assumption requires that only transaction data capable of being expressed in terms
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of money be included in the accounting records. This assumption enables accounting to quantify (me
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asure) economic events. xx xx


LOxx 2,xx BT:xx K,x x Difficulty:x x Easy,x x TOT:xx 2xx min.,x x AACSB:x x None,x x AICPAx x FC:x x Measurement,x x Analysisx x andx x Interpretationx x IMA:Reporting