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Exam (elaborations)

Financial Accounting Information for Decisions 10th.pdf

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Introducing Financial Statements 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 2. Pressure 3. Rationalization 4. Opportunity 5. Pressure 6. Rationalization Quick Study 1-4 (5 minutes) 1. Principle 2. Assumption 3. Assumption 4. Principle Chapter 1 Quick Study 1-5 (10 minutes) 1 Copyright © 2021 by McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Assets = Liabilities + Common Stock - Dividends + Revenues - Expenses 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. $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 Attribute Present Proprietorship Partnership Corporation LLC Quick Study 1-9 (5 minutes) 2 Copyright © 2021 by McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 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) 3 Copyright © 2021 by McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Assets = Liabilities + Equity Cash + Supplies + Equip. + Land = Accts. + Common - Divi- + Rev. - Exp. Pay. 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. Balance sheet e. Balance sheet b. Statement of cash flows f. Statement of cash flows c. Balance sheet g. Income statement d. Income statement h. Balance sheet Quick Study 1-13 (5 minutes) 4 Copyright © 2021 by McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. HAWKIN Income Statement For Month Ended December 31 HAWKIN Statement of Retained Earnings For Month Ended December 31 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. Equity 4. Liabilities 6. Assets

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Uploaded on
November 14, 2023
Number of pages
98
Written in
2023/2024
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  • financial accounting information for decisions 10t
  • financial accounting information for decisions 10
  • financial accounting information for decisions 10t
  • financial accounting information for decisions 1

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Financial Accounting: Information for Decisions 10th
Edition Wild SOLUTION MANUAL




1

,Chapter 1
Introducing Financial Statements

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
1

,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 - Dividends + Revenues - Expenses
Stock
$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




1
Copyright © 2021 by McGraw-Hill Education.
All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.

, Quick Study 1-9 (5 minutes)
a. Increase
b. Decrease
c. Increase
d. Decrease


Quick Study 1-10 (15 minutes)

Assets = Liabilities + Equity
Accounts Accounts Common
Cash + = + - Dividends + Revenues - Expenses
Recble. Payable Stock

(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




2
Copyright © 2021 by McGraw-Hill Education.
All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
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