Solution Manual For Fundamentals of Financial Accounting, 8th Editnio 2024 by Fred Phillips, Robert Libby, Verified Chapters 1 - 13, Complete Newest Version

SOLUTIONMANUAL f f




FinancialAccountingFundamentals,8thEdition
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ByJohnWild,Chapter1-13withappendixB&C
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,Chapter 1: Accounting in Business
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Chapter2:AccountingforBusinessTransactions Chapter3:
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AdjustingAccountsforFinancialStatements Chapter 4:
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Accounting for Merchandising Operations Chapter 5:
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Inventories and Cost of Sales
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Chapter6:Cash,Fraud,andInternalControl
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Chapter 7: Accounting for Receivables Chapter
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8:AccountingforLong-TermAssets Chapter9:
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Accounting forCurrentLiabilities
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Chapter10:AccountingforLong-TermLiabilities
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Chapter 11: Corporate Reporting and Analysis Chapter
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12: Reporting Cash Flows
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Chapter 13: Analysis of Financial Statements
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,Chapter1 f




Accounting in Business f f




QUICK STUDIES
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Quick Study 1-1 (10 minutes)
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1. f Artificial Intelligence f




2. c Recording
3. h Recordkeeping (bookkeeping) f




Quick Study 1-2 (10 minutes)
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a. External user f g. External user
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b. External user f h. External user
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c. External user f i. Internal user
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d. External user f j. External user
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e. Internal userf k. External user
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f. External user f l. External user
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Quick Study 1-3 (10
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minutes)
4. Opportunity
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1. Opportunity 5. Pressure
2. Pressure 6. Rationalization
3. Rationalization


Quick Study 1-4 (5 minutes)
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, 1. Principle 3. Assumption
2. Assumption 4. Principle
Quick Study 1-5 (10
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fminutes)
AttributeuPresent Proprietorship Partnership Corporation LLC
1. Business taxed f no no yes no
2. Limited liability f no no yes yes
3. Legal entity
f no no yes yes



Quick Study 1-6 (10 minutes)
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1. Revenue recognition principle
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2. Measurement (cost) principle f f




3. Business entity assumption
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Quick Study 1-7 (5 minutes)
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Assets = Liabilities + Equity
$700,000 (a) $280,000 $420,000
$500,000 (b) $250,000 (b) $250,000



Quick Study 1-8 (10 minutes)
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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.
+ u Common
Assets = Liabilities - Dividends +uRevenues -uExpenses
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u
Stock
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$40,000 $16,000 $20,000 $ 0 (a) $12,000
f $ 8,000
$80,000 $32,000 $44,000 (b) $2,000
f $24,000 $18,000