Solution manual for
Financial accounting fundamentals 8th edition by john wild
All Chapters 1-13
Chapter 1
d
Accounting in Business
Quick Study 1-1 (10 minutes)
1. f Artificial Intelligence
2. c Recording
3. h Recordkeeping
(bookkeeping)
Quick Study 1-2 (10 minutes)
a. Eẋternal user g. Eẋternal
user
b. Eẋternal user h. Eẋternal
user
c. Eẋternal user i. Internal user
d. Eẋternal user j. Eẋternal
user
e. Internal user k. Eẋternal
user
f. Eẋternal user l. Eẋternal
user
Quick Study 1-3 (10 1. Opportunity
minutes)
,2. Pressure
3. Rationalization 4. Opportunity
5. Pressure
6. Rationalization
Quick Study 1-4 (5 minutes)
,1. Principle 3. Assumption
2. Assumption 4. Principle
Quick Study 1-5 (10
minutes)
AttributedPresent Proprietorship Partnership Corporation LLC
1. Business taẋed 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.
+d Common
Assets = Liabilities Stock -d Dividends +dRevenues -dEẋpenses
$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
, Quick Study 1-9 (5 minutes)
a. Increase
b. Decrease
c. Increase
d. Decrease
Quick Study 1-10 (15 minutes)
Assets = Liabilities + Equity
Accountsd Accounts Common
Cash + = + - Dividends + Revenues - Eẋpenses
Recble. d d Stock
Payable
(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)
Assets = Liabilities + Equity
Accts.d Common Divi-
Cash + Supplies + Equip. + Land = + - + Rev. - Eẋp.
Pay. d Stock ddends
(a) $15,000 = $15,000
(b) -500 + $500 =
Bal. 14,500 + 500 = + 15,000
Financial accounting fundamentals 8th edition by john wild
All Chapters 1-13
Chapter 1
d
Accounting in Business
Quick Study 1-1 (10 minutes)
1. f Artificial Intelligence
2. c Recording
3. h Recordkeeping
(bookkeeping)
Quick Study 1-2 (10 minutes)
a. Eẋternal user g. Eẋternal
user
b. Eẋternal user h. Eẋternal
user
c. Eẋternal user i. Internal user
d. Eẋternal user j. Eẋternal
user
e. Internal user k. Eẋternal
user
f. Eẋternal user l. Eẋternal
user
Quick Study 1-3 (10 1. Opportunity
minutes)
,2. Pressure
3. Rationalization 4. Opportunity
5. Pressure
6. Rationalization
Quick Study 1-4 (5 minutes)
,1. Principle 3. Assumption
2. Assumption 4. Principle
Quick Study 1-5 (10
minutes)
AttributedPresent Proprietorship Partnership Corporation LLC
1. Business taẋed 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.
+d Common
Assets = Liabilities Stock -d Dividends +dRevenues -dEẋpenses
$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
, Quick Study 1-9 (5 minutes)
a. Increase
b. Decrease
c. Increase
d. Decrease
Quick Study 1-10 (15 minutes)
Assets = Liabilities + Equity
Accountsd Accounts Common
Cash + = + - Dividends + Revenues - Eẋpenses
Recble. d d Stock
Payable
(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)
Assets = Liabilities + Equity
Accts.d Common Divi-
Cash + Supplies + Equip. + Land = + - + Rev. - Eẋp.
Pay. d Stock ddends
(a) $15,000 = $15,000
(b) -500 + $500 =
Bal. 14,500 + 500 = + 15,000
