SOLUTION MANUAL
Financial Accounting Fundamentals, 8th Edition
By John Wild, Chapter 1 - 13 with appendix B&C
,Chapter u1: uAccounting uin uBusiness
Chapter u2: uAccounting ufor uBusiness uTransactions
Chapter u3: uAdjusting uAccounts ufor uFinancial uStatements
Chapter u4: uAccounting ufor uMerchandising uOperations
Chapter u5: uInventories uand uCost uof uSales
Chapter u6: uCash, uFraud, uand uInternal uControl
Chapter u7: uAccounting ufor uReceivables
Chapter u8: uAccounting ufor uLong-Term uAssets
Chapter u9: uAccounting ufor uCurrent uLiabilities
Chapter u10: uAccounting ufor uLong-Term uLiabilities
Chapter u11: uCorporate uReporting uand uAnalysis
Chapter u12: uReporting uCash uFlows
Chapter u13: uAnalysis uof uFinancial uStatements
,Chapter 1
Accounting in Business u u
QUICK STUDIES
Quick uStudy u1-1 u(10 uminutes)
1. f Artificial uIntelligence
2. c u Recording
3. h u Recordkeeping u(bookkeeping)
Quick uStudy u1-2 u(10 uminutes)
a. External uuser g. External uuser
b. External uuser h. External uuser
c. External uuser i. Internal uuser
d. External uuser j. External uuser
e. Internal uuser k. External uuser
f. External uuser l. External uuser
Quick uStudy u1-3 u(10 uminutes)
1. Opportunity 4. Opportunity
2. Pressure 5. Pressure
3. Rationalization 6. Rationalization
Quick uStudy u1-4 u(5 uminutes)
, 1. Principle 3. Assumption
2. Assumption 4. Principle
Quick uStudy u1-5 u(10 uminutes)
Attribute uPresent Proprietorship Partnership Corporation LLC
1. Business utaxed no no yes no
2. Limited uliability no no yes yes
3. Legal uentity no no yes yes
Quick uStudy u1-6 u(10 uminutes)
1. Revenue urecognition uprinciple
2. Measurement u(cost) uprinciple
3. Business uentity uassumption
Quick uStudy u1-7 u(5 uminutes)
Assets = Liabilities + Equity
$700,000 (a) u $280,000 $420,000
$500,000 (b) u $250,000 (b) u $250,000
Quick uStudy u1-8 u(10 uminutes)
1.
Assets = Liabilities + Equity
$75,000 (a) u $35,000 $40,000
(b) u $95,000 $25,000 $70,000
$85,000 $20,000 (c) u $65,000
2.
+ u Common
Assets = Liabilities Stock - u Dividends + uRevenues - uExpenses
$40,000 $16,000 $20,000 $ 0 (a) u$12,000 $ u 8,000
$80,000 $32,000 $44,000 (b) u$2,000 $24,000 $18,000
Financial Accounting Fundamentals, 8th Edition
By John Wild, Chapter 1 - 13 with appendix B&C
,Chapter u1: uAccounting uin uBusiness
Chapter u2: uAccounting ufor uBusiness uTransactions
Chapter u3: uAdjusting uAccounts ufor uFinancial uStatements
Chapter u4: uAccounting ufor uMerchandising uOperations
Chapter u5: uInventories uand uCost uof uSales
Chapter u6: uCash, uFraud, uand uInternal uControl
Chapter u7: uAccounting ufor uReceivables
Chapter u8: uAccounting ufor uLong-Term uAssets
Chapter u9: uAccounting ufor uCurrent uLiabilities
Chapter u10: uAccounting ufor uLong-Term uLiabilities
Chapter u11: uCorporate uReporting uand uAnalysis
Chapter u12: uReporting uCash uFlows
Chapter u13: uAnalysis uof uFinancial uStatements
,Chapter 1
Accounting in Business u u
QUICK STUDIES
Quick uStudy u1-1 u(10 uminutes)
1. f Artificial uIntelligence
2. c u Recording
3. h u Recordkeeping u(bookkeeping)
Quick uStudy u1-2 u(10 uminutes)
a. External uuser g. External uuser
b. External uuser h. External uuser
c. External uuser i. Internal uuser
d. External uuser j. External uuser
e. Internal uuser k. External uuser
f. External uuser l. External uuser
Quick uStudy u1-3 u(10 uminutes)
1. Opportunity 4. Opportunity
2. Pressure 5. Pressure
3. Rationalization 6. Rationalization
Quick uStudy u1-4 u(5 uminutes)
, 1. Principle 3. Assumption
2. Assumption 4. Principle
Quick uStudy u1-5 u(10 uminutes)
Attribute uPresent Proprietorship Partnership Corporation LLC
1. Business utaxed no no yes no
2. Limited uliability no no yes yes
3. Legal uentity no no yes yes
Quick uStudy u1-6 u(10 uminutes)
1. Revenue urecognition uprinciple
2. Measurement u(cost) uprinciple
3. Business uentity uassumption
Quick uStudy u1-7 u(5 uminutes)
Assets = Liabilities + Equity
$700,000 (a) u $280,000 $420,000
$500,000 (b) u $250,000 (b) u $250,000
Quick uStudy u1-8 u(10 uminutes)
1.
Assets = Liabilities + Equity
$75,000 (a) u $35,000 $40,000
(b) u $95,000 $25,000 $70,000
$85,000 $20,000 (c) u $65,000
2.
+ u Common
Assets = Liabilities Stock - u Dividends + uRevenues - uExpenses
$40,000 $16,000 $20,000 $ 0 (a) u$12,000 $ u 8,000
$80,000 $32,000 $44,000 (b) u$2,000 $24,000 $18,000
