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Solution Manual For Fundamental Accounting Principles, 25th Edition, John Wild
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Solution Manual ForFundamental Accounting Principles, 25th Edition,
John Wild
Chapter 1-26
Chapter 1
Accounting in Business
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
Copyright © 2021 by McGraw Hill.
All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill.
,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.
+ Owner, - Owner,
Assets = Liabilities + Revenues - Expenses
Capital Withdrawals
$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
0
Copyright © 2021 by McGraw Hill.
All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill.
,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 Owner, Owner,
Cash + = + - + Revenues - Expenses
Recble. Payable Capital Withdrawals
(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
1
Copyright © 2021 by McGraw Hill.
All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill.
, Quick Study 1-11 (15 minutes)
Assets = Liabilities + Equity
Owner,
Accts. Owner,
Cash + Supplies + Equip. + Land = + - With- + Rev. - Exp.
Pay. Capital
drawals
(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
2
Copyright © 2021 by McGraw Hill.
All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill.
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