solution manual for accounting 28th edition by car
accounting 28th edition by carl s warren christine
Connected book
Book Title:
Author(s):
Edition:
ISBN:
Edition:
More summaries for
Solution Manual For Accounting 28th Edition by Carl S. Warren, Christine Jonick, Jennifer Schneider all chapters 1 to 26 ISBN;978-1337902687
Solution Manual for Accounting 28th Edition by Warren, Jonick & Schneider Consists of 26 Complete Chapters, ISBN: 978-1337902687
Solution Manual For Accounting 28th Edition by Carl S. Warren, Christine Jonick, Jennifer Schneider all chapters 1 to 26 ISBN;978-1337902687
All for this textbook (27)
Written for
ACCOUNTING 28TH EDITION BY CARL S WARREN CHRISTINE
All documents for this subject (1)
1
review
By: info7462 • 1 month ago
By: ASolution • 1 month ago
Thank you for great review.
Seller
Follow
ASolution
Reviews received
Content preview
Created by: A Solution
SOLUTION MANUAL FOR ACCOUNTING 28TH EDITION
BY CARL S WARREN CHRISTINE JONICK JENNIFER
SCHNEIDER A+
CHAPTER 1
INTRODUCTION TO ACCOUNTING AND BUSINESS
DISCUSSION QUESTIONS
1. Some users of accounting information include managers, employees,
investors, creditors, customers, and the government.
2. The role of accounting is to provide information for managers to use in operating
the business. In addition, accounting provides information to others to use in
assessing the economic performance and condition of the business.
3. The corporate form allows the company to obtain large amounts of resources by
issuing stock. For this reason, most companies that require large investments in
property, plant, and equipment are organized as corporations.
4. No. The business entity concept limits the recording of economic data to
transactions directly affecting the activities of the business. The payment of the
interest of $4,500 is a personal transaction of Josh Reilly and should not be
recorded by Dispatch Delivery Service.
5. The land should be recorded at its cost of $167,500 to Reliable Repair Service. This
is consistent with the cost concept.
6. a. No. The offer of $2,000,000 and the increase in the assessed value should not be
recognized in the accounting records because land is recorded on the cost basis.
b. Cash would increase by $2,125,000, land would decrease by $900,000, and
owner’s equitywould increase by $1,225,000.
7. An account receivable is a claim against a customer for goods or services sold.
An account payable is an amount owed to a creditor for goods or services
A+ Page 1
,Created by: A Solution
purchased. Therefore, an account receivable in the records of the seller is an
account payable in the records of the purchaser.
8. (b) The business realized net income of $91,000 ($679,000 – $588,000).
9. (a) The business incurred a net loss of $75,000 ($640,000 – $715,000).
10. (a) Net income or net loss
(b) Owner’s equity at the end of the period
(c) Cash at the end of the period
PE 1-1A
PRACTICE EXERCISES
$597,000. Under the cost concept, the land should be recorded at the cost to Boulder
Repair Service.
PE 1-1B
$369,500. Under the cost concept, the land should be recorded at the cost toClementine
Repair Service.
PE 1-2A
a. A = L + OE
$518,000 = $165,000 + OE
OE = $353,000
b. A = L + OE
+$86,200 = +$25,000 + OE
OE = +$61,200
OE on December 31, 20Y9 = $353,000 + $61,200
A+ Page 2
,Created by: A Solution
= $414,200
PE 1-2B
a. A = L + OE
$382,000 = $94,000 + OE
OE = $288,000
b. A = L + OE
–$63,000 = +$35,000 + OE
OE = –$98,000
OE on December 31, 20Y9 = $288,000 – $98,000
= $190,000
PE 1-3A
(2) Asset (Accounts Receivable) increases by $22,400;
Owner’s Equity (Delivery Service Fees) increases by $22,400.
(3) Liability (Accounts Payable) decreases by $4,100;
Asset (Cash) decreases by $4,100.
(4) Asset (Cash) increases by $14,700;
Asset (Accounts Receivable) decreases by $14,700.
(5) Asset (Cash) decreases by $1,600;
Owner’s Equity (Terry Young, Drawing) decreases by $1,600.
(2) Owner’s Equity (Advertising Expense, increases) decreases by $6,750;
Asset (Cash) decreases by $6,750.
(3) Asset (Supplies) increases by $2,920;
Liability (Accounts Payable) increases by $2,920.
(4) Asset (Accounts Receivable) increases by $20,460;
Owner’s Equity (Delivery Service Fees) increases by $20,460.
A+ Page 3
, Created by: A Solution
(5) Asset (Cash) increases by $11,410;
Asset (Accounts Receivable) decreases by $11,410.
PE 1-4A
Up-in-the-Air Travel Service
Income Statement
For the Year Ended April 30, 20Y7
Fees earned $1,870,000
Expenses:
Wages expense $1,115,000
Office expense 343,000
Miscellaneous expense 21,000
Total expenses 1,479,000
Net income $ 391,000
PE 1-4B
Zenith Travel Service
Income Statement
For the Year Ended August 31, 20Y4
Fees earned $899,600
Expenses:
Wages expense $539,800
Office expense 353,800
Miscellaneous expense 14,400
A+ Page 4
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ASolution. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
