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Solution Manual For Fundamentals of Financial Accounting, 7th Edition by Fred Phillips, Robert Libby, Verified Chapters 1 - 13, Complete A+ Guide $17.99   Add to cart

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Solution Manual For Fundamentals of Financial Accounting, 7th Edition by Fred Phillips, Robert Libby, Verified Chapters 1 - 13, Complete A+ Guide

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  • Fundamentals Of Financial Accounting, 7th Edition

Solution Manual For Fundamentals of Financial Accounting, 7th Edition by Fred Phillips, Robert Libby, Verified Chapters 1 - 13, Complete A+ Guide

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  • November 1, 2024
  • 490
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • 9781260771381
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  • Fundamentals Of Financial Accounting, 7th Edition
  • Fundamentals Of Financial Accounting, 7th Edition
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TESTBANKFOR f f



Fundamentals Of Financial Accounting 7CE Fred Phillips, Robert Libby, Patricia Libby, Brandy
f f f f f f f f f f f



Mackintosh
f




Chapter 1-12 Answers are at the End of Each Chapter
f f f f f f f f f




f Chapter 1 f




Student name: f



1) Building a new warehouse is an investing activity.
f f f f f f f


⊚ true f


⊚ false f




2) The payment of dividends is a financing activity.
f f f f f f f


⊚ true f



⊚ false f




3) Daily activities involved in running a business such as buying supplies and paying wages are
f f f f f f f f f f f f f f


f operating activities. f



⊚ true f


⊚ false f




4) Financing activities include borrowing and obtaining money by issuing shares of ownership
f f f f f f f f f f f


f (called share certificates).
f f


⊚ true f



⊚ false f




5) Shareholders are creditors of a company. f f f f f


⊚ true f



⊚ false f




Version 1 f 1

,6) All corporations acquire financing by issuing shares of ownership (called share certificates)
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f for sale on public stock exchanges.
f f f f f



⊚ true f



⊚ false f




7) You paid $10,000 to buy 1% of the shares in a corporation that has now gone bankrupt. The
f f f f f f f f f f f f f f f f f


company owes $10 million dollars to creditors. As a result of the bankruptcy, you will lose
f f f f f f f f f f f f f f f f



$100,000.
⊚ true f



⊚ false f




8) The shareholders' equity in a company is the difference between assets and liabilities.
f f f f f f f f f f f f


⊚ true f



⊚ false f




9) A company owes $200,000 on a bank loan. If this loan is documented using a formal written
f f f f f f f f f f f f f f f f


f debt contract, it will be reported as a liability called Notes Payable.
f f f f f f f f f f f


⊚ true f



⊚ false f




10) The accounting decisions that were made when preparing a company's financial statements
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f are explained in the auditor's report.
f f f f f



⊚ true f


⊚ false f




11) Under both ASPE and IFRS, a Canadian company would report the data on the financial
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f statements in Canadian dollars. f f f



⊚ true f



⊚ false f




Version 1 f 2

,12) SUNFLOWER COMPANY f


f BALANCE SHEET f


f SEPTEMBER 30, 2020 f f



Assets

Cash $1,568,000
Accounts Receivable f 310,500
Inventories 208,200
Property, Plant, and Equipment
f f f 391,600
Other Assets f 869,400
Total Assets f $3,347,700
Liabilities

Accounts Payable f $1,439,200
Notes Payable f ?
Total Liabilities
f ?
Shareholders ’ Equity f f




Contributed Capital f 1,263,600
Retained Earnings f 207,100
Total Shareholders ’ Equity
f f f 1,470,700
Total Liabilities and shareholders ’ Equity
f f f f f $3,347,700


Notes Payable would equal $437,800 and Total Liabilities would equal $1,877,000 on the
f f f f f f f f f f f f



f Balance Sheet. f


⊚ true f



⊚ false f




Version 1 f 3

, 13) CACTUS COMPANY f


f BALANCE SHEET f


f SEPTEMBER 30, 2020 f f



Assets

Cash $1,568,000
Accounts Receivable f 310,500
Inventories 208,200
Property, Plant, and Equipment
f f f 391,600
Other Assets f 869,400
Total Assets f $3,347,700
Liabilities

Accounts Payable f $1,439,200
Notes Payable f ?
Total Liabilities
f ?
Shareholders ’ Equity f f




Contributed Capital f 1,263,600
Retained Earnings f 207,100
Total Shareholders ’ Equity
f f f 1,470,700
Total Liabilities and shareholders ’ Equity
f f f f f $3,347,700


The $207,100 shown on the Balance Sheet has been distributed to shareholders as dividends.
f f f f f f f f f f f f f


⊚ true f



⊚ false f




Version 1 f 4

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