SOLUTION MANUAL
Financial Accounting Fundamentals, 8th Edition
By John Wild, Chapter 1 - 13 with appendix B&C
,Chapter 1: Accounting in Business
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Chapter 2: Accounting for Business Transactions
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Chapter 3: Adjusting Accounts for Financial Statements
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Chapter 4: Accounting for Merchandising Operations
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Chapter 5: Inventories and Cost of Sales
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Chapter 6: Cash, Fraud, and Internal Control
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Chapter 7: Accounting for Receivables
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Chapter 8: Accounting for Long-Term Assets
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Chapter 9: Accounting for Current Liabilities
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Chapter 10: Accounting for Long-Term Liabilities
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Chapter 11: Corporate Reporting and Analysis
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Chapter 12: Reporting Cash Flows
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Chapter 13: Analysis of Financial Statements
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,Chapter 1 SJ
Accounting in Business SJ SJ
QUICK STUDIES
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Quick Study 1-1 (10 minutes)
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1. f Artificial Intelligence SJ
2. c Recording
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3. h Recordkeeping (bookkeeping)
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Quick Study 1-2 (10 minutes)
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a. External user SJ g. External user
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b. External user SJ h. External user
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c. External user SJ i. Internal user
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d. External user SJ j. External user
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e. Internal user SJ k. External user
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f. External user SJ l. External user
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Quick Study 1-3 (10 minutes)
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1. Opportunity 4. Opportunity
2. Pressure 5. Pressure
3. Rationalization 6. Rationalization
Quick Study 1-4 (5 minutes)
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, 1. Principle 3. Assumption
2. Assumption 4. Principle
Quick Study 1-5 (10 minutes)
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Attribute Present SJ Proprietorship Partnership Corporation LLC
1. Business taxed SJ no no yes no
2. Limited liability SJ no no yes yes
3. Legal entity SJ no no yes yes
Quick Study 1-6 (10 minutes)
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1. Revenue recognition principle
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2. Measurement (cost) principle SJ SJ
3. Business entity assumption
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Quick Study 1-7 (5 minutes)
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Assets = Liabilities + Equity
$700,000 (a) $280,000
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$500,000 (b) $250,000
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Quick Study 1-8 (10 minutes)
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1.
Assets = Liabilities + Equity
$75,000 (a) $35,000 S J $40,000
(b) $95,000
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$85,000 $20,000 (c) $65,000
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2.
+ Common
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Assets = Liabilities - Dividends + Revenues - Expenses
Stock
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$40,000 $16,000 $20,000 $ 0 (a) $12,000
SJ $ 8,000
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$80,000 $32,000 $44,000 (b) $2,000
SJ $24,000 $18,000
