Wild , Financial Accounting 10e Solutions Manual For All Chapters 1 Copyright © 20 21 by McGraw -Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw -Hill Education. Chapter 1 Introducing Financial Statements 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 2. Pressure 3. Rationalization 4. Opportunity 5. Pressure 6. Rationalization Quick Study 1 -4 (5 minutes) 1. Principle 2. Assumption 3. Assumption 4. Principle Wild , Financial Accounting 10e Solutions Manual For All Chapters 1 Copyright © 20 21 by McGraw -Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw -Hill Education. 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 (c ost) 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. Assets = Liabilities + Common Stock - Dividend s + Revenues - Expenses $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 Wild , Financial Accounting 10e Solutions Manual For All Chapters 2 Copyright © 20 21 by McGraw -Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw -Hill Education. Quick Study 1 -9 (5 minutes) a. Increase b. Decrease c. Increase d. Decrease Quick Study 1 -10 (15 minutes) Assets = Liabilities + Equity Cash + Accounts Recble. = Accounts Payable + Common Stock - Dividends + Revenues - Expenses (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 Wild , Financial Accounting 10e Solutions Manual For All Chapters 3 Copyright © 20 21 by McGraw -Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw -Hill Education. Quick Study 1 -11 (15 minutes) Assets = Liabilities + Equity Cash + Supplies + Equip. + Land = Accts. Pay. + Common Stock - Divi-
dends + Rev. - Exp. (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 min utes) 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
