Principals of Accounting Solutions
Problem-4: Managerial Accounting
The following data were taken from the records of Clarkson Company for the fiscal year ended June 30...
Problem-18: Budgetary Planning
Fultz Company has accumulated the following budget data for the year 2020.
Problem-4: Inventories
The management of Gresa Inc. is reevaluating the appropriateness of using its present inventory cost...
Problem-21: Statement of Cash Flows
Suppose a recent income statement for McDonald's Corporation shows cost of goods sold $4,852.7 milli...
Problem-3: Accounting for Receivables
Presented below is an aging schedule for Halleran Company.
At December 31, 2019, the unadjusted b...
Problem-12: Current Liabilities and Payroll Accounting
Younger Online Company has the following liability accounts after posting adjusting entries: Account...
Problem-02: Long-Term Liabilities
Kershaw Electric sold $6,000,000, 10%, 10-year bonds on January 1, 2019. The bonds were dated Januar...
Problem-8: Accounting for Merchandising Operations
At the beginning of the current season on April, the ledger of Gage Pro Shop showed Cash $3,000. Inv...
Problem-3: Plant Assets, Natural Resources and intangible Assets
On January 1, 2019, Evers Company purchased the following two machines for use in its production pro...
Problem-04: Accounting for Partnerships
At April 30, partners capital balances in PDL Company are G. Donley $52,000, C. Lamar $48,000, and J...
Problem-17: Long-Term Liabilities
Presented below are three independent situations.
Longbine Corporation redeemed $130,000 face val...
Problem-30: Inventories
The inventory of Hang company was destroyed by fire on March 1. From an examination of the accountin...
Problem-13: Investments
Presented below are two independent situations.
Gambino Cosmetics acquired 10% of the 200,000 share...
Problem-06: Investments
The following data, presented in alphabetical order, are taken from the records of Nieto Corporation...
Problem-10: Budgetary Planning
DeWitt Industries has adopted the following production budget for the first 4 months of 2020.
Month...
Problem-2: Accounting in Action
Judi Salem opened a law office on July 1, 2018. On July 31, the balance sheet showed Cash $5,000, Ac...
Problem-14: The Recording Process
Presented below is the ledger for Shumway Co.
Instructions
Reproduce the journal entries for t...
Problem-18: Standard Costs and Balanced Scorecard
The following direct materials and drict labor data pertain to the operations of Laurel Company for ...
Problem-07: Process Costing
Schultz Electronics manufactures two large-screen television models: the Royale which sells for $1,6...
Problem-5: Inventories
You are provided with the following information for Koetteritz Inc. for the month ended June 30, 201...
Problem-8: Standard Costs and Balanced Scorecard
Using the information in P25-1A, compute the overhead controllable variance and the overhead volume ...
Problem-18: Managerial Accounting
The following information is available for Aikman Company.
Instructions
Compute cost of goods ma...
Problem-03: Corporations: Organization and Capital Stock Transactions
The stockholders equity accounts of Castle Corporation on January 1, 2020, were as follows
Preferre...
Problem-14: Long-Term Liabilities
Swisher Company issued $2,000,000 of bonds on January 1, 2019.
Instructions
Prepare the journal en...
Problem-10: Fraud, Internal Control, and Cash
The information below relates to the cash account in the ledger of Mintion Company.
Balance Septemb...
Problem-6: Fraud, Internal Control, and Cash
Horvath Company uses an imprest petty cash system. The fund was established on March 1 with a balanc...
Problem-2: Accounting for Receivables
Information related to Mingenback Company for 2019 is summarized below.
Total credit sales$2,500,00...
Problem-1: Plant Assets, Natural Resources and intangible Assets
Venable Company was organized on January 1. During the first year of operations, the following plant...
Problem-5: Plant Assets, Natural Resources and intangible Assets
At December 31, 2019, Grand Company reported the following as plant assets.
During 2020, the foll...
Problem-5: Completing the Accounting Cycle
Anya Clark opened Anya's Cleaning Service on July 1, 2019. During July, the following transactions w...
Problem-02: Current Liabilities and Payroll Accounting
The following are selected transactions of Blanco Company. Blanco prepares financial statements quar...
Problem-03: Financial Statement Analysis
Condensed balance sheet and income statement data for Landwehr Corporation appear below.
Addition...
Problem-24: Accounting for Merchandising Operations
The trial balance of A. Wiencek Company at the end of its fiscal year, August 31, 2019, includes the...
Problem-12: Accounting for Partnerships
Terry, Nick, and Frank are forming the Doctor Partnership. Terry is transferring $30,000 of personal...
Problem-4: Accounting Information Systems
Selected accounts from the chart of accounts of Mercer Company are shown below
101 Cash112 Accoun...
Problem-12: Standard Costs and Balanced Scorecard
Hank Itzek manufactures and sells homemade wine, and he wants to develop a standard cost per gallon....
Problem-16: Budgetary Control and Responsibility Accounting
UrLink Company is a newly formed company specializing in high-speed Internet service for home and bu...
Problem-25: Budgetary Planning
In May 2020, the budget committee of Grand Stores assembles the following data in preparation of bud...
Problem-5: Accounting in Action
Financial statement information about four different companies is as follows:
Instructions
Det...
Problem-04: Current Liabilities and Payroll Accounting
The following payroll liability accounts are included in the ledger of Harmon Company on January 1, ...
Problem-11: Statement of Cash Flows
The comparative balance sheets for Rothlisberger Company as of December 31 are presented below.
Rot...
Problem-15: Current Liabilities and Payroll Accounting
Employee earnings records for Slaymaker Company reveals the following gross earnings for four employ...
Problem-11: Adjusting the Accounts
Meghan Lindh, D.D.S., opened a dental practice on January 1, 2019. During the first month of operati...
Problem-2: Standard Costs and Balanced Scorecard
Ayala Corporation accumulates the following data relative to jobs started and finished during the mo...
Problem-1: Accounting for Receivables
At December 31, 2018, House Co. reported the following information on its balance sheet.
Accounts r...
Problem-14: Process Costing
The Sanding Department of Quik Furniture Company has the following production and manufacturing cost...
Business Statistics Solutions
Problem-13: Testing Hypotheses: One Sample Tests
Defi ne Type I and Type II errors.Contact us for the solution
Problem-59: Measures of Central Tendency and Dispersion in Frequency Distributions
The New Mexico State Highway Department is charged with maintaining all state roads in good conditio...
Problem-56: Chi-Square and Analysis of Variance
Two competing ice cream stores, Yum-Yum and Goody, both advertise quarter-pound scoops
of ice cream...
Problem-26: Sampling and Sampling Distributions
Food Place, a chain of 145 supermarkets, has been bought out by a larger nationwide supermarket chai...
Problem-17: Probability I: Introductory Ideas
Frome the following Venn diagram, which indicates the number of outcomes of an experiment correspond...
Problem-60: Testing Hypotheses: Two Sample Tests
A group of British Physicians replicated a U.S. management survey of medical directors, asking which...
Problem-26: Testing Hypotheses: Two Sample Tests)
A large hotel chain is trying to decide whether to convert more of its rooms to nonsmoking rooms. In...
Problem-43: Grouping and Displaying data to convey meaning
The Nebraska Department of Agriculture has these data representing weekly growth (in inches) on samp...
Problem-58: Measures of Central Tendency and Dispersion in Frequency Distributions
MacroSwift has decided to develop a new software program designed for CEOs and other high-level exec...
Problem-42: Testing Hypotheses: Two Sample Tests
General Cereals has just concluded a new advertising campaign for Fruit Crunch, its allnatural break...
Problem-18: Probability Distributions
For a binomial distribution with n = 15 and p = 0.2, use Appendix Table 3 to find
Problem-59: Probability Distribution
An inspector for the U>S> Department of Agriculture is about to visit a large meat-packing company.
...
Problem-57: Measures of Central Tendency and Dispersion in Frequency Distributions
Warlington Appliances has developed a new combination blender-crock-pot. In a marketing demonstratio...
Problem-26: Measures of Central Tendency and Dispersion in Frequency Distributions
Bob Headen is calculating the average growth factor for this stereo store over the last 6 years. Usi...
Problem-26: Estimation
Chief of Police Kathy Ackert has recently instituted a crackdown on drug dealers in her city. Since ...
Problem-55: Testing Hypotheses: One Sample Tests
In Exercise SC 8-5, what would be the power of the test for μ = 14,000,13,500, and 13,000 if the sig...
Problem-46: Testing Hypotheses: Two Sample Tests
A buffered aspirin recently lost some of its market share to a new competitor. The competitor advert...
Problem-35: Chi-Square and Analysis of Variance
A lumber company is concerned about how rising interest rates are affecting the new housing starts i...
Problem-52: Probability I: Introductory Ideas
Martin Coleman, credit manager for Back's knows that the company uses three methods to encourage col...
Problem-26: Chi-Square and Analysis of Variance
A study compared the number of hours of relief provided by five different brands of antacid administ...
Problem-11: Chi-Square and Analysis of Variance
An educator has the opinion that the grades high school students make depend on the amount of time t...
Problem-71: Testing Hypotheses: One Sample Tests
In Exercise 8-26, what would be the power of the test for μ = $41.95, $42.95, and $43.95 if the sign...
Problem-8: Testing Hypotheses: One Sample Tests
For the following cases, specify which probability distribution to use in a hypothesis test:
(a) H ...
Problem-21: Testing Hypotheses: Two Sample Tests
Jeff Richardson, the receiving clerk for a chemical-products distributor, is faced with the continui...
Problem-15: Probability I: Introductory Ideas
The office manager of an insurance company has the following data on the functioning of the copiers ...
Problem-30: Chi-Square and Analysis of Variance
The manager of an assembly line in a clock manufacturing plant decided to study how different speeds...
Problem-36: Testing Hypotheses: Two Sample Tests
A car retailer thinks that a 40,000-mile claim for tire life b y the manufacturer is too high. She c...
Problem-81: Probability I: Introductory Ideas
The breakdown by political party of the 435 members of the U.S. House of Representatives before and ...
Problem-37: Testing Hypotheses: Two Sample Tests
The North Carolina Department of Transportation has claimed that at most, 18 percent of passenger ca...
Problem-37: Probability Distribution
The U.S. Bureau of printing and Engraving is responsible for printing this country's paper money.
Problem-06: Quality and Quality Control
Track Bicycle Parts manufactures precision ball bearings for wheel hubs, bottom brackets, head sets,...
Problem-60: Testing Hypotheses: One Sample Tests
A finace professor developed a theory that predicted that closed end equity funds should sell at a p...
Problem-67: Grouping and Displaying data to convey meaning
A business group is supporting the addition of a light-rail shuttle in the central business district...
Problem-31: Grouping and Displaying data to convey meaning
Here is a frequency distribution of the weight of 150 people who used a ski lift a certain day. Cons...
Problem-2: Testing Hypotheses: One Sample Tests
An automobile manufacturer claims that a particular model gets 28 miles to the gallon. The Environme...
Problem-50: Measures of Central Tendency and Dispersion in Frequency Distributions
Here are student scores on a history quiz. Find the 80th percentile.
Problem-62: Testing Hypotheses: One Sample Tests
Federal environmental statutes applying to a particular nuclear power plant specify that recy- cled ...
Problem-08: Quality and Quality Control
For each of the following cases, fi nd the CL, UCL, and LCL for an R chart based on the given inform...
Problem-31: Testing Hypotheses: Two Sample Tests)
A group of clinical physicians is performing tests on patients to determine the effectiveness of a n...
Problem-18: Sampling and Sampling Distributions
From a population of 75 items with a mean of 364 and a variance of 18, 32 items were randomly select...
Problem-32: Chi-Square and Analysis of Variance
The supervisor of security at a large department store would like to know whether the store apprehen...
Problem-43: Probability I: Introductory Ideas
During a study of auto accidents, the Highway Safety Council found that 60 percent of all accidents ...
Problem-06: Grouping and Displaying data to convey meaning
The orange County Transportation Commission is concerned about the speed motorists are driving on a ...
Problem-27: Testing Hypotheses: One Sample Tests
Generally Electric has developed a new bulb whose design specifications call for a light out- put of...
Problem-15: Sampling and Sampling Distributions
A ferry carries 25 passengers. The weight of each passenger has a normal distribution with mean 168 ...
Problem-27: Testing Hypotheses: Two Sample Tests)
Two different areas of a large eastern city are being considered as sites for day-care centers. Of 2...
Problem-34: Testing Hypotheses: One Sample Tests
Steve Cutter sells Big Blade lawn mowers in his hardware store, and he is interested in comparing th...
Problem-51: Measures of Central Tendency and Dispersion in Frequency Distributions
The Casual Life Insurance Company is considering purchasing a new fleet of company cars. The financi...
Problem-15: Measures of Central Tendency and Dispersion in Frequency Distributions
A professor has decided to use a weighted average in figuring final grades for this seminar students...
Most Reading Solutions
Problem-5: Completing the Accounting Cycle
Anya Clark opened Anya's Cleaning Service on July 1, 2019. During July, the following transactions w...
Problem-5: Adjusting the Accounts
On Nobember 1, 2019, the account balances of Hamm Equipment Repair were as follows
During Novembe...
Problem-1: Completing the Accounting Cycle
The trial balance columns of the worksheet for Wareen Roofing at March 31, 2019, are as follows.
Wa...
Problem-2: Accounting for Merchandising Operations
Renner Hardware Store completed the following merchandising transactions in the month of May. At the...
Problem-2: The Recording Process
Emily Valley is a licensed dentist. During the first month of the operation of her business, the fol...
Problem-1: Adjusting the Accounts
Logan Krause started her own consulting firm, Krause Consulting, on May 1, 2019. The trial balance a...
Problem-2: Adjusting the Accounts
Mac's Motel opened for business on May 1, 2019. Its trial balance before adjustment on May 31 is as ...
Problem-3: The Recording Process
Maquoketa Services was formed on May 1, 2018. The following transactions took place during the first...
Problem-5: Accounting for Merchandising Operations
The trial balance of Gaolee Fashion Center contained the following accounts at November 30, the end ...
Problem-1: Accounting in Action
On April 1, Julie Spengel established Spengel's Travel Agency. The following transactions were compl...
Problem-5: The Recording Process
The Starr Theater, owned by Meg Vargo will begin operation in March. The Starr will be unique in tha...
Problem-1: The Recording Process
Holz Disc Golf Course was opened on March 1 by Ian Holz. The following selected events and transacti...
Problem-1: Accounting for Merchandising Operations
Kern's Book Warehouse distributes hardcover looks to retail stores and extends credit terms of 2/10,...
Problem-2: Completing the Accounting Cycle
The adjusted trial balance columns of the worksheet for Thao Company, owned by D. Thao, are as follo...
Problem-5: Inventories
You are provided with the following information for Koetteritz Inc. for the month ended June 30, 201...
Problem-8: Accounting for Merchandising Operations
At the beginning of the current season on April, the ledger of Gage Pro Shop showed Cash $3,000. Inv...
Problem-2: Accounting in Action
Judi Salem opened a law office on July 1, 2018. On July 31, the balance sheet showed Cash $5,000, Ac...
Problem-10: Adjusting the Accounts
The ledger of Passehl Rental Agency on March 31 of the current year includes the selected accounts, ...
Problem-3: Accounting for Merchandising Operations
Big Box Store is located in midtown Madison. During the past several years, net income has been decl...
Problem-6: Adjusting the Accounts
Johnson Graphics Company was organized on January 1, 2019, by Cameron Johnson. At the end of the fir...
Problem-5: Plant Assets, Natural Resources and intangible Assets
At December 31, 2019, Grand Company reported the following as plant assets.
During 2020, the foll...
Problem-4: Accounting in Action
Trixie Maye started her own consulting firm, Matrix Consulting, on May 1, 2018. The following transa...
Problem-3: Adjusting the Accounts
Alena Co. was organized on July 1, 2019. quarterly financial statements are prepared. The unadjusted...
Problem-4: Accounting for Merchandising Operations
Yolanda Hagen, a former disc golf star, operates Yolanda's Discorama. At the beginning of the curren...
Problem-10: Accounting for Merchandising Operations
On September 1, Nixa Office Supply had an inventory of 30 calculators at a cost of $18 each. The com...
Problem-2: Plant Assets, Natural Resources and intangible Assets
In recent years, Avery Transportation purchased three used buses. Because of frequent turnover in th...
Problem-2: Inventories
Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had...
Problem-1: Accounting for Receivables
At December 31, 2018, House Co. reported the following information on its balance sheet.
Accounts r...
Problem-15: Inventories
Elsa's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts, Information rela...
Problem-4: Accounting Information Systems
Selected accounts from the chart of accounts of Mercer Company are shown below
101 Cash112 Accoun...
Problem-01: Corporations: Dividends, Retained Earnings, and Income Reporting
On January 1, 2020, Geffrey Corporation had the following stockholders equity accounts.
Common St...
Problem-01: Current Liabilities and Payroll Accounting
On January 1, 2020, the ledger of Accardo Company contains the following liability accounts.
Accoun...
Problem-8: Adjusting the Accounts
Devin Wolf Company has the following balances in selected accounts on December 31, 2019
All the a...
Problem-4: The Recording Process
The trial balance of Avtar Sandhu Co. Shown below does not balance
AVTAR SANDHU CO.Trial BalanceJun...
Problem-8: Inventories
Dempsey Inc is a retailer operating in British Columbia. Dempsey uses the perpetual inventory method...
Problem-3: Plant Assets, Natural Resources and intangible Assets
On January 1, 2019, Evers Company purchased the following two machines for use in its production pro...
Problem-3: Accounting Information Systems
The chart of accounts of LR Company includes the following selected accounts.
112 Accounts Receiv...
Problem-02: Current Liabilities and Payroll Accounting
The following are selected transactions of Blanco Company. Blanco prepares financial statements quar...
Problem-3: Completing the Accounting Cycle
The completed financial statement columns of the worksheet for Bray Company are shown as follows.
B...
Problem-4: Completing the Accounting Cycle
Vang Management Services began business on January 1, 2019, with a capital investment of $120,000. t...
Problem-3: Accounting for Receivables
Presented below is an aging schedule for Halleran Company.
At December 31, 2019, the unadjusted b...
Problem-1: Accounting Information Systems
Kozma Company's chart of accounts includes the following selected accounts.
101 Cash112 Accounts ...
Problem-17: Inventories
Moath Company reports the following for the month of June.
Instructions
Compute the cost of en...
Problem-9: Accounting for Merchandising Operations
Information related to Kerber Co. is presented below
On April 5, purchased merchandise from Wilkes ...
Problem-4: Adjusting the Accounts
A review of the ledger of Remina Company at December 31, 2019, produces the following data pertainin...
Problem-1: Job Order Costing
Lott Company uses a job order cost system and applies overhead to productions on the basis of direct...
Problem-3: Accounting in Action
On June 1, Cindy Godfrey started Divine Designs Co., a company that provides cash opportunities by i...
In a survey conducted of 2,000 clerks in an office it found that 48%preferred coffee (C), 54% liked Tea (T) and 64% used to smoke (S). Of the total 28% used C and T, 32%...
the number having all the three
T and S but not C
only C
Problem-01: Long-Term Liabilities
On May 1, 2019, Herron Corp. issued $600,000, 9%, 5-year bonds at face value. The bonds were dated M...
Problem-16: Plant Assets, Natural Resources and intangible Assets
Linton Company purchased a delivery truck for $34,000 on January 1, 2019. The truck has an expected ...
Completing the Accounting Cycle Adjusting the Accounts Accounting for Merchandising Operations The Recording Process Accounting in Action Inventories Plant Assets, Natural Resources, and Intangible Assets Accounting for Receivables Accounting Information Systems Corporations: Dividends, Retained Earnings, and Income Reporting Current Liabilities and Payroll Accounting Job Order Costing Sets Long-Term Liabilities