Principals of Accounting Solutions
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: Fraud, Internal Control, and Cash
Setterstrom Company established a petty cash fund on May 1, cashing a check for $100. The company re...
Problem-27: Inventories
Moath company reports the following for the month of June.
Instructions
Calculate the cost of...
Problem-20: Cost Volume Profit
Carey Company had sales in 2020 of $1,560,000 on 60,000 units. Variable costs totaled $900,000, and ...
Problem-15: Corporations: Dividends, Retained Earnings, and Income Reporting
Dirk Company reported the following balances at December 31, 2020; common stock $500,000, paid-in-ca...
Problem-21: Process Costing
Remington Inc. is contemplating the use of process costing to track the cost of its operations. The ...
Problem-21: Plant Assets, Natural Resources and intangible Assets
The following are selected 2019 transactions of Pedigo Corporation.
Jan. 1Purchased a small company...
Problem-19: Inventories
Inventory data for Moath Company are presented below.
Instructions
Compute the cost of ending ...
Problem-9: Cost Volume Profit
Family Furniture Corporation incurred the following costs.
Wood used in the production of furniture...
Problem-02: Corporations: Dividends, Retained Earnings, and Income Reporting
The stockholders equity accounts of Kerp Company at January 1, 2020, are as follows
Preferred Sto...
Problem-15: Inventories
Elsa's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts, Information rela...
Problem-20: Completing the Accounting Cycle
On December 31, the adjusted trial balance of Shihata Employment Agency shows the following selected...
Problem-01: Investments
Vilander Carecenters Inc. provides financing and capital to the healthcare industry, with a particul...
Problem-18: Financial Statement Analysis
The income statement for Sutherland, Inc. appears below.
Additional information:
The weighted-av...
Problem-23: Accounting for Merchandising Operations
The trial balance columns of the worksheet using a perpetual inventory system for Balistreri Company...
Problem-7: Adjusting the Accounts
Hong Corporation encounters the following situations:
Hong collects $1,300 from a customer in 2019 ...
Problem-16: The Recording Process
The bookkeeper for J.L. Kang Equipment Repair made a number of errors in journalizing and posting, a...
Problem-02: Accounting for Partnerships
At the end of its first year of operations on December 31, 2020, NBS Company's accounts show the fol...
Problem-11: Job Order Costing
A job cost sheet of Sandoval Company is given below.
Instructions
Answer the following questions...
Problem-14: Adjusting the Accounts
A partial adjusted trial balance of Frangesch Company at January 31, 2019, shown as following.
Fran...
Problem-22: Plant Assets, Natural Resources and intangible Assets
Gill Company, organized in 2019, has the following transactions related to intangible assets.
1/2/1...
Problem-6: Managerial Accounting
Presented below is a list of costs and expenses usually incurred by Barnum Corporation, a manufactur...
Problem-18: Managerial Accounting
The following information is available for Aikman Company.
Instructions
Compute cost of goods ma...
Problem-25: Standard Costs and Balanced Scorecard
Urban Corporation prepared the following variance report.
Problem-13: Financial Statement Analysis
The Comparative condensed income statements of Emley Corporation are shown below.
Emley Corporation...
Problem-2: Incremental Analysis and Capital Budgeting
The management of Shatner Manufacturing Company is trying to decide whether to continue manufacturin...
Problem-14: Completing the Accounting Cycle
Noah Bahr Company discovered the following errors made in January 2019.
A payment of Salaries and W...
Problem-19: Standard Costs and Balanced Scorecard
You have been given the following information about the production of Usher Co, and are asked to pro...
Problem-04: Financial Statement Analysis
Financial information for Messersmith Company is presented below
Additional Information
Invent...
Problem-4: Budgetary Planning
Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2021 are as f...
Problem-11: Accounting Information Systems
Pennington Company has a balance in its Accounts Payable control account of $9,250 on January 1,2017...
Problem-15: Investments
At December 31, 2023, the trading securities for storrer; Inc. are as follows.
SecurityCostFair-val...
Problem-9: Fraud, Internal Control, and Cash
The following information pertains to Crane Video Company
Cash balance per bank, July 31, $7,263.
...
Problem-3: The Recording Process
Maquoketa Services was formed on May 1, 2018. The following transactions took place during the first...
Problem 11: Incremental Analysis and Capital Budgeting
Anna Garden recently opened her own baskerweaving studio.
Problem-17: Budgetary Planning
Kirkland Company combines its operating expenses for budget purposes in a selling and administrative...
Problem-14: Budgetary Control and Responsibility Accounting
As sales manager, Joe Batista was given following static budget report for selling expenses in the C...
Problem-4: Budgetary Control and Responsibility Accounting
Clarke Inc. operates the patio Furniture Division as a profit center. Operating data for this divisi...
Problem-10: Standard Costs and Balanced Scorecard
Using the information in P25-5A, compute the overhead controllable variance and the overhead volume ...
Problem-12: Job Order Costing
Crawford Corporation incurred the following transactions.
Purchased raw materials on account $46,30...
Problem-3: Cost Volume Profit
Tanek Corp.'s sales slumped badly in 2020. For the first time in its history, operated at a loss. Th...
Problem-03: Corporations: Dividends, Retained Earnings, and Income Reporting
The post-closing trial balance of Storey Corporation at December 31, 2020, contains the following st...
Problem-19: Budgetary Control and Responsibility Accounting
The Mixing Department manager of Malone Company is able to control all overhead costs except ret, pr...
Problem-13: Long-Term Liabilities
Laudie Company issued $400,000 of 9%, 10-year bonds on January 1, 2019, at face value. Interest is p...
Problem-06: Accounting for Partnerships
Mark Rensing has prepared the following list of statements about partnerships
A partnership is an a...
Problem-3: Managerial Accounting
Incomplete manufactures costs, expenses, and selling data for two different cases are as follows
...
Problem-15: Budgetary Control and Responsibility Accounting
Chubbs Inc.'s manufacturing overhead budget for the first quarter of 2020 contained the following da...
Problem-31: Inventories
Kicks Shoe Store uses the retail inventory method for its two departments. Women's Shoe and Men's Sh...
Business Statistics Solutions
Problem-51: Chi-Square and Analysis of Variance
Mr. Raj, an investor, has narrowed his search for a mutual fund down to the Oppy fund or the
MLPFS ...
Problem-05: Quality and Quality Control
Dick Burney is director of 911 emergency medical services in Ann Arbor, Michigan. He is concerned ab...
Problem-32: Probability Distributions
Concert pianist Donna has become quite upset at the number of coughs occurring in the audience just ...
Problem-69: Testing Hypotheses: One Sample Tests
Drive-a-Lemon rents cars that are mechanically sound, but older than those rented by the large natio...
Problem-49: Probability Distribution
Glenn Howell VP of personnel for the Standard Insurance Company, has developed a new training progra...
Problem-50: Chi-Square and Analysis of Variance
From a sample of 25 observations, the estimate of the standard deviation of the population
was foun...
Problem-1: Testing Hypotheses: One Sample Tests
How many standard errors around the hypothesized value should we use to be 99.44 percent certain tha...
Problem-30: Grouping and Displaying data to convey meaning
The following set of raw data givesincome and education level for a sample of individuals. Would rea...
Problem-03: Estimation
Joe Jackson, a meteorologist for local television station WDUL, would like to report the average rai...
Problem-62: Testing Hypotheses: One Sample Tests
Federal environmental statutes applying to a particular nuclear power plant specify that recy- cled ...
Problem-59: Probability I: Introductory Ideas
T.C Fox, marketing director for Metro-Goldmine Motion pictures, believes that the studio's upcoming ...
Problem-9: Testing Hypotheses: One Sample Tests
Martha Inman, a highway safety engineer, decides to test the load-bearing capacity of a bridge that ...
Problem-11: Sampling and Sampling Distributions
Calvin Ensor, president of General Telephone Corp, is upset at the number of telephones produced by ...
Problem-42: Measures of Central Tendency and Dispersion in Frequency Distributions
The ages of a sample of the students attending Sandhills Community College this semester are:
Problem-49: Testing Hypotheses: Two Sample Tests
Long Distance Carrier is trying to see the effect of offering “1 month free” with a monthly fi xed f...
Problem-15: Probability Distributions
Find the mean and standard deviation of the following binomial distributions:
Problem-3: Testing Hypotheses: One Sample Tests
If we reject a hypothesized value because it differs from a sample statistic by more than 1.75 stand...
Problem-08: Probability Distributions
Alan Sarkid is the president of the Dinsdale Insurance Company and he is concerned about the high co...
Problem-56: Testing Hypotheses: Two Sample Tests
The Dow-Jones Transportation Average is based on the closing prices of the common stocks of 20 airli...
Problem-47: Probability I: Introductory Ideas
The university's library has been randomly surveying patrons over the last month to see who is using...
Problem-57: Probability Distribution
Explain in your own words the difference between discrete and continuous random variables. What diff...
Problem-16: Estimation
The school board of For sight County considers its most important task to be keeping the average cla...
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-34: Probability I: Introductory Ideas
Rob Rales is preparing a report that his employer, the titre Corporation, will eventually deliver to...
Problem-11: Probability Distributions
Harry Byrd, the director of publications for the Baltimore Orioles is trying to decide how many prog...
Problem-07: Estimation
The Friends of the Psychics network charges $3 per minute to learn the secrets that can turn your li...
Problem-55: Probability Distribution
Which probability distribution is most likely the appropriate one to use for the following variables...
Problem-38: Grouping and Displaying data to convey meaning
Pamela Mason, a consultant for a small local brokerage firm, was attempting to design investment pro...
Problem-01: Probability I: Introductory Ideas
Give a collectively exhaustive list of the possible outcomes of tossing tow dice.
Problem-48: Probability I: Introductory Ideas
The southeast regional manager of General Express, a parcel-delivery firm, is worried about the like...
Problem-42: Grouping and Displaying data to convey meaning
Springfi eld is a college town with the usual parking problems. The city allows people who have rece...
Problem-58: Testing Hypotheses: Two Sample Tests
A manufacturer of pet foods was wondering whether cat owners and dog owners reacted differently to p...
Problem-60: Grouping and Displaying data to convey meaning
Cline has obtained information on Section Crew #3’s coal production per shift for the same 35-shift ...
Problem-7: Testing Hypotheses: One Sample Tests
A grocery store has specially packaged oranges and has claimed a bag of oranges will yield 2.5 quart...
Problem-36: Chi-Square and Analysis of Variance
Genes-and-Jeans, Inc., offers clones of such popular jeans as Generic, DNA, RNA, and Oops. The store...
Problem-55: Grouping and Displaying data to convey meaning
The following responses were given by two groups of hospital patients, one receiving a new treatment...
Problem-46: Measures of Central Tendency and Dispersion in Frequency Distributions
The numbers of apartments in 27 apartment complexes in Cary, North Carolina, are given below.
Problem-29: Probability Distributions
If the prices of new cars increase an average of four times every 3 yeaes, find the probability of
Problem-36: Probability Distribution
The Orange County Dispute Settlement Center handles various kinds of disputes, but most are marital ...
Problem-44: Grouping and Displaying data to convey meaning
The National Safety Council randomly sampled the tread depth of 60 right front tires on passenger ve...
Problem-44: Chi-Square and Analysis of Variance
A psychologist is aware of studies showing that the variability of attention spans of 5-year olds ca...
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-58: Chi-Square and Analysis of Variance
For the following contingency table, calculate the observed and expected frequencies and the
chi-sq...
Problem-78: Testing Hypotheses: One Sample Tests
A manufacturer of a vitamin supplement for newborns inserts a coupon for a free sample of its produc...
Problem-85: Probability I: Introductory Ideas
BMT, Inc., is trying to decide which of two oil pumps to use in its new race car engine. One pump pr...
Problem-52: Testing Hypotheses: One Sample Tests
Health Electronics, Inc., a manufacturer of pacemaker batteries, specifies that’ the life of each ba...
Problem-04: Measures of Central Tendency and Dispersion in Frequency Distributions
Child-Care Community Nursery can continue to be supported by the county social services office as lo...
Problem-71: Probability I: Introductory Ideas
In a staff meeting called to address the problem of returned checks at the supermarket where you are...
Problem-74: Probability I: Introductory Ideas
F. Liam Laytor, supervisor of customer relations for GLF Airlines, is studying his company’s overboo...
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