Principals of Accounting Solutions
Problem-24: Budgetary Control and Responsibility Accounting
The Ferrell Transportation Company uses a responsibility reporting system to measure the performance...
Problem-19: Managerial Accounting
University Company produces collegiate apparel. From its accounting records, it prepares the followi...
Problem-15: Corporations: Organization and Capital Stock Transactions
Gillian corporation recently hired a new accountant with extensive experience in accounting for part...
Problem-16: Investments
Data for investments in stock classified as trading securities are presented in E 16-10. Assume inst...
Problem-03: Statement of Cash Flows
The income statement of Whitlock Company is presented here.
Additional information
Accounts rece...
Problem-5: Completing the Accounting Cycle
Anya Clark opened Anya's Cleaning Service on July 1, 2019. During July, the following transactions w...
Problem-22: Corporations: Dividends, Retained Earnings, and Income Reporting
At December 31, 2020, Millwood Corporation has 2,000 shares of $100 par value, 8%, preferred stock o...
Problem-16: Current Liabilities and Payroll Accounting
Ramirez Company has the following data for the weekly payroll ending January 31.
Employees are pa...
Problem-20: Statement of Cash Flows
Macgregor Company completed its first year of operations on December 31, 2020. Its initial income st...
Problem-09: Corporations: Organization and Capital Stock Transactions
Osage Corporation issued 2,000 shares of stock.
Instruction
The stock had a par value of $5 per sh...
Problem-17: Job Order Costing
Don Lieberman and Associates, a CPA firm, uses job order costing to capture costs of its audit jobs....
Problem-2: Managerial Accounting
Bell company, a manufacturer of audio systems, started its production in October 2020. Fort the prec...
Problem-6: Budgetary Planning
Krause Industries balance sheet at December 31, 2020, is presented below.
Problem-19: Corporations: Dividends, Retained Earnings, and Income Reporting
Ringold Corporation has outstanding at December 31, 2019, 50,000 shares of $20 par value, cumulative...
Problem-20: Completing the Accounting Cycle
On December 31, the adjusted trial balance of Shihata Employment Agency shows the following selected...
Problem 17: Incremental Analysis and Capital Budgeting
Iggy Company is considering three capital expenditure projects. Relevant data for the projects are a...
Problem-25: Accounting for Merchandising Operations
On January 1, 2019, Brooke Hanson Corporation had inventory of $50,000. At December 31, 2019, Brooks...
Problem-14: Cost Volume Profit
Spencer kars provides shuttle services between four hotels near a medical center and an internationa...
Problem-6: Standard Costs and Balanced Scorecard
Jorgensen Corporation uses standard costs with its job order cost accounting system. In January, an ...
Problem-07: Investments
Jenek Corporation had the following transactions pertaining to debt investments
Purchased 50 9%, $1...
Problem-12: Long-Term Liabilities
On January 1, 2019, Forrester Company issued $400,000, 8%, 5-year bonds at face value. Interest is p...
Problem-9: Standard Costs and Balanced Scorecard
Using the information in P25-1A, compute the overhead controllable variance and the overhead volume ...
Problem-20: Accounting for Receivables
Vandiver Company had the following select transactions
Apr. 1, 2019Accepted Goodwin Company's 12-mo...
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-13: Investments
Presented below are two independent situations.
Gambino Cosmetics acquired 10% of the 200,000 share...
Problem-18: Standard Costs and Balanced Scorecard
The following direct materials and drict labor data pertain to the operations of Laurel Company for ...
Problem-21: Corporations: Dividends, Retained Earnings, and Income Reporting
The financial information is available for Klinger Corporation
The weighted-average number of sha...
Problem-12: Inventories
Tri-State Bank and Trust is considering giving Wilfred Company a loan. Before doing so, management d...
Problem-7: Job Order Costing
Stine Company uses a job order cost system. On May 1, the company has a balance in Work in process I...
Problem-11: Corporations: Dividends, Retained Earnings, and Income Reporting
During 2019, Roblez Corporation had the following transactions and events
Declared a cash dividend....
Problem-3: Budgetary Planning
Hill Industries had sales in 2020 of $6,800,000 and gross profit of $1,100,000. Management is consid...
Problem-14: Corporations: Organization and Capital Stock Transactions
Tran Corporation is authorized to issue both preferred and common stock. The par value of the prefer...
Problem-13: Inventories
Kari Downs, an auditor with Wheeler CPAs, is performing a review of Depue Company's inventory accoun...
Problem-18: Budgetary Planning
Fultz Company has accumulated the following budget data for the year 2020.
Problem 6: Incremental Analysis and Capital Budgeting
Lon Timur is an accounting major at a midwestern state university located approximately 60 miles fro...
Problem-17: Budgetary Planning
Kirkland Company combines its operating expenses for budget purposes in a selling and administrative...
Problem-7: Fraud, Internal Control, and Cash
Don Wyatt is unable to reconcile the bank balance at January 31. Don's reconciliation is as follows
...
Problem-05: Accounting for Partnerships
On December 31, the capital balances and income ratios in TEP Companyare as follows.
PartnerCapital...
Problem-2: The Recording Process
Emily Valley is a licensed dentist. During the first month of the operation of her business, the fol...
Problem-5: Accounting for Merchandising Operations
The trial balance of Gaolee Fashion Center contained the following accounts at November 30, the end ...
Problem-3: Budgetary Control and Responsibility Accounting
Zelmer Company manufactures tablecloths. Sales have grown rapidly over the past 2 years. As a result...
Problem-4: Accounting for Receivables
Rigney Inc. uses the allowance method to estimate uncollectable accounts receivable. The company pro...
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-15: Accounting for Partnerships
Prior to the distribution of cash to the partners, the accounts in the VUP company are Cash $24,000;...
Problem-9: Fraud, Internal Control, and Cash
The following information pertains to Crane Video Company
Cash balance per bank, July 31, $7,263.
...
Problem-13: Budgetary Planning
Fuqua Company's sales budget projects unit of part 198Z of 10,000 units in January, 12,000 units in ...
Problem-18: Accounting Information Systems
Selected Accounts from the ledgers of Youngblood Company at July 31 showed the following.
Instruc...
Problem-10: Job Order Costing
Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead co...
Problem-01: Financial Statement Analysis
Comparative statement data for Farris Company and Raizlaff Company, two competitors, appear below. A...
Business Statistics Solutions
Problem-23: Probability Distributions
A month later, Mayor Bruns picks up the morning edition of the city's leading newspaper, the sun-Ame...
Problem-75: Probability I: Introductory Ideas
An electronics manufacturer is considering expansion of its plant in the next 4 years. The decision ...
Problem-76: Testing Hypotheses: One Sample Tests
Refer to Exercise SC 8-5. Compute the power of the test for μ = 14,000, 13,500, and 13,000.Contact u...
Problem-36: Measures of Central Tendency and Dispersion in Frequency Distributions
The following data represent weights of gamefish caught on the charter boat Slickdrifter:
Problem-17: Probability Distributions
For a binomial distribution with n = 7 and p = 0.2, find
Problem-25: Probability I: Introductory Ideas
The Herr-McFee Company, which produces nuclear fuel rods,must X-ray and inspect each rod before ship...
Problem-27: Probability Distributions
Given a binomial distribution with n = 28 trials and p = 0.025, use the poisson approximation to the...
Problem-29: Testing Hypotheses: Two Sample Tests)
MacroSwift has recently released a new word-processing product, and they are interested in determini...
Problem-57: Probability I: Introductory Ideas
The physical therapist from Exercise 4-48 is interested in studying the relationship between foot in...
Problem-46: Chi-Square and Analysis of Variance
A bank is considering ways to reduce the costs associated with passbook savings accounts. The bank h...
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-09: Testing Hypotheses: Two Sample Tests
BullsEye Discount store has always prided itself on customer service. The store hopes that all Bulls...
Problem-74: Testing Hypotheses: One Sample Tests
Refer to Exercise 8-26. Compute the power of the test for μ = $41.95, $42.95, and $43.95.Contact us ...
Problem-29: Probability Distributions
If the prices of new cars increase an average of four times every 3 yeaes, find the probability of
Problem-35: Testing Hypotheses: One Sample Tests
Grant, Inc., a manufacturer of women’s dress blouses, knows that its brand is carried in 19 per- cen...
Problem-11: Measures of Central Tendency and Dispersion in Frequency Distributions
M. T. Smith travels the eastern United States as a sales representative for a textbook publisher. Sh...
Problem-25: Estimation
Oscar T. Grady is the production manager for Citrus Groves Inc., located just north of Ocala, Florid...
Problem-6: Testing Hypotheses: One Sample Tests
Computing World has asserted that the amount of time owners of personal computers spend on their mac...
Problem-48: Measures of Central Tendency and Dispersion in Frequency Distributions
The number of solar heating systems available to the public is quite large and their heat-storage ca...
Problem-44: Probability I: Introductory Ideas
If a hurricane forms in the eastern half of the Gulf of Mexico, there is a 76 percent chance that it...
Problem-37: Chi-Square and Analysis of Variance
The Government Accounting Office (GAO) is interested in seeing whether similar-sized offices spend ...
Problem-14: Testing Hypotheses: Two Sample Tests
To celebrate their fi rst anniversary, Randy Nelson decided to buy a pair of diamond earrings for hi...
Problem-59: Testing Hypotheses: One Sample Tests
Do significantly fewer closed end equity funds sell at a discount than at a premium ? Test at @=0.01...
Problem-61: Testing Hypotheses: Two Sample Tests
A firm is considering offering new-hire MBAs a housing allowance to compensate for differences in th...
Problem-03: Grouping and Displaying data to convey meaning
Transmission Fix-It stores recorded the number of service tickets submitted by each of its 20 stores...
Problem-13: Estimation
Because the owner of the Bard’s Nook, a recently opened restaurant, has had difficulty estimating th...
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-42: Probability I: Introductory Ideas
At a soup kitchen, a social worker gathers the following data. Of those visiting the kitchen, 59 per...
Problem-15: Sampling and Sampling Distributions
A ferry carries 25 passengers. The weight of each passenger has a normal distribution with mean 168 ...
Problem-10: Testing Hypotheses: Two Sample Tests
consumer-research organization routinely selects several car models each year and evaluates their f...
Problem-28: Chi-Square and Analysis of Variance
The following data show the number of claims processed per day for a group of four insurance company...
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-62: Probability I: Introductory Ideas
Isaac T.Olduso, an engineer for Atlantic Aircraft, disagrees, with his supervisor about the likeliho...
Problem-23: Testing Hypotheses: Two Sample Tests
Aquarius Health Club has been advertising a rigorous program for body conditioning. The club claims ...
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-19: Sampling and Sampling Distributions
Given a population of size N = 80 with a mean of 22 and a standard deviation of 3.2 what is the prob...
Problem-45: Testing Hypotheses: One Sample Tests
Realtor Elaine Snyderman took a random sample of 12 homes in a prestigious suburb of Chicago and fou...
Problem-02: Measures of Central Tendency and Dispersion in Frequency Distributions
Davis Furniture Company has a revolving credit agreement with the fast National Bank. The loan showe...
Problem-15: Estimation
Gwen Taylor, apartment manager for Willow Wood Apartments, wants to inform potential renters about h...
Problem-70: Testing Hypotheses: One Sample Tests
Assuming that the population is approximately normally distributed, is it reasonable to conclude, at...
Problem-43: Chi-Square and Analysis of Variance
MacroSwift has designed a new operating system that will revolutionize the computing industry. The o...
Problem-84: Probability I: Introductory Ideas
A standard set of pool balls contains 15 balls numbered from 1 to 15. Pegleg Woodhull, the famous bl...
Problem-16: Probability Distributions
The latest nationwide political poll indicates that for Americans who are randomly selected, the pro...
Problem-22: Chi-Square and Analysis of Variance
A large city fire department calculates that for any given precinct, during any given 8-hour shift, ...
Problem-33: Testing Hypotheses: Two Sample Tests
In preparation for contract-renewal negotiations, the United Manufacturing Workers surveyed its memb...
Problem-69: Probability Distribution
Consider the following data about sidley and Austin, a large law firm in Chicago.
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-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-58: Testing Hypotheses: Two Sample Tests
A manufacturer of pet foods was wondering whether cat owners and dog owners reacted differently to p...
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-6: Adjusting the Accounts
Johnson Graphics Company was organized on January 1, 2019, by Cameron Johnson. At the end of the fir...
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-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