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Financial Accounting 11 Chapter 3
1. 2. 3. 4. 31 800 800 + – = $800 Dec. 31 920 920 + – = $920 Mar. 31 100 100 $1,900 300 $1,600 June 30 230 230 (÷6) ×1= Wages Expense To record depreciation for the month Supplies Expense $380 To record supplies used during the year Insurance ExpenseDec. Accumulated Depreciation—Office Equipment $980 $700 $440 Prepaid Insurance Supplies Less accumulated depreciation Office equipment Chapter 3, SE 5. Balance Sheet Presentation: a $1,040 Chapter 3, SE 2. c $460 Chapter 3, SE 1. Chapter 3, SE 3. d Chapter 3, SE 4. Wages Payable To record wages accrued at
Financial Accounting 11 Chapter 5
1. 2. 3. 4. = $ 5,000 + + + = $14,000 =– = $14,000 – = $7,500 40 25 (33) 32 Less creditors' payment terms Financing period Chapter 5, SE 3. Days to sell inventory Add days to collect for the sale Chapter 5, SE 2. Financial ratios computed d c THE OPERATING CYCLE AND MERCHANDISING OPERATIONS Chapter 5, SE 1. Working Capital Current Assets $6,500 Current Assets $6,000$2,000 $1,000 CHAPTER 5—Solutions a b $14,000 = $6,500 Current Liabilities Current Liabilities Current Ratio Current Assets 2.15== 252 ×2% –= ×= –= 8/10 970 8/3 105 Bal.** 970 8/10 970 8/3
Financial Accounting 11 Chapter 12
1. b 4. 2. c 5. 3. a 6. (+) ÷2 ––+ 22.8% Cash Flows to Assets Net Cash Flows from Operating Activities Average Total Assets Net Cash Flows from Operating Activities c $90,000 Chapter 12, SE 1. = $20,000 = = = CHAPTER 12—Solutions The Statement of Cash Flows Chapter 12, SE 2. d c = = Free Cash Flow =$90,000= = = Cash Flow Yield = 2.0 Times $275,000 $395,000 $90,000 $20,000 Net Cash Flows from Operating Activities – Dividends – $250,000 $60,000 $10,000 34.3% Sales Net Cash Flows from Operating Activities $45,000 Net Income = $90,000 Cash Flows
Financial Accounting 11 Chapter 10
1. 2. 3. 4. 5. a. b. c. d. e. f. g. Reduction in Debt $200 ** 201 ** 203 ÷12 = 149,599 149,3963 2 Unpaid Balance 1 Chapter 10, SE 3. Interest for 1 on Unpaid Balance 149,800$1,000 at End of Period $150,000 0.006667 Rounded Monthly 6 5 * 997 999 Month at 0.6667%* ** 8% Payment 1,200 $1,200 1,200 Month 0 Disadvantage CHAPTER 10—Solutions LONG-TERM LIABILITIES Advantage Disadvantage 3 2 Advantage Advantage 4 Chapter 10, SE 1. 7 Chapter 10, SE 2. 1 467 * ÷ 12 = ** 2011 Dec. 31 35,000 5,000 30,000 $481,472 58,200 $ 539,672
Financial Accounting Plus Mylab Accounting With Pearson Etext 11 Chapter 13
13-1 Chapter 13 Financial Statement Analysis Ethics Check (5-10 min.) EC 13-1 a. Integrity b. Due care c. Objectivity and independence d. Integrity 13-2 Short Exercises (5-10 min.) S 13-1 Increase (Decrease) (Dollars in thousands) 2016 2015 2016 2015 2013 Amount Percent Amount Percent Revenues $20,289 $20,045 $18,449 $244 1.2% $1,596 8.7% Expenses 10,701 10,409 10,180 Net income $ 9,588 $ 9,636 $ 8,269 $ (48) (0.5)% $1,367 16.5% (5-10 min.) S 13-2 Trend percentages: 2016 2015 2014 2013 Sales ................... 126% 118% 110% 100% Net income ......... 158% 112% 106% 100% 13-3 (10-15 min.) S 13-3 2016 2015 2014 Amount
Financial Accounting Plus Mylab Accounting With Pearson Etext 11 Chapter 12
12-1 Chapter 12 The Statement of Cash Flows Ethics Check (5-10 min.) EC 12-1 a. Integrity b. Due care c. Objectivity and independence d. Integrity 12-2 Short Exercises (10 min.) S 12-1 The statement of cash flows helps investors and creditors: a. Predict future cash flows by reporting past cash receipts and payments, which are reasonably good predictors of future cash receipts and payments. b. Evaluate management decisions by reporting on how managers got cash and how they used cash to run the business. 12-3 (10-15 min.) S 12-2 DATE: _______________ TO: Managers of Sowell Enterprises, Inc. FROM: Student Name SUBJECT:
Financial Accounting Plus Mylab Accounting With Pearson Etext 11 Chapter 11e
4-1 Chapter 4 Internal Control & Cash Ethics Check (5-10 min.) EC 4-1 a. Integrity b. Objectivity and independence c. Integrity d. Due care 4-2 Short Exercises (5 min.) S 4-1 Fraud is an intentional misrepresentation of facts, made for the purpose of persuading another party to act in such a way that causes injury or damage to that party. The Three Components of the Fraud Triangle 1. Motive — Fraud generally results from either critical need or greed on the part of the perpetrator. Regardless of whether the driving force is need or greed most perpetrators are driven to attempt
Financial Accounting Plus Mylab Accounting With Pearson Etext 11 Chapter 10
10-1 Chapter 10 Stockholders’ Equity Ethics Check (5-10 min.) EC 10-1 a. Integrity b. Objectivity and independence c. Due care d. Objectivity and independence 10-2 Short Exercises (5-10 min.) S 10-1 Corporation’s advantages: • Continuous life • Transferability of ownership • Limited liability of the stockholders • Ease of raising capital Corporation’s disadvantages: • Double taxation of distributed profits • Government regulation • Separation of ownership and management The authority structure of a corporation begins with shareholders, who hold ultimate power. Shareholders elect the board of directors who in turn appoint officers. The board elects a chairperson (CEO), who is usually
Financial Accounting Plus Mylab Accounting With Pearson Etext 11 Chapter 11e
Chapter 1 The Financial Statements Ethics Check (5-10 min.) EC 1-1 a. Integrity b. Objectivity and independence c. Integrity d. Due care Short Exercises (5 min.) S 1-1 1. Assets are the economic resources of a business that are expected to produce a benefit in the future. Owners’ equity represents the insider claims of a business, the owners’ interest in its assets. Assets and owners’ equity differ in that assets are resources and owners’ equity is a claim to assets. Assets must be at least as large as owners’ equity, so equity can be smaller than assets. 2. Both liabilities and