Solution Manual For Fundamental Accounting Principles, 25th Edition, John Wild all Chapters 1-26

Solution Manual For
Fundamental Accounting Principles, 25th Edition,
John Wild
Chapter 1-26
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Chapter 1
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Accounting in Business
QUICK STUDIES
C
Quick Study 1-1 (10 minutes)

1. f Artificial Intelligence
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2. c Recording
3. h Recordkeeping (bookkeeping)
N

Quick Study 1-2 (10 minutes)
N

a. External user g. External user
b. External user h. External user
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c. External user i. Internal user
d. External user j. External user
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e. Internal user k. External user
f. External user l. External user
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Quick Study 1-3 (10 minutes)
1. Opportunity 4. Opportunity
2. Pressure 5. Pressure
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3. Rationalization 6. Rationalization
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Quick Study 1-4 (5 minutes)
1. Principle 3. Assumption
2. Assumption 4. Principle
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, 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
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3. Legal entity no no yes yes
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Quick Study 1-6 (10 minutes)
1. Revenue recognition principle
2. Measurement (cost) principle
C
3. Business entity assumption
O

Quick Study 1-7 (5 minutes)
N
Assets = Liabilities + Equity
$700,000 (a) $280,000 $420,000
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$500,000 (b) $250,000 (b) $250,000
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Quick Study 1-8 (10 minutes)
IS
1.
Assets = Liabilities + Equity
$75,000 (a) $35,000 $40,000
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(b) $95,000 $25,000 $70,000
$85,000 $20,000 (c) $65,000
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2.
+ Owner, - Owner,
Assets = Liabilities + Revenues - Expenses
Capital Withdrawals
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$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




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, Quick Study 1-9 (5 minutes)
a. Increase
b. Decrease
c. Increase
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d. Decrease
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Quick Study 1-10 (15 minutes)

Assets = Liabilities + Equity
Accounts Accounts Owner, Owner,
Cash + = + - + Revenues - Expenses
Recble. Payable Capital Withdrawals
C
(a) $5,500 = $5,500
Consulting


(b) + $4,000 = + 4,000
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Commission


Bal. 5,500 + 4,000 = + 9,500
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(c) -1,400 = - $1,400
Wages
N
Bal. 4,100 + 4,000 = + 9,500 - 1,400

(d) +1,000 + - 1,000 = -
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Bal. 5,100 + 3,000 = + 9,500 - 1,400

(e) -700 + = - 700
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Cleaning


Bal. $4,400 + $3,000 = + $9,500 - $2,100
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, Quick Study 1-11 (15 minutes)

Assets = Liabilities + Equity
Owner,
Accts. Owner,
Cash + Supplies + Equip. + Land = + - With- + Rev. - Exp.
Pay. Capital
drawals
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(a) $15,000 = $15,000

(b) -500 + $500 =
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Bal. 14,500 + 500 = + 15,000

(c) + $10,000 = 10,000
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Bal. 14,500 + 500 + 10,000 = + 25,000

(d) + 200 = +$200
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Bal. 14,500 + 700 + 10,000 = 200 + 25,000
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(e) -9,000 + $9,000 =

Bal. $5,500 + $700 + $10,000 + $9,000 = $200 + $25,000
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Quick Study 1-12 (10 minutes)
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a. Balance sheet e. Balance sheet
b. Statement of cash flows f. Statement of cash flows
c. Balance sheet g. Income statement
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d. Income statement h. Balance sheet
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