Minhajur Rahaman
Principals of Accounting Solutions
Problem-12: Corporations: Dividends, Retained Earnings, and Income Reporting
Before preparing financial statements for the current year, the chief accountant for Toso Company di...
Problem-1: Cost Volume Profit
Vin Diesel owns the Fredonia Barber Shop. He employs four barbers and pays each a base rate of $1,25...
Problem-4: Job Order Costing
Agassi Company uses a job order cost system in each of its three manufacturing departments. Manufact...
Problem-10: Budgetary Planning
DeWitt Industries has adopted the following production budget for the first 4 months of 2020.
Month...
Problem-26: Long-Term Liabilities
Lorance Corporation issued $400,000, 7%, 20-year bonds on January 1, 2020, for $360,727. This price ...
Problem-10: Accounting for Partnerships
Coburn (beginning capital, $60,000) and Webb (beginning capital $90,000) are partners. During 2019, ...
Problem-07: Corporations: Dividends, Retained Earnings, and Income Reporting
Knudsen Corporation was organized on January 1, 2019. during its first year, the corporation issued ...
Problem-7: The Recording Process
Selected transactions for A. Mane, an interior decorator, in her first month of business, are as fol...
Problem-8: The Recording Process
The following information relates to Sanculi Real Estate Agency:
Oct. 1
Alan Sanculi begins ...
Problem-1: Accounting for Merchandising Operations
Kern's Book Warehouse distributes hardcover looks to retail stores and extends credit terms of 2/10,...
Problem-6: Accounting for Merchandising Operations
At the end of Donaldson Department Store's fiscal year on November 30, 2019, these accounts appeared...
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-21: Financial Statement Analysis
For its fiscal year ending October 31, 2020, Haas Corporation reports the following partial data sho...
Problem-26: Accounting for Merchandising Operations
Below is a series of cost of goods sold sections for companies B, F, L, and R.
Instructions
Fill...
Problem-11: Inventories
Rayre Books uses the retail inventory method to estimate its monthly ending inventories. The followi...
Problem-08: Process Costing
Robert Wilkins has prepared the following list of statements about process cost accounting.Contact u...
Problem-17: Standard Costs and Balanced Scorecard
Levine Inc. which produces a single product, has prepared the following standard cost sheet for one ...
Problem-06: Long-Term Liabilities
Paris Electric sold $3,000,000, 10%, 10-year bonds on January 1, 2019. The bonds were dated January ...
Problem-15: Accounting for Receivables
Presented below are two independent situations.
On March 3, Kitselman Appliances sells $650,000 of ...
Problem-9: Cost Volume Profit
Family Furniture Corporation incurred the following costs.
Wood used in the production of furniture...
Problem-04: Corporations: Dividends, Retained Earnings, and Income Reporting
On January 1, 2020, Ven Corporation had the following stockholders equity accounts
Common Stock (...
Problem-19: Process Costing
David Skaros has recently been promoted to production manager. He has just started to receive variou...
Problem-9: The Recording Process
Marx Industries had the following transactions:
Borrowed $5,000 from the bank by signing a note.
...
Problem-24: Process Costing
Kowalski Company manufactures a number of specialized machine parts. Part Compo-24 uses $35 of direc...
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-8: Completing the Accounting Cycle
The adjusted trial balance columns of the worksheet for Savaglia Company are as follows
Savaglia Co...
Problem-3: Accounting in Action
On June 1, Cindy Godfrey started Divine Designs Co., a company that provides cash opportunities by i...
Problem-09: Investments
Hulse Company had the following transactions pertaining to stock investments.
Feb. 1Purchased 600 s...
Problem-10: Cost Volume Profit
Marty Moser wants Moser Company to use CVP analysis to study the effects of changes in costs and vol...
Problem-19: Statement of Cash Flows
Rodriquez Corporation's comparative balance sheets are presented below.
Rodriquez CorporationCompar...
Problem-3: Completing the Accounting Cycle
The completed financial statement columns of the worksheet for Bray Company are shown as follows.
B...
Problem-06: Investments
The following data, presented in alphabetical order, are taken from the records of Nieto Corporation...
Problem-01: Statement of Cash Flows
You are provided with the following transactions that took place during a recent fiscal year.
Ins...
Problem-4: Adjusting the Accounts
A review of the ledger of Remina Company at December 31, 2019, produces the following data pertainin...
Problem-13: Standard Costs and Balanced Scorecard
Stefani Company has gathered the following information about its product.
Direct materials. Each un...
Problem-16: Process Costing
Baden Company has gathered the following information.
Instruction
Compute equivalent units of pr...
Problem-17: Statement of Cash Flows
Rojas Corporation's comparative balance sheets are presented below.
Rojas CorporationComparative Ba...
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-11: Current Liabilities and Payroll Accounting
Gallardo Co. is involved in a lawsuit as a result of an accident that took place September 5, 2020. ...
Problem-24: Statement of Cash Flows
Comparative balance sheets for International Company are presented below
International CompanyCompa...
Problem 6: Incremental Analysis and Capital Budgeting
Lon Timur is an accounting major at a midwestern state university located approximately 60 miles fro...
Problem-23: Statement of Cash Flows
The following information is taken from the 2020 general ledger of Swisher Company
Instructions
...
Problem-23: Inventories
Charapata Company applied FIFO to its inventory and got the following results for its ending invento...
Problem-12: Current Liabilities and Payroll Accounting
Younger Online Company has the following liability accounts after posting adjusting entries: Account...
Problem-08: Investments
Flynn Company purchased 70 Rinehart Company 6%, 10- year, $1,000 bonds on January 1, 2020, for $70,0...
Problem-14: Accounting for Receivables
On December 31, 2019, Ling Co. estimated that 2% of its net sales of $450,000 will become uncollecti...
Problem-10: Current Liabilities and Payroll Accounting
Betancourt Company sells automatic can openers under a 75-day warranty for defective merchandise, Ba...
Problem-6: Budgetary Planning
Krause Industries balance sheet at December 31, 2020, is presented below.
Problem-10: Corporations: Organization and Capital Stock Transactions
Quay Co. had the following transactions during the current period.
Mar. 2Issued 5,000 shares of $...
Business Statistics Solutions
Problem-41: Measures of Central Tendency and Dispersion in Frequency Distributions
Here are the ages in years of the cars worked on by the Village Autohaus last week:
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-02: Probability Distributions
ob Walters, who frequently invests in the stock market, carefully studies any potential investment. ...
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-51: Testing Hypotheses: One Sample Tests
For the following situations, state appropriate null and alternative hypotheses.
(a) The Census Bu...
Problem-09: Measures of Central Tendency and Dispersion in Frequency Distributions
The production manager of Hinton Press is determining the average time needed to photograph one prin...
Problem-10: Chi-Square and Analysis of Variance
A newspaper publisher, trying to pinpoint his market’s characteristics, wondered whether newspaper r...
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-58: Testing Hypotheses: Two Sample Tests
A manufacturer of pet foods was wondering whether cat owners and dog owners reacted differently to p...
Problem-04: Grouping and Displaying data to convey meaning
Use the data from transmission Fix-It as followsThe company financial VP has set up what she calls a...
Problem-49: Probability I: Introductory Ideas
Given: The probabilities of three events, A, B, and C, occurring are P(A)= 0.35, P(B)= 0.45, and P(C...
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-09: Testing Hypotheses: Two Sample Tests
BullsEye Discount store has always prided itself on customer service. The store hopes that all Bulls...
Problem-20: Measures of Central Tendency and Dispersion in Frequency Distributions
Matthews, Young and Associates, a management consulting firm, has four types of professionals on its...
Problem-55: Testing Hypotheses: Two Sample Tests
Ellen Singer asserted to one of her colleagues at Triangle Realty that homes in southern Durham Coun...
Problem-01: Measures of Central Tendency and Dispersion in Frequency Distributions
The frequency distribution below represents the weights in pounds of a sample of packages carried la...
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-64: Grouping and Displaying data to convey meaning
Jeanne Moreno is analyzing the waiting times for cars passing through a large expressway toll plaza ...
Problem-42: Testing Hypotheses: Two Sample Tests
General Cereals has just concluded a new advertising campaign for Fruit Crunch, its allnatural break...
Problem-57: Chi-Square and Analysis of Variance
The post office is concerned about the variability in the number of days it takes a letter to go
fr...
Problem-16: Probability Distributions
The latest nationwide political poll indicates that for Americans who are randomly selected, the pro...
Problem-61: Probability Distribution
Label the following probability distributions as discrete or continuous.
Problem-59: Probability I: Introductory Ideas
T.C Fox, marketing director for Metro-Goldmine Motion pictures, believes that the studio's upcoming ...
Problem-67: Testing Hypotheses: One Sample Tests
In 1996, it was estimated that about 72 percent of all U.S. households were cable TV sub- scribers. ...
Problem-02: Quality and Quality Control
Altoona Tire Company sells its ATC-50 tires with a 50,000-mile tread-life warranty. Lorrie Ackerman,...
Problem-12: Probability I: Introductory Ideas
During a recent bridge game, once the lead card had been played and the dummy's hand revealed, the d...
Problem-05: Probability Distributions
the only information available to you regarding the probability distribution of a set of outcomes is...
Problem-18: Estimation
In an automotive safety test conducted by the North Carolina Highway Safety Research Center, the ave...
Problem-34: Probability Distributions
On average, five birds hit the Washington Monument and are killed each week. Bill Garcy, an official...
Problem-03: Measures of Central Tendency and Dispersion in Frequency Distributions
Child-Care Community Nursery is eligible for a county social services grant as long as the average a...
Problem-36: Grouping and Displaying data to convey meaning
The Massachusetts Friends of Fish has the following data representing pollutants (in parts per milli...
Problem-17: Grouping and Displaying data to convey meaning
Here are the ages of 30 people who bought video recorders at symphony Music Shop last week:
Problem-25: Grouping and Displaying data to convey meaning
If the lawyer defending the airport is collecting data preparatory to going to trial, would she appr...
Problem-11: Grouping and Displaying data to convey meaning
High Performance Bicycle Products Company in Chapel Hill, North Carolina, Sampled its Shipping recor...
Problem-15: Probability I: Introductory Ideas
The office manager of an insurance company has the following data on the functioning of the copiers ...
Problem-05: Grouping and Displaying data to convey meaning
The number of hours taken by transmission mechanics to remove, repair and replace transmissions in o...
Problem-35: Probability I: Introductory Ideas
A grocery store is reviewing its restocking policies and has analyzed the number of half-gallon cont...
Problem-37: Probability I: Introductory Ideas
According to a survey, the probability that a family owns two cars if its annual income is greater t...
Problem-50: Testing Hypotheses: One Sample Tests
XCO, a multinational manufacturer, uses a batch process to produce widgets. Each batch of widgets ta...
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-70: Probability I: Introductory Ideas
An air traffi c controller at Dulles Airport must obey regulations that require her to divert one of...
Problem-06: Measures of Central Tendency and Dispersion in Frequency Distributions
The Frequency distributions below represents the time in seconds needed to serve a sample of custome...
Problem-36: Testing Hypotheses: One Sample Tests
From a total of 10,200 loans made by a state employees’ credit union in the most recent 5-year perio...
Problem-14: Testing Hypotheses: One Sample Tests
In a trial, the null hypothesis is that an individual is innocent of a certain crime. Would the lega...
Problem-33: Testing Hypotheses: One Sample Tests
A ketchup manufacturer is in the process of deciding whether to produce a new extra-spicy brand. The...
Problem-23: Grouping and Displaying data to convey meaning
Stock exchange listings usually contain the company name, the high and low bids, the closing price, ...
Problem-29: Chi-Square and Analysis of Variance
Given the measurements in the four samples that follow, can we conclude that they come from populati...
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-21: Probability I: Introductory Ideas
An urn contains 75 marbles: 35 are blue, and 25 of these blue marbles are swirled. The rest of them ...
Problem-28: Grouping and Displaying data to convey meaning
Kessler's Ice Cream Delight attempts to keep all of its 55 flavors of ice cream in stock at each of ...
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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: Accounting for Merchandising Operations
Kern's Book Warehouse distributes hardcover looks to retail stores and extends credit terms of 2/10,...
Problem-1: The Recording Process
Holz Disc Golf Course was opened on March 1 by Ian Holz. The following selected events and transacti...
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-2: Plant Assets, Natural Resources and intangible Assets
In recent years, Avery Transportation purchased three used buses. Because of frequent turnover in th...
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: 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: Inventories
Dempsey Inc is a retailer operating in British Columbia. Dempsey uses the perpetual inventory method...
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-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-9: Accounting for Merchandising Operations
Information related to Kerber Co. is presented below
On April 5, purchased merchandise from Wilkes ...
Problem-17: Inventories
Moath Company reports the following for the month of June.
Instructions
Compute the cost of en...
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...
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 ...
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-01: Corporations: Organization and Capital Stock Transactions
DeLong Corporation was organized on January 1, 2020. It is authorized to issue 10,000 shares of 8%, ...
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 Long-Term Liabilities Corporations: Organization and Capital Stock Transactions