Minhajur Rahaman
Principals of Accounting Solutions
Problem-4: Accounting for Merchandising Operations
Yolanda Hagen, a former disc golf star, operates Yolanda's Discorama. At the beginning of the curren...
Problem-8: The Recording Process
The following information relates to Sanculi Real Estate Agency:
Oct. 1
Alan Sanculi begins ...
Problem-3: Inventories
Sekhon Company had a beginning inventory on January 1 of 160 units of Product 4-18-19 at a cost of $...
Problem-22: Standard Costs and Balanced Scorecard
Byrd Company produces one product, a putter called GO-putter. Byrd use a standard cost system and de...
Problem-02: Investments
In January 2020, the management of Kinzie Company concludes that it has sufficient cash to permit so...
Problem-09: Accounting for Partnerships
McGill and Smyth have capital balances on January 1 of $50,000 and $40,000, respectively. The partne...
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-29: Accounting for Merchandising Operations
Presented below are selected accounts for T. Swift Company as reported in the worksheet at the end o...
Problem-21: Accounting for Receivables
On May 2, McLain Company lends $9,000 to Chang, Inc., issuing a 6-month, 9% not. at the maturity dat...
Problem-05: Current Liabilities and Payroll Accounting
For the year ended December 31, 2019, Denkinger Electrical Repair Company reports the following summ...
Problem-24: Long-Term Liabilities
Adcock Company issued $600,000, 9%, 20-year bonds on January 1, 2019, at 103. interest is payable an...
Problem-17: Accounting for Receivables
Colaw Stores accepts both its own and national credit cards. During the year, the following selected...
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-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-08: Statement of Cash Flows
Data for Nosker Company are presented in bellow.
Nosker Company.Comparative Balance SheetsDecember ...
Problem-05: Accounting for Partnerships
On December 31, the capital balances and income ratios in TEP Companyare as follows.
PartnerCapital...
Problem-18: Completing the Accounting Cycle
These financial statement items are for Basten Company at year-end, July 31, 2019.
Salaries and Wag...
Problem-25: Long-Term Liabilities
Gridley Company issued $800,000, 11%, 10-year bonds on December 31, 2020, for $730,000. Interest is ...
Problem-7: The Recording Process
Selected transactions for A. Mane, an interior decorator, in her first month of business, are as fol...
Problem-21: Inventories
Smart Watch Company reported the following income statement data for a 2-year period.
Smat uses a...
Problem-09: Financial Statement Analysis
The ledger of Jaime Corporation at December 31,2020, contains the following summary data.
Your an...
Problem-09: Statement of Cash Flows
Condensed financial data of Cheng Inc. follow.
Cheng Inc.Comparative Balance SheetsDecember 31
C...
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-1: Accounting for Receivables
At December 31, 2018, House Co. reported the following information on its balance sheet.
Accounts r...
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-27: Inventories
Moath company reports the following for the month of June.
Instructions
Calculate the cost of...
Problem-05: Corporations: Dividends, Retained Earnings, and Income Reporting
On January 1, 2020, Shellenburger Inc. had the following stockholders' equity account balances.
C...
Problem-03: Current Liabilities and Payroll Accounting
Mann Hardware has four employees who are paid on an hourly basis plus time-and-a-half for all hours ...
Problem-14: Budgetary Planning
Rodriguez, Inc, is preparing its direct labor budget for 2020 from the following production budget b...
Problem-10: Adjusting the Accounts
The ledger of Passehl Rental Agency on March 31 of the current year includes the selected accounts, ...
Problem-6: Inventories
You are provided with the following information for Gobler Inc. uses the periodic method of accounti...
Problem-8: Completing the Accounting Cycle
The adjusted trial balance columns of the worksheet for Savaglia Company are as follows
Savaglia Co...
Problem-16: Investments
Data for investments in stock classified as trading securities are presented in E 16-10. Assume inst...
Problem-10: Financial Statement Analysis
Financial information for Kurzen Inc. is presented below.
Instructions
Prepare a schedule showin...
Problem-09: Corporations: Dividends, Retained Earnings, and Income Reporting
On October 31, the stockholders equity section of Heins Company consists of common stock $500,000 an...
Problem-16: Cost Volume Profit
Billings Company has the following information available for September 2020.
Problem-19: Accounting for Receivables
Record the following transactions for Redeker Co. in the general journal.
2020
May 1Received a $9,...
Problem-13: Inventories
Kari Downs, an auditor with Wheeler CPAs, is performing a review of Depue Company's inventory accoun...
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-06: Process Costing
Hamilton processing Company uses a weighted average process cost system and manufactures a single pr...
Problem-02: Financial Statement Analysis
The comparative statements of Painter Tool Company are presented below
All sales were on account....
Problem-3: Fraud, Internal Control, and Cash
The bank portion of the bank reconciliation for Langer Company at November 30, 2019, was as follows
...
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-22: Financial Statement Analysis
Trayer Corporation has income from continuing operations of $290,000 for the year ended December 31,...
Problem-9: Accounting for Merchandising Operations
Information related to Kerber Co. is presented below
On April 5, purchased merchandise from Wilkes ...
Problem-6: Plant Assets, Natural Resources and intangible Assets
Ceda Co. has equipment that cost $80,000 and that has been depreciated $50,000.
Instructions
Rec...
Problem-01: Investments
Vilander Carecenters Inc. provides financing and capital to the healthcare industry, with a particul...
Business Statistics Solutions
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-08: Grouping and Displaying data to convey meaning
A recent concerning the habits of U.S. cable television consumers produced the following data.
Problem-64: Probability Distribution
Reginald Dunfey, president of British World Airlines, is fiercely proud of his company's on-time per...
Problem-47: Grouping and Displaying data to convey meaning
In the population under study, there are 2,000 women and 8,000 men. If we are to select a sample of ...
Problem-13: Measures of Central Tendency and Dispersion in Frequency Distributions
Dave’s Giveaway Store advertises, “If our average prices are not equal or lower than everyone else’s...
Problem-52: Grouping and Displaying data to convey meaning
State University has three campuses, each with its own business school. Last year, State’s business ...
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-45: Grouping and Displaying data to convey meaning
The High Point Fastener Company produces 15 basic items. The company keeps records on the number of ...
Problem-25: Chi-Square and Analysis of Variance
A professional baseball player, Lon Dakestraw, was at bat fi ve times in each of 100 games. Lon clai...
Problem-68: Grouping and Displaying data to convey meaning
Jeanne Moreno’s employer, the state Department of Transportation, recently worked with a nearby comp...
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-14: Probability I: Introductory Ideas
General Buck Turgidson is preparing to make his annual budget presentation to the U.S. Senate and is...
Problem-03: Probability I: Introductory Ideas
Which of the following are pairs of mutually exclusive events in the drawing of one card from a stan...
Problem-68: Probability I: Introductory Ideas
McCormick and Tryon, Inc., is a “shark watcher,” hired by fi rms fearing takeover by larger companie...
Problem-54: Probability I: Introductory Ideas
EconOcon is planning its company picnic. The only thing that will cancel the picnic is a thunderstor...
Problem-43: Testing Hypotheses: Two Sample Tests
Ben & Jerry's Homemade, inc. is an unconventional manufacturer of super-premium ice cream known for ...
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-61: Grouping and Displaying data to convey meaning
Virginia Suboleski is an aircraft maintenance supervisor. A recent delivery of bolts from a new supp...
Problem-56: Grouping and Displaying data to convey meaning
The head of a large business department wanted to classify the specialties of its 67 members. He ask...
Problem-31: Probability I: Introductory Ideas
George, Richard, Paul, and John play the following game. Each man takes one of four balls numbered 1...
Problem-29: Grouping and Displaying data to convey meaning
Doug Atkinson is the owner and ticket collector for a ferry that transports people and cars from Lon...
Problem-45: Probability I: Introductory Ideas
Al Cascade, president of the Litre Corporation, is studying his company's chances of being awarded a...
Problem-05: Probability Distributions
the only information available to you regarding the probability distribution of a set of outcomes is...
Problem-19: Grouping and Displaying data to convey meaning
John Lyon, owner of Fowler's Food Store in Chapel Hill, North Carolina, has arranged his customers p...
Problem-23: Measures of Central Tendency and Dispersion in Frequency Distributions
Hayes Textiles has shown the following percentage increase in net worth over the last 5 years.
Problem-86: Probability I: Introductory Ideas
Sandy Irick is the public relations director for a large pharmaceutical fi rm that has been attacked...
Problem-49: Probability Distribution
Glenn Howell VP of personnel for the Standard Insurance Company, has developed a new training progra...
Problem-60: Testing Hypotheses: Two Sample Tests
A group of British Physicians replicated a U.S. management survey of medical directors, asking which...
Problem-42: Chi-Square and Analysis of Variance
MacroSwift has designed a new operating system that will revolutionize the computing industry. The o...
Problem-26: Chi-Square and Analysis of Variance
A study compared the number of hours of relief provided by five different brands of antacid administ...
Problem-82: Probability I: Introductory Ideas
A produce shipper has 10,000 boxes of bananas from Ecuador and Honduras. An inspection has determine...
Problem-55: Chi-Square and Analysis of Variance
Two brand managers were in disagreement over the issue of whether urban homemakers had
greater vari...
Problem-10: Chi-Square and Analysis of Variance
A newspaper publisher, trying to pinpoint his market’s characteristics, wondered whether newspaper r...
Problem-34: Chi-Square and Analysis of Variance
The manufacturer of silicon chips requires so-called clean rooms, where the air is specially filtere...
Problem-15: Estimation
Gwen Taylor, apartment manager for Willow Wood Apartments, wants to inform potential renters about h...
Problem-67: Probability Distribution
Anita Daybride is a Red Cross worker aiding earthquake victims in rural Colombia.
Problem-60: Chi-Square and Analysis of Variance
What probability distribution is used in each of these types of statistical tests?
(a) Comparing tw...
Problem-65: Probability I: Introductory Ideas
The scheduling offi cer for a local police department is trying to decide whether to schedule additi...
Problem-20: Sampling and Sampling Distributions
For a population of size N = 80 with a mean of 8.2 and a standard deviation of 2.1, find the standar...
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-05: Sampling and Sampling Distributions
In a normal distribution with mean 56 and standard deviation 21, how large a sample must be taken so...
Problem-10: Estimation
From a population known to have a standard deviation of 1.4, a sample of 60 individuals is taken. Th...
Problem-62: Probability I: Introductory Ideas
Isaac T.Olduso, an engineer for Atlantic Aircraft, disagrees, with his supervisor about the likeliho...
Problem-35: Probability Distributions
Southwestern Electronic has developed a new calculator that performance a series of functions not ye...
Problem-67: Probability I: Introductory Ideas
The American Cancer Society is planning to mail out questionnaires concerning breast cancer. From pa...
Problem-36: Testing Hypotheses: Two Sample Tests
A car retailer thinks that a 40,000-mile claim for tire life b y the manufacturer is too high. She c...
Problem-58: Grouping and Displaying data to convey meaning
The Kawahondi Computer Company compiled data regarding the number of interviews required for each of...
Problem-27: Testing Hypotheses: Two Sample Tests)
Two different areas of a large eastern city are being considered as sites for day-care centers. Of 2...
Problem-51: Probability Distribution
R. V. Poppin, the concession stand manager for the local hockey rink, just had 2 cancellations on hi...
Problem-53: Testing Hypotheses: Two Sample Tests
The MBA program at Piedmont Business School offers Analytic Skills Workshop (ASW) during the summer ...
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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