WileyPlus Accounting Solutions

Accounting Principles, 12th Edition Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso ©2015

Complete testbank solutions for WileyPlus solutions online learning environment. Suitable for Accounting 1 and 2 in most colleges.

This is digital download – Official solutions manual accompanying Accounting Principles, 12th edition. WileyPlus Accounting answers, myaccountinglab.

This is not a textbook download!! It is the solutions manual for excercises in WileyPlus all exercises – including BE – DI – EX – P(#)A – BYP – and practice quizzes.

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ISBN-13: 978-1119036395
ISBN-10: 1119036399

Chapter Solutions for:

1 Accounting in Action
2 The Recording Process
3 Adjusting the Accounts
4 Completing the Accounting Cycle
5 Accounting for Merchandising Operations
6 Inventories
7 Accounting Information Systems
8 Fraud, Internal Control, and Cash
9 Accounting for Receivables
10 Plant Assets, Natural Resources, and Intangible Assets
11 Current Liabilities and Payroll Accounting
12 Accounting for Partnerships
13 Corporations: Organization and Capital Stock Transactions
14 Corporations: Dividends, Retained Earnings, and Income Reporting
15 Long-Term Liabilities
16 Investments
17 Statement of Cash Flows
18 Financial Statement Analysis
19 Managerial Accounting
20 Job Order Costing
21 Process Costing
22 Cost-Volume-Profit
23 Budgetary Planning
24 Budgetary Control and Responsibility Accounting
25 Standard Costs and Balanced Scorecard
26 Incremental Analysis and Capital Budgeting

Appendix A: Specimen Financial Statements: Apple Inc.
Appendix B: Specimen Financial Statements: PepsiCo, Inc.
Appendix C: Specimen Financial Statements: The Coca-Cola Company
Appendix D: Specimen Financial Statements: Amazon.com, Inc.
Appendix E: Specimen Financial Statements: Wal-Mart Stores, Inc.
Appendix F: Specimen Financial Statements: Louis Vuitton
Appendix G: Time Value of Money
Appendix H: Standards of Ethical Conduct for Managerial Accountants

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EXAMPLES

EXERCISE 7-2B

To: Danny Marshall, Chief Financial Officer

From: Student

Subject: Morgan Hoover account

The explanation of the three entries in the subsidiary ledger for the Morgan Hoover account is as follows:

• Sept.  4 This was a credit sale of merchandise to Hoover. The entry was recorded on page 29 of the Sales Journal.
• Sept.  7 This was a sales return or allowance granted to Hoover. The entry was recorded on page 4 of the General Journal.
• Sept. 27 This was a payment by Hoover of the balance due. The entry was recorded on page 9 of the Cash Receipts Journal.

EXERCISE 16-1B

Challenge Exercise 11-2 – Solution

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Chapter 6 – Multiple Choice

1. The cost flow method that results in the lowest income taxes when prices are rising is

a. average cost.
b. FIFO.
c. LIFO.
d. specific identification.

1. The data below are for Parrett Enterprises:

Beginning inventory            150 units at $2.00
Purchase—August                 375 units at $1.50
Purchase—October              150 units at $3.00

A periodic inventory system is used; ending inventory is 330 units. What is the ending inventory under FIFO?
a. $570
b. $743
c. $593
d. $720

1. Double-counting an inventory item at year end will result in
   a. understated tax liability.
   b. overstated cost of goods sold.
   c. overstated net income.
   d. understated beginning inventory for the next period.

*4. A retail company has goods available for sale of $300,000 at retail and $210,000 at cost, and ending inventory of $80,000 at retail. What is the estimated cost of goods sold?
a. $220,000
b. $154,000
c. $210,000
d. $56,000

*5. Which method might be used to estimate inventory costs when physical inventories are not taken?
a. First-in, first-out
b. Last-in, first-out
c. Average cost method
d. Gross profit method

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Chapter 20 – True/False

1. Under a job order system, the company assigns costs to each job, or each batch of goods, to fill a specific customer order or replenish inventory.
   True
   False

2. Manufacturing costs incurred in a job order system are accumulated by debits to Purchases, Factory Labor, and Manufacturing Overhead.
   True
   False

3. Each debit to Work in Process Inventory must be accompanied by a corresponding posting to one or more job cost sheets.
   True
   False

4. Manufacturing overhead costs cannot be traced directly to a specific job.
   True
   False

5. The requisition of factory supplies to production requires a debit to the Manufacturing Overhead account.
   True
   False

6. Actual overhead costs are debited to the Manufacturing Overhead account.
   True
   False

7. The entry to record the cost of goods sold includes a debit to Finished Goods Inventory.
   True
   False

8. A debit balance in the Manufacturing Overhead Account at the end of the period indicates that overhead has been overapplied.
   True
   False

9. In preparing the costs of goods manufactured schedule in job order costing, manufacturing costs include direct materials used, direct labor used, and manufacturing overhead
   applied.
   True
   False

10. A job cost sheet is a form used to record the costs chargeable to a specific job and to determine the total and unit cost of the completed job.
    True
    False

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