accounting what the numbers mean 9th edition solutions manual free

accounting what the numbers mean 9th edition solutions manual free

Net income is increased only when revenue has been earned—and money borrowed from the bank represents a liability that must be repaid, not revenue that has been earned. Paying off accounts payable decreases an asset cash and decreases a liability accounts payable by an equal amount. Collecting an account receivable increases an asset cash and decreases another asset accounts receivable by equal amounts. In both cases, only balance sheet accounts are involved.

Net income is increased by revenues and decreased by expenses. The expense associated with a cash payment of an account payable would have been recorded in an earlier transaction when the expense was incurred and the account payable was established ; by the same logic, the revenue associated with the collection of an account receivable would have been recorded in an earlier transaction when the revenue was earned and the account receivable was established.

Amounts shown in the balance sheet below reflect the following use of the data given: a. An asset should have a "probable future economic benefit"; therefore the accounts receivable are stated at the amount expected to be collected from customers.

Assets are reported at original cost, not current "worth. Assets are reported at original cost, not at an assessed or appraised value. Total assets can be determined based on items a , b , and c ; total owners' equity is known after considering item e ; and the note payable is the difference between total liabilities and the accounts payable.

The retained earnings account balance represents the difference between cumulative net income and cumulative dividends. Accounts receivable Less: Accumulated depreciation Liabilities Current liabilities: Note payable Solution approach: 1. Fair market value is irrelevant. Calculate total current assets, total land and equipment, and total assets. As at November 30 and 25, respectively: Total assets…… For the years ended November 30 and 25, respectively: Net revenues………………… Gross profit…………………… Selling, general and administrative, and other operating expenses Operating income ……….

Interest expense and other expenses, net Income before income taxes…… Net income………………… Net sales Cost of sales.. Gross profit from part a above Research and development expenses Operating income The change in operating income as a percentage of net sales during the fiscal year ended on September 27, would be considered to be quite significant by most financial analysts particularly if this trend were to continue in future years.

Operating income from part b above Other income, net Income before taxes.. Provision for income taxes The problem could be solved without calculating this number.

In parts a, b and d, if students are willing to share the different kinds of assets, liabilities, revenues, expenses, and cash flows they have identified, this case can be used to review the basic characteristics of the balance sheet, income statement, and statement of cash flows. In part c, the point is that projected income activity for the current period has a direct impact on the projected balance sheet.

In part e, the point is that income and cash flow are two different things entirely. Certain costs of attending college i.

A student work on a part-time or full-time basis throughout the semester, which may generate more cash flow than she was able to accumulate during the summer preceding the fall semester. Also shown is a partially completed comparative balance sheet as of December 31, and Cash flows from financing activities: Repayment of long-term debt Balance Sheets December 31, and Current assets: Cash……………………..

Accounts receivable…….. Total current assets….. Store fixtures…………… Less: Accumulated depreciation………….. Net store fixtures……….. Total assets………………. Complete the balance sheets for Marstore, Inc. Identify your strategy by listing, in general, the sequence of steps you used to find the unknown amounts.

Does the amount shown on the balance sheet for Net Store Fixtures represent the current fair market value of the store fixtures? Explain your answer. Knowing this, retained earnings at the end of the year can be determined. Then, capital stock at the end of the year can be determined.

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Interested in making videos for your class projects or lectures? Just need a basic editor to be able…. Table of Contents Go. Not your book? How about one of these? Most instructors omit this problem. See P2.

Straight-forward problem emphasizing financial statement relationships. Students respond well. Similar to P2. Good for in-class demonstration. Excel problem. Can use later as a Chapter 4 assignment. Group learning problem. Good in-class demonstration problem. Stress the importance of the historical cost principle. Emphasizes the structure of the income statement. Excellent conceptual case, but be sure to relate student responses back to the terminology introduced in the chapter. Review Exhibit Balance sheets are presented at a point in time, rather than for a period of time.

Net income increases retained earnings and dividends decrease retained earnings. Net sales An alternative calculation sequence would have been to solve for gross profit and net sales first, and to then solve for income before taxes and net income.

The assets listed are: land, merchandise inventory, equipment, accounts receivable, supplies, cash, and buildings. Sales and service revenues are revenues accounts on the income statement; income tax expense, cost of goods sold, and rent expense are expenses on the income statement.

E IS Net sales……………………………………….. R IS Income tax expense……………………………. E IS Short-term investments……………………… A BS Gain on sale of land……………………………. Category Financial Statement s Accumulated depreciation…………………… SE BS Interest income………………………………….

R IS Selling expenses……………………………….. Dividends paid are distributions of earnings that reduce retained earnings on the balance sheet. Dividends paid are not expenses, and thus do not appear on the income statement. Retained Earnings, December 31, ………………………………. Less: Net income for the year ended December 31, ……………….. Once the beginning and ending retained earnings balances are known, the net income or loss for the year can be determined as follows: Retained earnings, beginning.

Less: Dividends declared and paid during the year Set up the accounting equation and show the effects of the transactions described. The solution approach is similar to that shown in Problem Gains or losses can be calculated for the sale or collection of each of Kimber Co.

Liabilities would be paid first including the amounts that are not shown on the balance sheet , and the balance would be paid to the stockholders: Total cash available Accounts receivable.. Net income for the year Merchandise inventory Total current assets Sales revenue. Earnings from operations operating income Retained earnings, January 1, Assets: Cash..

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