11‚ 13 5‚ 7 8‚ 9‚ 12 8 8‚ 12‚ 8‚ 12 1‚ 2 2‚ 3‚ 4 5 6‚ 7 6‚ 7 7 6‚ 7 6‚ 7‚ 8 9‚ 10 3‚ 6‚ 7 6‚ 7 12 5‚ 6 5‚ 6 5‚ 6‚ 7‚ 8‚ 9‚ 11 11 Brief Exercises Exercises Concepts for Analysis 1‚ 2 3 4‚ 10 7. 8. 9. Copyright © 2011 John Wiley & Sons‚ Inc. Kieso‚ Intermediate Accounting‚ 14/e‚ Solutions Manual (For Instructor Use Only) 2-1 ASSIGNMENT CLASSIFICATION TABLE (BY LEARNING OBJECTIVE) Learning Objectives 1. 2. 3. 4. 5. 6. 7. 8. Describe the usefulness of a conceptual framework. Describe
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Nature of Accounting and the Accounting Standard Background Accounting is an important part for business and it is dubbed “language” of business activities conducted by firms. People think it is used to communicate business transactions per se to all stakeholders. However‚ some people argue that the functions of accounting are not that easy. Except the communication tool‚ accounting acts as many other difference roles in business. When doing accounting‚ different standard may be used. There are
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Needles‚ Jr.‚ B.‚ Powers‚ M.‚ & Crosson‚ S. (2005). Principles of accounting. Contributed capital‚ p. 596. Boston: Houghton Mifflin Company. Warren‚ C.‚ Reeve‚ J.‚ & Fess‚ P. (2002). Accounting (20th ed.). Cincinnati: South-Western. Weygandt‚ J.‚ Kieso‚ D.‚ & Kimmel‚ P. (2005). Financial Accounting (5th ed.). New Jersey:John Wiley & Sons Inc.
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estimated break-even point in annual unit sales of the new product if Martinez Company uses the: Is price in number of units‚ the number of units should equal the variable cost per unit plus the total fixed cost plus profit (Kimmel‚ Weygand‚ & Kieso‚ 2011‚ Ch 18.). 1. Capital-intensive manufacturing method. The break-even point for a capital intensive method would be 92‚888. (30 = 3 + 2‚508‚000) (30 = 2‚508‚003 / 30 – 3 = 92‚888) Formula: (S = VC + FC) which equals to: (X = FC / P-V) 2.
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reference since there was only one listed next to E1-5. However all the items listed should be on a balance sheet for it is defined as a financial statement that reports the assets‚ liabilities and owner’s equity at a specific date (Weygant‚ Kimmel & Kieso 2008). Now question E 1-4 would better suited the answer to the instructions: For each of the three situations‚ say if the accounting method used is correct or incorrect. If correct‚ identify which principle or assumption supports the method used
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meet unexpected need for cash (Kieso‚ Kimmel‚ &Weygandt‚ 2011). Current assets divided by current liabilities is the current ratio formula. Between working capital and current assets‚ current assets is the more dependable formula (Kieso‚ Kimmel‚ &Weygandt‚ 2011). Two companies may have very similar working capital and yet have drastically different current ratios. For every dollar of the current ratio‚ depicts how much current assets‚ per that dollar the company has (Kieso‚ Kimmel‚ &Weygandt‚ 2011).
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fixed operating expenses plus $2‚000 to lease equipment‚ which brings at total of $6‚000 in fix cost” (Kimmel‚ Weygandt & Kieso‚ 2009). However‚ in order for Snap Fitness to break even‚ it needs to have 300 members. With the “information provided above and our knowledge of CVP analysis‚ we will now estimate the amount of variable costs for Snap Fitness” (Kimmel‚ Weygandt & Kieso‚ 2009). The CVP analysis is important for Snap Fitness because “it is a critical factor in such management decisions
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users are indentified as management and the external users are investors and creditors. Cash and Cash Equivalents Cash is defined in the text as the “most liquid of assets” and is identified by companies as a current asset. (Weygandt‚ Kimmel‚ & Kieso‚ 2010) What has become very popular is the classification called cash and cash equivalents. FASB has determined that classification to be misleading and it will probably be eliminated from financial statements. Cash will be cash and what used to be
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looks at the financial operation of a business‚ investors are interested in the sustainable earnings of a business (main part)‚ when investors are interested in making comparisons of a company/business from period to period (Kimmel‚ Weygandt‚ & Kieso‚ 2011). The business world relies on several different types of comparisons to improve the decision making of financial information. Intracompany basis‚ Intercompany and Industry averages. Intracompany are comparisons within the company that is useful
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issues. Questions 1 2‚ 3‚ 29 4‚ 5‚ 6‚ 7 8‚ 9‚ 10‚ 11 12‚ 13‚ 14‚ 15‚ 16‚ 17‚ 18‚ 19‚ 20‚ 21‚ 22‚ 23 23‚ 24‚ 25‚ 26‚ 27‚ 28 30 Cases 4 6‚ 7 1‚ 2‚ 3‚ 5 8 3‚ 9‚ 11‚ 12‚ 13‚ 14‚ 16‚ 17 10‚ 19‚ 20 15‚ 18 6. 7. Copyright © 2011 John Wiley & Sons‚ Inc. Kieso‚ Intermediate Accounting‚ 14/e‚ Solutions Manual (For Instructor Use Only) 1-1 ASSIGNMENT CHARACTERISTICS TABLE Level of Difficulty Simple Simple Simple Simple Moderate Simple Simple Simple Simple Complex Simple Moderate Simple Simple Complex Moderate
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