SOLUTION MANUAL FOR
FINANCIAL ACCOUNTING
th
FUNDAMENTALS 8 EDITION BY
JOHN WILD ALL CHAPTERS
INCLUDED CHAPTER 1 UPTO 13
WITH APPENDIX 100% CORRECT
LATEST UPDATE.
1
,Chapter 1
Accounting in Business
QUICK STUDIES
Quick Study 1-1 (10 minutes)
1. f Artificial Intelligence
2. c Recording
3. h Recordkeeping (bookkeeping)
Quick Study 1-2 (10 minutes)
a. External user g. External user
b. External user h. External user
c. External user i. Internal user
d. External user j. External user
e. Internal user k. External user
f. External user l. External user
Quick Study 1-3 (10 minutes)
1. Opportunity 4. Opportunity
2. Pressure 5. Pressure
3. Rationalization 6. Rationalization
Quick Study 1-4 (5 minutes)
1
,1. Principle 3. Assumption
2. Assumption 4. Principle
Quick Study 1-5 (10 minutes)
Attribute Present Proprietorship Partnership Corporation LLC
1. Business taxed no no yes no
2. Limited liability no no yes yes
3. Legal entity no no yes yes
Quick Study 1-6 (10 minutes)
1. Revenue recognition principle
2. Measurement (cost) principle
3. Business entity assumption
Quick Study 1-7 (5 minutes)
Assets = Liabilities + Equity
$700,000 (a) $280,000 $420,000
$500,000 (b) $250,000 (b) $250,000
Quick Study 1-8 (10 minutes)
1.
Assets = Liabilities + Equity
$75,000 (a) $35,000 $40,000
(b) $95,000 $25,000 $70,000
$85,000 $20,000 (c) $65,000
2.
+ Common
Assets = Liabilities - Dividends + Revenues - Expenses
Stock
$40,000 $16,000 $20,000 $ 0 (a) $12,000 $ 8,000
$80,000 $32,000 $44,000 (b) $2,000 $24,000 $18,000
1
, Quick Study 1-9 (5 minutes)
a. Increase
b. Decrease
c. Increase
d. Decrease
Quick Study 1-10 (15 minutes)
Assets = Liabilities + Equity
Accounts Accounts Common
Cash + = + - Dividends + Revenues - Expenses
Recble. Payable Stock
(a) $5,500 = $5,500
Consulting
(b) + $4,000 = + 4,000
Commission
Bal. 5,500 + 4,000 = + 9,500
(c) -1,400 = - $1,400
Wages
Bal. 4,100 + 4,000 = + 9,500 - 1,400
(d) +1,000 + - 1,000 = -
Bal. 5,100 + 3,000 = + 9,500 - 1,400
(e) -700 + = - 700
Cleaning
Bal. $4,400 + $3,000 = + $9,500 - $2,100
Quick Study 1-11 (15 minutes)
Assets = Liabilities + Equity
Accts. Common Divi-
Cash + Supplies + Equip. + Land = + - + Rev. - Exp.
Pay. Stock dends
(a) $15,000 = $15,000
(b) -500 + $500 =
Bal. 14,500 + 500 = + 15,000
(c) + $10,000 = 10,000
2
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