Exam (elaborations)

Solutions for College Accounting, Chapters 1-27, 24th Edition by Heintz (All Chapters included)

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Course
Managerial Accounting

Institution
Managerial Accounting

Complete Solutions Manual for College Accounting, Chapters 1-27, 24th Edition by James A. Heintz, Robert W. Parry ; ISBN13: 9780357989388....(Full Chapters included and organized in reverse order from Chapter 27 to 1)...1. Introduction to Accounting. 2. Analyzing Transactions: The Accounting Equat...

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solutions
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answer guide
college
accounting
24th edition
24e
heintz
9780357989388
solutions manual

Institution Managerial Accounting
Course Managerial Accounting

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College Accounting, Chapters 1-27,
24th Edition by James A. Heintz

Complete Chapter Solutions Manual
are included (Ch 1 to 27)

** Immediate Download
** Swift Response
** All Chapters included

,Table of Contents are given below

1. Introduction to Accounting.
2. Analyzing Transactions: The Accounting Equation.
3. The Double-Entry Framework.
4. Journalizing and Posting Transactions.
5. Adjusting Entries and the Worksheet.
6. Financial Statements and the Closing Process.
7. Accounting for Cash.
8. Payroll Accounting: Employee Earnings and Deductions.
9. Payroll Accounting: Employer Taxes and Reports.
10. Accounting for Sales and Cash Receipts.
11. Accounting for Purchases and Cash Payments.
12. Special Journals.
13. Accounting for Merchandise Inventory.
14. Adjustments for a Merchandising Business.
15. Financial Statements and Year-End Accounting for a Merchandising
Business.
16. Accounting for Accounts Receivable.
17. Accounting for Notes and Interest.
18. Accounting for Long-Term Assets.
19. Accounting for Partnerships.
20. Corporations: Organization and Capital Stock.
21. Corporations: Taxes, Earnings, Distributions, and the Statement of
Retained Earnings.
22. Corporations: Bonds.
23. Statement of Cash Flows.
24. Analysis of Financial Statements.
25. Departmental Accounting.
26. Manufacturing Accounting: The Job Order Cost System.
27. Adjustments, Financial Statements, and Year-End Accounting for a
Manufacturing Business.

,Solutions Manual organized in reverse order, with the last chapter displayed
first, to ensure that all chapters are included in this document. (Complete
Chapters included Ch27-1)

CHAPTER 27 989

CHAPTER 27
ADJUSTMENTS, FINANCIAL STATEMENTS, AND YEAR-END ACCOUNTING
FOR A MANUFACTURING BUSINESS
DISCUSSION QUESTIONS

1. The new accounts for the spreadsheet of ToyJoy Manufacturing Co. are:
a. Finished Goods Inventory, Work in Process Inventory, and Materials Inventory.
b. Cost of Goods Sold.
c. Factory Overhead.
d. Income Tax Expense and Income Tax Payable.
The new related adjustments are:
a. adjustment to apply factory overhead to work in process.
b. adjustment for additional actual factory overhead.
c. adjustment for under- or overapplied overhead.
d. adjustment for corporate income taxes.
2. The use of a perpetual inventory system has two effects:
a. The costs of goods sold are accumulated in Cost of Goods Sold as sales occur during the year.
b. The inventory accounts reflect ending rather than beginning balances.
3. The work in process inventory account must be adjusted for factory overhead applied at year-end to
correctly state the work in process ending inventory.
4. Debits to factory overhead represent actual overhead and credits to factory overhead represent
applied overhead. If the credits are less than the debits, overhead is said to be underapplied. If the
credits are greater than the debits, overhead is said to be overapplied.
5. The balances in the factory overhead account are not used in preparing the Income Statement and
Balance Sheet because the amounts shown have already been transferred to Work in Process,
Finished Goods, and Cost of Goods Sold.
6. The distinctive feature of ToyJoy’s income statement is the cost of goods sold section. The
beginning inventory of finished goods was taken from the finished goods account in the general
ledger, the cost of goods manufactured was taken from the schedule of costs of goods
manufactured, and the ending inventory of finished goods is from the Balance Sheet columns of the
spreadsheet. The distinctive feature of the statement of retained earnings arises from ToyJoy being
organized as a corporation. As a corporation, ToyJoy pays dividends. ToyJoy’s balance sheet is
distinctive in two ways: first, three inventory accounts are listed; and second, the stockholders’
equity section contains information regarding capital stock, paid-in capital in excess of par, and
retained earnings.
7. No entries are made to the individual jobs in the job cost ledger because only the aggregate work in
process needs to be adjusted for financial reporting purposes at year-end.
8. The total debit amount in the factory overhead account is transferred to Income Summary and the
subsidiary ledger factory overhead accounts are closed. The total credit amount in the factory
overhead account is transferred to Income Summary.
9. ToyJoy reversed the adjusting entry for Interest Expense and the adjustment to apply factory
overhead to work in process.

, 990 CHAPTER 27

Exercise 27-1A
GENERAL JOURNAL PAGE

POST.
DATE DESCRIPTION DEBIT CREDIT
REF.
20--
1 Dec. Adjusting Entries 1

2 a. 31 Work in Process Inventory 4 8 0 0 00 2

3 Factory Overhead 4 8 0 0 00 3

4 4

5 b. 31 Factory Overhead 5 1 0 0 00 5

6 Factory Supplies 5 1 0 0 00 6

7 7

8 c. 31 Factory Overhead 6 5 0 0 00 8

9 Prepaid Insurance 6 5 0 0 00 9

10 10

11 d. 31 Factory Overhead 22 5 0 0 00 11

12 Accumulated Depreciation—Factory Building 9 0 0 0 00 12

13 Accumulated Depreciation—Factory Equipment 13 5 0 0 00 13

14 14

15 e. 31 Factory Overhead 1 9 0 0 00 15

16 Cost of Goods Sold 1 9 0 0 00 16

17 17

18 18

19 19

20 20

21 21

22 22

23 23

24 24

25 25

26 26

27 27

28 28

29 29

30 30

31 31

32 32

33 33

Factory overhead was overapplied by $1,900.

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