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Solutions for College Accounting, Chapters 1-15, 24th Edition by Heintz (All Chapters included)

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Complete Solutions Manual for College Accounting, Chapters 1-15, 24th Edition by James A. Heintz, Robert W. Parry ; ISBN13: 9780357989692....(Full Chapters included and organized in reverse order from Chapter 15 to 1)...1. Introduction to Accounting. 2. Analyzing Transactions: The Accounting Equat...

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24th edition
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heintz
9780357989692
solutions manual

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College Accounting, Chapters 1-15,
24th Edition by James A. Heintz

Complete Chapter Solutions Manual
are included (Ch 1 to 15)

** 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.

,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 Ch15-1)

CHAPTER 15 573

CHAPTER 15

FINANCIAL STATEMENTS AND YEAR-END ACCOUNTING FOR
A MERCHANDISING BUSINESS

DISCUSSION QUESTIONS

1. The single-step form of income statement lists all revenue items and their total first, followed by all
expense items and their total. The difference, which is either net income or net loss, is then
calculated. The multiple-step form of income statement is commonly used for merchandising
businesses. The term “multiple-step” is used because the final net income is calculated on a
step-by-step basis. Gross sales is shown first, less sales returns and allowances, and sales
discounts. This difference is called net sales. Cost of goods sold is next subtracted to arrive at
gross profit. Operating expenses are then listed and subtracted from gross profit to compute income
from operations. Finally, other revenues are added, and other expenses are subtracted to arrive at
net income (or net loss).

2. Two measures of the firm’s ability to pay its current liabilities are the current ratio and quick ratio.
The current ratio is the current assets divided by the current liabilities. The quick ratio is the quick
assets divided by the current liabilities.

3. a. Return on owner’s equity = Net income ÷ Average owner’s equity
b. Accounts receivable turnover = Net credit sales for the period ÷ Average accounts receivable
c. Inventory turnover = Cost of goods sold for the period ÷ Average inventory

4. The end-of-period spreadsheet contains the information needed to journalize the closing entries.

5. (1) All income statement accounts with credit balances are closed to Income Summary. (2) All
income statement accounts with debit balances are closed to Income Summary. (3) The balance in
Income Summary is transferred to the owner’s capital account. (4) The balance in the owner’s
drawing account is transferred to the owner’s capital account.

6. The purpose of the post-closing trial balance is to prove that the general ledger is in balance at the
beginning of a new accounting period before any transactions for the new accounting period are
entered.

7. Reversing entries are made to simplify the recording of transactions in the new accounting period.

8. Reversing entries are generally made on the first day of a new accounting period.

9. Except for the first year of operation, reverse all adjusting entries that increase an asset or liability
account from a zero balance.

, 574 CHAPTER 15

Exercise 15-1A

Revenue from Sales:
Sales $150,000
Less: Sales Returns and Allowances $6,000
Sales Discounts 3,400 9,400
Net Sales $140,600

Exercise 15-2A

Cost of Goods Sold:
Merch. Inv., Jan. 1, 20-- $ 35,000
Est. Returns Inv., Jan. 1, 20-- 2,000 $ 37,000
Purchases $106,000
Less: Purch. Ret. & Allow. $5,800
Purch. Discounts 3,230 9,030
Net Purchases $ 96,970
Add Freight-In 700
Cost of Goods Purchased 97,670
Goods Available for Sale $134,670
Less: Merch. Inv., Dec. 31, 20-- $ 29,500
Est. Returns Inv. Dec. 31, 20-- 1,500 31,000
Cost of Goods Sold $103,670

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