mcgraw hill financial accounting chapter 1 homework answers

Multiple Choice

Answers will vary but should include factors such as starting salaries, value of fringe benefits, cost of living, and other monetary factors.

Answers will vary but should include considerations such as price, convenience, features, ease of purchase, availability, and other decision-making factors.

Responses should comment on the growth Netflix has experienced. Although this may have been due to subscription price increases, the biggest driver of these increases is the number of subscriptions. While this is only a few data points, it does appear likely that Netflix will continue to grow sales in the next year or so. Factors influencing this prediction would be competition, changes in the streaming market, and economic considerations.

Answers will vary, but responses should state, in a sentence or two, the primary purpose of the entity. The goal of this exercise is to have students clearly communicate why the entity exists, the stakeholders served by the entity, and the role accounting plays in the organization.

Answers will vary but should highlight aspects of each model: Brick-and-mortar : higher investment in physical storefront, interior, etc., to attain visual appeal; insurance and regulatory requirements; space/storage considerations; lower delivery costs; no delivery time. Online : less overhead costs, higher delivery costs, higher website and technology costs, competition.

Manufacturer: movies; service: hotels, restaurants, waste removal, entertainment; retail: shopDisney, clothes and apparel.

Answers will vary but should include the key services of the SEC related to regulation and enforcement. You may be particularly interested to explore the SEC’s whistle-blowing initiatives. Responses regarding required filings for publicly traded companies should include a discussion about the relationship between transparency and protecting the public interest. The significant amount of invested capital by the investing public is also relevant to the discussion.

Answers will vary but should include the increase in popularity of energy drinks and Monster’s partnership with the Coca-Cola Company (which now owns close to a 17% stake in Monster). Considerations as to whether or not to purchase Monster shares today would include the estimated future performance of the company, the energy drink market, purchasing at a high point, etc.

Answers will vary but should include a discussion of the importance for accountants to provide information that is unbiased. Accountants have an obligation to protect the public interest by reporting information that is useful for decision-making but does not sway the user in a particular way. Accountants are in a unique position where they serve many stakeholders, including their employer, clients, and the public. The interests of all stakeholders must be considered while maintaining the highest level of integrity.

Answers will vary and may include certifications/licensing in nursing, information technology, engineering, human resources management, counseling, medicine, and many other occupations.

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• Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper
• Publisher/website: OpenStax
• Book title: Principles of Accounting, Volume 1: Financial Accounting
• Publication date: Apr 11, 2019
• Location: Houston, Texas
• Book URL: https://openstax.org/books/principles-financial-accounting/pages/1-why-it-matters
• Section URL: https://openstax.org/books/principles-financial-accounting/pages/chapter-1

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Chapter 1 and 2 Homework (McGraw-Hill Connect)

We at Accounting Assignments Help provide Chapter 1 and 2 Homework (McGraw-Hill Connect) help with step by step calculation and explanation 24*7 from our accounting experts.

Problem-1 – Mcgraw hill connect accounting homework answers chapter 1

On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $82,780 in assets in exchange for its common stock to launch the business. On October 31, the company’s records show the following items and amounts.

Also assume the following:

• The owner’s initial investment consists of $36,750 cash and $46,030 in land in exchange for its common stock..
• The company’s $16,580 equipment purchase is paid in cash.
• The accounts payable balance of $7,250 consists of the $1,960 office supplies purchase and $5,290 in employee salaries yet to be paid.
• The company’s rent, telephone, and miscellaneous expenses are paid in cash.
• No cash has been collected on the $10,600 consulting fees earned.

Using the above information prepare an October 31 statement of cash flows for Ernst Consulting. (Cash outflows should be indicated by a minus sign.)

Problem-2 – Chapter 1 Homework Financial Accounting Mcgraw hill connect

Following are the transactions of a new company called Pose-for-Pics. ( Mcgraw-hill Connect Homework Help )

• Post the transactions to the T-accounts.
• Use the amounts from the T-accounts in Requirement (1) to prepare an August 31 trial balance for Pose-for-Pics.

Problem-3 – Chapter 1 and 2 Homework (McGraw-Hill Connect)

The transactions of Spade Company appear below.

• Kacy Spade, owner, invested $18,750 cash in the company in exchange for common stock.
• The company purchased office supplies for $544 cash.
• The company purchased $10,369 of office equipment on credit.
• The company received $2,213 cash as fees for services provided to a customer.
• The company paid $10,369 cash to settle the payable for the office equipment purchased in transaction c .
• The company billed a customer $3,975 as fees for services provided.
• The company paid $530 cash for the monthly rent.
• The company collected $1,670 cash as partial payment for the account receivable created in transaction f .
• The company paid $1,000 cash in dividends to the owner (sole shareholder).

Problem-4 – Mcgraw-hill connect accounting chapter 2 homework answers

Karla Tanner opens a Web consulting business called Linkworks and completes the following transactions in its first month of operations.

• Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106); Office Supplies (124); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); Accounts Payable (201); Common Stock (307); Dividends (319); Services Revenue (403); and Utilities Expense (690).
• Post the journal entries from part 1 to the ledger accounts.
• Prepare a trial balance as of April 30.

Problem-5 – Mcgraw hill connect accounting answers chapter 1

Kiona Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company’s fiscal year).

May 1 Prepared a company check for $350 to establish the petty cash fund.

15 Prepared a company check to replenish the fund for the following expenditures made since May 1.

a. Paid $109.20 for janitorial services.

b. Paid $89.15 for miscellaneous expenses.

c. Paid postage expenses of $60.90.

d. Paid $80.01 to The County Gazette (the local newspaper) for an advertisement.

e. Counted $26.84 remaining in the petty cashbox.

16 Prepared a company check for $200 to increase the fund to $550.

31 The petty cashier reports that $370.27 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15.

f. Paid postage expenses of $59.10. g. Reimbursed the office manager for business mileage, $47.05.

h. Paid $48.58 to deliver merchandise to a customer, terms FOB destination.

31 The company decides that the May 16 increase in the fund was too large. It reduces the fund by $50, leaving a total of $500.

Prepare journal entries to establish the fund on May 1, to replenish it on May 15 and on May 31, and to reflect any increase or decrease in the fund balance on May 16 and May 31. (Round your answers to 2 decimal places.)

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Principles of Financial Accounting (Chapters 1-17) , 25th Edition

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Utilizing the first 17 chapters of Wilds best-selling Fundamental Accounting Principles text, Principles of Financial Accounting responds to the markets request for a financial accounting text with a sole-proprietorship approach.  With its step-by-step approach and the author’s accessible writing style, Principles of Financial Accounting streamlines complex accounting processes and helps students build confidence by mastering key concepts and procedures. With content that is presented in organized learning blocks ending with a need-to-know examples, the text makes it easy for students to find the most relevant content needed to solve problems. Chapter opening vignettes use dynamic, well-known entrepreneurs to appeal to all students and show the relevance of accounting. Students are encouraged to think like a businessperson and apply what they learn. A wide variety of assignments provide instructors with flexibility to teach, assess, and challenge students on several levels. Join your colleagues and the millions of students that have used this best-selling learning system to advance their education and careers.

Chapter 1: Accounting inBusiness

Chapter 2: Analyzing andRecording Transactions

Chapter 3: AdjustingAccounts for Financial Statements

Chapter4:  Completing the Accounting Cycle

Chapter5:  Accounting for Merchandising Operations

Chapter 6:  Inventoriesand Cost of Sales

Chapter7:  Accounting Information Systems

Chapter8:  Cash, Fraud, and Internal Control

Chapter9:  Accounting for Receivables

Chapter10:  Plant Assets, Natural Resources, and Intangibles

Chapter11:  Current Liabilities and Payroll Accounting

Chapter12:  Accounting for Partnerships

Chapter13:  Accounting for Corporations

Chapter14:  Long-Term Liabilities

Chapter 15: Investments

Chapter16:  Reporting the Statement of Cash Flows

Chapter 17:  Analysisof Financial Statements

A Financial StatementInformation

B Time Value of Money

C Activity-Based Costing

CA Chart of Accounts

BR Brief Review

About the Author

JOHN J. WILD is a distinguished professor of accounting at the University of Wisconsin at Madison. He previously held appointments at Michigan State University and the University of Manchester in England. He received his BBA, MS, and PhD from the University of Wisconsin. John teaches accounting courses at both the undergraduate and graduate levels. He has received numerous teaching honors, including the Mabel W. Chipman Excellence-in-Teaching Award and the departmental Excellence-in-Teaching Award, and he is a two-time recipient of the Teaching Excellence Award from business graduates at the University of Wisconsin. He also received the Beta Alpha Psi and Roland F. Salmonson Excellence-in-Teaching Award from Michigan State University. John has received several research honors, is a past KPMG Peat Marwick National Fellow, and is a recipient of fellowships from the American Accounting Association and the Ernst and Young Foundation. John is an active member of the American Accounting Association and its sections. He has served on several committees of these organizations, including the Outstanding Accounting Educator Award, Wildman Award, National Program Advisory, Publications, and Research Committees. John is author of  Financial Accounting, Managerial Accounting , and  College Accounting , all published by McGraw-Hill Education.  John’s research articles on accounting and analysis appear in The Accounting Review; Journal of Accounting Research;  Journal of Accounting and Economics; Contemporary Accounting Research; Journal of Accounting, Auditing and Finance; Journal of Accounting   and Public Policy ; and other journals. He is past associate editor of  Contemporary Accounting Research  and has served on several editorial boards including  The Accounting Review .

KEN W. SHAW is an associate professor of accounting and the KPMG/Joseph A. Silvoso Distinguished Professor of Accounting at the University of Missouri. He previously was on the faculty at the University of Maryland at College Park. He has also taught in international programs at the University of Bergamo (Italy) and the University of Alicante (Spain). He received an accounting degree from Bradley University and an MBA and PhD from the University of Wisconsin. He is a Certified Public Accountant with work experience in public accounting.<br> Ken teaches accounting at the undergraduate and graduate levels. He has received numerous School of Accountancy, College of Business, and university-level teaching awards. He was voted the “Most Influential Professor” by four School of Accountancy graduating classes and is a two-time recipient of the O’Brien Excellence in Teaching Award. He is the advisor to his school’s chapter of the Association of Certified Fraud Examiners.<br> Ken is an active member of the American Accounting Association and its sections. He has served on many committees of these organizations and presented his research papers at national and regional meetings. Ken’s research appears in the Journal of Accounting Research; The Accounting Review; Contemporary Accounting Research; Journal of Financial and Quantitative Analysis; Journal of the American Taxation Association; Strategic Management Journal; Journal of Accounting, Auditing, and Finance; Journal of Financial Research; and other journals. He has served on the editorial boards of Issues in Accounting Education; Journal of Business Research; and Research in Accounting Regulation. Ken is co-author of Financial and Managerial Accounting, Managerial Accounting, and College Accounting, all published by McGraw-Hill Education.

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