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CHAP.TER 1 O COMPREHENSIVE.,.P,ROBLEM SOLUTION r) 1. Equipment....,..... Cash 2, Depreciation Expense-Equipment,........... Accumu lated Depreciation-Equ i pment Cash Accumu lated Depreciation-Eq uipment Equipment .....,.,.. Gain on Disposal 3. Accounts Receivable Sales Cost of Goods Sold Merchandise lnventory ........... 4. Bad Debts Expense......... Allowance for Doubtful Accounts.......... 5. lnterest Receivable ($10,000 X .08 X 911 2).......... lnterest Revenue 6. lnsurance Expense ($g,0OO X 416) Prepaid lnsurance ........... 7. Depreciation Expense-Building Accumulated Depreciation-Bu ildi ng 8. Depreciation Expense-Equipment.......,.... Accum ulated Depreciation-Eq uipment [($60'ooo - $5,000) - ($ss,o00 X .10X + 5..... 9. Depreciation Expense-Equipment............ Accumulated Depreciation-Equipment [($1s,eoo - $1,800) + 5] X 811 2......,..... 13,800 450 3,500 2,250 13,800 450 5,000 750 9,000 9,000 6,300 6,300 3,500 3,500 600 600 2,400 2,400 4,000 4,000 9,900 9,900 1,600 1,600 O-44 Copyright O 2010 John Wiley & Sons, lnc. Weygandt, Accounting Principles, g/e, Solutions Manual (For lnstructor Use Only)
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CHAP.TER 1 O COMPREHENSIVE.,.P,ROBLEM SOLUTION
r) 1. Equipment....,.....Cash
2, Depreciation Expense-Equipment,...........Accumu lated Depreciation-Equ i pment
CashAccumu lated Depreciation-Eq uipment
Equipment .....,.,..Gain on Disposal
3. Accounts ReceivableSales
Cost of Goods SoldMerchandise lnventory ...........
4. Bad Debts Expense.........Allowance for Doubtful Accounts..........
5. lnterest Receivable ($10,000 X .08 X 911 2)..........lnterest Revenue
6. lnsurance Expense ($g,0OO X 416)Prepaid lnsurance ...........
7. Depreciation Expense-BuildingAccumulated Depreciation-Bu ildi ng
8. Depreciation Expense-Equipment.......,....Accum ulated Depreciation-Eq uipment
[($60'ooo - $5,000) - ($ss,o00 X .10X + 5.....
9. Depreciation Expense-Equipment............Accumulated Depreciation-Equipment
[($1s,eoo - $1,800) + 5] X 811 2......,.....
13,800
450
3,5002,250
13,800
450
5,000750
9,0009,000
6,3006,300
3,5003,500
600600
2,4002,400
4,0004,000
9,900
9,900
1,600
1,600
O-44 Copyright O 2010 John Wiley & Sons, lnc. Weygandt, Accounting Principles, g/e, Solutions Manual (For lnstructor Use Only)
COMPREHENSIVE PROBLEM (Continued)
1 0. Amofiization Expense-Patents.....,,,..Patent
900900
2,244Salaries Payable 2,2AA
12. Unearned Rent ($6,000 + 3)..,....Rent Revenue
2,0002,000
13. lnterest Expense ($11,000 + $35,000) X.09 4,140lnterest Payable 4,140
Copyright @ 2010 John Wiley & Sons, lnc. Weygandt, Accounting Principles, g/e, Solutions Manual (For lnstructor Use Only) 1O-4
)OMPREHENSIVE PROBLEM (Continued)
5) WINTERSCHID COMPANYTrial Balance
December 31 , 2010
)ash ..............tccounts Receivable.........lotes Receivable ........rterest Receivable ........fierchandise lnventory.........,.)repaid lnsurance............,andluildingiquipment ..........fatent....tllowance for Doubtful Accounts ..........tccum u lated Depreciation-Bui ldi n9....tccumulated Depreciation-Equipmenticcounts Payableialaries Payablelnearned Rentlotes Payable (short-term) .,.....rterest Payablelotes Payable (long-term) .........Vinterschid, Capital ........Vinterschid, Drawing ........ialesrterest Revenuelent Revenue r'r.r.rrr.rrriain on Dispos'al ............lad Debts Expense....,....)ost of Goods Sold)epreciation Expense-Bu i ldi ng)epreciation Expense-Equ i pment .................lsurance Expense .........rterest Expense)ther Operating Expenses ..,....tmortizati on Expen se-Patentsialaries Expense 'rrr.!rr.rr.rir'r'otal
Debits$ 17,7A0
45,80010,000
60029,900
1,24020,000
150,00068,800
8,100
12,000
Credits
4,00054,00033,70027,3002,2004,000
11,0004,140
35,0001 13,600
909,000600
2,000750
$L20L2g0
3,500636,300
4,00011,9502,4004,140
61,800900
112,2009L201-290
0-46 Copyright O 2010 John Wiley & Sons, lnc. Weygandt, Accounting Principles, g/e, Solutions Manual (For lnstructor Use Only)
COMPREHENSIVE
(c)
PROBLEM (Continued)
WINTERSCHID COMPANYlncome Statement
For the Year Ended December 31, 2010
SalesCost of Goods SoldGross Profit.... r.'.r,r......Operating Expenses
Salaries ExpenseOther Operating Expenses .......Depr. Expense-EquipmentDepr. Expenses-Bui lding ..........,..:...........,,Bad Debts Expense.........lnsurance Expense..........Amortizati on Expense-Patents r..rr;.. r... r r r.,
Total Operating Expense ........,lncome From Operations.........Other Revenues and Gains
Rent RevenueGain on Disposallnterest Revenue
Other Expenses and Losseslnterest Expense
Net lncome
$112,20061,90011,9504,0003,5002,4O0
900
2,000750600
3,350
4,14A
$909,000636,300272,740
196,75075,950
(7e0)$_J5Jg0
WINTERSCHID COMPANYOwner's Equitv Statement
For the Year Enddd december 31 , 2010
Winterschid, Capital, 111/1 0Add: Net lncome
Less: Drawings..,,.......Winterschid, Capital, 1 A31 n0...........
$1 13,60075.160
198,76012"000
$rf6J60
Copyright o 2010 John Wiley & Sons, lnc. Weygandt, Accounting Principles,9/e, Solutions Manual (For lnstructor Use Only) rc-4
)OMPREHENSIVE PROBLEM (Continued)
r) WINTERSCHID COMPANYBalance Sheet
December 31 ,2010Assets
)urrent AssetsCashAccounts Receivable......Allowance for Doubtful Accounts .........Notes Receivable ........I nterest Reeeivable .......,Merchandise lnventory............Prepaid Insurance.........,..
Total Current Assets)roperty, Plant, and Equipment
LandBuildingLess Accum. Depr.Equipment ..........Less Accum. Depr.
Total Plant Assetsrtangible Assets
Patent...'otal Assets
Liabilities and Owner's Equity
)urrent LiabilitiesNotes Payable (short-term)Accounts Payablelnterest PayableUnearned RentSalaries Payable
Total Current Liabilities.ong-term Liabilities
Notes Payab'otal Liabilities)wner's Equity
Winterschid,'otal Liabilities
$ 45,8004.000
150,00054.00068,80033.700
$17,700
41,90010,000
60029,900
1"200
20,000
96,000
35,100
$1ot ,200
151,100
8"100L200'.400
48,640
35,00083,640
.
176.760$200,400
$1 1,00027,300
4,1404,000
. 2,200
le (long-term)
Capitaland Owner's Equity
0-48 Copyright O 2010 John Wiley & Sons, lnc. Weygandt, Accounting Principles, g/e, Solutions Manual (For lnstructor Use Onty)
PROBLEM 12-3A
r) (1)Cash 55,000Allowance for Doubtful Accounts........... 1,000Accumulated Depreciation....... 5,5001-o"ao"?1ffi5fl,j:liiitilt':::::::::::::::.::::::::::::::::::::::::: 1e'ooo
Merchandise lnventory ...........Equipment ..........
Noncash assets (net)
25,00034,50021,000
Sale proceedsLoss on sale of noncash
$74,00055.000
$tg,ooo
(2)M. Mantle, Capital ($19,000 X 5/10) 9,500
5,7003,800
W. Mays, Capital ($19,000 X 3/10)D. Snider, Capital ($tg,OO0 X 2/10)
Loss on Realization 19,000
(3)Notes Payable. 13,500Accounts Payable .......... 27,000Wages Payable 4,000Cash 44,5A0
(4)Cash 800
D. Snider, Capital ($g,gOO - $S,OOO; 800
(5), Capital ($3g,OOO - $S,SOO;M. Mantle
W. Mays,Cash
23,50015,300Capital ($2t,000 - $S,ZOO;
38,800
2-22 Copyright @ 201 0 John Wiley & Sons, lnc. Weygandt, Accounting Principles, g/e, Solutions Manual (For lnstructor Use Only)
PROBLEM 1 2-3A (Continued)
(b)
Bal.{1)4
Bal.
(c) (1)
(2)
27,5OO55,000
800
44,50438,800
(3)(5)
M. Mantle, Capital ($400 X 5/8)W. Mays, Capital ($AOO X 3/8)
D. Snider, Capita|.............
M, Mantle, Capital ($23,500 - $500)W. Mays, Capital ($t S,SOO - $3OO;
Cash ($38,800 - $S00)
500300
800
23,00015,000
38,000
Cash M. Mantle
W. Mavs5,700 | Bal. 21,000
15.300
D. Snider, Capital3,800 | Bal.
43,000
800
CopyrightO 2010 John Wiley & Sons, inc. Weygandt, Accounting Principtes, gle, Solutions Manual (For lnstructor Use Only) 12-2
PROBLEM 17-78
(a) MOLINA COMPANYStatement of Cash Flows
For the Year Ended December 31, 2008
Cash flows from operating activitiesNet income........Adjustments to reconcile net income
to net cash provided by operating
activities .,,,.......
Cash flows from investing activitiesSale of equipment 10,000Purchase of equipment.. (5,000)
Net cash provided by investingactivities ...........
Gash flows from financing activitieslssuance of bonds 10,000
(33,000)77r'"&l*t Payment of cash dividendsNet cash used by financing
activities
Net decrease in cashCash at beginning of period..Gash at end of period
(b) $13,000 - $5,000 - $33,000 = ($2S,000)
$ 38,000
activitiesDepreciation expense..... $ 6,000lncrease in accounts receivable (9,000)lncrease in inventory...... (16,000)Decrease in accounts payable (12,000)lncrease in income taxes payable 6.000 (25.000Net cash provided by operating
13,000
5,000
(23,000
(5,00033.000
$28-00!
*PROBLEM 17.88
(a) MOLINA COMPANYStatement of Cash Flows
For the Year Ended December 31, 2008
Cash flows from operating activitiesCash receipts from customers........ $277,000 (1Less cash payrnents:
To suppliers $222,000 (2)For operating expenses ........... 31,000
($3Z,OOO - $6,000)For interest........ 7,000For income taxes.....,................ 4"000 (3) 264.000Net cash provided by
operating activities......,. 13,000
Cash flows from investing activitiesSale of equipment 10,000
(5.000)' Purchase of equipmentNet cash provided by
investing activities. 5,000
Cash flows from financing activitieslssuance of bonds....,.... 10,000Paymentofcashdividends........,.... (33.000)
Net cash used by financing, activities
Net decrease in cash
(23,000)
(5,000)33,000
$ 28.000Cash at beginning of periodCash at end of period
Computations:
{1) Cash receipts from customersSales $286,000Deduct: lncrease in accounts receivable... (9,000)Cash receipts from customers..,....... $ZZZJOO
*PROBLEM 1 7-88 (Gontinued)
(2) Cash payments to suppliersCost of goods so|d......Add: lncrease in inventory...........Cost of purchasesAdd: Decrease in accounts payableCash payments to supptiers............
(3) Cash payments for income taxeslncome tax expense .......Deduct: lncrease in income taxes payableCash payments for income taxes
(b) $13,000 - $5,000 - $33,000 = ($2S,000)
$194,00016.000
210,00012,000
$222.099
$ 10,000(6,000
s 4.000
