Not For Sale CHECK FIGURES. Chapter 1. Chapter 3. Chapter 2
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1 CHECK FIGURES 796 Check figures are given for selected problems here. For the complete Check Figures for all applicable Cornerstone Exercises, Exercises, Problems, and Cases, please visit the companion website at Chapter 1 P 1-56A 12/31/13 Liabilities ¼ $90,550 P 1-57A (b) Equity at the beginning of the year ¼ $52,600 (d) Expenses ¼ $477,300 P 1-58A Net income ¼ $102,450 P 1-59A (d) Total liabilities ¼ $1,165 (e) Total revenue ¼ $72 P 1-60A Net income ¼ $30,100 Retained earnings ¼ $135,710 P 1-61A 2013 ending retained earnings ¼ $36,050 P 1-62A (d) 2013 dividends ¼ $3,700 P 1-63A 1. Net income ¼ $36,000 Ending retained earnings ¼ $90,000 Total current liabilities ¼ $35,990 P 1-64A (f) Manning Company 2013 ending retained earnings ¼ $7,500 (m) Corey Company 2013 net income ¼ $7,100 P 1-65A 2. Net loss ¼ $(9,050) 4. Net income ¼ $15,950 P 1-56B 12/31/13 Liabilities ¼ $264,700 P 1-57B (b) Total liabilities at the end of the year ¼ $426,630 (d) Net income for the year ¼ $94,120 P 1-58B Net income ¼ $143,425 P 1-59B (d) Total liabilities ¼ $860 (e) Total revenue ¼ $503 P 1-60B Net income ¼ $12,250 Retained earnings ¼ $48,200 P 1-61B 2013 ending retained earnings ¼ $74,700 P 1-62B (c) Net income ¼ $12,400 P 1-63B Net income ¼ $76,500 Ending retained earnings ¼ $179,800 Total current liabilities ¼ $68,400 P 1-64B (f) Compton Company total equity ¼ $60,600 (m) Merlotte Company total equity ¼ $34,400 P 1-65B 2. Net income ¼ $57, Net income ¼ $64,450 Chapter 2 P 2-56A 1. Cash column total ¼ $31,410 Retained Earnings column total ¼ $8, Trial balance total ¼ $58,790 P 2-57A 2. Trial balance total ¼ $8,200 P 2-60A 2. Ending Cash balance ¼ $25,890 P 2-61A 3. Ending Cash balance ¼ $9, Trial balance total ¼ $168,850 P 2-62A 3. Ending Cash balance ¼ $520,400 Ending Accounts Receivable balance ¼ $11, Trial balance total ¼ $1,372,100 P 2-56B 1. Cash column total ¼ $14,910 Retained Earnings column total ¼ $5, Trial balance total ¼ $33,495 P 2-57B 2. Trial balance total ¼ $6,335 P 2-60B 2. Ending Cash balance ¼ $20,835 P 2-61B 3. Ending Cash balance ¼ $57, Trial balance total ¼ $178,800 P 2-62B 3. Ending Cash balance ¼ $226,700 Ending Accounts Receivable balance ¼ $121, Trial balance total ¼ $914,000 Chapter 3 P 3-70A 1. b. Credit to Accounts Receivable ¼ $2,332,028 e. Debit to Accounts Payable ¼ $39,200 h. Debit to Interest Expense ¼ $30, Ending Cash balance ¼ $2,012,324 Ending Interest Payable balance ¼ $30, Net income ¼ $1,125, Ending retained earnings ¼ $1,563, Total current liabilities ¼ $578,707 P 3-71A 1. Adjusted Trial Balance columns totals ¼ $5,581,688 Net income ¼ $32,512 Ending retained earnings ¼ $71, Total current liabilities ¼ $159,438 P 3-62B 1. Cash-basis March income ¼ $2, Accrual-basis March income ¼ $2,395 P 3-63B total expenses ¼ $71,720 P 3-64B 2. b. Credit to Service Revenue ¼ $3,300 d. Credit to Prepaid Insurance ¼ $500 g. Debit to Supplies Expense ¼ $265 P 3-65B 1. b. Debit to Accounts Receivable ¼ $17,640 e. Debit to Supplies Expense ¼ $ Net understatement of income would be $32,734 P 3-67B 2. Total operating expenses ¼ $923,890 Ending retained earnings ¼ $67,730 Total current liabilities ¼ $69,130 ª Pixelfabrik/Alamy Not For Sale
2 Not For Sale Check Figures 797 P 3-68B 1. (a) Adjusted Prepaid Insurance ¼ $4,144 (d) Adjusted Service Revenue ¼ $132,130 (e) Adjusted Depreciation Expense ¼ $10, (b) Credit to Interest Payable ¼ $4,175 (c) Credit to Wages Payable ¼ $17,600 P 3-69B 1. Credit to Retained Earnings ¼ $49, Net income ¼ $49,250 P 3-70B 1. b. Credit to Accounts Receivable ¼ $199,100 g. Debit to Accounts Payable ¼ $73,000 h. Debit to Interest Expense ¼ $2, Ending Cash balance ¼ $12,300 Ending Interest Payable balance ¼ $2, Net income ¼ $38, Ending retained earnings ¼ $86, Total current liabilities ¼ $36,800 P 3-71B 1. Adjusted Trial Balance columns totals ¼ $2,204,300 Net income ¼ $148,900 Ending retained earnings ¼ $135, Total current liabilities ¼ $88,600 Chapter 4 P 4-58A 1. Adjusted cash balance ¼ $5,805 P 4-59A 1. Adjusted cash balance ¼ $7, P 4-60A 1. Adjusted cash balance ¼ $7,550 P 4-61A f. Credit to Cash ¼ $340 P 4-58B 1. Adjusted cash balance ¼ $5,725 P 4-59B 1. Adjusted cash balance ¼ $8,100 P 4-60B 1. Adjusted cash balance ¼ $9,500 P 4-61B f. Credit to Cash ¼ $675 Chapter 5 P 5-80A 1. Expected gross margin with discount policy ¼ $147,675 P 5-81A 2. Cash collected ¼ $2,810,700 P 5-82A 2. Debit to Cash ¼ $84, Implied interest rate ¼ 24% (approximate) P 5-84A loss rate ¼ Increase in income from operations ¼ $49,034 P 5-85A 3. Credit to Allowance for Doubtful Accounts ¼ $9,785 P 5-86A 4. Credit to Allowance for Doubtful Accounts ¼ $17,438 P 5-87A Mar. 1, 2014 credit to Interest Income ¼ $ Sept. 1, 2014 credit to Interest Receivable ¼ $45 P 5-88A 1. b operating margin ¼ 37.04% d accounts receivable turnover ¼ P 5-80B 1. Expected gross margin with discount policy ¼ $277,500 P 5-81B 2. Cash collected ¼ $2,677,763 P 5-82B 2. Debit to Cash ¼ $242, Implied interest rate ¼ 36% (approximate) P 5-84B loss rate ¼ Increase in income from operations ¼ $4,911 P 5-85B 3. Credit to Allowance for Doubtful Accounts ¼ $16,993 P 5-86B 4. Credit to Allowance for Doubtful Accounts ¼ $29,954 P 5-87B May 1, 2014 credit to Interest Income ¼ $267 Sept. 1, 2014 credit to Interest Receivable ¼ $120 P 5-88B 1. b operating margin ¼ 17.95% d accounts receivable turnover ¼ 5.38 Chapter 6 P 6-65A (c) 2012 cost of goods sold ¼ $243,170 (f) 2013 ending inventory ¼ $54,680 P 6-66A 2. Gross margin ¼ $12,444 P 6-67A 1. FIFO cost of goods sold ¼ $ LIFO ending inventory ¼ $48 3. Average cost method cost of goods sold ¼ $ P 6-68A 1. FIFO 2012 cost of goods sold ¼ $9, LIFO 2013 ending inventory ¼ $1, Average cost 2013 cost of goods sold ¼ $4, Weighted average 2013 inventory turnover ¼ 1.73 P 6-69A 2. Credit to inventory ¼ $1,225 P 6-70A 1. FIFO cost of goods sold ¼ $36,700,000 LIFO cost of goods sold ¼ $37,200,000 Average cost method cost of goods sold ¼ $36,753, FIFO final inventory valuation ¼ $4,060,000 P 6-71A gross margin ¼ $2,035,400 P 6-72A 1. FIFO ending inventory ¼ $ LIFO ending inventory ¼ $ Weighted average cost per unit ¼ $8.95 P 6-73A 1. FIFO 2012 gross margin ¼ $12, LIFO 2012 gross margin ¼ $11, Weighted average 2012 cost per unit ¼ $ P 6-65B (c) 2012 goods available for sale ¼ $111,670 (f) 2013 ending inventory ¼ $11,670 P 6-66B 2. Gross margin ¼ $6,524 P 6-67B 1. FIFO cost of goods sold ¼ $2, LIFO ending inventory ¼ $ Average cost method cost of goods sold ¼ $2, P 6-68B 1. FIFO 2012 cost of goods sold ¼ $63, LIFO 2013 ending inventory ¼ $47, Average cost 2013 cost of goods sold ¼ $35, Weighted average 2013 inventory turnover ¼ 0.92 P 6-69B 2. Credit to Inventory ¼ $1,200 P 6-70B 1. FIFO cost of goods sold ¼ $32,180 LIFO cost of goods sold ¼ $32,490 Average cost method cost of goods sold ¼ $32, LIFO final inventory valuation ¼ $740
3 798 Check Figures P 6-71B gross margin ¼ $372,750 P 6-72B 1. FIFO ending inventory ¼ $ LIFO ending inventory ¼ $ Weighted average cost per unit ¼ $78.40 P 6-73B 1. FIFO 2012 gross margin ¼ $44, LIFO 2012 gross margin ¼ $41, Weighted average 2012 cost per unit ¼ $ Chapter 7 P 7-68A Total property, plant, and equipment ¼ $226,700 P 7-69A 1. Acquisition cost ¼ $46, Two items were expensed. P 7-70A 3. Straight-line year 2 book value ¼ $145,500 Double-declining year 2 book value ¼ $106,875 Units-of-production year 2 book value ¼ $148,348 P 7-71A 2. Year 3 ending book value ¼ $11,750 P 7-72A 2. Book value after renovation ¼ $17, Revised yearly depreciation ¼ $1,630 P 7-74A 1. Gain on building ¼ $30,000 Loss on furniture and fixtures ¼ $32,500 P 7-75A 1. Debit to Goodwill ¼ $85, Credit to Accumulated Depletion ¼ $225,000 P 7-76A 1. Credit to Patent ¼ $178, Debit to Patent ¼ $50, Debit to Loss from Impairment ¼ P 7-68B $534,000 Total property, plant, and equipment ¼ $303,155 P 7-69B 1. Acquisition cost ¼ $65, One item is expensed. P 7-70B 3. Straight-line year 2 book value ¼ $53,800 Double-declining year 2 book value ¼ $41,728 Units-of-production year 2 book value ¼ $55,510 P 7-71B 2. Year 3 ending book value ¼ $29,160 P 7-72B 2. Book value after renovation ¼ $39, Revised yearly depreciation ¼ $3,211 P 7-74B 1. Gain on truck ¼ $1,350 Loss on furniture ¼ $350 P 7-75B 1. Debit to Goodwill ¼ $1,250, Credit to Accumulated Depletion ¼ $3,696,429 P 7-76B 2. Credit to Copyright ¼ $165,000 Chapter 8 P 8-73A 1. h. Credit to Cash ¼ $547,266 i. Debit to Unearned Sales Revenue ¼ $22, Debit to Interest Expense ¼ $25,000 P 8-74A 1. Credit to Cash ¼ $355, Total cost ¼ % of gross pay P 8-75A 2. Credit to Interest Payable ¼ $12, Debit to Interest Expense ¼ $16,000 P 8-76A 2. No journal entry necessary. 4. Credit to Cash ¼ $81,600 P 8-77A 1. Total bill ¼ $3,596,640 P 8-78A 1. Reported as current liability ¼ $50, Debit to Cash ¼ $150,000 Reported as noncurrent liability ¼ $62, Debit to Unearned Sales Revenue ¼ $75,000 P 8-79A warranty expense ¼ $21, Balance 12/31/13 ¼ $23,580 P 8-80A quick ratio ¼ cash ratio ¼ operating cash flow ratio ¼ 0.33 P 8-73B 1. h. Credit to Cash ¼ $1,075,484 i. Debit to Unearned Sales Revenue ¼ $40, Debit to Interest Expense ¼ $12,250 P 8-74B 1. Credit to Cash ¼ $973, Total cost ¼ % of gross pay P 8-75B 2. Credit to Interest Payable ¼ $8, Debit to Interest Expense ¼ $8,500 P 8-76B 2. No journal entry necessary. 4. Credit to Cash ¼ $823,900 P 8-77B 1. Total billing ¼ $413, P 8-78B 1. Reported as current liability ¼ $26, Debit to Cash ¼ $140,000 Reported as noncurrent liability ¼ $45, Debit to Unearned Sales Revenue ¼ $48,750 P 8-79B warranty expense ¼ $101, Balance 12/31/13 ¼ $16,250 P 8-80B quick ratio ¼ cash ratio ¼ operating cash flow ratio ¼ 0.33 Chapter 9 P 9-96A Current liabilities ¼ $158,100 P 9-97A 2. Credit to Interest Payable ¼ $5, Debit to Interest Expense ¼ $4,000 P 9-98A Carrying value 12/31/15 ¼ $101,800 P 9-99A 2. Credit to Discount on Notes Payable ¼ $ Carrying value ¼ $796,400 P 9-100A 1. Carrying value 12/31/16 ¼ $710, Debit to Interest Expense ¼ $30,650 P 9-101A 1. Carrying value, 06/30/17 ¼ $738, /30/14 credit to Discount on Bonds Payable ¼ $3,855 P 9-102A 1. Carrying value, 12/31/15 ¼ $5,100,000 P 9-103A 2. Debit to Interest Expense ¼ $22,500 P 9-104A Carrying value, 12/31/15 ¼ $2,590,000 P 9-105A 3. Debit to Lease Liability ¼ $48,187 P 9-96B Current liabilities ¼ $144,500 P 9-97B 2. Credit to Interest Payable ¼ $15, Debit to Interest Expense ¼ $1,433 P 9-98B Carrying value 12/31/15 ¼ $415,666 P 9-99B 2. Credit to Discount on Notes Payable ¼ $ Carrying value ¼ $992,750 P 9-100B 1. Carrying value 12/31/16 ¼ $920, Debit to Interest Expense ¼ $28,750 Not For Sale
4 Not For Sale Check Figures 799 P 9-101B 1. Carrying value, 06/30/18 ¼ $694, /30/15 credit to Discount on Bonds Payable ¼ $2,000 P 9-102B 1. Carrying value, 12/31/15 ¼ $6,860,000 P 9-103B 2. Debit to Interest Expense ¼ $10,150 P 9-104B Carrying value, 12/31/15 ¼ $2,620,000 P 9-105B 3. Debit to Lease Liability ¼ $20,980 Chapter 10 P 10-81A Total stockholders equity ¼ $3,403,000 P 10-82A b. Credit to Additional Paid-In Capital Common Stock ¼ $56,000 c. Credit to Additional Paid-In Capital Preferred Stock ¼ $60,000 P 10-83A 1. b. Debit to Retained Earnings ¼ $16,000 d. Credit to Treasury Stock ¼ $173, Cumulative effect on equity ¼ $(138,700) P 10-84A 1. e. Credit to Treasury Stock ¼ $7, Total stockholders equity ¼ $1,549,500 P 10-85A 1. e. Credit to Dividends Payable ¼ $165,825 g. Debit to Retained Earnings ¼ $460,625 h. Credit to Dividends Payable ¼ $193, Total dividends for the year ¼ $932, Cumulative effect on assets ¼ $(471,788) P 10-86A 2. Retained earnings reported ¼ $73,000 Credit to Additional Paid-In Capital Common Stock ¼ $120,000 P 10-87A 1. Total annual dividends ¼ $93, Total dividends in arrears ¼ $27,900 P 10-88A Stock repurchase payout ¼ 61.44% Return on common equity ¼ 43.13% P 10-81B Total stockholders equity ¼ $9,883,000 P 10-82B b. Credit to Additional Paid-In Capital Common Stock ¼ $55,000 c. Credit to Additional Paid-In Capital Preferred Stock ¼ $40,000 P 10-83B 1. b. Debit to Retained Earnings ¼ $13,000 d. Credit to Treasury Stock ¼ $83, Cumulative effect on equity ¼ $(61,400) P 10-84B 1. e. Credit to Treasury Stock ¼ $15, Total stockholders equity ¼ $6,275,300 P 10-85B 1. e. Credit to Dividends Payable ¼ $323,800 g. Debit to Retained Earnings ¼ $1,214,250 h. Credit to Dividends Payable ¼ $400, Total dividends for the year ¼ $2,102, Cumulative effect on assets ¼ $(888,503) P 10-86B 2. Retained earnings reported ¼ $383,400 Credit to Additional Paid-In Capital Common Stock ¼ $21,600 P 10-87B 1. Total annual dividends ¼ $275, Total dividends in arrears ¼ $157,500 P 10-88B 1. Stock repurchase payout ¼ 53.66% Return on common equity ¼ 48.89% Chapter 11 P 11-52A 1. Financing ¼ 4 items 2. No cash effect ¼ 2 items P 11-53A 1. Total adjustments ¼ $179,525 P 11-54A 1. Total adjustments ¼ $35,560 $(72,300) P 11-55A Gain on disposal of equipment ¼ $(2,500) Gain on sale of investments ¼ $(4,100) $27,100 $(5,250) P 11-56A 1. Total adjustments ¼ $12,400 $(84,200) P 11-57A 1. $8,765 Net cash provided by financing activities ¼ $92,000 P 11-58A Cash paid for operating expenses ¼ $(887,700) $287,645 P 11-59A 1. Total of Adjustments columns ¼ $1,276,000 Total adjustments to net income ¼ $257,000 $(419,000) P 11-52B 1. Financing ¼ 3 items 2. No cash effect ¼ 3 items P 11-53B 1. Total adjustments ¼ $313,945 P 11-54B 1. Total adjustments ¼ $157,910 $(78,475) P 11-55B Loss on disposal of PP&E ¼ $4,200 Loss on sale of investments ¼ $1,500 $58,125 $(45,725) P 11-56B 1. Total adjustments ¼ $301,000 $(295,000) P 11-57B 1. $170,700 Net cash provided by financing activities ¼ $(28,000) P 11-58B Cash paid for operating expenses ¼ $(824,400) $359,245 P 11-59B 1. Purchase of investments ¼ $15,000 Total of Adjustments columns ¼ $965,600 Total adjustments to net income ¼ $63,800 $(434,400) Chapter 12 P 12-86A 2013 total revenues ¼ % 2012 total costs and expenses ¼ % 2013 total operating income ¼ % 2012 net income ¼ %
5 800 Check Figures P 12-88A 1. Net income growth ¼ 42% 3. Quick ratio ¼ expected net income ¼ $2, Capital to be raised ¼ $2, P 12-89A revenues ¼ % 2013 total costs and expenses ¼ % 2013 net income ¼ % 2012 revenues ¼ % 2012 total costs and expenses ¼ % 2012 net income ¼ % current assets ¼ 74.09% 2013 total liabilities ¼ 24.75% 2013 shareholders equity ¼ 75.25% 2012 current assets ¼ 74.10% 2012 total liabilities ¼ 29.30% 2012 shareholders equity ¼ 70.70% P 12-90A average accounts receivable ¼ $4, accounts receivable turnover ratio ¼ average inventories ¼ $5, inventory turnover ratio ¼ average total assets ¼ $14, asset turnover ratio ¼ gross profit percentage ¼ 39.87% 2012 operating margin percentage ¼ 8.31% 2012 net profit margin percentage ¼ 4.65% 2013 interest expense net of tax ¼ $ average total assets ¼ $14, return on assets ¼ 21.55% 2013 average equity ¼ $7, return on equity ¼ 29.94% operating income ¼ $4, operating income ¼ $3, long-term debt to equity ratio ¼ long-term debt to total assets ratio ¼ 0.25 P 12-92A quick assets ¼ $958, quick assets ¼ $856, cash ratio ¼ operating cash flow ratio ¼ EBIT ¼ $620, times interest earned ratio ¼ long-term debt to equity ratio ¼ long-term debt to total assets ratio ¼ average accounts receivable ¼ $631, accounts receivable turnover ratio ¼ average inventory ¼ $532, inventory turnover ratio ¼ average total assets ¼ $2,030, asset turnover ratio ¼ income from operations ¼ $620, income from operations ¼ $552, net income þ interest net of tax ¼ $380, average total assets ¼ $1,790, average common equity ¼ $1,485, return on common equity ratio ¼ 27.94% 2012 total payout ratio ¼ % 2013 stock repurchase payout ¼ % P 12-93A LIFO cost of goods sold ¼ $5,090, FIFO cost of goods sold ¼ $5,005, depreciation at 10% ¼ $115,000 P 12-86B 2013 total revenues ¼70.03% 2012 total costs and expenses ¼ 87.95% 2013 total operating income ¼ 57.72% 2012 net income ¼ % P 12-88B 1. Net income growth ¼ 907% 3. Quick ratio ¼ expected net income ¼ $2, Capital to be raised ¼ $2, P 12-89B revenues ¼ % 2013 total costs and expenses ¼ % 2013 net income ¼ % 2012 revenues ¼ % 2012 total costs and expenses ¼ % 2012 net income ¼ % current assets ¼ 74.28% 2013 total liabilities ¼ 25.74% 2013 shareholders equity ¼ 74.26% 2012 current assets ¼ 73.58% 2012 total liabilities ¼ 29.88% 2012 shareholders equity ¼ 70.12% P 12-90B average accounts receivable ¼ $4, accounts receivable turnover ratio ¼ average inventories ¼ $5, inventory turnover ratio ¼ average total assets ¼ $14, asset turnover ratio ¼ gross profit percentage ¼ 40.13% 2012 operating margin percentage ¼ 6.96% 2012 net profit margin percentage ¼ 3.21% 2013 interest expense net of tax ¼ $ average total assets ¼ $14, return on assets ¼ 16.85% 2013 average equity ¼ $7, return on equity ¼ 21.96% operating income ¼ $4, operating income ¼ $2, long-term debt to equity ratio ¼ long-term debt to total assets ratio¼ 0.26 P 12-92B quick assets ¼ $972, quick assets ¼ $873, cash ratio ¼ operating cash flow ratio ¼ operating income ¼ $917, times interest earned ratio ¼ long-term debt to equity ratio ¼ long-term debt to total assets ratio ¼ 0.05 Not For Sale
6 Not For Sale Check Figures average accounts receivable ¼ $637, accounts receivable turnover ratio ¼ average inventory ¼ $535, inventory turnover ratio ¼ average total assets ¼ $2,058, asset turnover ratio ¼ income from operations ¼ $917, income from operations ¼ $761, net income þ interest net of tax ¼ $662, average total assets ¼ $1,804, average equity ¼ $1,489, return on equity ratio ¼ 45.16% 2012 total payout ratio ¼ % 2013 stock repurchase payout ¼ % P 12-93B LIFO cost of goods sold ¼ $5,188, FIFO cost of goods sold ¼ $5,090, depreciation at 20% ¼ $246,000
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