June 2012
Beginner
548 pages
15h 16m
English
book
Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition
by Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Content preview from Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition
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SOLUTION TO EXERCISE 1-1
Approach: Write down the basic accounting equation:
ASSETS = LIABILITIES + STOCKHOLDERS' EQUITY
or
A = L + SE
Fill in the amounts given and use your knowledge of algebra to solve for any unknown.
Explanation:
1. Assets = Liabilities + Stockholders' Equity
TIP: Recall that algebraic rules require the change in a number's sign when moved to the other side of the equals sign. Thus, a positive $150,000 becomes a negative $150,000 when moved from the right side of the equation to the left side of the equation.
2. Assets = Liabilities + Stockholders' Equity
3. Assets = Liabilities + Stockholders' Equity
4. Assets = Liabilities + Stockholders' Equity
5. (1) ΔA = ΔAL + ΔSE
TIP: When the ↓$30,000 is moved from the right side of the “=” to the left side of the equation, its sign changes so it becomes a ↑$30,000.
TIP: The basic accounting equation is applied at a specific point in time. When you have the facts for the equation components at two different points in time ...
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I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.