Solution Manual for Financial Accounting: An Integrated Approach, 6th Edition

Name: Solution Manual for Financial Accounting: An Integrated Approach, 6th Edition
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Author: Mia Johnson

Solution Manual for Financial Accounting: An Integrated Approach, 6th Edition helps you tackle difficult exercises with expert guidance.

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Chapter 1
Introduction to financial
accounting
Practice Problems
Practice Problem A
1
Account Classification
Cash at bank Asset
Inventory Asset
Sales Revenue
Wages Expense
Cost of goods sold Expense
Share capital Equity
Accounts payable Liability
2
Income Statement
For the year ending 30 June 2016
$
Sales 210,000
Cost of goods sold (70,000)
Gross profit 140,000
Wages (40,000)
Net Profit 100,000
3
Balance Sheet
As at 30 June 2016
Assets Liabilities and shareholders’ equity
$ $
Cash at bank 210,000 Accounts payable 30,000
Inventory 60,000 Share capital 140,000
Retained profits 100,000 *
270,000 270,000
*Opening retained profit + profit –dividend = closing balance retained profit (0 +
100,000 – 0 = 100,000)

Trotman: Financial Accounting 6e – Practice Problem Solutions
Practice Problem B
1 Accrual profit = total sales – total expenses
= $750,000 + 260,000 – 580,000 – 240,000
= $190,000
2 Sales revenue = 2,000 x $8
= $16,000
Cost of goods sold = 2,000 x $5
= $10,000
Practice Problem C
Shareholders’ equity = Assets – Liabilities
= (Property, Plant and Equipment $1,500,000 + Accounts
Receivable
$400,000 + Cash $100,000 + Inventory $500,000)
– (Bank loan $250,000 + Wages Payable $90,000)
= $2,500,000 – 340,000
= $2,160,000

Chapter 2
Measuring and evaluating
financial position and financial
performance
Practice Problems
Practice Problem A
$
Sales (300,000 + 100,000) 400,000
COGS (70,000)
Other operating expenses (80,000 + 30,000) (110,000)
Net profit before tax 220,000
Practice Problem B
PSM Limited
Balance sheet
as at 30 June 2016
$000
Current assets
Cash 11,636
Accounts receivable 47,515
Inventory 66,479
Prepayments 3,958
Investments 3,371
132,959
Non-current assets
Other receivable 361
Investments 2,087
Property, plant and equipment 67,760
Other long term assets 42,742
112,950
Total assets 245,909
Current liabilities
Accounts payable 43,091
Provisions for employee entitlements 30,919
74,010
Non-current liabilities
Long-term borrowings 30,866
Provisions for employee entitlements 3,969
34,835
Total liabilities 108,845
Net assets 137,064
Shareholders’ equity
Share capital 108,518
Retained profits 28,546
Total shareholders’ equity 137,064

Trotman: Financial Accounting 6e – Practice Problem Solutions
Practice Problem C
1 NE
2 +Revenue, +Net Profit
3 +Expense, –Net Profit
4 NE
5 NE
6 NE
7 NE
8 +Revenue, +Expense, +Net Profit
9 +Expense, –Net Profit
10 NE
11 +Expense, –Net Profit
12 NE
Practice Problem D
Income Statement
for the Month of September 2016
$ $
Sales 30,000
Expenses:
Wages 7,000
Cleaning 1,000
Rent 2,000 10,000
Net Profit 20,000
Balance Sheet
as at 30 September 2016
$ $
Cash 1 102,000 Accounts Payable 1,000
Accounts Receivable 2 19,000 1,000
Shareholders’ equity
Share capital 100,000
Retained profits 3 20,000
120,000
121,000 121,000
1 100,000 – 2,000 + 11,000 – 7,000 = 102,000
2 30,000 – 11,000 = 19,000
3 As there is no opening retained profits and no dividends, it is profit figure from the income statement

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Solution Manual for Financial Accounting: An Integrated Approach, 6th Edition

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