# Financial Accounting

## Financial Accounting

List of Check Figures and Solution Hints
to accompany
Phillips/ Libby/Libby: Fundamentals of Financial Accounting, 3e

Chapter 1
|Mini-Exercises |
|M1-1 |(5) IFRS = International Financial Reporting|
| |Standards |
|M1-2 |(2) F, (8) G |
|M1-3 |(2) I, (9) E |
|M1-4 |(7) L |
|M1-5 |(3) A |
|M1-6 |(8) SE |
|M1-7 |(10) A |
|M1-8 |(3) SE |
|M1-9 |(4) A |
|M1-10 |(7) I/S, SRE |
|M1-11 |(4) (O) |
|M1-12 |(1) (I) |
|M1-13 |Retained earnings, 12/31/10 = \$46,000 |
|M1-14 |Net income = \$645, Total assets = \$16,772 |
| | |
|Exercises |
|E1-1 |(c) \$3,500 + \$1,300 – \$500 = \$4,300 |
|E1-2 |(d) \$3,200 + \$15,700 – \$7,200 - \$5,300 = |
| |\$6,400 |
|E1-3 |(1) Total liabilities = \$314,597, (2) |
| |stockholders |
|E1-4 |(1) Total assets = \$122,400, (4) 14,550 |
|E1-5 |(f) Dividends, SE |
|E1-6 |(1) Total expenses = \$662,000 |
|E1-7 |Total expenses = \$130,825 |
|E1-8 |(A) Net income = \$18,000 |
| |(C) Stockholders' equity = \$78,000 |
|E1-9 |(1) Net income = \$40,500, (2) Total |
|...