SOLUTIONS MANUAL

for use with

volume 1
advanced
ACCOUNTING
PRINCIPLES AND PROCEDURAL APPLICATONS
211 !"ITION
#$#$ GU!%%!%O
&$'$ #!%ALTA
To the Instructor
This Solutions Manual contains suggested solutions to all the Multiple
Choice and Probles !or the "#$$ edition o! Ad%anced Accounting &
Principles and Procedural Applications' All solutions ha%e been
prepared b( the authors to ensure accurac( and consistenc( )ith the
discussion and illustration in the te*tboo+'
Multi(le Choices
The ultiple choices are designed to co%er a %ariet( o! conceptual
situations included in each chapter' Sol%ing these should rein!orce the
student,s +no)ledge o! accounting and also test their understanding o!
the points co%ered' -ou a( choose to assign selected ultiple choices
to suppleent the probles assigned in each chapter' Most o! the
ultiple choices re.uire a liited aount o! coputations and are )ell
suited !or inclusion in .ui//es or e*ainations'
#ro)lems
Probles ha%e been pro%ided at the end o! each chapter ore than
(ou can reasonabl( use in a single o0ering o! the course' This
abundance o! probles allo)s (ou to %ar( proble assignents in
di0erent sections o! the course1 or !ro seester to seester1 and to
choose these probles that best 2t the scope1 le%el and ephasis o!
(our course'
'inal Note
The Solutions Manual intended to accopan( the "#$$ edition o!
Ad%anced Accounting & Principles and Procedural Appliations has been
prepared care!ull( and re%ie)ed thoroughl( to ensure that the
instructors )ho adopt this te*tboo+ are pro%ided )ith all possible
assistance in a+ing their course e0ecti%e' In the 2nal anal(sis1
ho)e%er1 an( gi%en course is shaped priaril( b( the person )ho
teaches it1 and the success o! our e0orts )ill be pro%ed through
e*tensi%e e*perience in the classroo' 3e )ill appreciate an(
coents !or suggestions !ro (ou no atter ho) inor the point
in%ol%ed' Please address correspondence to Pedro P' 4uerrero1 CPAR
5uilding1 678 9' Ca(co St'1 Sapaloc1 Metro Manila or (ou a( eail
e at ppg:pldtdsl'net'
P. P. Guerrero
J. F. Peralta
Contents
C;APTER $< Partnership & 5asic Considerations and
9oration
C;APTER "< Partnership Operations
C;APTER 7< Partnership Dissolution & Changes in
O)nership
C;APTER =< Partnership Li.uidation
C;APTER >< Partnership Li.uidation b( Installent
C;APTER ?< @oint Aenture BPAS 7$C
C;APTER 8< Corporation in 9inancial DiDcult( &
Li.uidation
C;APTER 6< Reorgani/ation and Troubled Debt
Restructuring
C;APTER E< Installent Sales
C;APTER $#< LongFTer Construction Contracts BPAS $$C
C;APTER $$< 9ranchise Accounting