FUNDAMENTAL ACCOUNTING PRINCIPLES
Larson / Jensen / Carroll
STUDENT ERRATA SHEET
TEXTBOOK – Vol. 1
Page / Comment69 / Exercise 2-16; table: Furniture s/b Supplies
69 / Exercise 2-17; arrows pointing to wrong lines. The first arrow s/b pointing to net income; the second arrow s/b pointing to Bert Zimm, capital.
124 / Balance Sheet; Total assets and Total liabilities and owner’s equity: delete $38,000 for both
177 / Problem 4-8A(e): February 1, 2000 s/b March 1, 2000
188 / A&R Problem 4-1; Salaries Payable T-account: 398,120 s/b 389,120
and it s/b on same line as ‘Entries during 2002’
213 / Below the work sheet, three lines are missing:
Additional information:
a. Annual amortization expense for the equipment is $26,000.
b. $12,000 of the Prepaid Rent was used during 2001.
214 / Demonstration Problem; Work Sheet; Accumulated amortization, equipment: all of the values s/b in the credit columns for this line
217 / Exhibit 5A.1; Reversing entry recorded on January 1, 2001; Salaries Payable; Balance column:
-0- s/b 210
and
210 s/b -0-
226&228 / Exercise 5-2& 5-8; Debit/Credit column headings: Credit s/b Debit and Debit s/b Credit
238&248 / Prob 5-11A& 5-11B: Unadjusted Trial Balance column should read Adjusted Trial Balance
273 / Exhibit 6.13; missing words: Statement should read Income Statement; Sheet should read Balance Sheet
324 / *Problem 6-12B; Unadjusted Trial Balance; date line: should read March 31, 2001 (not July 31)
326 / A&R Problem 6-2 – Perpetual: Dec. 31 Income Summary ….304,000 s/b 306,000
And insert credit entry as follows: Sales Discounts……2,000
Delete the third piece of data starting with “There were no sales returns…”.
335 / Exhibit 7.2: Other* 5% s/b Other* 4%
345 / First sentence of the page s/b: Exhibit 7.13 assumes that $2,000 of merchandise sold on consignment was incorrectly included in ending inventory on December 31, 2001.
354 / Footnote 1: 300 s/b 200
356 / Inventory Balance Calculations; Nov. 28: 1,000.00 s/b 5,223.00
and $15,000.00 s/b $9,577.00
358 / Middle table: 2001 Correct Amount Using FIFO s/b 2002 Correct Amount Using FIFO and 2001 Incorrect Amount Using LIFO s/b 2002 Incorrect Amount Using LIFO
377 / *Problem 7-11A; 2(c): should read Weighted average cost basis (round the average cost per unit to two decimal places).
And Check figures: 2(c): $2,077,557 s/b $2,077,600
377 / *Problem 7-12A; Check figure: $98,600 s/b $98,400
378 / Problem 7-1B; Required 3(d): should read Weighted average method (round the average cost per unit to two decimal places).
408 / Exhibit 8.15; Inventory account in the General Ledger; Feb. 28: 13 debit s/b 13 credit (the arrow will have to be adjusted to point to the correct position)
and
Feb. 28 Balance in the same account s/b 3,377 (not 3,403)
412 / Exhibit 8.18; Cash Disbursements Journal; Dec. 3; Account Debited column: Transportation-in s/b Inventory
and
Sales Journal; PST Payable Cr. column: insert (224) in line below 120.00
and
Sales Journal; GST Payable Cr. column: insert (225) in line below 140.00
413 / First paragraph: ‘The computation of GST is not uniform …’ s/b ‘The computation of GST is uniform’
and
‘In other provinces, PST is initially computed as a percentage of the selling price and GST is computed as a percentage of the total of the selling price plus the PST.’ s/b
‘In other provinces, GST is initially computed as a percentage of the selling price and PST is computed as a percentage of the total of the selling price plus the GST.”
466 / Exhibit 9.5 title has been cut-off. It should read “Bank Statement (repeated from page 463 for ease of reference)”
Note: s/b = should be
SUPPLEMENTS
Working Papers, Vol. 1
Page 442: Cash Receipts Journal, Dec. 15, Sales, PR column: there should not be a checkmark.
Page 454: Column heading in Cash Receipts Journal should be Sales “Debt”.
Page 471: Cash Receipts Journal, Dec. 15, Sales, PR column: there should not be a checkmark.
Student Solutions Manual, Vol. 1
Page / QS/Ex/Prob/etc. / Comment45 / Prob 3-4B / March 30: 1,400 s/b 1,300
169 / Prob 7-1B / Column titles:
Specific LIFO s/b LIFO; Weighted Ident. s/b Specific Ident.;
Average s/b Weighted Average
and
The values for ‘Cost of goods sold’ and ‘Gross profit’ in the ‘Average’ column s/b reversed
179 / Prob 7-9B / Part 2, Inventory shortage, At Cost s/b $4,074.37 (not $4,074.30)
228 / Prob 9-6B / Deduct: NSF – Tork Ind. $749.00 s/b $749.50
Note: s/b = should be