會計(jì)學(xué)原理課后題答案

1、Chapter 4Completing the Accounting CycleQUESTIONS 1.Closing entries affect temporary accounts: revenues, expenses, withdrawals, and income summary. Specifically, closing entries at the end of an accounting period prepare the revenues (and gains), expenses (and losses), and withdrawals accounts for t

2、he next period by giving them zero balances. Closing entries also update the owners capital account for the events of the year just finished. Closing entries do not affect the asset and liability accounts (permanent accounts).2.(i) Closing entries prepare the temporary accountsrevenue and expense (a

3、nd gain and loss) accounts and withdrawalsfor the next period by giving them zero balances. (ii) Closing entries also update the owners capital account for the events of the period just completed.3.The four-step closing entry process is: (i) close the revenue (and gain) accounts to the Income Summar

4、y account, (ii) close the expense (and loss) accounts to the Income Summary account, (iii) close the Income Summary account to the owners capital account, and (iv) close the withdrawals account to the owners capital account. 4.The Income Summary account is used to summarize the periods revenues and

5、expenses. As a result, it temporarily has a balance equal to the net income (or net loss) for the period. (Instructor note: Closing can be accomplished without the Income Summary account by closing revenue and expense accounts directly to the owners capital account.)5.Yes, an error would have occurr

6、ed because a post-closing trial balance should only include permanent accounts, and Depreciation Expense is a temporary account that should have been closed. If an expense appears on the post-closing trial balance, the amounts of net income, total assets, and total equity are all in error (overstate

7、d).6.A work sheet can be used to collect and organize data for preparing (i) adjusting entries, (ii) closing entries, and (iii) financial statements. A work sheet can also be used for what if analysis, for help with audit adjustments, and for preparing interim financial statements.7.The adjustments

8、in the Adjustments columns of a work sheet are identified by letters to link the debits with the credits to ensure that the entries are complete and in balance (debits = credits) and for reference purposes (audit trail). The letters can also be used to identify the reasons for the entries and help s

9、implify preparation of the actual adjusting journal entries.8.A companys operating cycle is the normal time between paying cash for merchandise inventory or for employee salaries in providing customer services and the receipt of cash from customers in exchange for those products or services.9.Assets

10、 on a typical classified balance sheet include current assets and noncurrent assetswhere noncurrent assets usually include long-term investments, plant assets, and intangible assets. Liabilities are typically classified as current and noncurrent. Note that the terms short-term and long-term are some

11、times used for current and noncurrent.10.Unearned revenue is reported as a liabilityusually a current liability.11.Plant assets (also called property, plant and equipment or long-lived assets) are tangible long-lived assets used to produce or sell goods or services.12.AReversing entries simplify sub

12、sequent entries for accrued expenses and accrued revenues by eliminating the need to record the removal of the accrued liability or accrued receivable when the accrual is settled. 13.AThe following reversing entry could be made as of the first day of the next accounting period, after the post-closin

13、g trial balance is completed and financial statements are prepared. Salaries Payable500 Salaries Expense50014.The five categories of noncurrent assets on Best Buys balance sheet are: Property and Equipment, Goodwill, Tradenames, Long-term investments, and Other assets.15.Circuit City has seven curre

14、nt liability accounts: Merchandise payable, Expenses payable, Accrued expenses and other current liabilities, Accrued compensation, Accrued income taxes, Short-term debt, and Current installments of long-term debt.16.RadioShack has four current asset accounts: Cash and cash equivalents; Accounts and

15、 notes receivable, net; Inventories; and Other current assets.17.The closing entry recorded on September 30, 2006, to transfer the companys net income to its Retained Earnings account would likely have been (in millions):Income Summary1,989Retained Earnings1,989QUICK STUDIESQuick Study 4-1 (10 minut

16、es)Income Summary balance after closing revenues and expensesRevenues: $42,000 + $8,000=$50,000Cr.Expenses: $31,000 + $11,000 + $5,000=- 47,000Dr.Credit balance (equal to net income)=$ 3,000Cr.M. Irvine, Capital account balance after all closing entriesBeginning balance$35,000Plus net income 3,00038

17、,000Less withdrawals 9,200Ending balance$28,800Quick Study 4-2 (5 minutes)1.(i)Analyzing transactions and events.2.(c)Journalizing transactions and events.3.(e)Posting the journal entries.4.(b)Preparing the unadjusted trial balance.5.(f)Journalizing and posting adjusting entries.6.(g)Preparing the a

18、djusted trial balance. 7.(a)Preparing the financial statements.8.(h)Journalizing and posting closing entries.9.(d)Preparing the post-closing trial balance.Quick Study 4-3 (10 minutes)1.E2.C3.E4.A5.B6.F7.A8.DQuick Study 4-4 (10 minutes)Current assetsCash$ 7,000Accounts receivable18,000Office supplies

19、2,860Prepaid insurance 3,500Total current assets$31,360Current liabilitiesAccounts payable$11,000Unearned services revenue 3,000Total current liabilities$14,000Current ratio = $31,360 / $14,000 = 2.24Quick Study 4-5 (10 minutes)Computation of J. Fischer, Capital for the Dec. 31, 2009, balance sheetJ

20、. Fischer, Capital (beginning)$ 36,000Add net income ($90,000 - $61,000) 29,00065,000Less withdrawals (18,000)J. Fischer, Capital (ending)$ 47,000Quick Study 4-6 (5 minutes)a.Id.Bb.Be.Bc.If.BQuick Study 4-7 (5 minutes)a.1d.5b.3e.4c.2Quick Study 4-8 (20 minutes)EDGARDO COMPANYWork SheetUnadjustedTria

21、l BalanceAdjustmentsAdjustedTrial BalanceIncomeStatementBalance SheetAccount TitleDr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.Prepaid Rent4,000(a)8003,2003,200Services Revenue65,000(b)95065,95065,950Wages expense30,000(c)75030,75030,750Accounts Receivable(b)950950950Wages Payable(c)750750750Rent Expense(a)8008008

22、00Quick Study 4-9 (15 minutes)Dec. 31Services Revenue26,000Income Summary26,000To close the revenue account. 31Income Summary20,000Wages Expense16,800Rent Expense3,200 To close the expense accounts. 31Income Summary 6,000P. Simms, Capital 6,000To close Income Summary account. 31P. Simms, Capital1,60

23、0P. Simms, Withdrawals 1,600To close the withdrawals account.Quick Study 4-10 (5 minutes)The only account from QS 4-9 that would appear in post-closing trial balance is P. Simms, Capital.Quick Study 4-11A (10 minutes)2009Jan. 1 Management Fees Earned 24,000Accounts Receivable 24,000To reverse accrue

24、d revenue. 16 Cash 37,500Management Fees Earned 37,500To record collection of management fees.EXERCISESExercise 4-1 (35 minutes)Closing entries(1)Services Revenue401 114,530Income Summary901114,530To close the revenue account.(2)Income Summary901 63,360Depreciation Expense60317,000Salaries Expense62

25、232,500Insurance Expense6374,420Rent Expense6409,440To close the expense accounts.(3)Income Summary901 51,170R. Cruz, Capital30151,170To close Income Summary account.(4)R. Cruz, Capital301 46,770R. Cruz, Withdrawals30246,770To close the withdrawals account.Posted accountsR. Cruz, CapitalNo. 301Salar

26、ies ExpenseNo. 622DatePRDebitCreditBalanceDatePRDebitCreditBalanceMar.3165,000Mar.3132,500(3)51,170116,170(2)32,5000(4)46,77069,400R. Cruz, WithdrawalsNo. 302Insurance ExpenseNo. 637DatePRDebitCreditBalanceDatePRDebitCreditBalanceMar.3146,770Mar.314,420(4)46,7700(2)4,4200Services RevenueNo. 401Rent

27、ExpenseNo. 640DatePRDebitCreditBalanceDatePRDebitCreditBalanceMar.31114,530Mar.319,440(1)114,5300(2)9,4400Depreciation ExpenseNo. 603Income SummaryNo. 901DatePRDebitCreditBalanceDatePRDebitCreditBalanceMar.3117,000(1)114,530114,530(2)17,0000(2)63,36051,170(3)51,1700Exercise 4-2 (40 minutes)Santara M

28、arketing CompanyWork SheetAdjustedTrial BalanceClosing Entry InformationPost-ClosingTrial BalanceNo.Account TitleDr.Cr.Dr.Cr.Dr.Cr.101Cash 11,90011,900106Accounts receivable24,00024,000153Equipment41,00041,000154Accumulated depre- ciationEquipment16,50016,500193Franchise30,00030,000201Accounts payab

29、le14,00014,000209Salaries payable3,2003,200233Unearned fees2,6002,600301T. Santara, Capital66,701(4)14,400(3)18,29970,600302T. Santara, Withdrawals14,400(4)14,400401Marketing fees earned83,000(1)83,000611Depreciation expense Equipment.11,000(2)11,000622Salaries expense33,034(2)33,034640Rent expense1

30、2,616(2)12,616677Miscellaneous expense8,051(2)8,051901Income summary(2)64,701(1)83,000_(3) 18,299_Totals186,001186,001180,400180,400106,900106,900Exercise 4-3 (30 minutes)1.2009Dec. 31Services Revenue404 37,200Income Summary90137,200To close the revenue account. 31Income Summary901 28,968Depreciatio

31、n ExpenseEquipment6122,000Salaries Expense62221,687Insurance Expense6371,562Rent Expense6402,492Supplies Expense6521,227To close the expense accounts. 31Income Summary901 8,232N. Ferrara, Capital3018,232To close Income Summary account. 31N. Ferrara, Capital301 6,000N. Ferrara, Withdrawals3026,000To

32、close the withdrawals account.2.FERRARA COMPANYPost-Closing Trial BalanceDecember 31, 2009DebitCreditCash$18,000 Supplies13,900 Prepaid insurance2,000Equipment23,000Accumulated depreciationEquipment$ 6,500N. Ferrara, Capital*    50,400 Totals$56,900 $56,900 *$48,168 + $8,232 - $6,000 = $50

33、,400Exercise 4-4 (20 minutes)RESOURCE TRUCKING COMPANYIncome StatementFor Year Ended December 31, 2009Trucking fees earned$121,000 ExpensesDepreciation expenseTrucks$20,727Salaries expense56,749Office supplies expense6,655Repairs expenseTrucks 10,406Total expenses 94,537 Net income$ 26,463RESOURCE T

34、RUCKING COMPANYStatement of Owners EquityFor Year Ended December 31, 2009J. Reso, Capital, December 31, 2008$161,901Add:Net income 26,463188,364Less:Withdrawals (20,000) J. Reso, Capital, December 31, 2009$168,364 Exercise 4-5 (20 minutes)RESOURCE TRUCKING COMPANYBalance SheetDecember 31, 2009Assets

35、Current assets Cash$ 5,800 Accounts receivable17,500 Office supplies 3,000 Total current assets26,300 Plant assets Trucks$156,000 Accumulated depreciation-Trucks (32,136)123,864 Land 85,000 Total plant assets 208,864 Total assets$235,164 LiabilitiesCurrent liabilities Accounts payable$ 9,800 Interes

36、t payable 4,000 Total current liabilities13,800 Long-term notes payable 53,000 Total liabilities66,800 EquityJ. Reso, Capital* 168,364 Total liabilities and equity$235,164 *From Exercise 4-4Exercise 4-6 (15 minutes)Note: Current assets and current liability totals are from Exercise 4-4 or 4-5Current

37、 ratio = = = 1.9$26,300$13,800Current assetsCurrent liabilitiesInterpretation: Resource Trucking Companys current ratio of 1.9 exceeds the industry average of 1.5. This implies the company is in a slightly better liquidity position than its competitors. Moreover, if we review the makeup of the curre

38、nt ratio, we see that current assets consist primarily of cash and accounts receivable. The existence of these more liquid assets is a positive attribute for liquidity purposes.Exercise 4-7 (15 minutes)CurrentAssetsCurrent LiabilitiesCurrent RatioCase 1$ 76,000/$ 26,666=2.85Case 2101,080/64,351=1.57

39、Case 342,863/41,204=1.04Case 482,308/69,156=1.19Case 558,444/84,638=0.69Analysis: Company 1 is in the strongest liquidity position. It has about $2.85 of current assets for each $1 of current liabilities. The only potential concern is that Company 1 may be carrying too much in current assets that co

40、uld be better spent on more productive assets (note that its remaining competitors current ratios range from 1.57 to 0.69).Exercise 4-8 (20 minutes)Instructor note: Entries are shown without an account reference column because no posting is required.(a)Insurance ExpenseOffice Equipment470Insurance E

41、xpenseStore Equipment509 Prepaid Insurance979To record expired insurance.(b)Office Supplies Expense1,729Office Supplies1,729To record consumed supplies.(c)Depreciation ExpenseOffice Equipment.3,300Accumulated DepreciationOffice Equip3,300To record depreciation of office equip.(d)Interest Receivable6

42、36Interest Revenue636To record accrued interest income.(e)Office Salaries Expense716Salaries Payable716To record accrued salaries.Exercise 4-9 (15 minutes)1.C5.C9.B13.D2.D6.C10.C14.B3.C7.A11.C15.D4.A8.D12.A16.AExercise 4-10 (20 minutes)Linn CompanyWork SheetAdjustedTrial BalanceIncome StatementBalan

43、ce Sheet & Statement ofOwners EquityNo.AccountDr.Cr.Dr.Cr.Dr.Cr.101Cash8,2008,200106Accounts receivable35,83435,834153Trucks41,50041,500154Accumulated depreciation Trucks16,68316,683183Land30,00030,000201Accounts payable19,10619,106209Salaries payable4,3704,370233Unearned fees3,7703,770301D. Lin

44、n Capital69,01269,012302D. Linn, Withdrawals15,53415,534401Plumbing fees earned84,00084,000611Depreciation expense Trucks5,5615,561622Salaries expense39,31239,312640Rent expense12,76812,768677Miscellaneous expense 8,232_ 8,232_Totals196,941196,94165,87384,000131,068112,941Net income18,127_ 18,127Tot

45、als84,00084,000131,068131,068Exercise 4-11 (25 minutes)1.Work Sheet Account TitleDebitCreditRent earned90,000Salaries expense39,960Insurance expense5,670Office supplies expense13,230Bike repair expense2,790Depreciation expenseBikes 17,190   Totals78,84090,000Net income 11,160   T

46、otals 90,00090,0002. Closing entries(1)Rent Earned90,000Income Summary90,000To close the revenue account.(2)Income Summary78,840Salaries Expense39,960Insurance Expense5,670 Office Supplies Expense13,230 Bike Repair Expense2,790 Depreciation ExpenseBikes17,190 To close the expense accounts.(3)Income

47、Summary11,160C. Johnson, Capital 11,160To close Income Summary account.Exercise 4-12 (30 minutes) Part 1SANTAGA DELIVERY COMPANYWork SheetFor Year Ended December 31, 2009UnadjustedTrial BalanceAdjustmentsAdjustedTrial BalanceIncomeStatementBalance Sheet and Statement of Owners EqutiyAccount TitleDr.

48、Cr.Dr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.Cash15,00015,00015,000Accounts receivable33,00033,00033,000Office supplies4,000(c)3,500500500Trucks340,000340,000340,000Accum. DepreciationTrucks112,000(a)16,000128,000128,000Land150,000150,000150,000Accounts payable23,55023,55023,550Interest payable6,000(b)2,0008,0008,000Long-term notes payable104,000104,000104,000D. Santaga Capital272,770272,770272,770D. Santaga,