會計英語課后習(xí)題參考答案

1、SuggestedSolutionChapter11.Effectontheaccountingequation(1)(2)(3)(4)(5)(6)(a)Increaseinoneasset,decreaseinanotherasset.(b)Increaseinanasset,increaseinaliability.(c)Increaseinanasset,increaseincapital.(d)Decreaseinanasset,decreaseinaliability.(e)Decreaseinanasset,decreaseincapital.2.TransactionsAsset

2、sLiabilitiesOwnersequity+/-+/-+/-1+2+3-4+5+6-7-8+/-9-10-3.Describeeachtransactionbasedonthesummaryabove.Transactions1Purchasedlandforcash,$6,000.2Investmentforcash,$3,200.3Paidexpense$1,200.4Purchasedsuppliesonaccount,$800.5Paidownerspersonaluse,$750.6Paidcreditor,$1,5007Suppliesusedduringtheperiod,

3、$630.4.BeginningAssets275,000Liabilities80,000Equity195,000Add.investment48,000Add.Netincome27,000Lesswithdrawals-35,000Ending320,00085,000235,0005.(a)March31,20XXApril30,20XXAssetsCash4,5005,400Accountsreceivable2,5604,100Supplies840450Totalassets7,9009,950LiabilitiesAccountspayable430690EquityTina

4、Pierce,Capital7,4709,260netincome=9,260-7,470=1,790netincome=1,790+2,500=4,290Chapter21.ToincreaseNotesPayable-CRTodecreaseAccountsReceivable-CRToincreaseOwner,Capital-CRTodecreaseUnearnedFees-DRTodecreasePrepaidInsurance-CRTodecreaseCash-CRToincreaseUtilitiesExpense-DRToincreaseFeesEarned-CRToincre

5、aseStoreEquipment-DRToincreaseOwner,Withdrawal-DR2.a.Cash1,800Accountspayable1,800b.Revenue4,500Accountsreceivable4,500c.Ownerswithdrawals1,500SalariesExpense1,500d.AccountsReceivable750Revenue7503.PrepareadjustingjournalentriesatDecember31,theendoftheyear.Advertisingexpense600Prepaidadvertising600I

6、nsuranceexpense(2160/12*2)360Prepaidinsurance360Unearnedrevenue2,100Servicerevenue2,100Consultantexpense900Prepaidconsultant900Unearnedrevenue3,000Servicerevenue3,0004.1.$388,4002.$22,5203.$366,6004.$21,lossfortheyearendedJune30,2002:$60,0002.DRJonNissen,Capital60,000CRincomesummary60,000post-closin

7、gbalanceinJonNissen,CapitalatJune30,2002:$54,000Chapter3DundeeRealtybankreconciliationOctober31,2009Reconciledbalance$6,220Reconciledbalance$6,2202.April7Dr:NotesreceivableAcompany5400Cr:AccountsreceivableAcompany540012Dr:Cash5394.5Interestexpense5.5Cr:Notesreceivable5400June6Dr:AccountsreceivableAc

8、ompany5533Cr:Cash553318Dr:Cash5560.7Cr:AccountsreceivableAcompany5533Interestrevenue27.73.(a)Asawhole:theendinginventory=685(b)appliedseparatelytoeachproduct:theendinginventory=625Thecostofgoodsavailableforsale=endinginventory+thecostofgoods=80,000+200,000*500%=80,000+1,000,000=1,080,0005.(1)24,000+

9、60,000-90,000*0.8=12000(2)(60,000+24,000)/(85,000+31,000)*(85,000+31,000-90,000)=18828Chapter41.(a)second-yeardepreciation=(114,0005,700)/5=21,660;(b)second-yeardepreciation=8,600*(114,0005,700)/36,100=25,800;(c)first-yeardepreciation=114,000*40%=45,600second-yeardepreciation=(114,00045,600)*40%=27,

10、360;(d)second-yeardepreciation=(114,0005,700)*4/15=28,880.2.(a)weighted-averageaccumulatedexpenditures(2008)=75,000*12/12+84,000*9/12+180,000*8/12+300,000*7/12+100,000*6/12=483,000(b)interestcapitalizedduring2008=60,000*12%+(483,00060,000)*10%=49,5003.(1)depreciationexpense=30,000(2)bookvalue=600,00

11、030,000*2=540,000(3)depreciationexpense=(600,00030,000*8)/16=22,500(4)bookvalue=600,00030,000*822,500=337,5004.Situation1:Jan1st,2008InvestmentinM260,000Cash260,000June30Cash6000Dividendrevenue6000Situation2:January1,2008InvestmentinS81,000Cash81,000June15Cash10,800InvestmentinS10,800December31Inves

12、tmentinS25,500InvestmentRevenue25,5005.a.December31,2008InvestmentinK1,200,000Cash1,200,000June30,2009DividendReceivable42,500DividendRevenue42,500December31,2009Cash42,500DividendReceivable42,500b.December31,2008InvestmentinK1,200,000Cash1,200,000December31,2009Cash42,500InvestmentinK42,500Investme

13、ntinK146,000Investmentrevenue146,000c.Ina,theinvestmentamountis1,200,000netincomereposedis42,500Inb,theinvestmentamountis1,303,500Netincomereposedis146,000Chapter51.a.June1:Dr:Inventory198,000Cr:AccountsPayable198,000June11:Dr:AccountsPayable198,000Cr:NotesPayable198,000June12:Dr:Cash300,000Cr:Notes

14、Payable300,000b.Dr:InterestExpenses(fornotesonJune11)12,100Cr:InterestPayable12,100Dr:InterestExpenses(fornotesonJune12)8,175Cr:InterestPayable8,175c.Balancesheetpresentation:NotesPayable498,000AccruedInterestonNotesPayable20,275d.ForGreen:Dr:NotesPayable198,000InterestPayable12,100InterestExpense7,

15、700Cr:Cash217,800ForWestern:Dr:NotesPayable300,000InterestPayable8,175InterestExpense18,825Cr:Cash327,0002.(1)208Deferredincometaxisaliability2,400Incometaxpayable21,600209Deferredincometaxisanasset600Incometaxpayable26,100(2)208:Dr:Taxexpense24,000Cr:Incometaxpayable21,600Deferredincometax2,400209:

16、Dr:Taxexpense25,500Deferredincometax600Cr:Incometaxpayable26,100(3)208:Incomestatement:taxexpense24,000Balancesheet:incometaxpayable21,600209:Incomestatement:taxexpense25,500Balancesheet:incometaxpayable26,1003.a.1,560,000(20000000*12%*(1-35%)b.7.8%(20000000*12%*(1-35%)/20000000)4.maturitynumberstat

17、edratepereffectiveinterestpaymentpresentvalueofinterest-periodrateperamountvalueofinterestinterest-periodperperiodbondsatperiodsdateofissue1$10403.75%3%$0.375$11.732201010%12%217.74325100%12%08.055.NotesPayable14,400InterestPayable1,296AccountsPayable60,000+UnearnedRentRevenue7,200CurrentLiabilities

18、82,896Chapter61.Mar.1Cash1,200,000CommonStock1,000,000Paid-inCapitalinExcessofParValue200,000Mar.15OrganizationExpense50,000CommonStock50,000Mar.23Patent120,000CommonStock100,000Paid-inCapitalinExcessofParValue20,000Thevalueofthepatentisnoteasilydeterminable,sousetheissuepriceof$12pershareonMarch1wh

19、ichistheissuingpriceofcommonstock.2.July.1TreasuryStock180,000Cash180,000Thecostoftreasurypurchasedis180,000/30,000=60pershare.Nov.1Cash70,000TreasuryStock60,000Paid-inCapitalfromTreasuryStock10,000Sellthetreasuryatthecostof$60pershare,andsellingpriceis$70pershare.Thetreasurystockissoldabovethecost.

20、Dec.20Cash75,000Paid-inCapitalfromTreasuryStock15,000TreasuryStock90,000Thecostoftreasuryis$60persharewhilethesellingpriceis$50whichislowerthanthecost.3.a.July1RetainedEarnings24,000DividendsPayablePreferredStock24,000DividendsPayablePreferredStock24,000Cash24,000c.Dec.1RetainedEarnings80,000Dividen

21、dsPayableCommonStock80,000d.Dec.31IncomeSummary350,000RetainedEarnings350,0004.a.Preferredstockgivesitsownercertainadvantagesovercommonstockholders.Thesebenefitsincludetherighttoreceivedividendsbeforethecommonstockholdersandtherighttoreceiveassetsbeforethecommonstockholdersifthecorporationliquidates

22、.Corporationpayafixedamountofdividendsonpreferredstock.The7%cumulativetermindicatesthattheinvestorsearn7%fixeddividends.b.7%*120%*20,000=504,000c.Ifcorporationissueddebt,ithasobligationtorepayprincipald.Thedateofdeclarationdecreasethestockholdersequity;thedateofrecordandthedateofpaymenthavenoeffecto

23、nstockholders.5.a.Jan.15RetainedEarnings35,000AccumulatedDepreciation35,000Tocorrecterrorinprioryearsdepreciation.b.Mar.20LossfromEarthquake70,000Building70,000c.Mar.31RetainedEarnings12,500DividendsPayable12,500d.Apirl.15DividendsPayable12,500Cash12,500e.June30RetainedEarnings37,500CommonStock25,00

24、0AdditionalPaid-inCapital12,500Torecordissuanceof10%stockdividend:10%*25,000=2,500shares;2500*$15=$37,500f.Dec.31DepreciationExpense14,000AccumulatedDepreciation14,000Originaldepreciation:$40,000/40=$10,000peryear.BookvalueonJan.1,2009is$350,000(=$400,000-5*$10,000).Deprecationfor2009is$14,000(=$350

25、,000/25).g.Thecompanydoesnotneedtomakeentryintheaccountingrecords.ButtheamountofCommonStock($10parvalue)decreases275,000,whiletheamountofCommonStock($5parvalue)increases275,000.Chapter71.Requirement1Ifrevenueisrecognizedatthedateofdelivery,thefollowingjournalentrieswouldbeusedtorecordthetransactions

26、forthetwoyears:Year1Inventory.480,000Cash/Accountspayable.480,000TorecordpurchaseofinventoryInventory.124,000Cash/Accountspayable.124,000TorecordrefurbishmentofinventoryAccountsreceivable.310,000Salesrevenue.310,000TorecordsaleofgoodsonaccountCostofgoodssold.220,000Inventory.220,000Torecordthecostof

27、thegoodssoldasanexpenseSalesreturns(I/S).15,500*Allowanceforsalesreturns(B/S).15,500Torecordprovisionforreturnofgoodssoldunder30-dayreturnperiod*5%of$310,000Warrantyexpense.31,000*Provisionforwarranties(B/S).31,000Torecordprovision,attimeofsale,forwarrantyexpenditures*10%of$310,000Allowanceforsalesr

28、eturns.12,400Accountsreceivable.12,400Torecordreturnofgoodswithin30-dayreturnperiod.Itisassumedthereturnedgoodshavenovalueandaredisposedof.Provisionforwarranties(B/S).18,600Cash/Accountspayable.18,600Torecordexpendituresinyear1forwarrantyworkCash.297,600*Accountsreceivable.297,600Torecordcollectiono

29、fAccountsReceivable*$310,000$12,400Year2Provisionforwarranties(B/S).8,400Cash/Accountspayable.8,400Torecordexpendituresinyear2forwarrantyworkRequirement2Ifrevenueisrecognizedonlywhenthewarrantyperiodhasexpired,thefollowingjournalentrieswouldbeusedtorecordthetransactionsforthetwoyears:Year1Inventory.

30、480,000Cash/Accountspayable.480,000TorecordpurchaseofinventoryInventory.124,000Cash/Accountspayable.124,000TorecordrefurbishmentofinventoryAccountsreceivable.310,000Inventory.220,000Deferredgrossmargin.90,000TorecordsaleofgoodsonaccountDeferredgrossmargin.12,400Accountsreceivable.12,400Torecordretur

31、nofgoodswithinthe30-dayreturnperiod.Itisassumedthegoodshavenovalueandaredisposedof.Deferredwarrantycosts(B/S).18,600Cash/Accountspayable.18,600Torecordexpendituresforwarrantyworkinyear1.ThewarrantycostsincurredaredeferredbecausetherelatedrevenuehasnotyetbeenrecognizedCash.297,600*Accountsreceivable.

32、297,600TorecordcollectionofAccountsreceivable*$310,000$12,400Year2Deferredwarrantycosts.8,400Cash/Accountspayable.8,400Torecordwarrantycostsincurredinyear2relatedtoyear1sales.Thewarrantycostsincurredaredeferredbecausetherelatedrevenuehasnotyetbeenrecognized.Deferredgrossmargin.77,600Costofgoodssold.

33、220,000Salesrevenue.297,600*Torecordrecognitionofsalesrevenuefromyear1salesandrelatedcostofgoodssoldatexpiryofwarrantyperiod$310,000$12,400($90,000$12,400)Warrantyexpense.27,000*Deferredwarrantycosts.27,000Torecordrecognitionofwarrantyexpenseatsametimeasrelatedsalesrevenuerecognition*$18,600+$8,400R

34、equirement3AlliedAutoPartsInc.mightchoosetorecognizerevenueonlyafterthewarrantyperiodhasexpirediftheyarenotabletomakeagoodestimate,atthetimeofsale,oftheamountofwarrantyworkthatwillberequiredunderthetermsoftheone-yearwarranty.IfAlliedisnotable,atthetimeofsale,tomakeagoodestimateofthewarrantyworkthatw

35、illberequired,thenthemeasurabilitycriterionofrevenuerecognitionisnotmetatthetimeofsale.Themeasurabilitycriterionmeansthattheamountofrevenuecanbereliablymeasured.Ifthesellerisnotabletoestimatetheamountofworkthatwillhavetobedoneunderthewarrantyagreement,thenitisnotabletoreasonablymeasuretheprofitthati

36、twilleventuallyearnonthesales.Theperformancecriteriamightalsobeinvokedhere.Theperformancecriterionmeansthatthesellerhastransferredthesignificantrisksandrewardsofownershiptothebuyer.Aslongasthereiswarrantyworktobeperformedafterthesalethatistheresponsibilityoftheseller,youmightarguethatperformanceisno

37、tsubstantiallycomplete.However,ifthesellerwasabletoreliablyestimatetheamountofwarrantywork,thenperformancewouldbesatisfiedontheassumptionthatwecouldmeasuretheriskthatremainswiththeseller,andmakeaprovisionforit.2.Percentage-of-completionmethod:Thefirststepinapplyingrevenuerecognitionusingthepercentag

38、e-of-completionmethod(usingcostsincurredtodatecomparedtoestimatedtotalcoststodeterminethepercentageofcompletion)istoestimatethepercentageofcompletionoftheprojectattheendofeachyear.Thisisdoneinthefollowingtable(in$000s):Endof2005Endof2006Endof2007Totalcostsincurred$5,400$12,950$18,800Totalestimatedco

39、sts18,00018,50018,800%completed30%70%100%Oncethepercentageofcompletionattheendofeachyearhasbeencalculatedasabove,thenextstepistoallocatetheappropriateamountofrevenuetoeachyear,basedonthepercentagecompletedtodate,lesswhathaspreviouslybeenrecordedinrevenue.Thisisdoneinthefollowingtable(in$000s):200520

40、0620072005$20,00030%$6,0002006$20,00070%$14,0002007$20,000100%$20,000Less:Revenuerecognizedinprioryears(0)(6,000)(14,000)Revenueforyear$6,000$8,000$6,000Therefore,theprofittoberecognizedeachyearontheconstructionprojectwouldbe:200520062007TotalRevenuerecognized$6,000$8,000$6,000$20,000Constructioncos

41、tsincurred(expenses)(5,400)(7,550)(5,850)(18,800)Grossprofitfortheyear$600$450$150$1,200Thefollowingjournalentriesareusedtorecordthetransactionsunderthepercentage-of-completionmethodofrevenuerecognition:200520062007Costsofconstruction:Constructioninprogress.5,4007,5505,850Cash,payables,etc.5,4007,55

42、05,8502.Progressbillings:Accountsreceivable.3,1004,90012,000Progressbillings.3,1004,90012,0003.Collectionsonbillings:Cash.2,4004,00012,400Accountsreceivable.2,4004,00012,4004.Recognitionofprofit:Constructioninprogress.600450150Constructionexpense.5,4007,5505,850Revenuefromlong-termcontract.6,0008,00

43、06,0005.Tocloseconstructioninprogress:Progressbillings.20,000Constructioninprogress.20,000200520062007BalancesheetCurrentassets:Accountsreceivable$700$1,600$1,200Inventory:Constructioninprocess6,00014,000Less:Progressbillings(3,100)(8,000)Costsinexcessofbillings2,9006,000IncomestatementRevenuefromlo

44、ng-termcontracts$6,000$8,000$6,000Constructionexpense(5,400)(7,550)(5,850)Grossprofit$600$450$1503.Thethreecriteriaofrevenuerecognitionareperformance,measurability,andcollectibility.Performancemeansthatthesellerorserviceproviderhasperformedthework.Dependingonthenatureoftheproductorservice,performanc

45、emaymeanquitedifferentpointsofrevenuerecognition.Forexample,forthesaleofproducts,IAS18definesperformanceasthepointwhenthesellerofthegoodshastransferredtherisksandrewardsofownershiptothebuyer.Normally,thismeansthatperformanceisdoneatthetimeofsale.Althoughthesellermayhaveperformedmuchoftheworkpriortot

46、hesale(production,sellingefforts,etc.),thereisstillsignificantrisktothesellerthatabuyermaynotbefound.Therefore,fromareliabilitypointofview,revenuerecognitionisdelayeduntilthepointofsale.Also,theremaybesignificantrisksremainingwiththeselleroftheproductevenafterthesale.Warrantiesgivenbythesellerareari

47、skthatremainswiththeseller.However,ifthisriskcanbereliablyestimatedatthetimeofsale,revenuecanberecognizedatthepointofsale.Performanceisquitedifferentunderalong-termconstructioncontract.Here,performancereallyisconsideredtobeameasureoftheworkdone.Revenueisrecognizedovertheproductionperiodastheworkispe

48、rformed.Itisintendedtoreflecttheamountofeffortexpendedbytheseller(contractor).Althoughlegaltitlewonttransfertothebuyeruntiltheprojectiscompleted,revenuecanberecognizedbecausethereisaknownandcommittedbuyer.Ifthecontractorisnotabletoestimatehowmuchoftheworkhasbeendone(perhapsbecauseheorshecantreliably

49、estimatehowmuchworkmuststillbedone),thenprofitwouldnotberecognizeduntiltheextentofperformanceisknown.Measurabilitymeansthatthesellerorserviceprovidermustbeabletoreliablyestimatetheamountoftherevenuefromthesaleorservice.Forthesaleofproductsthisisgenerallyknownatthetimeofsale(thesalespriceisset).Howev

50、er,ifthesellerprovidesareturnperiod,itmaybenecessarytoestimatethevolumeofreturnsatthetimeofsaleinordertomeasuretherevenuethatwillberecognized.Collectibilitymeansthatthesellerortheserviceproviderhasreasonableassurancethatthesalespricewillactuallybecollected.Inmostcasesforthesalesofproducts,theselleri

51、sabletorecognizerevenueatthetimeofsaleevenifthesaleisonaccount.Thisisbecausethesellerhasexperiencewithitscustomersandisabletoestimatereliablytheriskofnonpayment.Aslongasthesellerisabletomakethisestimate,itisappropriatetorecognizetherevenuebuttooffsetitwithaprovisionforpossiblenoncollection.Ifthesell

52、erisunabletomakereliableestimatesoffuturecollectionofamountsowing,therecognitionofrevenuewouldbedelayeduntilthecashisactuallyreceived.Thisiswhatisdoneusingtheinstalmentsalesmethodofrevenuerecognition.Becauseoftheperformancecriterionofrevenuerecognition,itwouldseemtobemostappropriatetorecognizemostre

53、venueasthesellerorserviceproviderperformsthework.Thiswouldbethebestmeasureofperformance.Thiswouldmean,forexample,thatsellersofproductswouldrecognizetheirrevenueoverthewholeproduction,selling,andpostsalesservicingperiods.Aswesawabove,thisisnotcommonlydonebecause,inmanycases,therearestillsignificantri

54、sksthatareretainedbytheseller(riskofnotbeingabletoselltheproduct,forexample).Therearealsomeasurementrisks(knowingthesellingprice)thatexistpriortothesale.Thepercentage-of-completionmethodofrevenueusedforsomelong-termconstructioncontractswouldseemtomostcloselyrecognizerevenueastheworkisperformed.Asmen

55、tionedinPart1,weareabletorecognizerevenueonthisbasissinceacontractexistswhichcommitsthepurchasertobuytheproject(assumingcertainconditionsaremet)andthesalespriceisknownbecauseoftheexistenceofthecontract.4.Ifallrevenueisrecognizedwhenastudentregistersforthecourse,profitfor2007wouldbe:SalesRevenue1:Man

56、ualsandinitiallessons(200$100)$20,000Additionallessons(2008)$30)48,000Examinations(20080%)$130)20,800Totalsalesrevenue88,800Costofsales:Manualsandinitiallessons(200($15+$3)3,600Additionallessons(2008)$3)4,800Examinations(20080%)$30)4,800Totalcostofsales13,200Depreciationofdevelopmentcosts:$180,000(2

57、00/1,000)36,000Profit$39,6005.FINISHENTERPRISESIncomeStatementfortheyearendingDecember31,2005Continuingoperations(excludingthechemicaldivision)Sales($35,000,000$5,500,000)$29,500,000Costofsales($15,000,000$2,800,000)(12,200,000)Grossprofit17,300,000Selling&administrationexpenses($18,000,000$3,200,000)(14,800,000)Profitfromoperations2,500,000Incometaxexpense(40%)1,000,000Profitaftertax$1,500,000Discontinuingoperations(Chemicaldivision)Sales5,500,000Co