西方财务会计课后习题答案

FINANCIALACCOUNTING5/ESOLUTIONSMANUAL0CHAPTER5SHORTTERMINVESTMENTSANDRECEIVABLESCHECKPOINTS5MINCP511TRADINGINVESTMENTSAREREPORTEDATTHEIRCURRENTMARKETVALUE2ATRADINGINVESTMENTISALWAYSACURRENTASSETBECAUSETHEINVESTORINTENDSTOSELLTHETRADINGINVESTMENTINTHEVERYNEARFUTUREDAYS,WEEKS,ORONLYAFEWMONTHSACURRENTASSETISTOBESOLDWITHINONEYEARORWITHINTHECOMPANYSOPERATINGCYCLEIFLONGERTHANAYEAR10MINCP52BALANCESHEETCURRENTASSETSSHORTTERMTRADINGINVESTMENTS,ATMARKETVALUE74,000INCOMESTATEMENTOTHERREVENUEANDGAINSLOSSESUNREALIZEDLOSSONINVESTMENT6,000CHAPTER5RECEIVABLESANDSHORTTERMINVESTMENTS110MINCP531PAID100,0002UNREALIZEDLOSSONINVESTMENT100,00098,0002,000SHORTTERMINVESTMENT2,000ADJUSTEDINVESTMENTTOMARKETVALUEBALANCESHEETCURRENTASSETSSHORTTERMTRADINGINVESTMENT,ATMARKETVALUE98,000INCOMESTATEMENTOTHERREVENUELOSSUNREALIZEDLOSSONINVESTMENT2,0005MINCP54JENNINGS,THEACCOUNTANT,SHOULDNOTHANDLETHECOMPANYSCASHWITHCASHHANDLINGDUTIES,THEACCOUNTANTCANSTEALCASHANDHIDETHETHEFTBYWRITINGOFFACUSTOMERSACCOUNTRECEIVABLEASUNCOLLECTIBLEFINANCIALACCOUNTING5/ESOLUTIONSMANUAL25MINCP551UNCOLLECTIBLEACCOUNTEXPENSE900,000019,000ALLOWANCEFORUNCOLLECTIBLEACCOUNTS9,0002BALANCESHEETACCOUNTSRECEIVABLE90,000LESSALLOWANCEFORUNCOLLECTIBLEACCOUNTS9,000ACCOUNTSRECEIVABLE,NET81,000510MINCP561ACCOUNTSRECEIVABLE800,000SALESREVENUE800,0002CASH780,000ACCOUNTSRECEIVABLE780,0003ALLOWANCEFORUNCOLLECTIBLEACCOUNTS5,000ACCOUNTSRECEIVABLE5,0004UNCOLLECTIBLEACCOUNTEXPENSE800,000018,000ALLOWANCEFORUNCOLLECTIBLEACCOUNTS8,000CHAPTER5RECEIVABLESANDSHORTTERMINVESTMENTS310MINCP571ACCOUNTSRECEIVABLEBEGBAL90,000NETCREDITSALES800,000COLLECTIONS780,000WRITEOFFS5,000ENDBAL105,000AMOUNTCUSTOMERSOWETHECOMPANY2ALLOWANCEFORUNCOLLECTIBLEACCOUNTSBEGBAL9,000WRITEOFFS5,000UNCOLLECTIBLEACCOUNTEXPENSE8,000ENDBAL12,000AMOUNTSPITZEREXPECTSNOTTOCOLLECT3AND4BALANCESHEETACCOUNTSRECEIVABLE,NET105,00012,00093,000AMOUNTSPITZEREXPECTSTOCOLLECTINCOMESTATEMENTSALESREVENUE800,000UNCOLLECTIBLEACCOUNTEXPENSE8,000FINANCIALACCOUNTING5/ESOLUTIONSMANUAL4510MINCP58AACCOUNTSRECEIVABLE700,000SALESREVENUE700,000BCASH720,000ACCOUNTSRECEIVABLE720,000CALLOWANCEFORUNCOLLECTIBLEACCOUNTS6,000ACCOUNTSRECEIVABLE6,000DUNCOLLECTIBLEACCOUNTEXPENSE7,000ALLOWANCEFORUNCOLLECTIBLEACCOUNTS7,000ALLOWANCEFORUNCOLLECTIBLEACCOUNTSBEGBAL8,000WRITEOFFS6,000UNCOLLECTIBLEACCOUNTEXPENSEX7,000ENDBAL9,000CHAPTER5RECEIVABLESANDSHORTTERMINVESTMENTS510MINCP591AND2ACCOUNTSRECEIVABLEBEGBAL100,000NETCREDITSALES700,000COLLECTIONS720,000WRITEOFFS6,000ENDBAL74,000ALLOWANCEFORUNCOLLECTIBLEACCOUNTSBEGBAL8,000WRITEOFFS6,000UNCOLLECTIBLEACCOUNTEXPENSE7,000ENDBAL9,0003BALANCESHEETACCOUNTSRECEIVABLE74,000LESSALLOWANCEFORUNCOLLECTIBLEACCOUNTS9,000ACCOUNTSRECEIVABLE,NET65,000FINANCIALACCOUNTING5/ESOLUTIONSMANUAL6510MINCP510AMAY19NOTERECEIVABLERKROLL100,000CASH100,000BNOV19CASH103,000NOTERECEIVABLERKROLL100,000INTERESTREVENUE100,000066/123,00010MINCP5111INTERESTFOR20X7200,000098/1212,00020X8200,0000918,00020X9200,000094/126,0002TRADEWINDSBANKHASANOTERECEIVABLEANDINTERESTREVENUEMIKETOBYHASANOTEPAYABLEANDINTERESTEXPENSE3PAYOFFATNOVEMBER30,20X7PRINCIPAL200,000INTEREST200,000097/1210,500TOTAL210,500CHAPTER5RECEIVABLESANDSHORTTERMINVESTMENTS710MINCP51220X5AAUG31NOTERECEIVABLELHOLLAND1,000CASH1,000TOLENDMONEY20X6BJUNE30INTERESTRECEIVABLE1,0000910/1275INTERESTREVENUE75TOACCRUEINTERESTREVENUE20X6CAUG31CASH1,000901,090INTERESTRECEIVABLE75INTERESTREVENUE1,000092/1215NOTERECEIVABLE1,000TOCOLLECTONNOTERECEIVABLEFINANCIALACCOUNTING5/ESOLUTIONSMANUAL8510MINCP513ABALANCESHEETJUNE30,20X6CURRENTASSETSNOTERECEIVABLE1,000INTERESTRECEIVABLE75BINCOMESTATEMENTYEARENDEDJUNE30,20X6REVENUESINTERESTREVENUE75CBALANCESHEETJUNE30,20X7NOTHINGTOREPORTBECAUSETHENOTEWASCOLLECTEDONAUGUST31,20X6DINCOMESTATEMENTYEARENDEDJUNE30,20X7REVENUESINTERESTREVENUE15CHAPTER5RECEIVABLESANDSHORTTERMINVESTMENTS910MINCP514REQ120X6CASHSHORTTERMINVESTMENTS4,00015,000NETCURRENTRECEIVABLES73,000ACIDTESTRATIOTOTALCURRENTLIABILITIES101,00091THECOMPANYSACIDTESTRATIOCOMPARESFAVORABLYTOTHEINDUSTRYAVERAGEOF90REQ2743,000ONEDAYSSALES3652,036AVERAGENETACCOUNTSRECEIVABLE73,00068,000/2DAYSSALESINAVERAGEACCOUNTSRECEIVABLEONEDAYSSALES2,03635DAYSTHECOMPANYSDAYSSALESINRECEIVABLESRATIO35ISOKAYRELATIVETOTHE30DAYPERIODOFTHECREDITTERMSFINANCIALACCOUNTING5/ESOLUTIONSMANUAL101015MINCP515INCOMESTATEMENTBALANCESHEETDEBITCREDITDEBITCREDIT1CLASSIFICATIONSBALANCEBALANCEBALANCEBALANCESERVICEREVENUEXOTHERASSETSXPROPERTY,PLANT,ANDEQUIPMENTXCOSTOFSERVICESSOLDXCASHXNOTESPAYABLEXUNEARNEDREVENUESXALLOWANCEFORDOUBTFULACCOUNTSXOTHEREXPENSESXACCOUNTSRECEIVABLEXACCOUNTSPAYABLEXMILLIONS2SERVICEREVENUE23,613COSTOFSERVICESSOLD11,620OTHEREXPENSES12,569NETINCOMENETLOSS5762394,4173893CURRENTRATIO6072,285148CHAPTER5RECEIVABLESANDSHORTTERMINVESTMENTS11EXERCISES1015MINE511THISISATRADINGINVESTMENTBECAUSEEXXONINTENDSTOSELLTHESTOCKWITHINASHORTTIME2DEC20SHORTTERMINVESTMENT10,00060600,000CASH600,000PURCHASEDINVESTMENTDEC31SHORTTERMINVESTMENT10,00063600,00030,000UNREALIZEDGAINONINVESTMENT30,000ADJUSTEDINVESTMENTTOMARKETVALUE3BALANCESHEETCURRENTASSETSSHORTTERMTRADINGINVESTM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ACCOUNTSBASEDONAGINGOFACCOUNTSRECEIVABLE160,00000580,0000134,0000515,0005010,800CREDITBALANCEINALLOWANCEFORDOUBTFULACCOUNTSBEFORETHEDECEMBER31ENTRYSEETHETACCCOUNTINTHEANSWERTOREQ27,1004,1003,000CREDITENTRYNEEDEDTOPRODUCETHEREQUIREDCREDITBALANCEINALLOWANCEFORDOUBTFULACCOUNTS7,800FINANCIALACCOUNTING5/ESOLUTIONSMANUAL36CONTINUEDP54AREQ2ALLOWANCEFORDOUBTFULACCOUNTSNOV22WRITEOFFS4,100SEPT30BALANCE7,100DEC31ADJUSTING7,800DEC31BALANCE10,800REQ3DODGERAMAUTOSUPPLYCOMPARATIVEBALANCESHEETDECEMBER31,20X8ANDDECEMBER31,20X720X820X7ACCOUNTSRECEIVABLE289,000271,000LESSALLOWANCEFORDOUBTFULACCOUNTS10,8008,700ACCOUNTSRECEIVABLE,NET278,200262,300CHAPTER5RECEIVABLESANDSHORTTERMINVESTMENTS372025MINP55AREQ1CASH18,0008,00010,000SHORTTERMTRADINGINVESTMENTS,ATMARKETVALUE22,000ACCOUNTSRECEIVABLE49,000LESSALLOWANCEFORUNCOLLECTIBLES4,00045,000INVENTORY54,000PREPAIDEXPENSES5,000TOTALCURRENTASSETS136,000TOTALCURRENTLIABILITIES145,000REQ2ASREPORTEDCORRECTEDCURRENT202,000136,000RATIO145,000139145,00009418,00034,000ACIDTEST49,00042,00010,00022,00045,000RATIO145,000099145,000053FINANCIALACCOUNTING5/ESOLUTIONSMANUAL38CONTINUEDP55AREQ3NETINCOME,ASREPORTED65,000UNREALIZEDLOSSONTRADINGINVESTMENTS34,00022,00012,000CORRECTIONFORCONVERSIONTOTHEALLOWANCEMETHODUNCOLLECTIBLEACCOUNTEXPENSESHOULDBE400,0000312,000UNCOLLECTIBLEACCOUNTEXPENSEBYTHEDIRECTWRITEOFFMETHOD7,0005,000NETINCOME,CORRECTED48,000REQ4KPMGSSUGGESTIONSMAKEBZENSKYLOOKMUCHLESSSUCCESSFUL,DECREASINGTHECURRENTRATIO,THEACIDTESTRATIO,ANDNETINCOMECHAPTER5RECEIVABLESANDSHORTTERMINVESTMENTS392030MINP56AREQ1JOURNALDATEACCOUNTTITLESANDEXPLANATIONDEBITCREDIT20X4NOV30NOTERECEIVABLEKELLYMOOREPAINTCO60,000SALESREVENUE60,000DEC31INTERESTRECEIVABLE60,000101/12500INTERESTREVENUE50020X5FEB18NOTERECEIVABLEALTEXCO5,000ACCOUNTSRECEIVABLEALTEXCO5,000FEB20CASH4,600FINANCINGEXPENSE400NOTERECEIVABLEALTEXCO5,000FEB28CASH61,500NOTERECEIVABLEKELLYMOOREPAINTCO60,000INTERESTRECEIVABLE500INTERESTREVENUE60,000102/121,000FINANCIALACCOUNTING5/ESOLUTIONSMANUAL40CONTINUEDP56AJOURNALDATEACCOUNTTITLESANDEXPLANATIONDEBITCREDIT20X5NOV11NOTERECEIVABLECONSOLIDATED,INC50,000CASH50,000DEC31INTERESTRECEIVABLE616INTERESTREVENUE50,0000950/365616REQ2DECEMBER31BALANCESHEET20X520X4CURRENTASSETSNOTERECEIVABLE50,00060,000INTERESTRECEIVABLE616500CHAPTER5RECEIVABLESANDSHORTTERMINVESTMENTS413040MINP57AREQ1DOLLARAMOUNTSINMILLIONS20X620X5ACURRENTTOTALCURRENTASSETS766695RATIOTOTALCURRENTLIABILITIES540142446156CASHSHORTTERMINVESTMENTSNETCURRENTRECEIVABLES279320626101154BACIDTESTRATIOTOTALCURRENTLIABILITIES5404466063NETSALES2,6712,505CONEDAYSSALES365365732365686AVERAGENETRECEIVABLES206154/2154127/2DAYSSALESINAVERAGERECEIVABLESONEDAYSSALES73268625DAYS20DAYSFINANCIALACCOUNTING5/ESOLUTIONSMANUAL42CONTINUEDP57AREQ2MEMORANDUMDATE_TOTOPMANAGEMENTOFCRAINSSTATIONERYCOMPANYFROMSTUDENTNAMERECHANGESINRATIO