会计学原理 第二版 英文版 wiley出版社 第9章 答案.doc

Solutions Manualto accompanyPrinciples of Accounting 2nd edition byJerry Weygandt, Keryn Chalmers, Lorena Mitrione Michelle Fyfe, Susana Yuen, Donald Kieso, Paul KimmelChapter 9Accounting for receivablesJohn Wiley & Sons Australia, LtdCHAPTER 9Accounting for ReceivablesASSIGNMENT CLASSIFICATION TABLELearning ObjectivesQuestionsBriefExercisesExercisesProblems 1.Identify the different types of receivables.1, 212.Explain how accounts receivable are initially recognised and measured in the accounts.3, 721, 111, 3, 4, 6, 73.Explain how accounts receivable are subsequently measured.4, 5, 6, 7,83, 4, 5, 6,72, 3, 41, 2, 3, 4, 54.Describe the entries to record the sale of accounts receivable.9, 10, 11105, 6, 7, 116, 75.Calculate the maturity date of and interest on notes receivable.12, 13, 14, 15, 168, 98, 9, 106, 76.Explain how notes receivable are recognised in the accounts.118, 977.Describe how notes receivable are valued.78.Describe the entries to record the sale of notes receivable.1710, 136,79.Explain the financial statement presentation and analysis of receivables.18, 193, 1211, 121, 6ASSIGNMENT CHARACTERISTICS TABLEProblemNumberDescriptionDifficultyLevelTimeAllotted (min.)1Prepare journal entries related to impaired receivables.Simple15-202Calculate impairment loss.Moderate20-253Journalise entries to record transactions related to impaired receivables.Moderate20-304Journalise transactions related to impaired receivables.Moderate20-305Journalise entries to record transactions related to impaired receivables.Moderate20-306Prepare entries for various notes receivable transactions.Moderate40-507Prepare entries for various receivables transactions.Complex50-60 Accuracy checked 9-37BLOOMS TAXONOMY TABLECorrelation Chart between Blooms Taxonomy, Study Objectives and End-of-Chapter Exercises and ProblemsLearning ObjectiveKnowledgeComprehensionApplicationAnalysisSynthesisEvaluation1.Identify the different types ofreceivables.Q9-2Q9-1BE9-12.Explain how accounts receivable are initially recognised and measured in the accounts.Q9-3BE9-2E9-1P9-7Q9-7E9-11P9-1P9-3P9-4P9-63.Explain how accounts receivable are subsequently measured.Q9-8Q9-4Q9-5Q9-6BE9-4BE9-5Q9-7BE9-3BE9-6BE9-7E9-2E9-3E9-4P9-1P9-2P9-3P9-4P9-54.Describe the entries to record the sale of accounts receivable.Q9-9Q9-10Q9-11BE9-10E9-5E9-6E9-7P9-7E9-11P9-65.Calculate the maturity date of and interest on notes receivable.Q9-13Q9-12Q9-16Q9-14Q9-15BE9-8BE9-9E9-10P9-7E9-8E9-9P9-66.Explain how notes receivable are recognised in the accounts.BE9-11P9-7E9-8E9-97.Describe how notes receivable are valued.P9-78.Describe the entries to record the sale of notes receivable.Q9-17E9-10P9-7P9-69.Explain the financial statement presentation and analysis of receivables.Q9-18Q9-19BE9-12BE9-3E9-11P9-1P9-6Broadening Your PerspectiveExploring the WebGroup Decision CaseComparative AnalysisInterpreting Financial Statements: A Global FocusFinancial ReportingComparative AnalysisEthics CaseCommunicationANSWERS TO QUESTIONS1.Accounts receivable are amounts owed by customers on account. They result from the sale of goods and services in the normal course of business operations (i.e. in trade). Notes receivable represent claims that are evidenced by formal instruments of credit.2.Other receivables include nontrade receivables such as interest receivable, loans to company directors and loans to employees.3.Accounts Receivable40Interest Revenue404.The essential features of the allowance method of accounting for impairment of receivables are:(1)Impaired accounts receivable are estimated and matched against revenue in the same accounting period in which the revenue occurred.(2)Estimated uncollectables are debited to Bad Debts Expense and credited to Allowance for Impairment through an adjusting entry at the end of each period.(3)Actual uncollectables are debited to Allowance for Impairment and credited to Accounts Receivable at the time the specific account is written off.5.Roger Muhl should realise that the decrease in cash realisable value occurs when estimated uncollectables are recognised in an adjusting entry. The write-off of an uncollectable account reduces both accounts receivable and the Allowance for Impairment by the same amount. Thus, cash realisable value does not change.6.IAS39 provides a number of indicators of impairment: the significant financial difficulty of issuer a breach of contract such as a default or delinquency in payment of interest or principal the lender, for economic or legal reasons relating to the borrowers financial difficulty, granting to the borrower a concession that the lender would not otherwise consider it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation the disappearance of an active market because of financial difficulties observable data indicating that there is a measureable decrease in the estimated future cash flow from a group of financial assets since the initial recognition of those assets.7.The adjusting entry is:Bad Debts Expense4 100Allowance for Impairment4 1008.Under the direct write-off method, impairment losses associated with receivables are not estimated and no allowance account is used. When an account is determined to be uncollectable, the loss is debited to Bad Debts Expense. The direct write-off method makes no attempt to match estimated uncollectables to sales revenue or to show the cash realisable value of the receivables in the balance sheet.Answer to Questions (continued) 9.From its own credit cards, the Virgil Ltd may realise financing charges from customers who do not pay the balance due within a specified grace period. National credit cards offer the following advantages:(1)The credit card issuer makes the credit card investigation of the customer.(2)The issuer maintains individual customer accounts.(3)The issuer undertakes the collection process and absorbs any losses from uncollectable accounts.(4)The retailer receives cash more quickly from the credit card issuer than it would from individual customers.10.Advantages of factoring include:(1)Receivables may be sold because they may be the only reasonable source of cash.(2)Billing and collection are often time-consuming and costly. As a result, it is often easier for a retailer to sell the receivables to another party who has expertise in billing and collection matters.11.Cash390 000Service Charge Expense (2.5% $400 000)10 000Accounts Receivable400 00012.A promissory note gives the holder a stronger legal claim than one on an accounts receivable. As a result, it is easier to sell to another party. Promissory notes are negotiable instruments, which means they can be transferred to another party by endorsement. The holder of a promissory note also can earn interest.13.The maturity date of a promissory note may be stated in one of three ways: (1) on demand, (2) on a stated date, and (3) at the end of a stated period of time.14.The maturity dates are: (a) 13 March of the next year, (b) 4 August, (c) 20 July, and (d) 30 August.15.The missing amounts are: (a) $15000, (b) $9 000, (c) 12%, and (d) four months.16.If a company uses 360 days rather than 365 days, it will receive more interest revenue. The reason is that the denominator is smaller, which makes the fraction larger and, therefore, the interest revenue larger.17.When Jana Company dishonors a note, it may: (1) issue a new note for the maturity value of the dishonored note, or (2) refuse to make any settlement, or (3) it might make partial payment and issue a new note for the unpaid balance.18.Each of the major types of receivables should be identified in the statement of financial position or in the notes to the financial reports. Both the gross amount of receivables and the Allowance for Impairment should be reported. If collectible within a year or the operating cycle, whichever is longer, these receivables are reported as current assets immediately below cash and cash equivalents.19.Net credit sales for the period are 9.2 $250 000 = $2 300 000.20.On average it is taking HiTec 70 days to collect the cash from its debtors. Given that its credit terms are payment in 30 days suggests that HiTec could improve its cash collection from debtors.SOLUTIONS TO BRIEF EXERCISESBRIEF EXERCISE 9-1(a)Accounts receivable.(b)Notes receivable.(c)Other receivables.BRIEF EXERCISE 9-2(a)Accounts Receivable17200Sales17200(b)Sales Returns and Allowances3800Accounts Receivable3800(c)Cash ($13400 $268)13132Sales Discount ($13400 2%) 268Accounts Receivable ($17200 $3800)13400BRIEF EXERCISE 9-3(a)Bad Debts Expense32000Allowance for Impairment32000(b)Current assetsCash$90000Accounts Receivable$600000Less: Allowance for Impairment 32000568000Inventory130000Prepaid Expenses 7500Total current assets$795500BRIEF EXERCISE 9-4(a)Allowance for Doubtful Debts6400Accounts Receivable6400(b)(1)Before Write-Off(2)After Write-OffAccounts ReceivableAllowance for Doubtful DebtsCash Realisable Value$70000054000$646000$69360047600$646000BRIEF EXERCISE 9-5Accounts Receivable6400Allowance for Doubtful Debts6400Cash6400Accounts Receivable6400BRIEF EXERCISE 9-6The adjusting entry is as follow:Bad Debts Expense ($12 000 + $8 900 + $5 700 + $2 600 - $23 500)5 700Allowance for Impairment - Receivables5 700The balance of Accounts Receivable shown in the statement of financial position would be $99 800 ($129 000 - $23 500 - $5 700).BRIEF EXERCISE 9-7Bad Debts Expense29 200Accounts Receivable - Sanchoi12 000Accounts Receivable - Mirilak8 900Accounts Receuvable - Vijaya5 700 Accounts Receivable - Krish2600 The balance of Accounts Receivable shown in the statement of financial position would be $99 800 ($129 000 - $29 200).BRIEF EXERCISE 9-8InterestMaturity Date(a)(b)(c)$986$4 623$197August 9October 12July 11BRIEF EXERCISE 9-9Maturity DateAnnual Interest RateTotal Interest(a)(b)(c)May 31August 1September 79%8%11%$1 479$592$6600BRIEF EXERCISE 9-10(a)Cash ($200 $8) 192Service Charge Expense ($200 4%) 8Sales 200(b)Cash ($80000 $2400)77600Service Charge Expense ($80000 3%)2400Accounts Receivable80000BRIEF EXERCISE 9-11Jan.10Accounts Receivable11600Sales11600Feb.9Notes Receivable11600Accounts Receivable11600BRIEF EXERCISE 9-12Accounts Receivable Turnover Ratio: = = 7 timesAverage Collection Period for Accounts Receivable: = 52 daysSOLUTIONS TO EXERCISESEXERCISE 9-1(a)Jan.6Accounts Receivable Jackie7000Sales700016Cash ($7 000 $140)6860Sales Discounts (2% $7 000)140Accounts Receivable Jackie7000(b)Jan.10Accounts Receivable Bybee9000Sales9000Feb.12Cash6000Accounts Receivable Bybee6000Mar.10Accounts Receivable Bybee60Interest Revenue 2% ($9 000 $6 000)60EXERCISE 9-2(a)(1)June30Bad Debts Expense1400Accounts Receivable Copp1400(b)(1)June30Bad Debts Expense ($840000 $28000) 1%8120Allowance for Impairment8120(2)June.30Bad Debts Expense8900Allowance for Impairment8900($110000 10%) $2 100(c)(1)June.30Bad Debts Expense ($840000 $28000) .75%6090Allowance for Impairment6090(2)June30Bad Debts Expense6800Allowance for Impairment6800($110000 6%) + $200EXERCISE 9-3(a)Accounts ReceivableAmount%Estimated UncollectibleOver 90 days7 00050.03 500(b)Mar.31Bad Debts Expense2 300Allowance for Impairment ($3 500 $1200)2 300EXERCISE 9-430 June Bad Debts Expense18 000Allowance for Impairment18 00011 November Allowance for Impairment18 000Accounts Receivable18 00012 December Accounts Receivable18 000Allowance for Impairment18 000Cash18 000Accounts Receivable18 000EXERCISE 9-5(a)Mar.3Cash ($580000 $17400)562600Service Charge Expense (3% $580000)17400Accounts Receivable580000(b)May10Cash ($3 800 $152)3648Service Charge Expense (4% $3 800)152Sales3800EXERCISE 9-6(a)Apr.2Accounts Receivable Julie Dusting1800Sales1800May3Cash900Accounts Receivable Julie Dusting900June 1Accounts Receivable Julie Dusting9Interest Revenue ($1 800 $900) 1.0%9(b)July4Accounts Receivable American Express ($1500 $60)1440Service Charge Expense (4% $1500)60Sales150010Cash1440Accounts Receivable American Express1440EXERCISE 9-7(a)Jan.15Accounts Receivable18000Sales1800020Accounts Receivable American Express ($4 100 $205) 3895 Service Charge Expense ($4 100 5%)205Sales410030Cash ($4 100 $205)3895Accounts Receivable American Express3895Feb.10Cash12000Accounts Receivable1200015Accounts Receivable ($6 000 1%)60Interest Revenue60(b)Interest Revenue is reported under other income and gains.Service Charge Expense is a selling expense.EXERCISE 9-8(a)2007Nov.1Notes Receivable18000Cash18000Dec.11Notes Receivable6750Sales675016Notes Receivable4000Accounts Receivable Bob Chang400031Interest Receivable345Interest Revenue*345* Calculation of interest revenue:Hansons note: $18000 10% 2/12 =$300Blythes note:6750 8% 20/360 =30Changs note:4000 9% 15/360 = 15Total accrued interest $345(b) 2008Nov.1Cash19800Interest Receivable300Interest Revenue*1500Notes Receivable18000*($18000 10% 10/12)EXERCISE 9-92010May1Notes Receivable17 400Accounts Receivable Linda Anderson17 400Dec.31Interest Receivable1 160Interest Revenue ($17 400 10% 8/12)1 16031Interest Revenue1 160Income Summary1 1602011May1Cash19 140Notes Receivable17 400Interest Receivable1 160Interest Revenue ($17 400 10% 4/12)580EXERCISE 9-10(a)May2Notes Receivable6600Cash6600(b)Nov.2Accounts Receivable Sandhu Inc.6897Notes Receivable6600Interest Revenue ($6 600 9% 1/2)297 (To record the dishonor of Sandhu Inc. note with expectation of collection)(c)Nov.2Allowance for Doubtful Debts6600Notes Receivable6600(To record the dishonor of Sandhu Inc. note with no expectation of collection)EXERCISE 9-11(a)Sales$88000Cost of salesBeginning Inventory$36000Add: Purchases (net)60000Goods Available for Sale96000Less: Ending Inventory33000Cost of sales63000Gross Profit on Sales$25000Total Sales=$88000 ($25000 + $63000)Cash Sales=$18000Credit Sales=$70000(b)Accounts Receivable at year end is $15000 as shown below:Accounts ReceivableBeg. bal. $24000Credit sales 70000 1000 78000End bal. 15000EXERCISE 9-12 (a) Accounts receivable turnover ratio = Net Credit Sales / Average accounts receivable= 60% x (2750000 85000) / (27500 + 35500/2)= 1599000 / 31500= 50.76 times(b) Average collection period = 365/50.76 = 7 days(c) These ratios suggest that Sanjo has a very efficient method of collecting cash from its debtors. Its receivables turnover is in excess of 50 times per annum meaning it is collecting cash from debtors within 7 days of the credit sales. Presumably Sanjo is offering attractive settlement terms to entice its debtors to pay so quickly. For example, it may be offering a 5% discount for payment within 7days.EXERCISE 9-13a. Maturity of note is 3 JuneDated April 3April 30 426May3157June 360b. At maturity dateCash11 145Note Receivable11 000Interest income 145To record the payment of the $11 000 note receivable by Mambo including $145 interest ($11 000