财务会计第六章答案 毕晓方.doc

Ex06 6 1 a 485 000 250 000 970 000 735 000 b 40 485 000 1220 000 c No If operating expenses are less than gross profit there will be a net income On the other hand if operating expenses exceed gross profit there will be a net loss 6 2 15710million 20946 million 5236million 6 3 a purchases returns and allowances purchases discounts b transportation c merchandise available for sale d merchandise inventory 6 4 见书见书 6 5 Net sales 3570000 320000 240000 3010000 Gross profit 3010000 2142000 868000 6 6 THE MERIDEN COMPANY Income Statement For the Year Ended June 30 2003 Revenues Net sales 5 400 000 Rent revenue 30 000 Total revenues 5 430 000 Expenses Cost of merchandise sold 3 240 000 Selling expenses 480 000 Administrative expenses 300 000 Interest expense 47 500 Total expenses 4 067 500 Net income 1 362 500 6 7 1 Sales returns and allowances and sales discounts should be deducted from not added to sales 2 Sales returns and allowances and sales discounts should be deducted from sales to yield net sales not gross sales 3 Deducting the cost of merchandise sold from net sales yields gross profit 4 Deducting the total operating expenses from gross profit would yield income from operations or operating income 5 Interest revenue should be reported under the caption Other income and should be added to Income from operations to arrive at Net income 6 The final amount on the income statement should be labeled Net income not Gross profit A correct income statement would be as follows THE Plautus COMPANY Income Statement For the Year Ended OCT 31 2003 Revenue from sales Sales 4 200 000 Less Sales returns and allowances 81 200 Sales discounts 20 300101 500 Net sales 4 098 500 Cost of merchandise sold 2 093 000 Gross profit 2 004 500 Operating expenses Selling expenses 203 000 Transportation out 7 500 Administrative expenses 122 000 Total operating expenses332 500 Income from operations 1 672 000 Other income Interest revenue 66 500 Net income 1 738 500 6 8 a NOBLE COMPANY Income Statement For the Year Ended August 31 2003 Revenue from sales Sales 775 000 Less Sales returns and allowances 25 000 Sales discounts 18 000 43 000 Net sales 732 000 Cost of merchandise sold 210 000 Gross profit 522 000 Operating expenses Selling expenses Administrative expenses Total operating expenses Income from operations Other expense Interest expense Net income b The major advantage of the multiple step form of income statement is that relationships such as gross profit to sales are indicated The major disadvantages are that it is more complex and the total revenues and expenses are not indicated as is the case in the single step income statement 6 9 a Cash 6 900 Sales 6 900 Cost of Merchandise Sold 4830 Merchandise Inventory 4830 b Accounts Receivable 7 500 Sales 7 500 Cost of Merchandise Sold 5625 Merchandise Inventory 5625 c Cash 10200 Sales 10200 Cost of Merchandise Sold 6630 Merchandise Inventory 6630 d Accounts Receivable American Express7200 Sales 7200 Cost of Merchandise Sold 5 040 Merchandise Inventory 5 040 e Credit Card Expense 675 Cash 675 f Cash 6875 Credit Card Expense 325 Accounts Receivable American Express7200 6 10 It was acceptable to debit Sales However using Sales Returns and Allowances assists management in monitoring the amount of returns so that quick action can be taken if returns become excessive Accounts Receivable should also have been credited In addition Cost of Merchandise Sold should only have been credited for the cost of the merchandise sold not the selling price Merchandise Inventory should also have been debited for the cost of the merchandise returned The entries to correctly record the returns would have been as follows Sales or Sales Returns Allowances 235750 Accounts Receivable 235750 Merchandise Inventory 141450 Cost of Merchandise Sold 141450 6 11 Ex 6 11 a 7 350 7 500 150 7 500 2 b Account Receivable 7 500 Sales Discounts 150 Cash 7 350 Merchandise Inventory 4500 Cost of Merchandise Sold 4500 6 12 1 Sold merchandise on account 12 000 2 Recorded the cost of the merchandise sold and reduced the merchandise inventory account 7800 3 Accepted a return of merchandise and granted an allowance 2 500 4 Updated the merchandise inventory account for the cost of the merchandise returned 1 625 5 Received the balance due within the discount period 9405 Sale of 12 000 less return of 2 500 less discount of 95 1 9 500 Ex 6 13 a 18 000 b 18 375 18000 375 c 540 3 18 000 d 17835 6 14 a a 8330 8330 8500 8500 170 170 8500 8500 2 2 b Salesb Sales ReturnsReturns andand Allowances 8500Allowances 8500 SalesSales Discounts 170Discounts 170 Cash Cash 83308330 MerchandiseMerchandise Inventory 800Inventory 800 CostCost ofof MerchandiseMerchandise Sold 800Sold 800 AccountsAccounts payablepayable 800800 Merchandise Inventory 800800 6 156 15 AB List price 40 000 40300 Less discount 800403 39200 39897 Transportation 625 39825 39897 6 166 16 1 Purchased merchandise on account at a net cost of 8 000 2 Paid transportation costs 175 3 An allowance or return of merchandise was granted by the creditor 1 000 4 Paid the balance due within the discount period debited Accounts Payable 7 000 and credited Merchandise Inventory for the amount of the discount 140 and Cash 6860 6 176 17 a Merchandise Inventory 7500 Accounts Payable 7500 b Accounts Payable 1200 Merchandise Inventory 1200 c Accounts Payable 6300 Cash 6174 Merchandise Inventory 126 6 18 a Merchandise Inventory 12000 Accounts Payable Green Co 12000 b Accounts Payable Green Co 12000 Cash 11760 Merchandise Inventory 240 c Accounts Payable Green Co 2940 Merchandise Inventory 2940 d Merchandise Inventory 2 000 Accounts Payable Green Co 2 000 e Cash 940 Accounts Payable Green Co 940 Note The debit of 2940 to Accounts Payable in entry c is the amount of cash refund due from Green Co It is computed as the amount that was paid for the returned merchandise 3 000 less the purchase discount of 60 3 000 2 The credit to Accounts Payable of 2 000 in entry d reduces the debit balance in the account to 940 which is the amount of the cash refund in entry e The alternative entries below yield the same final results c Accounts Receivable Green Co 2940 Merchandise Inventory 2940 d Merchandise Inventory 2 000 Accounts Payable Green Co 2 000 e Cash 940 Accounts Payable Green Co 2 000 Accounts Receivable Green Co 2 940 6 19 a 10500 12000 1500 b 4160 4500 500 1 1 200 c 4900 5000 1 2 d 3960 5000 1000 1 1 e 834 1500 700 1 2 50 6 20 a At the time of sale b 4 000 c 4280 d Sales Tax Payable 6 21 a Accounts Receivable 9720 Sales 9 000 Sales Tax Payable 720 Cost of Merchandise Sold 6300 Merchandise Inventory 6300 b Sales Tax Payable 9175 Cash 9175 6 22 a Accounts Receivable Bawd Co 11500 Sales 11500 Cost of Merchandise Sold 6900 Merchandise Inventory 6900 b Sales Returns and Allowances 900 Accounts Receivable Bawd Co 900 Merchandise Inventory 540 Cost of Merchandise Sold 540 c Cash 10388 Sales Discounts 212 Accounts Receivable Bawd Co 10600 6 23 a Merchandise Inventory 11500 Accounts Payable Sterile Co 11500 b Accounts Payable Sterile Co 900 Merchandise Inventory 900 c Accounts Payable Sterile Co 10600 Cash 10388 Merchandise Inventory 212 6 24 a debit b debit c credit d debit e debit f debit 6 25 b Cost of Merchandise Sold d Sales e Sales Discounts f Sales Returns and Allowances g Salaries Expense j Supplies Expense 6 26 没找到 没找到 a 2000 0 79 18 928 000 000 32 870 000 000 14 893 000 000 2 1999 1 02 12 173 000 000 14 893 000 000 9 043 000 000 2 b These analyses indicate a decrease in the effectiveness in the use of the assets to generate profits This decrease is probably due to Cisco s acquisitions of other companies during 2000 However a comparison with similar companies or industry averages would be helpful in making a more definitive statement on the effectiveness of the use of the assets 6 27 a 4 13 12334353000 2937578000 3041670000 2 b Although Winn Dixie and Zales are both retail stores Zales sells jewelry at a much slower velocity than Winn Dixie sells groceries Thus Winn Dixie is able to generate 4 55 of sales for every dollar of assets Zales however is only able to generate 0 96 in sales per dollar of assets This makes sense when one considers the sales rate for jewelry and the relative cost of holding jewelry inventory relative to groceries Fortunately Z