financial-accounting-习题答案文档

Chapter 1 1 1 As in many ethics issues there is no one right answer The local newspaper reported on this issue in these terms The company covered up the first report and the local newspaper uncovered the company s secret The company was forced to not locate here Collier County It became patently clear that doing the least that is legally allowed is not enough 1 2 1 B 2 B 3 E 4 F 5 B 6 F 7 X8 E 9 X 10 B 1 3 a 96 500 25 000 71 500 b 67 750 82 750 15 000 c 19 500 37 000 17 500 1 4 a 275 000 475 000 200 000 b 310 000 275 000 75 000 40 000 c 233 000 275 000 15 000 27 000 d 465 000 275 000 125 000 65 000 e Net income 45 000 425 000 105 000 275 000 1 5 a owner s equity b liability c asset d asset e owner s equity f asset 1 6 a Increases assets and increases owner s equity b Increases assets and increases owner s equity c Decreases assets and decreases owner s equity d Increases assets and increases liabilities e Increases assets and decreases assets 1 7 1 increase 2 decrease 3 increase 4 decrease 1 8 a 1 Sale of catering services for cash 25 000 2 Purchase of land for cash 10 000 3 Payment of expenses 16 000 4 Purchase of supplies on account 800 5 Withdrawal of cash by owner 2 000 6 Payment of cash to creditors 10 600 7 Recognition of cost of supplies used 1 400 b 13 600 18 000 4 400 c 5 600 64 100 58 500 d 7 600 25 000 16 000 1 400 e 5 600 7 600 2 000 1 9 It would be incorrect to say that the business had incurred a net loss of 21 750 The excess of the withdrawals over the net income for the period is a decrease in the amount of owner s equity in the business 1 10 Balance sheet items 1 3 4 8 9 10 1 11 Income statement items 2 5 6 7 1 12 MADRAS COMPANY Statement of Owner s Equity For the Month Ended April 30 2006 Leo Perkins capital April 1 2006 297 200 Net income for the month 73 000 Less withdrawals 12 000 Increase in owner s equity 61 000 Leo Perkins capital April 30 2006 358 200 1 13 HERCULES SERVICES Income Statement For the Month Ended November 30 2006 Fees earned 232 120 Operating expenses Wages expense 100 100 Rent expense 35 000 Supplies expense 4 550 Miscellaneous expense 3 150 Total operating expenses 142 800 Net income 89 320 1 14 Balance sheet b c e f h i j l m n o Income statement a d g k 1 15 1 b investing activity 2 a operating activity 3 c financing activity 4 a operating activity 1 16 a 2003 10 209 30 011 19 802 2002 8 312 26 394 18 082 b 2003 0 52 10 209 19 802 2002 0 46 8 312 18 082 c The ratio of liabilities to stockholders equity increased from 2002 to 2003 indicating an increase in risk for creditors However the assets of The Home Depot are more than sufficient to satisfy creditor claims Chapter 2 2 1 Account AccountNumber Accounts Payable21 Accounts Receivable12 Cash11 Corey Krum Capital31 Corey Krum Drawing32 Fees Earned41 Land13 Miscellaneous Expense53 Supplies Expense52 Wages Expense51 2 2 Balance Sheet AccountsIncome Statement Accounts 1 Assets 11Cash 12Accounts Receivable 13Supplies 14Prepaid Insurance 15Equipment 2 Liabilities 21Accounts Payable 22Unearned Rent 3 Owner s Equity 31Millard Fillmore Capital 32Millard Fillmore Drawing 4 Revenue 41Fees Earned 5 Expenses 51Wages Expense 52Rent Expense 53Supplies Expense 59Miscellaneous Expense 2 3 a and b Account DebitedAccount Credited TransactionTypeEffectTypeEffect 1 asset owner s equity 2 asset asset 3 asset asset liability 4 expense asset 5 asset revenue 6 liability asset 7 asset asset 8 drawing asset 9 expense asset Ex 2 4 1 Cash 40 000 Ira Janke Capital 40 000 2 Supplies 1 800 Cash 1 800 3 Equipment 24 000 Accounts Payable 15 000 Cash 9 000 4 Operating Expenses 3 050 Cash 3 050 5 Accounts Receivable 12 000 Service Revenue 12 000 6 Accounts Payable 7 500 Cash 7 500 7 Cash 9 500 Accounts Receivable 9 500 8 Ira Janke Drawing 5 000 Cash 5 000 9 Operating Expenses 1 050 Supplies 1 050 2 5 1 debit and credit c 2 debit and credit c 3 debit and credit c 4 credit only b 5 debit only a 6 debit only a 7 debit only a 2 6 a Liability creditf Revenue credit b Asset debit g Asset debit c Asset debith Expense debit d Owner s equity i Asset debit Cindy Yost Capital creditj Expense debit e Owner s equity Cindy Yost Drawing debit 2 7 a creditg debit b credith debit c debiti debit d creditj credit e debitk debit f creditl credit 2 8 a Debit negative balance of 1 500 10 500 4 000 8 000 Such a negative balance means that the liabilities of Seth s business exceed the assets b Yes The balance sheet prepared at December 31 will balance with Seth Fite Capital being reported in the owner s equity section as a negative 1 500 2 9 a The increase of 28 750 in the cash account does not indicate earnings of that amount Earnings will represent the net change in all assets and liabilities from operating transactions b 7 550 36 300 28 750 2 10 a 40 550 7 850 41 850 9 150 b 63 000 61 000 17 500 15 500 c 20 800 40 500 57 700 38 000 2 11 2005 Aug 1Rent Expense 1 500 Cash 1 500 2Advertising Expense 700 Cash 700 4Supplies 1 050 Cash 1 050 6Office Equipment 7 500 Accounts Payable 7 500 8Cash 3 600 Accounts Receivable 3 600 12Accounts Payable 1 150 Cash 1 150 20Gayle McCall Drawing 1 000 Cash 1 000 25Miscellaneous Expense 500 Cash 500 30Utilities Expense 195 Cash 195 31Accounts Receivable 10 150 Fees Earned 10 150 31Utilities Expense 380 Cash 380 2 12 a JOURNALPage 43 Post DateDescriptionRef DebitCredit 2006 Oct 27Supplies 151 320 Accounts Payable 211 320 Purchased supplies on account b c d Supplies15 Post Balance DateItemRef Dr Cr Dr Cr 2006 Oct 1Balance 585 27 431 320 1 905 Accounts Payable21 2006 Oct 1Balance 6 150 27 43 1 320 7 470 2 13 Inequality of trial balance totals would be caused by errors described in b and d 2 14 ESCALADE CO Trial Balance December 31 2006 Cash 13 375 Accounts Receivable 24 600 Prepaid Insurance 8 000 Equipment 75 000 Accounts Payable 11 180 Unearned Rent 4 250 Erin Capelli Capital 82 420 Erin Capelli Drawing 10 000 Service Revenue 83 750 Wages Expense 42 000 Advertising Expense 7 200 Miscellaneous Expense 1 425 181 600 181 600 2 15 a Gerald Owen Drawing 15 000 Wages Expense 15 000 b Prepaid Rent 4 500 Cash 4 500 2 16 题目的资料不全题目的资料不全 答案略答案略 2 17 a KMART CORPORATION Income Statement For the Years Ending January 31 2000 and 1999 in millions Increase Decrease 20001999AmountPercent 1 Sales 37 028 35 925 1 1033 1 2 Cost of sales 29 658 28 111 1 5475 5 3 Selling general and admin expenses 7 415 6 514 90113 8 4 Operating income loss before taxes 45 1 300 1 345 103 5 b The horizontal analysis of Kmart Corporation reveals deteriorating operating results from 1999 to 2000 While sales increased by 1 103 million a 3 1 increase cost of sales increased by 1 547 million a 5 5 increase Selling general and administrative expenses also increased by 901 million a 13 8 increase The end result was that operating income decreased by 1 345 million over a 100 decrease and created a 45 million loss in 2000 Little over a year later Kmart filed for bankruptcy protection It has now emerged from bankruptcy hoping to return to profitability 3 1 1 Accrued expense accrued liability 2 Deferred expense prepaid expense 3 Deferred revenue unearned revenue 4 Accrued revenue accrued asset 5 Accrued expense accrued liability 6 Accrued expense accrued liability 7 Deferred expense prepaid expense 8 Deferred revenue unearned revenue 3 2 Supplies Expense 801 Supplies 801 3 3 1 067 118 949 3 4 a Insurance expense or expenses will be understated Net income will be overstated b Prepaid insurance or assets will be overstated Owner s equity will be overstated 3 5 a Insurance Expense 1 215 Prepaid Insurance 1 215 b Insurance Expense 1 215 Prepaid Insurance 1 215 3 6 Unearned Fees 9 570 Fees Earned 9 570 3 7 a Salary Expense 9 360 Salaries Payable 9 360 b Salary Expense 12 480 Salaries Payable 12 480 3 8 59 850 63 000 3 150 3 9 195 816 000 128 776 000 67 040 000 3 10 Error a Error b Over Under Over Under statedstatedstatedstated 1 Revenue for the year would be 0 6 900 0 0 2 Expenses for the year would be 0003 740 3 Net income for the year would be 06 9003 7400 4 Assets at December 31 would be 0000 5 Liabilities at December 31 would be 6 900003 740 6 Owner s equity at December 31 would be 06 9003 7400 3 11 175 840 172 680 6 900 3 740 3 12 a Accounts Receivable 11 500 Fees Earned 11 500 b No If the cash basis of accounting is used revenues are recognized only when the cash is received Therefore earned but unbilled revenues would not be recognized in the accounts and no adjusting entry would be necessary 3 13 a Fees earned or revenues will be understated Net income will be understated b Accounts fees receivable or assets will be understated Owner s equity will be understated 3 14 Depreciation Expense 5 200 Accumulated Depreciation 5 200 3 15 a 204 600 318 500 113 900 b No Depreciation is an allocation of the cost of the equipment to the periods benefiting from its use It does not necessarily relate to value or loss of value 3 16 a 2 268 000 000 5 891 000 000 3 623 000 000 b No Depreciation is an allocation method not a valuation method That is depreciation allocates the cost of a fixed asset over its useful life Depreciation does not attempt to measure market values which may vary significantly from year to year 3 17 a Depreciation Expense 7 500 Accumulated Depreciation 7 500 b 1 Depreciation expense would be understated Net income would be overstated 2 Accumulated depreciation would be understated and total assets would be overstated Owner s equity would be overstated 3 18 1 Accounts Receivable 4 Fees Earned 4 2 Supplies Expense 3 Supplies 3 3 Insurance Expense 8 Prepaid Insurance 8 4 Depreciation Expense 5 Accumulated Depreciation Equipment 5 5 Wages Expense 1 Wages Payable 1 3 19 a Dell Computer Corporation AmountPercent Net sales 35 404 000100 0 Cost of goods sold 29 055 000 82 1 Operating expenses 3 505 000 9 9 Operating income loss 2 844 0008 0 b Gateway Inc AmountPercent Net sales 4 171 325100 0 Cost of goods sold 3 605 120 86 4 Operating expenses 1 077 447 25 8 Operating income loss 511 242 12 2 c Dell is more profitable than Gateway Specifically Dell s cost of goods sold of 82 1 is significantly less 4 3 than Gateway s cost of goods sold of 86 4 In addition Gateway s operating expenses are over one fourth of sales while Dell s operating expenses are 9 9 of sales The result is that Dell generates an operating income of 8 0 of sales while Gateway generates a loss of 12 2 of sales Obviously Gateway must improve its operations if it is to remain in business and remain competitive with Dell 4 1 e c g b f a d 4 2 a Income statement 3 8 9 b Balance sheet 1 2 4 5 6 7 10 4 3 a Asset 1 4 5 6 10 b Liability 9 12 c Revenue 2 7 d Expense 3 8 11 4 4 1 f 2 c 3 b 4 h 5 g 6 j 7 a 8 i 9 d 10 e 4 5 ITHACA SERVICES CO Work Sheet For the Year Ended January 31 2006 Adjusted Trial BalanceAdjustments Trial Balance Account TitleDr Cr Dr Cr Dr Cr 1Cash881 2Accounts Receivable50 a 7572 3Supplies8 b 533 4Prepaid Insurance12 c 664 5Land50505 6Equipment32326 7Accum Depr Equip 2 d 577 8Accounts Payable26268 9Wages Payable0 e 119 10Terry Dagley Capital11211210 11Terry Dagley Drawing8811 12Fees Earned60 a 76712 13Wages Expense16 e 11713 14Rent Expense8814 15Insurance Expense0 c 6615 16Utilities Expense6616 17Depreciation Expense0 d 5517 18Supplies Expense0 b 5518 19Miscellaneous Expense2219 20Totals2002002424 213213 20 Continue ITHACA SERVICES CO Work Sheet For the Year Ended January 31 2006 AdjustedIncomeBalance Trial BalanceStatement Sheet Account TitleDr Cr Dr Cr Dr Cr 1Cash881 2Accounts Receivable57572 3Supplies333 4Prepaid Insurance664 5Land50505 6Equipment32326 7Accum Depr Equip 777 8Accounts Payable26268 9Wages Payable119 10Terry Dagley Capital11211210 11Terry Dagley Drawing8811 12Fees Earned676712 13Wages Expense171713 14Rent Expense8814 15Insurance Expense6615 16Utilities Expense6616 17Depreciation Expense5517 18Supplies Expense5518 19Miscellaneous Expense2219 20Totals213213496716414620 21Net income loss 181821 22676716416422 4 6 ITHACA SERVICES CO Income Statement For the Year Ended January 31 2006 Fees earned 67 Expenses Wages expense 17 Rent expense 8 Insurance expense 6 Utilities expense 6 Depreciation expense 5 Supplies expense 5 Miscellaneous expense 2 Total expenses 49 Net income 18 ITHACA SERVICES CO Statement of Owner s Equity For the Year Ended January 31 2006 Terry Dagley capital February 1 2005 112 Net income for the year 18 Less withdrawals 8 Increase in owner s equity 10 Terry Dagley capital January 31 2006 122 ITHACA SERVICES CO Balance Sheet January 31 2006 Assets Liabilities Current assets Current liabilities Cash 8Accounts payable 26 Accounts receivable 57Wages payable 1 Supplies 3Total liabilities 27 Prepaid insurance 6 Total current assets 74 Property plant andOwner s Equity equipment Terry Dagley capital 122 Land 50 Equipment 32 Less accum depr 725 Total property plant and equipment75Total liabilities and Total assets 149owner s equity 149 4 7 2006 Jan 31Accounts Receivable 7 Fees Earned 7 31Supplies Expense 5 Supplies 5 31Insurance Expense 6 Prepaid Insurance 6 31Depreciation Expense 5 Accumulated Depreciation Equipment 5 31Wages Expense 1 Wages Payable 1 4 8 2006 Jan 31Fees Earned 67 Income Summary 67 31Income Summary 49 Wages Expense 17 Rent Expense 8 Insurance Expense 6 Utilities Expense 6 Depreciation Expense 5 Supplies Expense 5 Miscellaneous Expense 2 31Income Summary 18 Terry Dagley Capital 18 31Terry Dagley Capital 8 Terry Dagley Drawing 8 4 9 SIROCCO SERVICES CO Income Statement For the Year Ended March 31 2006 Service revenue 103 850 Operating expenses Wages expense 56 800 Rent expense 21 270 Utilities expense 11 500 Depreciation expense 8 000 Insurance expense 4 100 Supplies expense 3 100 Miscellaneous expense 2 250 Total operating expenses 107 020 Net loss 3 170 4 10 SYNTHESIS SYSTEMS CO Statement of Owner s Equity For the Year Ended October 31 2006 Suzanne Jacob capital November 1 2005 173 750 Net income for year 44 250 Less withdrawals 12 000 Increase in owner s equity 32 250 Suzanne Jacob capital October 31 2006 206 000 4 11 a Current asset 1 3 5 6 b Property plant and equipment 2 4 4 12 Since current liabilities are usually due within one year 165 000 13 750 12 months would be reported as a current liability on the balance sheet The remainder of 335 000 500 000 165 000 would be reported as a long term liability on the balance sheet 4 13 TUDOR CO Balance Sheet April 30 2006 Assets Liabilities Current assets Current liabilities Cash 31 500 Accounts payable 9 500 Accounts receivable 21 850 Salaries payable 1 750 Supplies 1 800 Unearned fees 1 200 Prepaid insurance 7 200 Total liabilities 12 450 Prepaid rent 4 800 Total current assets 67 150Owner s Equity Property plant and equipment Vernon Posey capital114 200 Equipment 80 600 Less accumulated depreciation 21 100 59 500 Total liabilities and Total assets 126 650owner s equity 126 650 4 14 Accounts Receivable 4 100 Fees Earned 4 100 Supplies Expense 1 300 Supplies 1 300 Insurance Expense 2 000 Prepaid Insurance 2 000 Depreciation Expense 2 800 Accumulated Depreciation Equipment 2 800 Wages Expense 1 000 Wages Payable 1 000 Unearned Rent 2 500 Rent Revenue 2 500 4 15 c Depreciation Expense Equipment g Fees Earned i Salaries Expense l Supplies Expense 4 16 The income summary account is used to close the revenue and expense accounts and it aids in detecting and correcting errors The 450 750 represents expense account balances and the 712 500 represents revenue account balances that have been closed 4 17 a Income Summary 167 550 Sue Alewine Capital 167 550 Sue Alewine Capital 25 000 Sue Alewine Drawing 25 000 b 284 900 142 350 167 550 25 000 4 18 a Accounts Receivable b Accumulated Depreciation c Cash e Equipment f Estella Hall Capital i Supplies k Wages Payable 4 19 a 20022001 Working capital 143 034 159 453 Current ratio0 810 80 b 7 Eleven has negative working capital as of December 31 2002 and 2001 In addition the current ratio is below one at the end of both years While the working capital and current ratios have improved from 2001 to 2002 creditors would likely be concerned about the ability of 7 Eleven to meet its short term credit obligations This concern would warrant further investigation to determine whether this is a temporary issue for example an end of the period phenomenon and the company s plans to address its working capital shortcomings 4 20 a 1 Sales Salaries Expense 6 480 Salaries Payable 6 480 2 Accounts Receivable 10 250 Fees Earned 10 250 b 1 Salaries Payable 6 480 Sales Salaries Expense 6 480 2 Fees Earned 10 250 Accounts Receivable 10 250 4 21 a 1 Payment last payday in year 2 Adjusting accrual of wages at end of year 3 Closing 4 Reversing 5 Payment first payday in following year b 1 Wages Expense 45 000 Cash 45 000 2 Wages Expense 18 000 Wages Payable 18 000 3 Income Summary 1 120 800 Wages Expense 1 120 800 4 Wages Payable 18 000 Wages Expense 18 000 5 Wages Expense 43 000 Cash 43 000 Chapter6 找不到答案 自己处理了哦 找不到答案 自己处理了哦 Ex 8 1 a Inappropriate Since Fridley has a large number of credit sales supported by promissory notes a notes receivable ledger should be maintained Failure to maintain a subsidiary ledger when there are a significant number of notes receivable transactions violates the internal control procedure that mandates proofs and security Maintaining a notes receivable ledger will allow Fridley to operate more efficiently and will increase the chance that Fridley will detect accounting errors related to the notes receivable The total of the accounts in the notes receivable ledger must match the balance of notes receivable in the general ledger b Inappropriate The procedure of proper separation of duties is violated The accounts receivable clerk is responsible for too many related operations The clerk also has both custody of assets cash receipts and accounting responsibilities for those assets c Appropriate The functions of maintaining the accounts receivable account in the general ledger should be performed by someone other than the accounts receiv