会计学英文版作业

ACCOUNTINGMATCHING1-1 Many accounting professionals work in one of the following three areas.A. Financial accounting B. Managerial accounting C. Tax accountingIdentify the area of accounting that is most involved in each of the following responsibilities.1. Internal auditing. 5. Investigating violations of tax laws. 2. External auditing. 6. Planning transactions to minimize taxes. 3. Cost accounting. 7. Preparing external financial statements. 4. Budgeting. 8. Reviewing reports for SEC compliance. 1-2 Identify the following users as either external users (E) or internal users (I).a. Customers d. Business press g. Shareholders j. FBI and IRSb. Suppliers e. Managers h. Lendersk. Consumer groupc. Brokers f. District attorney i. Controllers l. Sales staff1-3 Match each of the numbered descriptions with the principle it best reflects. Indicate your answer by writing the letter for the appropriate principle in the blank space next to each description.A. General accounting principle E.Specific accounting principleB. Cost principle F. Objectivity principleC. Business entity principle G. Going-concern principleD. Revenue recognition principle1. Usually created by a pronouncement from an authoritative body.2. Financial statements reflect the assumption that the business continues operating. 3. Derived from long-used and generally accepted accounting practices. 4. Every business is accounted for separately from its owner or owners. 5. Revenue is recorded only when the earnings process is complete. 6. Information is based on actual costs incurred in transactions. 7. Financial statement data are supported by evidence other than someones opinion or belief. 1-4 Identify the items from the following list that are likely to serve as source documents.a. Sales ticket d. Telephone bill g. Balance sheetb. Income statement e. Invoice from supplier h. Prepaid insurancec. Trial balance f. Company revenue account i. Bank statement1-5 Identify the financial statement(s) where each of the following items appears. Use I for income statement, E for statement of owners equity, and B for balance sheet.a. Cash withdrawal by owner d. Cash g. Prepaid rentb. Office equipment e. Utilities expenses h. Unearned feesc. Accounts payable f. Office supplies i. Service fees earned1-6 The following are common categories on a classified balance sheet.A. Current assets D. Intangible assetsB. Long-term investments E. Current liabilitiesC. Plant assets F. Long-term liabilitiesFor each of the following items, select the letter that identifies the balance sheet category where the item typically would appear._ 1. Land not currently used in operations _ 5. Accounts payable_ 2. Notes payable (due in three years) _ 6. Store equipment_ 3. Accounts receivable _ 7. Wages payable_ 4. Trademarks _ 8. Cash1-7 In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on the balance sheet, enter a Z in the blank.A. Current assets D. Intangible assets F. Long-term liabilitiesB. Long-term investments E. Current liabilities G. EquityC. Plant assets_ 1. Long-term investment in stock _ 12. Accumulated depreciationTrucks_ 2. Depreciation expenseBuilding _ 13. Cash_ 3. Prepaid rent _ 4. Interest receivable _ 14. Buildings_ 5. Taxes payable _ 15. Store supplies_ 6. Automobiles _ 16. Office equipment_ 7. Notes payable (due in 3 years) _ 17. Land (used in operations)_ 8. Accounts payable _ 18. Repairs expense_ 9. Prepaid insurance _ 19. Office supplies_ 10. Owner, Capital _ 20. Current portion of long-term note payable_ 11. Unearned services revenue 1-8 In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classfication. If the item should not appear on the balance sheet, enter a Z in the blank.A. Current assets E. Current liabilitiesB. Long-term investments F. Long-term liabilitiesC. Plant assets G. EquityD. Intangible assets_ 1. Commissions earned _ 11. Rent receivable_ 2. Interest receivable _ 12. Salaries payable_ 3. Long-term investment in stock _ 13. Income taxes payable_ 4. Prepaid insurance _ 14. Owner, Capital_ 5. Machinery _ 15. Office supplies_ 6. Notes payable (due in15 years) _ 16. Interest payable_ 7. Copyrights_ 17. Rent revenue_ 8. Current portion of long-term note payable _18. Notes receivable (due in 120 days)_ 9. Accumulated depreciationTrucks_ 19. Land (used in operations)_ 10. Office equipment _ 20. Depreciation expenseTrucksEASSAY QUESTION2-1 What is the purpose of accounting in society?2-2 Identify the four basic financial statements of a business.2-3 What information is reported in an income statement?2-4 What information is reported in a balance sheet?2-5 Discuss the steps in processing business transactions.2-6 What is a companys operating cycle?2-7 Why is the accrual basis of accounting generally preferred over the cash basis? ACCOUNTING PRACTISES3-1 Prepare journal entries for each of the following selected transactions.a. On January 13, DeShawn Tyler opens a landscaping business called Elegant Lawns by investing$70,000 cash along with equipment having a $30,000 value.b. On January 21, Elegant Lawns purchases office supplies on credit for $280.c. On January 29, Elegant Lawns receives $7,800 cash for performing landscaping services.d. On January 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer.3-2 The adjusted trial balance for Chiara Company as of December 31, 2008, follows.Debit CreditCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 30,000Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . 52,000Interest receivable . . . . . . . . . . . . . . . . . . . . . . . . 18,000Notes receivable (due in 90 days) . . . . . . . . . . . . . 168,000Office supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,000Automobiles . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168,000Accumulated depreciationAutomobiles . . . . . . . $ 50,000Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138,000Accumulated depreciationEquipment . . . . . . . . . 18,000Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78,000Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . 96,000Interest payable . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000Salaries payable . . . . . . . . . . . . . . . . . . . . . . . . . . 19,000Unearned fees . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000Long-term notes payable . . . . . . . . . . . . . . . . . . . 138,000R.Chiara,Capital . . . . . . . . . . . . . . . . . . . . . . . . . 255,800R.Chiara,Withdrawals . . . . . . . . . . . . . . . 46,000Fees earned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 484,000Interest earned . . . . . . . . . . . . . . . . . . . . . . . . . . 24,000Depreciation expenseAutomobiles . . . . . . . . . . 26,000Depreciation expenseEquipment . . . . . . . . . . . . 18,000Salaries expense . . . . . . . . . . . . . . . . . . . . . . . . . . 188,000Wages expense . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . 32,000Office supplies expense . . . . . . . . . . . . . . . . . . . . 34,000Advertising expense . . . . . . . . . . . . . . . . . . . . . . . 58,000Repairs expenseAutomobiles . . . . . . . . . . . . . . 24,800Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,134,800 $1,134,800Required1. Use the information in the adjusted trial balance to prepare (a) the income statement for the yearended December 31,2008; (b) the statement of owners equity for the year ended December 31,2008;and (c) the balance sheet as of December 31, 2008.2. Calculate the profit margin for year 2008.3-3 On April 1, 2008, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the companys first month.April 1 Nozomi invested $30,000 cash and computer equipment worth $20,000 in the business.2 Rented furnished office space by paying $1,800 cash for the first months (April) rent.3 Purchased $1,000 of office supplies for cash.10 Paid $2,400 cash for the premium on a 12-month insurance policy. Coverage begins onApril 11.14 Paid $1,600 cash for two weekssalaries earned by employees.24 Collected $8,000 cash on commissions from airlines on tickets obtained for customers.28 Paid another $1,600 cash for two weekssalaries earned by employees.29 Paid $350 cash for minor repairs to the companys computer.30 Paid $750 cash for this months telephone bill.30 Nozomi withdrew $1,500 cash for personal use.The companys chart of accounts follows:101 Cash 405 Commissions Earned106 Accounts Receivable 612 Depreciation ExpenseComputer Equip.124 Office Supplies 622 Salaries Expense128 Prepaid Insurance 637 Insurance Expense167 Computer Equipment 640 Rent Expense168 Accumulated DepreciationComputer Equip. 650 Office Supplies Expense209 Salaries Payable 684 Repairs Expense301 J.Nozomi,Capital 688 Telephone Expense302 J.Nozomi,Withdrawals 901 In