会计英语相关练习题(22页)全面优秀版

1、Chapter11. TheMillRunGolf&CountryClubdetailsthefollowingaccountsinitsfinancialstatements.(a)(b)AccountspayableandaccruedliabilitiesAccountsreceivableProperty,plant,andequipmentFoodandbeverageoperationsrevenueGolfcourseoperationsrevenueInventoryLong-termdebtOfficeandgeneralexpenseProfessionalfees

2、expenseWagesandbenefitsexpenseInstructions.(a) Classifyeachoftheaboveaccountsasanasset(A),liability(L),stockholdersequity(SE),revenue(R),orexpense(E)item.(b) Classifyeachoftheaboveaccountsasafinancingactivity(F),investingactivity(I),oroperatingactivity(O).Ifyoubelieveaparticularaccountdoesntfitinany

3、oftheseactivities,explainwhy.2. Thefollowinginformationwastakenfromthe2004financialstatementsofpharmaceuticalgiantMerckandCo.Alldollaramountsareinmillions.Retainedearnings,January1,2004$34,142.0Materialsandproductionexpense4,959.8Marketingandadministrativeexpense7,346.3Dividends3,329.1Salesrevenue22

4、,938.6Researchanddevelopmentexpense4,010.2Taxexpense2.161.1Otherrevenue1,352.2Instructions.(a) Afteranalyzingthedata,prepareanincomestatementandaretainedearningsstatementfortheyearendingDecember31,2004.(b) SupposethatMerckdecidedtoreduceitsresearchanddevelopmentexpenseby50%.Whatwouldbetheshort-termi

5、mplications?Whatwouldbethelong-termimplications?Howdoyouthinkthestockmarketwouldreact?3. KelloggCompanyistheworldsleadingproducerofready-to-eatcerealandaleadingproducerofgrain-basedconveniencefoodssuchasfrozenwafflesandcerealbars.Thefollowingitemsweretakenfromits2004incomestatementandbalancesheet.Al

6、ldollarsareinmillions.Retainedearnings$2,701.3Long-termdebt$3,892.6Costofgoodssold5,298.7Inventories681.0Sellingandadministrativeexpense2,634.1Netsales9,613.9Cash417.4Accountspayable767.2Notespayable709.7Commonstock103.8Interestexpense308.6Incometaxexpense475.3Otherexpense6.6Instructions.Performeach

7、ofthefollowing.(a) Ineachcaseidentifywhethertheitemisanasset(A),liability(L),stockholdersequity(SE),revenue(R),orexpense(E).(b) PrepareanincomestatementforKelloggCompanyfortheyearendedDecember31,2004.4. ThefollowingitemsweretakenfromthebalancesheetofNike,Inc.(1)Cash$828.0(7)Inventories$1,633.6(2)Acc

8、ountsreceivable2,120.2(8)Incometaxespayable118.2(3)Commonstock890.6(9)Property,plant,andequipment1,586.9(4)Notespayable146.0(10)Retainedearnings3,891.1(5)Otherassets1,722.9(11)Accountspayable763.8(6)Otherliabilities2,081.9Instructions.Performeachofthefollowing.(a) Classifyeachoftheseitemsasanasset,l

9、iability,orstockholdersequity.(Alldollarsareinmillions.)(b) DetermineNikesaccountingequationbycalculatingthevalueoftotalassets,totalliabilities,andtotalstockholdersequity.(c) TowhatextentdoseNikerelyondebtversusequityfinancing?Chapter2 .1 TheseitemsaretakenfromthefinancialstatementsofDonovanCo.atDec

10、ember31.2007Building$105,800Accountsreceivable12,600Prepaidinsurance4,680Cash16,840Equipment82,400Land61,200Insuranceexpense780Depreciationexpense5,300Interestexpense2,600Commonstock62,000Retainedearnings(January1,2007)40,000Accumulateddepreciation-building45,600Accountspayable9,500Mortgagepayable93

11、,600Accumulateddepreciation-equipment18,720Interestpayable3,600Bowlingrevenues19,180Instructions.Prepareaclassifiedbalancesheet.Assumethat$13,600ofthemortgagepayablewillbepaidin2008.2 Thefollowingitemsweretakenfromthe2004financialstatementsofTexasInstruments,Inc.(Alldollarsareinmillions.)Long-termde

12、bt$368Cash$2,668Commonstock2,488Accumulateddepreciation5,655Prepaidexpense326Accountspayable1,444Property,plant,andequipment9,573Othernoncurrentassets1,927Othercurrentassets554Othernoncurrentliabilities943Othercurrentliabilities470Retainedearnings10,575Long-terminvestments264Accountsreceivable1,696S

13、hort-terminvestments3,690InventoriesLoanspayablein200511Instructions.PrepareaclassifiedbalancesheetingoodformasofDecember31,2004.3.ThesefinancialstatementitemsareforSnyderCorporationatyear-end,July31,2007.Salariespayable$2,080Salariesexpense51,700Utilitiesexpense22,600Equipment18,500Accountspayable4

14、,100Commissionrevenue61,100Rentrevenue8,500Long-termnotepayable1,800Commonstock16,000Cash24,200Accountsreceivable9,780Accumulateddepreciation6,000Dividends4,000Depreciationexpense4,000Retainedearnings(beginningoftheyear)35,2001,256Instructions.(a) Prepareanincomestatementandaretainedearningsstatemen

15、tfortheyear.SnyderCorporationdidnotissueanynewstockduringtheyear.(b) PrepareaclassifiedbalancesheetatJuly31.Computethecurrentratioanddebttototalassetsratio.(d)SupposethatyouarethepresidentofAlliedEquipment.Yoursalesmanagerhasapproachedyouwithaproposaltosell$20,000ofequipmenttoSnyder.Hewouldliketopro

16、videaloantoSnyderintheformofa10%,5-yearnotepayable.EvaluatehowthisloanwouldchangeSnyder'scurrentratioanddebttototalassetsratio,anddiscusswhetheryouwouldmakethesale.4. Thechieffinancialofficer(CFO)ofSuperCleanCorporationrequestedthattheaccountingdepartmentprepareapreliminarybalancesheetonDecember

17、30,007,sothattheCFOcouldgetanideaofhowthecompanystood.Heknowsthatcertaindebtagreementswithitscreditorsrequirethecompanytomaintainacurrentratioofatleast2:1.Thepreliminarybalancesheetisasfollows.SUPERCLEANCORP.BalanceSheetDecember30,2007CurrentassetsCurrentliabilitiesCash$30,000Accountspayable$25,000A

18、ccountsreceivable20,000Salariespayable15,000$40,000Prepaid insurance 10,000$60,000Property, plant, and equipment (net) 200,000Total assets$260,000Long-term liabilitiesNotes payableTotal liabilities Stockholders' equity Common stock Retained earnings80,000120,000100,00040,000140,000Totalliabiliti

19、esandstockholdersequity$260,000Instructions.(a) Calculatethecurrentratioandworkingcapitalbasedonthepreliminarybalancesheet.(b) Basedontheresultsin(a),theCFOrequestedthat$25,000ofcashbeusedtopayoffthebalanceoftheaccountspayableaccountonDecember31,2007.Calculatethenewcurrentratioandworkingcapitalafter

20、thecompanytakestheseactions.(c) Discusstheprosandconsofthecurrentratioandworkingcapitalasmeasuresofliquidity.(d) WasitunethicalfortheCFOtotakethesesteps?5. Thefollowingdataweretakenfromthe2004and2003financialstatementsofAmericanEagleOutfitters.(Alldollarsareinthousands.)20042003Currentassets$525,623

21、$427,878Totalassets865,071741,339Currentliabilities189,035141,586Totalliabilities221,401163,857Totalstockholders'equity643,670577,482Cashprovidedbyoperatingactivities189,469104,548Capitalexpenditures64,17361,407Dividendspaid-0-0-Instructions.Performeachofthefollowing.(a) Calculatethedebttototala

22、ssetsratioforeachyear.(b) Calculatethefreecashflowforeachyear.(c) DiscussAmericanEagle'ssolvencyin2004versus2003.(d) DiscussAmericanEagle'sabilitytofinanceitsinvestmentactivitieswithcashprovidedbyoperatingactivities,andhowanydeficiencywouldbemet.Chapter3.1. During2007,itsfirstyearofoperation

23、sasadeliveryservice,ChengCorp.enteredintothefollowingtransactions.(1) Issuedsharesofcommonstocktoinvestorsinexchangefor$110,000incash.(2) Borrowed$45,000byissuingbonds.(3) Purchaseddeliverytrucksfor$60,000cash.(4) Received$16,000fromcustomersforservicesprovided.(5) Purchasedsuppliesfor$4,200onaccoun

24、t.(6) Paidrentof$5,600.(7) Performedservicesonaccountfor$8,000.(8) Paidsalariesof$28,000.(9) Paidadividendof$11,000toshareholders.InstructionsUsingthefollowingtabularanalysis,showtheeffectofeachtransactionontheaccountingequation.PutexplanationsforchangestoStockholderEquityintheright-handmargin.Asset

25、s=Liabilities+Stockholders'EquityCash+Accounts+Supplies+Property,Plant,=Accounts+Bonds+Common+RetainedReceivableandEquipmentPayablePayableStockEarnings2. SelectedtransactionsforWelcomeHome,aninteriordecoratorcorporation,initsfirstmonthofbusiness,areasfollows.(1) Issuedstocktoinvestorsfor$12,000i

26、ncash.(2) Purchasedusedcarfor$8,000cashforuseinbusiness.(3) Purchasedsuppliesonaccountfor$300.(4) Billedcustomers$2,600forservicesperformed.(5) Paid$200cashforadvertisingstartofthebusiness.(6) Received$1,100cashfromcustomersbilledintransaction(4).(7) Paidcreditor$300cashonaccount.(8) Paiddividendsof

27、$400cashtostockholders.Instructions(a) Foreachtransactionindicate(a)thebasictypeofaccountdebitedandcredited(asset,liability,stockholders'equity);(b)thespecificaccountdebitedandcredited(Cash,RentExpense,ServiceRevenue,etc.);(c)whetherthespecificaccountisincreasedordecreased;and(d)thenormalbalance

28、ofthespecificaccount.Usethefollowingformat,inwhichtransaction1isgivenasanexample.AccountDebitedAccountCredited(a)(b)(c)(d)(a)(b)(c)(d)Trans-BasicSpecificNormalBasicSpecificNormalactionTypeAccountEffectBalanceTypeAccountEffectBalance1AssetCashIncreaseDebitStock-CommonIncreaseCreditholders"equity

29、stock(b) Journalizethetransaction.Donotprovideexplanations.3. ThisinformationrelatestoMatthewsRealEstateAgencyCorporation.Oct.(1)Stockholdersinvested$25,000inexchangeforcommonstockofthecorporation.(2) Hiresanadministrativeassistantatanannualsalaryof$42,000.(3) Buysofficefurniturefor$3,600,onassount.

30、(6)SellsahouseandlotforM.E.Mills;commissionsduefromMills,$10,800(notpaidbyMillsatthistime).(10) Receivescashof$140ascommissionforactingasrentalagentrentinganapartment.(27) Pays$700onaccountfortheofficefurniturepurchasedonOctober3.(30) Paystheadministrativeassistant$3,500insalaryforOctober.Instructio

31、nsPreparethedebit-creditanalysisforeachtransactionasillustratedonpages119-124.4. TransactiondataforMatthewsRealEstateAgencyarepresentedin3.InstructionsJournalizethetransaction.Donotprovideexplanations.5. SelectedtransactionsforP.F.QuickCorporationduringitsfirstmonthinbusinessarepresentedbelow.Sept.(

32、1)Issuedcommonstockinexchangefor$15,000cashreceivedfrominvestors.(5) Purchasedequipmentfor$12,000,paying$2,000incashandthebalanceonaccount.(25) Paid$5,000cashonbalanceowedforequipment.(30) Paid$500cashdividend.P.F.Quickschartofaccountsshows:Cash,Equipment,AccountsPayable,CommonStock,andDividends.Ins

33、tructions(a) PrepareatabularanalysisoftheSeptembertransaction.Thecolumnheadingsshouldbe:Cash+Equipment=AccountsPayable+StockholdersEquity.Fortransactionsaffectingstockholdersequity,provideexplanationsintherightmargin,asshownonpage107.(b) Journalizethetransaction.Donotprovideexplanations.(c) Postthet

34、ransactionstoTaccounts.Chapter41. Thefollowingindependentsituationsrequireprofessionaljudgementfordeterminingwhentorecognizerevenuefromthetransaction.(a) SouthwestAirlinessellsyouanadvance-purchaseairlineticketinSeptemberforyourflighthomeatChristmas.(b) UltimateElectronicssellyouahometheatreonanomon

35、keydown,nointerest,andnopaymentsforoneyearpromotionaldeal.(c) TheTorontoBlueJayssellsseasonticketsonlinetogamesintheSkydome.Fanscanpurchasetheticketsatanytime,althoughtheseasondoesntofficiallybeginuntilApril.ThemajorleaguebaseballseasonrunsfromAprilthroughOctober.(d) InAugust,youorderasweaterfromSea

36、rsusingitsonlinecatalog.ThesweaterarrivesinSeptemberinfullinNovember.(e) InAugust,youorderasweaterfromSearsusingitsonlinecatalog.ThesweaterarrivesinSeptember,andyouchargeittoyourSearscreditcard.YoureceiveandpaytheSearsbillinOctober.InstructionIdentifywhenrevenueshouldberecognizedineachoftheabovesitu

37、ations.2. Yourexaminationoftherecordsofacompanythatfollowsthecashbasisofaccountingtellsyouthatthecompanysreportedcashbasisearningsin2007are$33,640.Ifthisfirmhadfollowedaccrualbasisaccountingpractices,itwouldhavereportedthefollowingyear-endbalances.20072006Accounts receivableSupplies on handUnpaid wa

38、ges owed$3,4001,3001,500$2,3001,1602,400Other unpaid amounts1,4001,600InstructionDeterminethecompany'snetearningonanaccrualbasisfor2007.Showallyourcalculationsinanorderlyfashion.3. InitsfirstyearofoperationsBereCompanyearned$28,000inservicerevenue,$6,000ofwhichwasonaccountandstilloutstandingatye

39、ar-end.Theremaining$22,000wasreceivedincashfromcustomers.Thecompanyincurredoperatingexpensesof$14,500.Oftheseexpenses$13,000werepaidincash;$1,500wasstillowedonaccountatyear-end.Inaddition,Bereprepaid$3,600forinsurancecoveragethatwouldnotbeuseduntilthesecondyearofoperations.Instructions(a) Calculatet

40、hefirstyearsnetearningsunderthecashbasisofaccounting,andcalculatethefirstyearsnetearningundertheaccrualbasisofaccounting.(b) Whichbasisofaccounting(cashoraccrual)providesmoreusefulinformationfordecisionmakers?4. TheRadicalEdge,askituningandrepairshop,openedinNovember2006.Thecompanycarefullykepttrack

41、ofallitscashreceiptsandcashpayments.ThefollowingCash$9,200 1,2253759702,60010,00024,37027,780$52,150informationisavailableattheendoftheskiseason,April30,2007.CashReceiptsPaymentsIssueofcommonshares$20,000PaymentforrepairequipmentRentpaymentsNewspaperadvertisingpaymentUtilitybillspaymentsPart-timehel

42、perswagespaymentsIncometaxpaymentCashreceiptsfromskiandsnowboardrepairservices32,150Subtotals52,150CashbalanceTotals$52,150Youlearnthatrepairequipmenthasanestimatedusefullifeof5years.Thecompanyrentsspaceatacostof$175permonthonaone-yearlease.Theleasecontractrequirespaymentofthefirstandlastmonths'

43、rentinadvance,whichwasdone.Thepart-timerhelperisowed$220atApril30,2007,forunpaidwages.AtApril30,2007,customersoweTheRadicalEdge$650forservicestheyhavereceivedbuthavenotyetpaidfor.Instructions(a) Prepareanaccrual-basisincomestatementforthe6monthsendedApril30,2007.(b) PreparetheApril30,2007,classified

44、balancesheet.5. MaxPlay,amakerofelectronicgamesforkids,hasjustcompleteditsfirstyearofoperations.Thecompanyssalesgrowthwasexplosive.ToencouragelargenationalstorestocarryitsproductsMaxPlayoffered180-dayfinancing-meaningitslargestcustomersdonotpayfornearly6months.BecauseMaxPlayisanewcompany,itscomponen

45、tssuppliersinsistonbeingpaidcashondelivery.Also,ithadtopayupfrontfor2yearsofinsurance.AttheendoftheyearMaxPlayowedemployeesforonefullmonthofsalaries,butduetoacashshortfall,itpromisedtopaythemthefirstweekofnextyear.Instructions(a) Explainhowcashandaccrualaccountingwoulddifferforeachoftheeventslisteda

46、boveanddescribetheproperaccrualaccounting.(b) AssumethatattheendoftheyearMaxPlayreportedafavorablenetincome,yetthecompany"managementisconcernedbecausethecompanyisveryshortofcash.ExplainhowMaxPlaycouldhavepositivenetincomeandyetrunoutofcash.6. TheledgerofReliableRentalAgencyonMarch31ofthecurrent

47、yearincludestheseselectedaccountsbeforeadjustingentrieshavebeenprepared.DebitsCreditsPrepaidInsurance$3,600Supplies3,000Equipment25,000AccumulatedDepreciation-Equipment$8,400NotesPayable20,000UnearnedRentRevenue10,200RentRevenue60,000InterestExpense0WageExpense14,000Ananalysisoftheaccountsshowsthefo

48、llowing.(1) Theequipmentdepreciates$250permonth.(2) Halfoftheunearnedrentrevenuewasearnedduringthequarter.(3) Interestof$440isaccruedonthenotespayable.(4) Suppliesonbandtotal$850.(5) Insuranceexpiresattherateof$300permonth.InstructionsPreparetheadjustingentriesatMarch31,assumingthatadjustingentriesa

49、remadequarterly.Additionalaccountsare:DepreciationExpense,InsuranceExpense,InterestPayable,andsuppliedExpense.7. GeneHoffman,D.D.S.,openedanincorporateddentalpracticeonJanuary1,2007.Duringthefirstmonthofoperationsthefollowingtransactionsoccurred:(1) Performedservicesforpatientswhohaddentalplaninsura

50、nce.AtJanuary31,$680ofsuchserviceswasearnedbutnotyetbilledtotheinsurancecompanies.(2) UtilityexpensesincurrentbutnotpaidpriortoJanuary31totaled$520.(3) PurchaseddentalequipmentonJanuary1for$80,000,paying$20,000incashandsigninga$60,000,3-yearnotepayable(InterestispaideachDecember31).Theequipmentdepre

51、ciates$400permonth.Interestis$500permonth.(4) Purchaseda1-yearmalpracticeinsurancepolicyonJanuary1for$18,000.(5) Purchased$1,750ofdentalsupplies.OnJanuary31determinedthat$350ofsupplieswereonhand.InstructionsPreparetheadjustingentriesonJanuary31.Accounttitlesare:AccumulatedDepreciation-DentalEquipmen

52、t,DepreciationExpense,ServiceRevenue,AccountsReceivable,InsuranceExpense,InterestExpense,InterestPayable,PrepaidInsurance,Supplies,SuppliesExpense,UtilitiesExpense,andUtilitiesPayable.Chapter5ExercisesE5-1ThefollowingtransactionsareforKaleCompany.1. OnDecember3KaleCompanysold$480000ofmerchandisetoTh

53、omsonCo.,terms1/10,n/30.Thecostofthemerchandisesoldwas320000.2. OnDecember8ThomsonCo.wasgrantedanallowanceof$28000formerchandisepurchasedonDecember3.3. onDecember13KalecompanyreceivedthebalanceduefromThomsonCo.instructions(a)PreparethejournalentriestorecordthesetransactionsonthebooksofKaleCompany.Ka

54、leusesaperpetualinventorysystem.(b)AssumethatKaleCompanyreceivedthebalanceduefromThomsonCo.onJanuary2ofthefollowingyearinsteadofDecember13.PreparethejournalentrytorecordthereceiptofpaymentonJanuary2.E5-2AssumethatonSeptember1officedepothadaninventorythatincludedavarietyofcalculators.Thecompanyusesap

55、erpetualinventorysystem.DuringSeptemberthesetransactionsoccurred.Sept.6purchasedcalculatorsfromblackboxco.atatotalcostof$620,termn/30.Sept.9Paidfreightof$50oncalculatorspurchasedfromBlackBoxCo.Sept10Returnedcalculatorstoblackboxco.for$38creditbecausetheydidnotmeetspecifications.Sept12Soldcalculators

56、costing$520for$780toUniversityBookStore,termsn/30.Sept14Grantedcreditof$45toUniversityBookStoreforthereturnofonecalculatorthatwasnotordered.Thecalculatorcost$28.Sept20Soldcalculatorscosting$570for$900toCampusCardShop.InstructionsJournalizetheSeptembertransactions.E5-3ThisinformationrelatestoSherperC

57、o.1. OnApril5purchasedmerchandisefromNewportCompanyfor$220000,terms2/10,n/30.2. OnApril6paidfreightcostsof$900onmerchandisepurchasedfromNewport.3. OnApril7purchasedequipmentonaccountfor$26000.4. OnApril8returnedsomeofApril5merchandiseofNewportCompanywhichcost$3600.5. OnApril15paidtheamountduetoNewportCompanyinfull.Instructions(a) Preparethejournalentriestorecordthetransactionslisteda