2022年会计英语课后习题参考答案上课讲义

1、此文档来源于网络,如有侵权请联系网站删除Suggested Solution Chapter 1 1. Effect on the accounting equation 1 2 3 4 5 6 a Increase in one asset, decrease in another asset. b Increase in an asset, increase in a liability. c Increase in an asset, increase in capital. d Decrease in an asset, decrease in a liability. e Decre

2、ase in an asset, decrease in capital. 2. Transactions Assets Liabilities Owner s equity +/- +/- +/- 1 + + + 2 + 3 - - + 4 + 5 + - + 6 - - 7 - 8 +/- - 9 - 10 - - 3. Describe each transaction based on the summary above. Transactions 1 Purchased land for cash, $6,000. 2 Investment for cash, $3,200. 3 P

3、aid expense $1,200. 4 Purchased supplies on account, $800. 5 Paid owner s personal use, $750. 6 Paid creditor, $1,500 7 Supplies used during the period, $630. 4. Beginning Assets Liabilities Equity 275,000 80,000 195,000 只供学习沟通用此文档来源于网络,如有侵权请联系网站删除Add. investment 320,000 85,000 48,000 Add. Net incom

4、e 27,000 Less withdrawals -35,000 Ending 235,000 5. a March 31, 20XX April 30, 20XX Assets Cash 4,500 5,400 Accounts receivable 2,560 4,100 Supplies 840 450 Total assets 7,900 9,950 Liabilities Accounts payable 430 690 Equity Tina Pierce, Capital7,470 9,260 b net income = 9,260-7,470=1,790 c net inc

5、ome = 1,790+2,500=4,290 只供学习沟通用此文档来源于网络,如有侵权请联系网站删除Chapter 2 1. a. b. c. d. e. f.g. h. i.j.To increase Notes Payable -CR To decrease Accounts Receivable-CR To increase Owner, Capital -CR To decrease Unearned Fees -DR To decrease Prepaid Insurance -CR To decrease Cash - CR To increase Utilities Expen

6、se -DR To increase Fees Earned -CR To increase Store Equipment -DR To increase Owner, Withdrawal -DR 2. a.Cash 1,800 1,800 Accounts payable . b.Revenue . 4,500 4,500 Accounts receivable . c.Owner s withdrawals . 1,500 1,500 Salaries Expense . d.Accounts Receivable . 750 750 Revenue . 3. Prepare adju

7、sting journal entries at December 31, the end of the year. Advertising expense 600 600 Prepaid advertising Insurance expense 2160/12*2 360 360 Prepaid insurance 只供学习沟通用此文档来源于网络,如有侵权请联系网站删除Unearned revenue 2,100 Service revenue 900 2,100 Consultant expense Prepaid consultant 3,000 900 Unearned revenu

8、e Service revenue 3,000 4. 1. $388,400 2. $22,520 3. $366,600 4. $21,800 5. 1. net loss for the year ended June 30, 2022: $60,000 2. DR Jon Nissen, Capital 60,000 CR income summary 60,000 3. post-closing balance in Jon Nissen, Capital at June 30, 2022: $54,000 只供学习沟通用此文档来源于网络,如有侵权请联系网站删除Chapter 3 1.

9、 Dundee Realty bank reconciliation October 31, 2022 Reconciled balance $6,220 Reconciled balance $6,220 2. April 7 Dr: Notes receivableA company 5400 Cr: Accounts receivableA company 5400 12 Dr: Cash 5394.5 Interest expense 5.5 Cr: Notes receivable 5400 June 6 Dr: Accounts receivableA company 5533 C

10、r: Cash 5533 18 Dr: Cash 5560.7 Cr: Accounts receivableA company 5533 Interest revenue 27.7 3. a As a whole: the ending inventory=685 b applied separately to each product: the ending inventory=625 4. The cost of goods available for sale=ending inventory + the cost of goods=80,000+200,000*500%=80,000

11、+1,000,000=1,080,000 5.1 24,000+60,000-90,000*0.8=12022 2 60,000+24,000/ 85,000+31,000* 85,000+31,000-90,000=18828 只供学习沟通用此文档来源于网络,如有侵权请联系网站删除Chapter 4 1. a second-year depreciation = 114,000 5,700 / 5 = 21,660; b second-year depreciation = 8,600 * 114,000 5,700 / 36,100 = 25,800; c first-year depre

12、ciation = 114,000 * 40% = 45,600 second-year depreciation = 114,000 d second-year depreciation = 114,000 45,600 * 40% = 27,360; 5,700 * 4/15 = 28,880. 2. a weighted-average accumulated expenditures 2022 = 75,000 * 12/12 + 84,000 * 9/12 + 180,000 * 8/12 + 300,000 * 7/12 + 100,000 * 6/12 = 483,000 b i

13、nterest capitalized during 2022 = 60,000 * 12% + 483,000 60,000 * 10% =49,500 3. 1 depreciation expense = 30,000 2 book value = 600,000 30,000 * 2=540,000 3 depreciation expense = 600,000 30,000 * 8/16 =22,500 4 book value = 600,000 30,000 * 8 22,500 = 337,500 4. Situation 1: Jan 1st, 2022 Investmen

14、t in M 260,000 June 30 Cash 260,000 Cash 6000 Dividend revenue 6000 Situation 2: January 1, 2022 Investment in S 81,000 Cash 81,000 June 15 Cash 10,800 Investment in S 10,800 December 31 Investment in S 25,500 Investment Revenue 25,500 5. a. December 31, 2022 Investment in K 1,200,000 Cash 1,200,000

15、 June 30, 2022 Dividend Receivable 42,500 Dividend Revenue 42,500 December 31, 2022 Cash 42,500 Dividend Receivable 42,500 只供学习沟通用此文档来源于网络,如有侵权请联系网站删除b. December 31, 2022 Investment in K 1,200,000 Cash 1,200,000 December 31, 2022 Cash 42,500 Investment in K 42,500 Investment in K 146,000 Investment

16、revenue 146,000 c. In a, the investment amount is 1,200,000 net income reposed is 42,500 In b, the investment amount is 1,303,500 Net income reposed is 146,000 只供学习沟通用此文档来源于网络,如有侵权请联系网站删除Chapter 5 1. a. June 1: Dr: Inventory 198,000 Cr: Accounts Payable 198,000 June 11: Dr: Accounts Payable 198,000

17、Cr: Notes Payable 198,000 June 12: Dr: Cash 300,000 Cr: Notes Payable 300,000 b. Dr: Interest Expenses for notes on June 11 12,100 Cr: Interest Payable 12,100 Dr: Interest Expenses for notes on June 12 8,175 Cr: Interest Payable 8,175 c. Balance sheet presentation: Notes Payable 498,000 Accrued Inte

18、rest on Notes Payable 20,275 d. For Green: Dr: Notes Payable 198,000 Interest Payable 12,100 Interest Expense 7,700 Cr: Cash 217,800 For Western: Dr: Notes Payable 300,000 Interest Payable 8,175 Interest Expense 18,825 Cr: Cash 327,000 2. 1 20 8 Deferred income tax is a liability 2,400 Income tax pa

19、yable 21,600 20 9 Deferred income tax is an asset 600 Income tax payable 26,100 2 20 8: Dr: Tax expense 24,000 Cr: Income tax payable 21,600 Deferred income tax 2,400 20 9: Dr: Tax expense 25,500 Deferred income tax 600 Cr: Income tax payable 26,100 3 20 8: Income statement: tax expense 24,000 Balan

20、ce sheet: income tax payable 21,600 20 9: Income statement: tax expense 25,500 Balance sheet: income tax payable 26,100 3. a. 1,560,000 20220000*12 %* 1-35% b. 7.8% 20220000*12 %* 1-35%/20220000 只供学习沟通用此文档来源于网络,如有侵权请联系网站删除4. maturity number stated rate per effective interest payment present valueof

21、interest-periodrate per amount value of interest interest-periodper periodbonds at periodsdate of issue1 $10 40 3.75% 3% $0.375 $11.73 2 20 10 10% 12% 2 17.74 3 25 10 0% 12% 0 8.05 5.Notes Payable 14,400 Interest Payable 1,296 Accounts Payable 60,000 +Unearned Rent Revenue 7,200 Current Liabilities

22、82,896 只供学习沟通用此文档来源于网络,如有侵权请联系网站删除Chapter 6 1. Mar. 1 Cash 1,200,000 1,000,000 Common Stock Paid-in Capital in Excess of Par Value 200,000 Mar. 15 Organization Expense 50,000 50,000 Common Stock Mar. 23 Patent 120,000 100,000 Common Stock Paid-in Capital in Excess of Par Value 20,000 The value of th

23、e patent is not easily determinable, so use the issue price of $12 per share on March 1 which is the issuing price of common stock. 2. July.1 Treasury Stock 180,000 180,000 Cash The cost of treasury purchased is 180,000/30,000=60 per share. Nov. 1 Cash 70,000 60,000 Treasury Stock Paid-in Capital fr

24、om Treasury Stock 10,000 Sell the treasury at the cost of $60 per share, and selling price is $70 per share. The treasury stock is sold above the cost. Dec. 20 Cash 75,000 90,000 Paid-in Capital from Treasury Stock 15,000 Treasury Stock The cost of treasury is $60 per share while the selling price i

25、s $50 which is lower than the cost. 3. a. July 1 Retained Earnings Preferred Stock 24,000 Dividends Payable24,000 b.Sept.1 Dividends PayablePreferred Stock 24,000 Cash 24,000 c. Dec.1 Retained Earnings Common Stock 80,000 Dividends Payable80,000 d. Dec.31 只供学习沟通用此文档来源于网络,如有侵权请联系网站删除Income Summary 35

26、0,000 Retained Earnings 350,000 4. a. Preferred stock gives its owner certain advantages over common stockholders. These benefits include the right to receive dividends before the common stockholders and the right to receive assets before the common stockholders if the corporation liquidates. Corpor

27、ation pay a fixed amount of dividends on preferred stock. The 7% cumulative term indicates that the investors earn 7% fixed dividends. b. 7% * 120% *20,000=504,000 c. If corporation issued debt, it has obligation to repay principal d. The date of declaration decrease the stockholders date of payment

28、 have no effect on stockholders. 5. a. Jan. 15 equity; the date of record and the Retained Earnings 35,000 35,000 Accumulated Depreciation To correct error in prior years depreciation. b. Mar. 20 Loss from Earthquake 70,000 70,000 Building c. Mar. 31 Retained Earnings 12,500 12,500 Dividends Payable

29、 d. Apirl.15 Dividends Payable 12,500 12,500 Cash e. June 30 Retained Earnings 37,500 25,000 Common Stock Additional Paid-in Capital 12,500 To record issuance of 10% stock dividend: 10%*25,000=2,500 shares; 2500*$15=$37,500 f. Dec. 31 Depreciation Expense 14,000 Accumulated Depreciation 14,000 Origi

30、nal depreciation: $40,000/40=$10,000 per year. Book value on Jan.1, 2022 is $350,000=$400,000-5*$10,000. Deprecation for 2022 is $14,000=$350,000/25. g. The company does not need to make entry in the accounting records. But the amount of Common Stock $10 par value decreases Stock $5 par value increa

31、ses 275,000. 只供学习沟通用275,000, while the amount of Common 此文档来源于网络,如有侵权请联系网站删除Chapter 7 1. Requirement 1 If revenue is recognized at the date of delivery, the following journal entries would be used to record the transactions for the two years: Year 1 Inventory . 480,000 480,000 Cash/Accounts payable

32、. To record purchase of inventory Inventory . 124,000 124,000 Cash/Accounts payable . To record refurbishment of inventory Accounts receivable . 310,000 310,000 Sales revenue . To record sale of goods on account Cost of goods sold . 220,000 220,000 Inventory . To record the cost of the goods sold as

33、 an expense Sales returns I/S . 15,500* 15,500 Allowance for sales returns B/S . To record provision for return of goods sold under 30-day return period * 5% of $310,000 Warranty expense . 31,000* 31,000 Provision for warranties B/S . To record provision, at time of sale, for warranty expenditures *

34、 10% of $310,000 Allowance for sales returns . 12,400 12,400 Accounts receivable . To record return of goods within 30-day return period. It is assumed the returned goods have no value and are disposed of. Provision for warranties B/S . 18,600 18,600 Cash/Accounts payable . To record expenditures in

35、 year 1 for warranty work Cash . 297,600* 只供学习沟通用此文档来源于网络,如有侵权请联系网站删除Accounts receivable . 297,600 To record collection of Accounts Receivable * $310,000 $12,400 Year 2 Provision for warranties B/S . 8,400 8,400 Cash/Accounts payable . To record expenditures in year 2 for warranty work Requirement 2

36、 If revenue is recognized only when the warranty period has expired, the following journal entries would be used to record the transactions for the two years: Year 1 Inventory . 480,000 480,000 Cash/Accounts payable . To record purchase of inventory Inventory . 124,000 124,000 Cash/Accounts payable

37、. To record refurbishment of inventory Accounts receivable . 310,000 220,000 Inventory . Deferred gross margin . 90,000 To record sale of goods on account Deferred gross margin . 12,400 12,400 Accounts receivable . To record return of goods within the 30-day return period. It is assumed the goods ha

38、ve no value and are disposed of. Deferred warranty costs B/S . 18,600 18,600 Cash/Accounts payable . To record expenditures for warranty work in year 1. The warranty costs incurred are deferred because the related revenue has not yet been recognized Cash . 297,600* 297,600 Accounts receivable . To r

39、ecord collection of Accounts receivable * $310,000 $12,400 Year 2 只供学习沟通用此文档来源于网络,如有侵权请联系网站删除Deferred warranty costs . 8,400 Cash/Accounts payable . 8,400 To record warranty costs incurred in year 2 related to year 1 sales. The warranty costs incurred are deferred because the related revenue has not

40、 yet been recognized. Deferred gross margin . *77,600 297,600* Cost of goods sold . 220,000 Sales revenue . To record recognition of sales revenue from year 1 sales and related cost of goods sold at expiry of warranty period * $310,000 $12,400 * $90,000 $12,400 Warranty expense . 27,000* 27,000 Defe

41、rred warranty costs . To record recognition of warranty expense at same time as related sales revenue recognition * $18,600 + $8,400 Requirement 3 Allied Auto Parts Inc. might choose to recognize revenue only after the warranty period has expired if they are not able to make a good estimate, at the

42、time of sale, of the amount of warranty work that will be required under the terms of the one-year warranty. If Allied is not able, at the time of sale, to make a good estimate of the warranty work that will be required, then the measurability criterion of revenue recognition is not met at the time

43、of sale. The measurability criterion means that the amount of revenue can be reliably measured. If the seller is not able to estimate the amount of work that will have to be done under the warranty agreement, then it is not able to reasonably measure the profit that it will eventually earn on the sa

44、les. The performance criteria might also be invoked here. The performance criterion means that the seller has transferred the significant risks and rewards of ownership to the buyer. As long as there is warranty work to be performed after the sale that is the responsibility of the seller, you might

45、argue that performance is not substantially complete. However, if the seller was able to reliably estimate the amount of warranty work, then performance would be satisfied on the assumption that we could measure the risk that remains with the seller, and make a provision for it. 2.Percentage-of-comp

46、letion method: The first step in applying revenue recognition using the percentage-of-completion method using costs incurred to date compared to estimated total costs to determine the percentage of completion is to estimate the percentage of completion of the project at the end of each year. This is

47、 done in the following table in $000s: 只供学习沟通用此文档来源于网络,如有侵权请联系网站删除Total costs incurred End of 2022 End of 2022 End of 2022 $ 5,400 $ 12,950 $ 18,800 Total estimated costs 18,000 18,500 18,800 % completed 30% 70% 100% Once the percentage of completion at the end of each year has been calculated as ab

48、ove, the next step is to allocate the appropriate amount of revenue to each year, based on the percentage completed to date, less what has previously been recorded in revenue. This is done in the following table in $000s: 2022 $20,000 30% 2022 2022 2022 $ 6,000 2022 $20,000 70% 0 $ 14,000 $ 20,000 2

49、022 $20,000 100% 6,000 Less: Revenue recognized in prior years 14,000 Revenue for year $ 6,000 $ 8,000 $ 6,000 Therefore, the profit to be recognized each year on the construction project would be: Revenue recognized 2022 2022 2022 Total $ 6,000 $ 8,000 $ 6,000 $ 20,000 Construction costs incurred e

50、xpenses 5,400 7,550 5,850 18,800 Gross profit for the year $ 600 $ 450 $ 150 $ 1,200 The following journal entries are used to record the transactions under the percentage-of-completion method of revenue recognition: 1. Costs of construction: 2022 2022 2022 Construction in progress . 5,400 7,550 5,8

51、50 Cash, payables, etc. . 5,400 7,550 5,850 2. Progress billings: 3,100 4,900 12,000 Accounts receivable . Progress billings . 3,100 4,900 12,000 3. Collections on billings: 2,400 4,000 12,400 Cash . Accounts receivable . 2,400 4,000 12,400 4. Recognition of profit: 600 450 150 Construction in progr

52、ess . Construction expense. 5,400 7,550 5,850 Revenue from long-term 5. contract . 6,000 8,000 20,000 6,000 To close construction in progress: Progress billings . Construction in progress .20,000只供学习沟通用此文档来源于网络,如有侵权请联系网站删除2022 2022 2022 Balance sheet Current assets: Accounts receivable $ 700 $ 1,600

53、 $ 1,200 Inventory: Construction in process 6,000 14,000 Less: Progress billings 3,100 8,000 Costs in excess of billings 2,900 6,000 Income statement Revenue from long-term contracts $ 6,000 $ 8,000 $ 6,000 Construction expense 5,400 7,550 5,850 Gross profit $ 600 $ 450 $ 150 3. a. The three criteri

54、a of revenue recognition are performance, measurability, and collectibility. Performance means that the seller or service provider has performed the work. Depending on the nature of the product or service, performance may mean quite different points of revenue recognition. For example, for the sale

55、of products, IAS18 defines performance as the point when the seller of the goods has transferred the risks and rewards of ownership to the buyer. Normally, this means that performance is done at the time of sale. Although the seller may have performed much of the work prior to the sale production, s

56、elling efforts, etc., there is still significant risk to the seller that a buyer may not be found. Therefore, from a reliability point of view, revenue recognition is delayed until the point of sale. Also, there may be significant risks remaining with the seller of the product even after the sale. W

57、arranties given by the seller are a risk that remains with the seller. However, if this risk can be reliably estimated at the time of sale, revenue can be recognized at the point of sale. Performance is quite different under a long-term construction contract. Here, performance really is considered t

58、o be a measure of the work done. Revenue is recognized over the production period as the work is performed. It is intended to reflect the amount of effort expended by the seller contractor. Although legal title wont transfer to the buyer until the project is completed, revenue can be recognized beca

59、use there is a known and committed buyer. If the contractor is not able to estimate how much of the work has been done perhaps because he or she cant reliably estimate how much work must still be done, then profit would not be recognized until the extent of performance is known. 只供学习沟通用此文档来源于网络,如有侵权

60、请联系网站删除Measurability means that the seller or service provider must be able to reliably estimate the amount of the revenue from the sale or service. For the sale of products this is generally known at the time of sale the sales price is set. However, if the seller provides a return period, it may be