会计英语课后习题参考答案解析

专业整理知识分享专业整理知识分享SuggestedSolutionChapter11.Effectontheaccountingequation(1)(2)(3)(4)(5)(6)(a)Increaseinoneasset,decreaseinanotherasset.(b)Increaseinanasset,increaseinaliability.(c)Increaseinanasset,increaseincapital.(d)Decreaseinanasset,decreaseinaliability.(e)Decreaseinanasset,decreaseincapital.2.3•一Describeeachtransactionbasedonthesummaryabove.Transactions1Purchasedlandforcash,$6,000.2Investmentforcash,$3,200.3Paidexpense$1,200.4Purchasedsuppliesonaccount,$800.5Paidowner'spersonaluse,$750.6Paidcreditor,$1,5007Suppliesusedduringtheperiod,$630.

4.AssetsLiabilitiesEquitvBeginning275,00080,000195,000Add.investment48,000Add.Netincome27,000Lesswithdrawals-35,000Ending320,00085,000235,0005.(a)March31,20XXApril30,20XXAssetsCash4,5005,400Accountsreceivable2,5604,100Supplies840450Totalassets7,9009,950LiabilitiesAccountspayable430690EquityTinaPierce,Capital7,4709,260netincome=9,260-7,470=1,790netincome=1,790+2,500=4,290Chapter21.ToincreaseNotesPayable-CRTodecreaseAccountsReceivable-CRToincreaseOwner,Capital-CRTodecreaseUnearnedFees-DRTodecreasePrepaidInsurance-CRTodecreaseCash-CRToincreaseUtilitiesExpense-DRToincreaseFeesEarned-CRToincreaseStoreEquipment-DRToincreaseOwner,Withdrawal-DR2.a.Cash1,800Accountspayableb.TOC\o"1-5"\h\zRevenue4,500Accountsreceivablec.Owner'swithdrawals1,500SalariesExpensed.AccountsReceivable750Revenue3.PrepareadjustingjournalentriesatDecember31,theendoftheyear.Advertisingexpense600PrepaidadvertisingInsuranceexpense(2160/12*2)3601,8004,5001,8004,5001,500750600360Unearnedrevenue2,1002,100ServicerevenueConsultantexpense900Prepaidconsultant900Unearnedrevenue3,000Servicerevenue3,0004.$388,400$22,520$366,600$21,8005.netlossfortheyearendedJune30,2002:$60,000DRJonNissen,Capital60,000CRincomesummary60,000post-closingbalanceinJonNissen,CapitalatJune30,2002:$54,000Chapter31.DundeeRealtybankreconciliationOctober31,2009Reconciledbalance$6,220Reconciledbalance$6,2202.April7Dr:Notesreceivable—Acompany5400Cr:Accountsreceivable—Acompany540012Dr:CashInterestexpenseCr:Notesreceivable5394.55.55400June6Dr:Accountsreceivable—Acompany5533Cr:Cash553318Dr:Cash5560.7Cr:Accountsreceivable—Acompany5533Interestrevenue27.73.(a)Asawhole:theendinginventory=685(b)appliedseparatelytoeachproduct:theendinginventory=625Thecostofgoodsavailableforsale=endinginventory+thecostofgoods=80,000+200,000*500%=80,000+1,000,000=1,080,000(1)24,000+60,000-90,000*0.8=12000(60,000+24,000)/(85,000+31,000)*(85,000+31,000-90,000)=18828Chapter4(a)second-yeardepreciation=(114,000—5,700)/5=21,660;second-yeardepreciation=&600*(114,000-5,700)/36,100=25,800;first-yeardepreciation=114,000*40%=45,600second-yeardepreciation=(114,000-45,600)*40%=27,360;second-yeardepreciation=(114,000-5,700)*4/15=28,880.(a)weighted-averageaccumulatedexpenditures(2008)=75,000*12/12+84,000*9/12+180,000*8/12+300,000*7/12+100,000*6/12=483,000(b)interestcapitalizedduring2008=60,000*12%+(483,00060,000)*10%=49,500(1)depreciationexpense=30,000bookvalue=600,000-30,000*2=540,000depreciationexpense=(600,000-30,000*8)/16=22,500bookvalue=600,000-30,000*8-22,500=337,500Situation1:Jan1st,2008InvestmentinM260,000Cash260,000June30Cash6000Dividendrevenue6000Situation2:January1,2008InvestmentinS81,000Cash81,000June15Cash10,800InvestmentinS10,800December31InvestmentinS25,500InvestmentRevenue25,500a.December31,2008InvestmentinK1,200,000Cash1,200,000June30,2009DividendReceivable42,500DividendRevenue42,500December31,2009Cash42,500DividendReceivable42,500December31,2008InvestmentinK1,200,000Cash1,200,000December31,2009Cash42,500InvestmentinK42,500InvestmentinK146,000Investmentrevenue146,000Ina,theinvestmentamountis1,200,000netincomereposedis42,500Inb,theinvestmentamountis1,303,500Netincomereposedis146,000198,000198,000198,000198,000198,000300,000300,00012,10012,1008,1758,175498,00020,275198,00012,1007,700217,800300,0008,17518,825327,0002,40021,60060026,10024,00021,6002,40025,50060026,10024,00021,60025,50026,100Chapter51.June1:Dr:InventoryCr:AccountsPayableJune11:Dr:AccountsPayableCr:NotesPayableJune12:Dr:CashCr:NotesPayableDr:InterestExpenses(fornotesonJune11)Cr:InterestPayableDr:InterestExpenses(fornotesonJune12)Cr:InterestPayableBalancesheetpresentation:NotesPayableAccruedInterestonNotesPayableForGreen:Dr:NotesPayableInterestPayableInterestExpenseCr:CashForWestern:Dr:NotesPayableInterestPayableInterestExpenseCr:Cash2.20x8DeferredincometaxisaliabilityIncometaxpayable20x9DeferredincometaxisanassetIncometaxpayable20x8:Dr:TaxexpenseCr:IncometaxpayableDeferredincometax20x9:Dr:TaxexpenseDeferredincometaxCr:Incometaxpayable20x8:Incomestatement:taxexpenseBalancesheet:incometaxpayable20x9:Incomestatement:taxexpenseBalancesheet:incometaxpayable3.1,560,000(20000000*12%*(1-35%))

b.7.8%(20000000*12%*(1-35%)/20000000)4.maturityvaluenumberofinterestperiodsstatedrateperinterest-periodeffectiveinterestrateperinterest-periodpaymentamountperperiodpresentvalueofbondsatdateofissue1$10403.75%3%$0.375$11.732201010%12%217.74325100%12%08.055.NotesPayable14,400InterestPayable1,296AccountsPayable60,000+UnearnedRentRevenue7.200CurrentLiabilities82,896Chapter61.Mar.1CashCommonStockPaid-inCapitalinExcessofParValueMar.15OrganizationExpense1.Mar.1CashCommonStockPaid-inCapitalinExcessofParValueMar.15OrganizationExpenseCommonStockMar.23PatentCommonStockPaid-inCapitalinExcessofThevalueofthepatentisnot1,200,00050,000120,000ParValueeasilydeterminable,$12pershareonMarch1whichistheissuingprice1,000,000200,00050,000100,00020,000sousetheissuepriceofofcommonstock.2.July.1TreasuryStockCash70,0003.2.July.1TreasuryStockCash70,0003.a.July1RetainedEarningsDividendsPayable—PreferredStockb.Sept.1DividendsPayable—PreferredStockCashc.Dec.1RetainedEarningsDividendsPayable—CommonStock24,00024,00024,00024,00080,00080,000180,000180,000Thecostoftreasurypurchasedis180,000/30,000=60pershare.Nov.1CashTreasuryStock60,000Paid-inCapitalfromTreasuryStock10,000Sellthetreasuryatthecostof$60pershare,andsellingpriceis$70pershare.Thetreasurystockissoldabovethecost.Dec.20Cash75,000Paid-inCapitalfromTreasuryStock15,000TreasuryStock90,000Thecostoftreasuryis$60persharewhilethesellingpriceis$50whichislowerthanthecost.

Dec.31IncomeSummary350,000RetainedEarnings350,0004.Preferredstockgivesitsownercertainadvantagesovercommonstockholders.Thesebenefitsincludetherighttoreceivedividendsbeforethecommonstockholdersandtherighttoreceiveassetsbeforethecommonstockholdersifthecorporationliquidates.Corporationpayafixedamountofdividendsonpreferredstock.The7%cumulativetermindicatesthattheinvestorsearn7%fixeddividends.7%*120%*20,000=504,000Ifcorporationissueddebt,ithasobligationtorepayprincipalThedateofdeclarationdecreasethestockholder'sequity;thedateofrecordandthedateofpaymenthavenoeffectonstockholders.5.a.Jan.155.a.Jan.15RetainedEarningsAccumulatedDepreciationTocorrecterrorinprioryearMar.20LossfromEarthquakeBuildingMar.31RetainedEarningsDividendsPayableApirl.15DividendsPayableCashJune30RetainedEarningsCommonStockAdditionalPaid-inCapitalTorecordissuanceof10%stockdividend:2500*$15=$37,500f.Dec.3135,00035,000sdepreciation.70,00070,00012,50012,50012,50012,50037,50025,00010%*25,000=2,500shares;DepreciationExpense14,000AccumulatedDepreciation14,000Originaldepreciation:$40,000/40=$10,000peryear.BookvalueonJan.1,2009is$350,000(=$400,000-5*$10,000).Deprecationfor2009is$14,000(=$350,000/25).g.Thecompanydoesnotneedtomakeentryintheaccountingrecords.ButtheamountofCommonStock($10parvalue)decreases275,000,whiletheamountofCommonStock($5parvalue)increases275,000.Chapter71.Requirement1Ifrevenueisrecognizedatthedateofdelivery,thefollowingjournalentrieswouldbeusedtorecordthetransactionsforthetwoyears:Year1Inventory480,000Cash/Accountspayable480,000TorecordpurchaseofinventoryInventory124,000Cash/Accountspayable124,000TorecordrefurbishmentofinventoryAccountsreceivable310,000Salesrevenue310,000TorecordsaleofgoodsonaccountCostofgoodssold220,000Inventory220,000TorecordthecostofthegoodssoldasanexpenseSalesreturns(I/S)15,500*Allowanceforsalesreturns(B/S)15,500Torecordprovisionforreturnofgoodssoldunder30-dayreturnperiod*5%of$310,000Warrantyexpense31,000*Provisionforwarranties(B/S)31,000Torecordprovision,attimeofsale,forwarrantyexpenditures*10%of$310,000Allowanceforsalesreturns12,400Accountsreceivable12,400Torecordreturnofgoodswithin30-dayreturnperiod.Itisassumedthereturnedgoodshavenovalueandaredisposedof.Provisionforwarranties(B/S)18,600Cash/Accountspayable18,600Torecordexpendituresinyear1forwarrantyworkCash297,600*

Accountsreceivable297,600TorecordcollectionofAccountsReceivable*$310,000-$12,400Year2Provisionforwarranties(B/S)8,400Cash/Accountspayable8,400Torecordexpendituresinyear2forwarrantyworkRequirement2Ifrevenueisrecognizedonlywhenthewarrantyperiodhasexpired,thefollowingjournalentrieswouldbeusedtorecordthetransactionsforthetwoyears:Year1Inventory480,000Cash/Accountspayable480,000Inventory480,000Cash/Accountspayable480,000TorecordpurchaseofinventoryInventoryCash/AccountspayableTorecordpurchaseofinventoryInventoryCash/AccountspayableTorecordrefurbishmentofinventory124,000124,000Accountsreceivable310,000Accountsreceivable310,000Inventory220,000Deferredgrossmargin90,000Torecordsaleofgoodsonaccount12,40012,40012,40012,400AccountsreceivableTorecordreturnofgoodswithinthe30-dayreturnperiod.Itisassumedthegoodshavenovalueandaredisposedof.Deferredwarrantycosts(B/S)18,600Cash/Accountspayable18,600Torecordexpendituresforwarrantyworkinyear1.ThewarrantycostsincurredaredeferredbecausetherelatedrevenuehasnotyetbeenrecognizedCash297,600*Accountsreceivable297,600TorecordcollectionofAccountsreceivable*$310,000-$12,400Year2Deferredwarrantycosts8,400Cash/Accountspayable8,400Torecordwarrantycostsincurredinyear2relatedtoyear1sales.Thewarrantycostsincurredaredeferredbecausetherelatedrevenuehasnotyetbeenrecognized.Deferredgrossmargin**77,600Costofgoodssold220,000Salesrevenue297,600*Torecordrecognitionofsalesrevenuefromyear1salesandrelatedcostofgoodssoldatexpiryofwarrantyperiod$310,000-$12,400**($90,000-$12,400)Warrantyexpense27,000*Deferredwarrantycosts27,000Torecordrecognitionofwarrantyexpenseatsametimeasrelatedsalesrevenuerecognition$18,600+$8,400Requirement3AlliedAutoPartsInc.mightchoosetorecognizerevenueonlyafterthewarrantyperiodhasexpirediftheyarenotabletomakeagoodestimate,atthetimeofsale,oftheamountofwarrantyworkthatwillberequiredunderthetermsoftheone-yearwarranty.IfAlliedisnotable,atthetimeofsale,tomakeagoodestimateofthewarrantyworkthatwillberequired,thenthemeasurabilitycriterionofrevenuerecognitionisnotmetatthetimeofsale.Themeasurabilitycriterionmeansthattheamountofrevenuecanbereliablymeasured.Ifthesellerisnotabletoestimatetheamountofworkthatwillhavetobedoneunderthewarrantyagreement,thenitisnotabletoreasonablymeasuretheprofitthatitwilleventuallyearnonthesales.Theperformancecriteriamightalsobeinvokedhere.Theperformancecriterionmeansthatthesellerhastransferredthesignificantrisksandrewardsofownershiptothebuyer.Aslongasthereiswarrantyworktobeperformedafterthesalethatistheresponsibilityoftheseller,youmightarguethatperformanceisnotsubstantiallycomplete.However,ifthesellerwasabletoreliablyestimatetheamountofwarrantywork,thenperformancewouldbesatisfiedontheassumptionthatwecouldmeasuretheriskthatremainswiththeseller,andmakeaprovisionforit.2.Percentage-of-completionmethod:Thefirststepinapplyingrevenuerecognitionusingthepercentage-of-completionmethod(usingcostsincurredtodatecomparedtoestimatedtotalcoststodetermine

thepercentageofcompletion)istoestimatethepercentageofcompletionoftheprojectattheendofeachyear.Thisisdoneinthefollowingtable(in$000s):Totalcostsincurred$5,400$12,950$18,800Totalestimatedcosts18,00018,50018,800%completed30%70%100%Endof2005Endof2006Endof2007Oncethepercentageofcompletionattheendofeachyearhasbeencalculatedasabove,thenextstepistoallocatetheappropriateamountofrevenuetoeachyear,basedonthepercentagecompletedtodate,lesswhathaspreviouslybeenrecordedinrevenue.Thisisdoneinthefollowingtable(in$000s):2005200620072005$20,000x30%$6,0002006$20,000x70%$14,0002007$20,000x100%$20,000Less:Revenuerecognizedinprioryears)(6,000)(14,000)Revenueforyear$6,000$8,000$6,000Therefore,theprofittoberecognizedeachyearontheconstructionprojectwouldbe:RevenuerecognizedConstructioncostsincurred(expenses)RevenuerecognizedConstructioncostsincurred(expenses)Grossprofitfortheyear200520062007Total$6,000$8,000$6,000$20,000(5,400)(7,550)(5,850)(18,800)$600$450$150$1,200Thefollowingjournalentriesareusedtorecordthetransactionsunderthepercentage-of-completionmethodofrevenuerecognition:2005200620071.Costsofconstruction:Constructioninprogress5,4007,5505,8505,850Cash,payables,etc.5,4007,5502.Progressbillings:Accountsreceivable3,1004,90012,000Progressbillings...3,1004,90012,0003.Collectionsonbillings:Cash2,4004,00012,400Accountsreceivable.2,4004,00012,4004.Recognitionofprofit:Constructioninprogress600450150Constructionexpense5,4007,5505,850Revenuefromlong-termcontract6,0008,0006.0005.Tocloseconstructioninprogress:Progressbillings20.000Constructioninprogress20.000200520062007BalancesheetCurrentassets:Accountsreceivable$700$1,600$1.200Inventory:Constructioninprocess6,00014,000Less:Progressbillings(3,100)(8.000)Costsinexcessofbillings2.9006,000IncomestatementRevenuefromlong-termcontracts$6,000$8.000$6.000Constructionexpense(5.400)(7.550)(5.850)Grossprofit$600$450$1503.a.Thethreecriteriaofrevenuerecognitionareperformance,measurability,andcollectibility.Performancemeansthatthesellerorserviceproviderhasperformedthework.Dependingonthenatureoftheproductorservice,performancemaymeanquitedifferentpointsofrevenuerecognition.Forexample,forthesaleofproducts,IAS18definesperformanceasthepointwhenthesellerofthegoodshastransferredtherisksandrewardsofownershiptothebuyer.Normally,thismeansthatperformanceisdoneatthetimeofsale.Althoughthesellermayhaveperformedmuchoftheworkpriortothesale(production,sellingefforts,etc.),thereisstillsignificantrisktothesellerthatabuyermaynotbefound.Therefore,fromareliabilitypointofview,revenuerecognitionisdelayeduntilthepointofsale.Also,theremaybesignificantrisksremainingwiththeselleroftheproductevenafterthesale.Warrantiesgivenbythesellerareariskthatremainswiththeseller.However,ifthisriskcanbereliablyestimatedatthetimeofsale,revenuecanberecognizedatthepointofsale.Performanceisquitedifferentunderalong-termconstructioncontract.Here,performancereallyisconsideredtobeameasureoftheworkdone.Revenueisrecognizedovertheproductionperiodastheworkisperformed.Itisintendedtoreflecttheamountofeffortexpendedbytheseller(contractor).Althoughlegaltitlewon'ttransfertothebuyeruntiltheprojectiscompleted,revenuecanberecognizedbecausethereisaknownandcommittedbuyer.Ifthecontractorisnotabletoestimatehowmuchoftheworkhasbeendone(perhapsbecauseheorshecan'treliablyestimatehowmuchworkmuststillbedone),thenprofitwouldnotberecognizeduntiltheextentofperformanceisknown.Measurabilitymeansthatthesellerorserviceprovidermustbeabletoreliablyestimatetheamountoftherevenuefromthesaleorservice.Forthesaleofproductsthisisgenerallyknownatthetimeofsale(thesalespriceisset).However,ifthesellerprovidesareturnperiod,itmaybenecessarytoestimatethevolumeofreturnsatthetimeofsaleinordertomeasuretherevenuethatwillberecognized.Collectibilitymeansthatthesellerortheserviceproviderhasreasonableassurancethatthesalespricewillactuallybecollected.Inmostcasesforthesalesofproducts,thesellerisabletorecognizerevenueatthetimeofsaleevenifthesaleisonaccount.Thisisbecausethesellerhasexperiencewithitscustomersandisabletoestimatereliablytheriskofnonpayment.Aslongasthesellerisabletomakethisestimate,itisappropriatetorecognizetherevenuebuttooffsetitwithaprovisionforpossiblenoncollection.Ifthesellerisunabletomakereliableestimatesoffuturecollectionofamountsowing,therecognitionofrevenuewouldbedelayeduntilthecashisactuallyreceived.Thisiswhatisdoneusingtheinstalmentsalesmethodofrevenuerecognition.b.Becauseoftheperformancecriterionofrevenuerecognition,itwouldseemtobemostappropriatetorecognizemostrevenueasthesellerorserviceproviderperformsthework.Thiswouldbethebestmeasureofperformance.Thiswouldmean,forexample,thatsellersofproductswouldrecognizetheirrevenueoverthewholeproduction,selling,andpostsalesservicingperiods.Aswesawabove,thisisnotcommonlydonebecause,inmanycases,therearestillsignificantrisksthatareretainedbytheseller(riskofnotbeingabletoselltheproduct,forexample).Therearealsomeasurementrisks(knowingthesellingprice)thatexistpriortothesale.Thepercentage-of-completionmethodofrevenueusedforsomelong-termconstructioncontractswouldseemtomostcloselyrecognizerevenueastheworkisperformed.AsmentionedinPart1,weareabletorecognizerevenueonthisbasissinceacontractexistswhichcommitsthepurchasertobuytheproject(assumingcertainconditionsaremet)andthesalespriceisknownbecauseoftheexistenceofthecontract.4.Ifallrevenueisrecognizedwhenastudentregistersforthecourse,profitfor2007wouldbe:SalesRevenue1:

Manualsandinitiallessons(200x$100)$20,000Additionallessons((200x8)x$30)48,000Examinations((200x80%)x$130)20,800Totalsalesrevenue88,800Costofsales:TOC\o"1-5"\h\zManualsandinitiallessons(200x($15+$3))3,600Additionallessons((200x8)x$3))4,800Examinations((200x80%)x$30)4,800Totalcostofsales13,200Depreciationofdevelopmentcosts:$180,000x(200/1,000)36,000Profit$39,6005.FINISHENTERPRISESIncomeStatementfortheyearendingDecember31,2005Continuingoperations(excludingthechemicaldivision)Sales($35,000,000-$5,500,000)Costofsales($15,000,000-$2,800,000)GrossprofitSelling&administrationexpenses($18,000,000-$3,200,000)ProfitfromoperationsIncometaxexpense(40%)ProfitaftertaxDiscontinuingoperations(Chemicaldivision)SalesCostofsalesGrossprofitSelling&administrationexpensesLossfromoperationsIncometaxexpense(40%)LossaftertaxGainondiscontinuanceoftheChemicaldivisionTaxthereon$29,500,000(12,200,000)$29,500,000(12,200,000)17,300,000(14,800,000)2,500,0001,000,000$1,500,0005,500,000(2,800,000)2,700,000(3,200,000)(500,000)200,000(300,000)3,500,000(1,400,000)2,100,000

Enterprisenetprofit$Enterprisenetprofit3,300,000Chapter81.Paymentofaccountpayable.operatingIssuanceofpreferredstockforcash.financingPaymentofcashdividend.financingSaleoflong-terminvestment.investingAmortizationofbonddiscount.noeffectCollectionofaccountreceivable.operatingIssuanceoflong-termnotepayabletoborrowcash.financingDepreciationofequipment.noeffectPurchaseoftreasurystock.financingIssuanceofcommonstockforcash.financingPurchaseoflong-terminvestment.investingPaymentofwagestoemployees.operatingCollectionofcashinterest.investingCashsaleofland.InvestingDistributionofstockdividend.noeffectAcquisitionofequipmentbyissuanceofnotepayable.noeffectPaymentoflong-termdebt.financingAcquisitionofbuildingbyissuanceofcommonstock.noeffectAccrualofsalaryexpense.noeffect2.Cashreceivedfromcustomers=816,000Cashpaymentsforpurchasesofmerchandise.=468,000Cashpaymentsforoperatingexpenses.=268,200Incometaxespaid.=36,9003.$9,000Cashsales…………$9,000Paymentofaccountspayable……….-48,000Paymentofincometax………………-13,000Paymentofinterest……………..…..-16,000Collectionofaccountsreceivable……93,000Paymentofsalariesandwages………..-34,000Cashflowsfromoperatingactivitiesbythedirectmethod-9