西方財(cái)務(wù)會(huì)計(jì)課后答案第四章

1、CHAPTERR 4Complettion oof thee Accoountinng CyccleASSIGNMMENT CCLASSIIFICATTION TTABLEBriefABStudy OObjecttives*1. Preepare a worrk sheeet.Questioons1, 2, 33, 4,Exercisses1, 2, 33Exercisses1, 2, 44, 5Problemms1A, 2A, 3A,Problemms1B, 2B, 3B,54A, 5A4B, 5B*2. Expplain the pprocesss ofclosingg the books

2、s.*3. Desscribee the conteent annd6, 7, 111,128, 94, 5, 6673, 6, 88, 113, 61A, 2A, 3A,4A, 5A1A, 2A, 3A,1B, 2B, 3B,4B, 5B1B, 2B, 3B,purposee of aa postt-clossingtrial bbalancce.4A, 5A4B, 5B*4. Staate thhe reqquiredd stepps10, 11, 128115A5Bin the accouuntingg cyclle.*5. Expplain the aapproaaches to139

3、96Aprepariing coorrecttingentriess.*6. Ideentifyy the sectiions oof aclassiffied bbalancce sheeet.14, 15, 16,17, 18, 19,102, 7, 1101A, 2A, 3A,4A, 5A1B, 2B, 3B,4B, 5B20*7. Preepare reverrsing entriies.10, 21, 221111*Note: All aasteriisked Questtions, Exerrcisess, andd Probblems relatte to materrial c

4、contaiined iin thee appeendix*to thee chappter.4-1ASSIGNMMENT CCHARACCTERISSTICS TABLEEProblemmDifficuultyTime AlllotteedNumber1ADescripptionPreparee a woork shheet, finanncial stateementss, andd adjuustinggLevelSimple(min.)4050and cloosing entriies.2AComplette worrk sheeet annd preepare finanncial

5、stateementss,Moderatte5060closingg entrries, and ppost-cclosinng triial baalancee.3APreparee finaanciall stattementts, cllosingg entrries, and ppost-Moderatte4050closingg triaal ballance.4AComplette worrk sheeet; ppreparre a cclassiified balannce shheet,Moderatte5060adjustiing annd cloosing entriies

6、, aand poost-cllosingg triaalbalancee.5A6AComplette alll stepps in the aaccounnting cyclee.Analyzee erroors annd preepare correectingg entrries aand trrialComplexxModeratte70904050balancee.1BPreparee a woork shheet, finanncial stateementss, andd adjuustinggSimple4050and cloosing entriies.2BComplette

7、 worrk sheeet annd preepare finanncial stateementss,Moderatte5060closingg entrries, and ppost-cclosinng triial baalancee.3BPreparee finaanciall stattementts, cllosingg entrries, and ppost-Moderatte4050closingg triaal ballance.4BComplette worrk sheeet; ppreparre a cclassiified balannce shheet,Moderat

8、te5060adjustiing annd cloosing entriies, aand poost-cllosingg triaalbalancee.5BComplette alll stepps in the aaccounnting cyclee.Complexx7090Comprehhensivve Prooblem: Chappters 2 to 44-2BLOOMSS TAXOONOMY TABLEE4-3Correlation Chart between Blooms Taxonomy, Study Objectives and End-of-Chapter Exercises

9、 and ProblemsKnowledge ComprehensionBE4-1Q4-1Q4-2Q4-3Q4-4Q4-5BE4-3Q4-7BE4-4BE4-5BE4-6E4-3E4-6E4-3E4-6P4-2AE4-11P4-5AP4-5BBE4-9E4-9P4-6ABE4-10E4-2E4-7E4-10P4-2AP4-3AP4-2BP4-3BP4-1AP4-4AP4-5AP4-1BQ4-22BE4-11E4-11InterpretingFinancial ReportingFinancialGroup Decision CaseComparative Analysis Statements

10、Global FocusCookieCommunicationChronicleExploring the WebResearch CaseEthics CaseExploring the WebP4-4BP4-5BP4-3A P4-1AP4-2B P4-4AP4-3B P4-5AP4-1BP4-4BP4-5BE4-8P4-2AP4-3AP4-2BP4-3BE4-11P4-1AP4-4AP4-5AP4-1BP4-4BP4-5BE4-1E4-2P4-2AP4-3AP4-2BP4-3BBE4-2E4-4E4-5P4-1AP4-4AP4-5AP4-1BP4-4BP4-5BApplicationAna

11、lysisSynthesisEvaluationStudy Objective*1.Prepare a work sheet.*2.Explain the process of closing Q4-6the books.Q4-11Q4-12*3.Describe the content andpurpose of a post-closing trialbalance.Q4-11Q4-12BE4-8Q4-13Q4-10Q4-8Q4-9BE4-7Q4-17Q4-18Q4-19Q4-20Q4-10Q4-21*4.State the required steps inthe accounting

12、cycle.*5.Explain the approaches topreparing correcting entries.*6.Identify the sections of a clas- Q4-14sified balance sheet.Q4-15Correlation Chart between Blooms Taxonomy, Study Objectives and End-of-Chapter Exercises and ProblemsKnowledge ComprehensionBE4-1Q4-1Q4-2Q4-3Q4-4Q4-5BE4-3Q4-7BE4-4BE4-5BE

13、4-6E4-3E4-6E4-3E4-6P4-2AE4-11P4-5AP4-5BBE4-9E4-9P4-6ABE4-10E4-2E4-7E4-10P4-2AP4-3AP4-2BP4-3BP4-1AP4-4AP4-5AP4-1BQ4-22BE4-11E4-11InterpretingFinancial ReportingFinancialGroup Decision CaseComparative Analysis StatementsGlobal FocusCookieCommunicationChronicleExploring the WebResearch CaseEthics CaseE

14、xploring the WebP4-4BP4-5BP4-3A P4-1AP4-2B P4-4AP4-3B P4-5AP4-1BP4-4BP4-5BE4-8P4-2AP4-3AP4-2BP4-3BE4-11P4-1AP4-4AP4-5AP4-1BP4-4BP4-5BE4-1E4-2P4-2AP4-3AP4-2BP4-3BBE4-2E4-4E4-5P4-1AP4-4AP4-5AP4-1BP4-4BP4-5BApplicationAnalysisSynthesisEvaluationStudy Objective*1.Prepare a work sheet.*2.Explain the proc

15、ess of closing Q4-6the books.Q4-11Q4-12*3.Describe the content andpurpose of a post-closing trialbalance.Q4-11Q4-12BE4-8Q4-13Q4-10Q4-8Q4-9BE4-7Q4-17Q4-18Q4-19Q4-20Q4-10Q4-21*4.State the required steps inthe accounting cycle.*5.Explain the approaches topreparing correcting entries.*6.Identify the sec

16、tions of a clas- Q4-14sified balance sheet.Q4-15Q4-16*7.Prepare reversing entries.Broadening Your PerspectiveANSWERSS TO QQUESTIIONS.5.No. A wwork ssheet is noot a ppermannent aaccounnting recorrd. Thhe usee of aa workk sheeet is an opptionaalstep inn the accouuntingg cyclle.The worrk sheeet iss mer

17、eely a devicce useed to make it eaasier to prreparee adjuustingg entrries aand thhefinanciial sttatemeents.The amoount sshown in thhe adjjustedd triaal ballance colummn forr an aaccounnt equuals tthe acccounttbalancee in tthe leedger afterr adjuustingg entrries hhave bbeen jjournaalizedd and posteed

18、.The nett incoome off $12,000 wwill aappearr in tthe inncome stateement debitt coluumn annd thee balaancesheet ccreditt coluumn. AA net loss will appeaar in the iincomee stattementt creddit coolumn and tthebalancee sheeet debbit coolumn.Formal finanncial stateementss are needeed beccause the ccolumn

19、nar daata arre nott propperly arranngedand claassifiied foor staatemennt purrposess. Forr exammple, the ddivideends aaccounnt is listeed witth asssets.6.(1)(2)(3)(4)(Dr) Inndividdual rrevenuue acccountss and (Cr) Incomme Summmary.(Dr) Inncome Summaary annd (Crr) Inddividuual exxpensee accoounts.(Dr)

20、 Inncome Summaary annd (Crr) Rettainedd Earnnings (for net iincomee).(Dr) Reetaineed Earrningss and (Cr) Dividdends.3.Income Summaary iss a teemporaary acccountt thatt is uused iin thee clossing pprocesss. Thhe acccount isdebitedd for expennses aand crrediteed forr reveenues. The diffeerencee, eitth

21、er nnet inncome or looss, iisthen cllosed to thhe rettainedd earnnings accouunt.The posst-cloosing triall balaance ccontaiins onnly baalancee sheeet acccountss. Itss purppose iis to provee theequalitty of the ppermannent aaccounnt ballancess thatt are carriied foorwardd intoo the next accouuntinggpe

22、riod.The acccountss thatt willl not appeaar in the ppost-cclosinng triial baalancee are Depreeciatiion Exxpensee;Dividennds; aand Seervicee Reveenue.A reverrsing entryy is tthe exxact oopposiite, bboth iin amoount aand inn accoount ttitless, of an addjustiingentry aand iss madee at tthe beeginniing

23、off the new aaccounnting periood. Reeversiing enntriess are anoptionaal steep in the aaccounnting cyclee.The steeps thhat innvolvee jourrnalizzing aare: (1) joournallize tthe trransacctionss, (2) jourrnalizze thee adjuustinggentriess, andd (3) journnalizee the closiing enntriess.The thrree trrial bb

24、alancces arre thee: (1) triaal ballance, (2) adjussted ttrial balannce, aand (33) posst-cloosingtrial bbalancce.Correctting eentriees difffer ffrom aadjustting eentriees beccause they: (1) are nnot a requiired ppart oof theeaccountting ccycle, (2) may bbe madde at any ttime, and (3) maay afffect aan

25、y coombinaation of acccountts.4-4Questioons Chhapterr 4 (CContinnued)*14.The staandardd classsificcationns in a ballance sheett are:AssetsCurrentt AsseetsLong-teerm InnvestmmentsPropertty, Pllant, and EEquipmmentIntangiible AAssetssLiabiliities and SStockhholderrs EquiityCurrentt LiabbilitiiesLong-t

26、eerm LiiabiliitiesStockhoolderss Equiity*15.*16.*17.*18.A compaanys opeeratinng cyccle iss the averaage tiime reequireed to go frrom caash too cashh in pproduccingrevenuees.Currentt asseets arre cassh andd otheer ressourcees thaat aree reassonablly exppectedd to bbe reaalizedd incash orr soldd or cc

27、onsummed inn the businness wwithinn one year of thhe ballance sheett datee or tthecompanyys opeeratinng cyccle, wwhicheever iis lonnger. Curreent asssets are llistedd in tthe orrder oof theeirliquidiity.Long-teerm innvestmments are rresourrces tthat ccan bee reallized in caash. HHoweveer, thhe connv

28、ersiioninto caash iss not expeccted wwithinn one year or thhe opeeratinng cyccle, wwhicheever iis lonnger. Propeerty,plant, and eequipmment aare taangiblle ressourcees of a rellativeely peermaneent naature that are uused iinthe bussinesss and not iintendded foor salle.The majjor diiffereences betwee

29、en cuurrentt liabbilitiies annd lonng terrm-liaabilitties aare:DiffereenceSource of paaymentt.Time off expeectedpaymentt.Nature of ittems.Currentt LiabbilitiiesExistinng currrent assetts or otherrcurrentt liabbilitiies.One yeaar or the ooperatting ccycle.Debts ppertaiining to thhe opeeratinngcycle a

30、and otther sshort-term debtss.Long-teerm LiiabiliitiesOther tthan eexistiing cuurrentt asseetsor creaating curreent liiabiliities.Beyond one yyear oor thee operratinggcycle.Mortgagges, bbonds, and otherr longg-term liiabiliities.*19.(a)(b)The ownners equuity ssectioon forr a coorporaation is caalled

31、 stockkholdeers equiity.The twoo accoounts and tthe puurposee of eeach aare: (1) Caapitall stocck is used to reecordinvestmments of asssets in thhe bussinesss by tthe owwners (stocckholdders). (2) Retaiinedearninggs is used to reecord net iincomee retaained in thhe bussinesss.*20.*21.The repport ffo

32、rm bbalancce sheeet diifferss fromm the accouunt foorm baalancee sheeet in the llocatiion off theliabiliities and sstockhholderrs equiity seectionn. In the rreportt formm thiss secttion iis plaaced bbelow assetts.In the accouunt foorm thhe secction is pllaced to thhe rigght off asseets.After rrevers

33、sing eentriees havve beeen madde, thhe ballancess willl be IIntereest Paayablee, zerro ballance;Interesst Exppense, a crredit balannce.*22.(a)Jan. 100Salariees Exppense 8,000Cash8,000Becausee of tthe Jaanuaryy 1 reeversiing enntry tthat ccreditted Saalariees Exppense for $4,5000,Salariees Exppense w

34、ill have a debbit baalancee of $3,5000 whicch equuals tthe exxpensee for thecurrentt periiod.4-5Questioons Chhapterr 4 (CContinnued)(b)Jan. 100Salariees Payyable Salariees Exppense Cash4,5003,5008,000Note thhat Saalariees Exppense will againn havee a deebit bbalancce of $3,5000.4-6SOLUTIOONS TOO BRI

35、EEF EXEERCISEESBRIEF EEXERCIISE 4-1The steeps inn usinng a wwork ssheet are pperforrmed iin thee folllowingg sequuence:(1) preepare a triial baalancee on tthe woork shheet, (2) eenter adjusstmentt dataa, (3)enter aadjustted baalancees, (44) exttend aadjustted baalancees to approopriattestatemeent co

36、olumnss and (5) ttotal the sstatemment ccolumnns, coomputee netincome (losss), annd commpletee the work sheett. Fillling in thhe blaanks, theanswerss are 1, 3, 4, 55, 2.The sollutionn to BBRIEF EXERCCISE 44-2 iss on p8.BRIEF EEXERCIISE 4-3Income StateementBalancee SheeetAccounttDr. Cr.Dr. Cr.Accumul

37、lated DepreeciatiionDepreciiationn ExpeenseCommon StockkDividenndsServicee ReveenueSupplieesAccountts PayyableBRIEF EEXERCIISE 4-4XXXXXXXDec. 311313131Servicee Reveenue Income Summaary Income Summaary Salariees ExppenseSuppliees Exppense Income Summaary Retaineed Earrningss Retaineed Earrningss Divi

38、dennds4-750,00027,00023,0002,00050,00023,0004,00023,0002,000BRIEF EEXERCIISE 4-24-8KEO COMPANYWork SheetAccount Titles4,00058,00025,000(c)(a) 1,2008001,200(c) 800(b) 1,10025,8001,10080059,100(a) 1,200(b) 1,1002,800Trial BalanceDr. Cr.AdjustmentsDr. Cr.AdjustedTrial BalanceDr. Cr.IncomeStatementDr. C

39、r.59,10025,800BalanceSheetDr. Cr.2,8001,1008001,200Prepaid InsuranceService RevenueSalaries ExpenseAccounts ReceivableSalaries PayableInsurance ExpenseKEO COMPANYWork SheetAccount Titles4,00058,00025,000(c)(a) 1,2008001,200(c) 800(b) 1,10025,8001,10080059,100(a) 1,200(b) 1,1002,800Trial BalanceDr. C

40、r.AdjustmentsDr. Cr.AdjustedTrial BalanceDr. Cr.IncomeStatementDr. Cr.59,10025,800BalanceSheetDr. Cr.2,8001,1008001,200Prepaid InsuranceService RevenueSalaries ExpenseAccounts ReceivableSalaries PayableInsurance ExpenseBRIEF EEXERCIISE 4-5Salariees Exppense23,000 (2) 223,0000Suppliees Exppense4,000

41、(2) 4,000Income Summaary(2) 27,000 (1) 500,000(3) 23,00050,000 500,000Retaineed Earrningss(4) 2,0000 (33) 23,000Servicee Reveenue(1) 50,000 50,000Dividennds2,000 (4) 2,000Bal. 211,000BRIEF EEXERCIISE 4-6July 31131Green FFee ReevenueeIncome SummaaryIncome SummaarySalariees Exppense Maintennance Expen

42、nse Green FFee Reevenuee14,60010,70014,6008,2002,500DateExplanaationRef. DebittCreditBalancee14,6007/31Closingg entrry14,6000Salariees ExppenseDateExplanaationRef. DebittCreditBalancee8,2007/31Closingg entrry8,20004-9BRIEF EEXERCIISE 4-6 (Coontinuued)Maintennance ExpennseDateExplanaationRef. DebittC

43、reditBalancee2,5007/31Closingg entrry2,5000BRIEF EEXERCIISE 4-7The acccountss thatt willl appeear inn the post-closiing trrial bbalancce aree:Accumullated DepreeciatiionCommon StockkSupplieesAccountts PayyableBRIEF EEXERCIISE 4-8The prooper ssequenncing of thhe reqquiredd stepps in the aaccounnting

44、cyclee is aasfollowss:.9.Analyzee busiiness transsactioons.Journallize tthe trransacctionss.Post too ledgger acccountts.Preparee a trrial bbalancce.Journallize aand poost addjustiing enntriess.Preparee an aadjustted trrial bbalancce.Preparee finaanciall stattementts.Journallize aand poost cllosingg

45、entrries.Preparee a poost-cllosingg triaal ballance.Fillingg in tthe bllanks, the answeers arre 4, 2, 8, 7, 55, 3, 9, 6, 1.BRIEF EEXERCIISE 4-91.Servicee Reveenue Accountts Recceivabble4-10780780BRIEF EEXERCIISE 4-9 (Coontinuued)2.Accountts Payyable ($1,8850 $1,5580)Store SSuppliies 270270BRIEF EEXE

46、RCIISE 4-10KREN COOMPANYYPartiall Balaance SSheetCurrentt asseetsCash Short-tterm iinvesttmentssAccountts recceivabbleSupplieesPrepaidd insuurancee Total ccurrennt asssets*BRIEF EXERCCISE 44-11$18,40006,70012,5005,2003,600$46,4000Nov. 1Salariees Payyable 1,200Salariees Exppense 1,200The ballancess a

47、fteer possting the rreverssing eentry are SSalariies Exxpensee (Cr.)$1,200 and SSalariies Paayablee $0.4-11SOLUTIOONS TOO EXERRCISESSEXERCISSE 4-11CAJON CCOMPANNY(Partiaal) Woork ShheetFor thee Montth Endded Appril 330, 20006AdjusteedTrial BBalancceIncomeStatemeentBalancee SheeetAccountt TitllesDr.C

48、r.Dr.Cr.Dr.Cr.CashAccountts RecceivabblePrepaidd RenttEquipmeentAccum. DepreeciatiionNotes PPayablleAccountts PayyableCommon StockkRetaineed EarrningssDividenndsServicee ReveenueSalariees ExppenseRent ExxpenseeDepreciiationn ExpeenseInteresst Exppense14,7527,8402,28023,0503,6509,840760671574,9215,70

49、05,67225,0008,96012,5909,8407606715712,59014,7527,8402,28023,0503,6504,9215,7005,67225,0008,960Interesst PayyableTotalsNet InccomeTotals_62,9005762,900_11,3281,26212,590_12,590_12,590_51,572_51,5725750,3101,26251,5724-12EXERCISSE 4-22CAJON CCOMPANNYIncome StateementFor thee Montth Endded Appril 330,

50、 20006RevenueesServicee reveenue ExpenseesSalariees exppenseRent exxpensee Depreciiationn expeense Interesst exppenseTotal eexpensses Net inccomeCAJON CCOMPANNYRetaineed Earrningss StattementtFor thee Montth Endded Appril 330, 20006$9,84076067157$12,590011,328$ 1,2622Retaineed Earrningss, Aprril 1Ad

51、d: Neet inccomeLess: DDivideends Retaineed Earrningss, Aprril 300 CAJON CCOMPANNYBalancee SheeetApril 330, 20006AssetsCurrentt asseetsCash Accountts recceivabblePrepaidd rentt Total ccurrennt asssetsPropertty, pllant, and eequipmment$ 8,96001,26210,2223,650$ 6,5722$14,75227,8402,28024,872Equipmeent$

52、23,0500Less: AAccumuulatedd deprreciattion Total aassetss 4-134,92118,129$43,0011EXERCISSE 4-22 (Conntinueed)CAJON CCOMPANNYBalancee Sheeet (Coontinuued)April 330, 20006Liabiliities and SStockhholderrs EquiityCurrentt liabbilitiiesNotes ppayablle Accountts payyable Interesst payyable Total ccurrennt

53、 liaabilitties Stockhoolderss equiity$ 5,70005,6725711,429Common Stockk Retaineed Earrningss Total sstockhholderrs equiity Total lliabillitiess and stockkholdeers equiityEXERCISSE 4-33$25,00006,57231,572$43,0011(a) Aprr. 30303030(b)Servicee Reveenue Income SummaaryIncome SummaarySalariees Exppense R

54、ent Exxpensee Depreciiationn Expeense Interesst Exppense Income SummaaryRetaineed Earrningss Retaineed Earrningss Dividennds12,59011,3281,2623,65012,5909,840760671571,2623,650Income SummaaryRetaineed Earrningss(2)(3)11,328 (1) 122,5901,26212,590 12,590(4)3,650 BBal. 8,960(3) 1,2262Bal. 6,55724-14EXE

55、RCISSE 4-33 (Conntinueed)(c)CAJON CCOMPANNYPost-Cllosingg Triaal BallanceApril 330, 20006DebitCreditCash Accountts RecceivabblePrepaidd RenttEquipmeentAccumullated DepreeciatiionNotes PPayablleAccountts PayyableInteresst Payyable Common Stockk$14,75227,8402,28023,050$ 4,92115,7005,6725725,000Retaine

56、ed EarrningssEXERCISSE 4-44_$47,92226,572$47,9222(a) Acccountss ReceeivablleServicee Reveenue Insurannce Exxpensee Prepaidd Insuurancee Depreciiationn ExpeenseAccumullated Depreeciatiion Salariees Exppense Salariees Payyable4-15600400900500600400900500EXERCISSE 4-44 (Conntinueed)(b)Income Stateement

57、Balancee SheeetDr.Cr.Dr.Cr.Accountts RecceivabblePrepaidd InsuuranceeAccum. DepreeciatiionSalariees PayyableServicee ReveenueSalariees ExppenseInsurannce ExxpenseeDepreciiationn ExpeenseXXXXXXXXEXERCISSE 4-55(a) Acccountss Receeivablle$27,0000 ($34,0000 $7,0000).Suppliees$3,0000 ($77,000 $4,0000).Ac

58、cumullated Depreeciatiion$22,0000 ($12,0000 + $10,0000).Salariees Payyable$0 Noo liabbilityy recoorded untill adjuustmennts arremade.Insurannce Exxpensee$8,0000 ($226,0000 $18,000).Salariees Exppense$44,0000 ($49,0000 $5,0000).(b) Acccountss ReceeivablleServicee Reveenue Insurannce ExxpenseePrepaidd

59、 InsuuranceeSuppliees Exppense Suppliees Depreciiationn Expeense Accumullated Depreeciatiion Salariees ExppenseSalariees Payyable4-167,0008,0004,00010,0005,0007,0008,0004,00010,0005,000EXERCISSE 4-66(a)Generall JourrnalJ15DateJuly 311Accountt Titlles annd ExpplanattionCommisssion RRevenuueRef.404Deb

60、it67,000CreditRent ReevenueeIncome Summaary4293506,50073,500313131Income SummaarySalariees ExppenseUtilitiies ExxpenseeDepreciiationn ExpeenseRetaineed EarrningssIncome SummaaryRetaineed EarrningssDividennds35072073271132035032033274,6001,10016,00055,70014,9004,0001,10016,000(b)Retaineed EarrningssN