會計英語課后習題參考解析

(圓滿版)會計英語課后習題參照解析(圓滿版)會計英語課后習題參照解析(圓滿版)會計英語課后習題參照解析圓滿WORD格式SuggestedSolutionChapter11.Effectontheaccountingequation(1)(2)(3)(4)(5)(6)(a)Increaseinoneasset,decreasein√anotherasset.(b)Increaseinanasset,increaseinaliability.(c)Increaseinanasset,increasein√√capital.(d)Decreaseinanasset,decreaseina√liability.(e)Decreaseinanasset,decreasein√√capital.2.TransactionsAssetsLiabilitiesOwner’sequity+/-+/-+/-1++2++3--4++5++6--7--8+/-9--10--3.Describeeachtransactionbasedonthesummaryabove.Transactions1Purchasedlandforcash,$6,000.2Investmentforcash,$3,200.3Paidexpense$1,200.4Purchasedsuppliesonaccount,$800.5Paidowner’spersonaluse,$750.6Paidcreditor,$1,5007Suppliesusedduringtheperiod,$630.專業(yè)整理知識分享圓滿WORD格式4.AssetsLiabilitiesEquityBeginning275,00080,000195,000Add.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=4,290專業(yè)整理知識分享圓滿WORD格式Chapter21.ToincreaseNotesPayable-CRTodecreaseAccountsReceivable-CRToincreaseOwner,Capital-CRTodecreaseUnearnedFees-DRTodecreasePrepaidInsurance-CRTodecreaseCash-CRToincreaseUtilitiesExpense-DRToincreaseFeesEarned-CRToincreaseStoreEquipment-DRToincreaseOwner,Withdrawal-DR2.a.Cash1,800Accountspayable...........................1,800b.Revenue.....................................4,500Accountsreceivable...................4,500c.Owner’swithdrawals........................1,500SalariesExpense.......................1,500d.AccountsReceivable750Revenue.7503.PrepareadjustingjournalentriesatDecember31,theendoftheyear.Advertisingexpense600Prepaidadvertising600Insuranceexpense(2160/12*2)360Prepaidinsurance360專業(yè)整理知識分享圓滿WORD格式Unearnedrevenue2,100Servicerevenue2,100Consultantexpense900Prepaidconsultant900Unearnedrevenue3,000Servicerevenue3,0004.$388,400$22,520$366,600$21,8005.netlossfortheyearendedJune30,2002:$60,0002.DRJonNissen,Capital60,000CRincomesummary60,000post-closingbalanceinJonNissen,CapitalatJune30,2002:$54,000專業(yè)整理知識分享圓滿WORD格式Chapter31.DundeeRealtybankreconciliationOctober31,2021Reconciledbalance$6,220Reconciledbalance$6,2202.April7Dr:Notesreceivable—Acompany5400Cr:Accountsreceivable—Acompany540012Dr:CashInterestexpenseCr:Notesreceivable5400June6Dr:Accountsreceivable—Acompany5533Cr:Cash553318Dr:CashCr:Accountsreceivable—Acompany5533Interestrevenue3.(a)Asawhole:theendinginventory=685(b)appliedseparatelytoeachproduct:theendinginventory=6254.Thecostofgoodsavailableforsale=endinginventory+thecostofgoods=80,000+200,000*500%=80,000+1,000,000=1,080,0005.(1)24,000+60,000-90,000*0.8=12000(2)(60,000+24,000)/(85,000+31,000)*(85,000+31,000-90,000)=18828專業(yè)整理知識分享圓滿WORD格式Chapter41.(a)second-yeardepreciation=(114,000–5,700)/5=21,660;(b)second-yeardepreciation=8,600*(114,000–5,700)/36,100=25,800;(c)first-yeardepreciation=114,000*40%=45,600second-yeardepreciation=(114,000–45,600)*40%=27,360;(d)second-yeardepreciation=(114,000–5,700)*4/15=28,880.2.(a)weighted-averageaccumulatedexpenditures(2021)=75,000*12/12+84,000*9/12+180,000*8/12+300,000*7/12+100,000*6/12=483,000(b)interestcapitalizedduring2021=60,000*12%+(483,000–60,000)*10%=49,5003.(1)depreciationexpense=30,000(2)bookvalue=600,000–30,000*2=540,000(3)depreciationexpense=(600,000–30,000*8)/16=22,500(4)bookvalue=600,000–30,000*8–22,500=337,5004.Situation1:Jan1st,2021InvestmentinM260,000Cash260,000June30Cash6000Dividendrevenue6000Situation2:January1,2021InvestmentinS81,000Cash81,000June15Cash10,800InvestmentinS10,800December31InvestmentinS25,500InvestmentRevenue25,500a.December31,2021InvestmentinK1,200,000Cash1,200,000June30,2021DividendReceivable42,500DividendRevenue42,500December31,2021Cash42,500專業(yè)整理知識分享圓滿WORD格式DividendReceivable42,500b.December31,2021InvestmentinK1,200,000Cash1,200,000December31,2021Cash42,500InvestmentinK42,500InvestmentinK146,000Investmentrevenue146,000c.Ina,theinvestmentamountis1,200,000netincomereposedis42,500Inb,theinvestmentamountis1,303,500Netincomereposedis146,000專業(yè)整理知識分享圓滿WORD格式Chapter51.a.June1:Dr:Inventory198,000Cr:AccountsPayable198,000June11:Dr:AccountsPayable198,000Cr:NotesPayable198,000June12:Dr:Cash300,000Cr:NotesPayable300,000b.Dr:InterestExpenses(fornotesonJune11)12,100Cr:InterestPayable12,100Dr:InterestExpenses(fornotesonJune12)8,175Cr:InterestPayable8,175c.Balancesheetpresentation:NotesPayable498,000AccruedInterestonNotesPayable20,275d.ForGreen:Dr:NotesPayable198,000InterestPayable12,100InterestExpense7,700Cr:Cash217,800ForWestern:Dr:NotesPayable300,000InterestPayable8,175InterestExpense18,825Cr:Cash327,0002.(1)208Deferredincometaxisaliability2,400Incometaxpayable21,600209Deferredincometaxisanasset600Incometaxpayable26,100(2)208:Dr:Taxexpense24,000Cr:Incometaxpayable21,600Deferredincometax2,400209:Dr:Taxexpense25,500Deferredincometax600Cr:Incometaxpayable26,100(3)208:Incomestatement:taxexpense24,000Balancesheet:incometaxpayable21,600209:Incomestatement:taxexpense25,500Balancesheet:incometaxpayable26,1003.a.1,560,000(20000000*12%*(1-35%))專業(yè)整理知識分享圓滿WORD格式b.7.8%(20000000*12%*(1-35%)/20000000)4.maturitynumberstatedratepereffectivepaymentpresentvalueofinterest-periodinterestrateamountvalueofinterestperperbondsatperiodsinterest-periodperioddateofissue1$10403.75%3%2201010%12%2325100%12%05.NotesPayable14,400InterestPayable1,296AccountsPayable60,000+UnearnedRentRevenue7,200CurrentLiabilities82,896專業(yè)整理知識分享圓滿WORD格式Chapter61.Mar.1Cash1,200,000CommonStock1,000,000Paid-inCapitalinExcessofParValue200,000Mar.15OrganizationExpense50,000CommonStock50,000Mar.23Patent120,000CommonStock100,000Paid-inCapitalinExcessofParValue20,000Thevalueofthepatentisnoteasilydeterminable,sousetheissuepriceof$12pershareonMarch1whichistheissuingpriceofcommonstock.TreasuryStock180,000Cash180,000Thecostoftreasurypurchasedis180,000/30,000=60pershare.Nov.1Cash70,000TreasuryStock60,000Paid-inCapitalfromTreasuryStock10,000Sellthetreasuryatthecostof$60pershare,andsellingpriceis$70pershare.Thetreasurystockissoldabovethecost.Dec.20Cash75,000Paid-inCapitalfromTreasuryStock15,000TreasuryStock90,000Thecostoftreasuryis$60persharewhilethesellingpriceis$50whichislowerthanthecost.3.a.July1RetainedEarnings24,000DividendsPayable—PreferredStock24,000DividendsPayable—PreferredStock24,000Cash24,000RetainedEarnings80,000DividendsPayable—CommonStock80,000專業(yè)整理知識分享圓滿WORD格式IncomeSummary350,000RetainedEarnings350,0004.a.Preferredstockgivesitsownercertainadvantagesovercommonstockholders.Thesebenefitsincludetherighttoreceivedividendsbeforethecommonstockholdersandtherighttoreceiveassetsbeforethecommonstockholdersifthecorporationliquidates.Corporationpayafixedamountofdividendsonpreferredstock.The7%cumulativetermindicatesthattheinvestorsearn7%fixeddividends.7%*120%*20,000=504,000Ifcorporationissueddebt,ithasobligationtorepayprincipald.Thedateofdeclarationdecreasethestockholders’equity;thedateofrecordandthedateofpaymenthavenoeffectonstockholders.5.a.Jan.15RetainedEarnings35,000AccumulatedDepreciation35,000Tocorrecterrorinprioryear’sdepreciation.b.Mar.20LossfromEarthquake70,000Building70,000c.Mar.31RetainedEarnings12,500DividendsPayable12,500DividendsPayable12,500Cash12,500e.June30RetainedEarnings37,500CommonStock25,000AdditionalPaid-inCapital12,500Torecordissuanceof10%stockdividend:10%*25,000=2,500shares;2500*$15=$37,500f.Dec.31DepreciationExpense14,000AccumulatedDepreciation14,000Originaldepreciation:$40,000/40=$10,000peryear.BookvalueonJan.1,2021is$350,000(=$400,000-5*$10,000).Deprecationfor2021is$14,000(=$350,000/25).g.Thecompanydoesnotneedtomakeentryintheaccountingrecords.ButtheamountofCommonStock($10parvalue)decreases275,000,whiletheamountofCommonStock($5parvalue)increases275,000.專業(yè)整理知識分享圓滿WORD格式Chapter71.Requirement1Ifrevenueisrecognizedatthedateofdelivery,thefollowingjournalentrieswouldbeusedtorecordthetransactionsforthetwoyears:Year1Inventory...............................................480,000Cash/Accountspayable...............................480,000TorecordpurchaseofinventoryInventory...............................................124,000Cash/Accountspayable...............................124,000TorecordrefurbishmentofinventoryAccountsreceivable.....................................310,000Salesrevenue.......................................310,000TorecordsaleofgoodsonaccountCostofgoodssold......................................220,000Inventory...........................................220,000TorecordthecostofthegoodssoldasanexpenseSalesreturns(I/S).....................................15,500*Allowanceforsalesreturns(B/S)...................15,500Torecordprovisionforreturnofgoodssoldunder30-dayreturnperiod*5%of$310,000Warrantyexpense........................................31,000*Provisionforwarranties(B/S)......................31,000Torecordprovision,attimeofsale,forwarrantyexpenditures*10%of$310,000Allowanceforsalesreturns.............................12,400Accountsreceivable.................................12,400Torecordreturnofgoodswithin30-dayreturnperiod.Itisassumedthereturnedgoodshavenovalueandaredisposedof.Provisionforwarranties(B/S)..........................18,600Cash/Accountspayable...............................18,600Torecordexpendituresinyear1forwarrantyworkCash...................................................297,600*專業(yè)整理知識分享圓滿WORD格式Accountsreceivable.................................297,600TorecordcollectionofAccountsReceivable$310,000–$12,400Year2Provisionforwarranties(B/S)..........................8,400Cash/Accountspayable...............................8,400Torecordexpendituresinyear2forwarrantyworkRequirement2Ifrevenueisrecognizedonlywhenthewarrantyperiodhasexpired,thefollowingjournalentrieswouldbeusedtorecordthetransactionsforthetwoyears:Year1Inventory...............................................480,000Cash/Accountspayable...............................480,000TorecordpurchaseofinventoryInventory...............................................124,000Cash/Accountspayable...............................124,000TorecordrefurbishmentofinventoryAccountsreceivable.....................................310,000Inventory...........................................220,000Deferredgrossmargin...............................90,000TorecordsaleofgoodsonaccountDeferredgrossmargin...................................12,400Accountsreceivable.................................12,400Torecordreturnofgoodswithinthe30-dayreturnperiod.Itisassumedthegoodshavenovalueandaredisposedof.Deferredwarrantycosts(B/S)...........................18,600Cash/Accountspayable...............................18,600Torecordexpendituresforwarrantyworkinyear1.ThewarrantycostsincurredaredeferredbecausetherelatedrevenuehasnotyetbeenrecognizedCash...................................................297,600*Accountsreceivable.................................297,600TorecordcollectionofAccountsreceivable*$310,000–$12,400Year2專業(yè)整理知識分享圓滿WORD格式Deferredwarrantycosts.................................8,400Cash/Accountspayable...............................8,400Torecordwarrantycostsincurredinyear2relatedtoyear1sales.Thewarrantycostsincurredaredeferredbecausetherelatedrevenuehasnotyetbeenrecognized.Deferredgrossmargin...................................77,600Costofgoodssold......................................220,000Salesrevenue.......................................297,600*Torecordrecognitionofsalesrevenuefromyear1salesandrelatedcostofgoodssoldatexpiryofwarrantyperiod*$310,000–$12,400($90,000–$12,400)Warrantyexpense........................................27,000*Deferredwarrantycosts.............................27,000Torecordrecognitionofwarrantyexpenseatsametimeasrelatedsalesrevenuerecognition*$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專業(yè)整理知識分享圓滿WORD格式thepercentageofcompletion)istoestimatethepercentageofcompletionoftheprojectattheendofeachyear.Thisisdoneinthefollowingtable(in$000s):Endof2005Endof2006Endof2007Totalcostsincurred$5,400$12,950$18,800Totalestimatedcosts18,00018,50018,800%completed30%70%100%Oncethepercentageofcompletionattheendofeachyearhasbeencalculatedasabove,thenextstepistoallocatetheappropriateamountofrevenuetoeachyear,basedonthepercentagecompletedtodate,lesswhathaspreviouslybeenrecordedinrevenue.Thisisdoneinthefollowingtable(in$000s):2005200620072005$20,000×30%$6,0002006$20,000×70%$14,0002007$20,000×100%$20,000Less:Revenuerecognizedinprioryears(0)(6,000)(14,000)Revenueforyear$6,000$8,000$6,000Therefore,theprofittoberecognizedeachyearontheconstructionprojectwouldbe:200520062007TotalRevenuerecognized$6,000$8,000$6,000$20,000Constructioncostsincurred(expenses)(5,400)(7,550)(5,850)(18,800)Grossprofitfortheyear$600$450$150$1,200Thefollowingjournalentriesareusedtorecordthetransactionsunderthepercentage-of-completionmethodofrevenuerecognition:200520062007Costsofconstruction:Constructioninprogress.......5,4007,5505,850Cash,payables,etc.5,4007,5505,8502.Progressbillings:Accountsreceivable.....3,1004,90012,000Progressbillings...3,1004,90012,0003.Collectionsonbillings:Cash....................2,4004,00012,400Accountsreceivable.2,4004,00012,4004.Recognitionofprofit:Constructioninprogress600450150Constructionexpense....5,4007,5505,850Revenuefromlong-term專業(yè)整理知識分享圓滿WORD格式contract..........6,0008,0006,000Tocloseconstructioninprogress:Progressbillings.......20,000Constructioninprogress20,000200520062007BalancesheetCurrentassets: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.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,revenuecanbe專業(yè)整理知識分享圓滿WORD格式recognizedbecausethereisaknownandcommittedbuyer.Ifthecontractorisnotabletoestimatehowmuchoftheworkhasbeendone(perhapsbecauseheorshecan’treliablyestimatehowmuchworkmuststillbedone),thenprofitwouldnotberecognizeduntiltheextentofperformanceisknown.Measurabilitymeansthatthesellerorserviceprovidermustbeabletoreliablyestimatetheamountoftherevenuefromthesaleorservice.Forthesaleofproductsthisisgenerallyknownatthetimeofsale(thesalespriceisset).However,ifthesellerprovidesareturnperiod,itmaybenecessarytoestimatethevolumeofreturnsatthetimeofsaleinordertomeasuretherevenuethatwillberecognized.Collectibilitymeansthatthesellerortheserviceproviderhasreasonableassurancethatthesalespricewillactuallybecollected.Inmostcasesforthesalesofproducts,thesellerisabletorecognizerevenueatthetimeofsaleevenifthesaleisonaccount.Thisisbecausethesellerhasexperiencewithitscustomersandisabletoestimatereliablytheriskofnonpayment.Aslongasthesellerisabletomakethisestimate,itisappropriatetorecognizetherevenuebuttooffsetitwithaprovisionforpossiblenoncollection.Ifthesellerisunabletomakereliableestimatesoffuturecollectionofamountsowing,therecognitionofrevenuewouldbedelayeduntilthecashisactuallyreceived.Thisiswhatisdoneusingtheinstalmentsalesmethodofrevenuerecognition.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:1SalesRevenue:專業(yè)整理知識分享圓滿WORD格式Manualsandinitiallessons(200×$100)$20,000Additionallessons((200×8)×$30)48,000Examinations((200×80%)×$130)20,800Totalsalesrevenue88,800Costofsales:Manualsandinitiallessons(200×($15+$3))3,600Additionallessons((200×8)×$3))4,800Examinations((200×80%)×$30)4,800Totalcostofsales13,200Depreciationofdevelopmentcosts:$180,000×(200/1,000)36,000Profit$39,6005.FINISHENTERPRISESIncomeStatementfortheyearendingDecember31,2005Continuingoperations(excludingthechemicaldivision)Sales($35,000,000–$5,500,000)$29,500,000Costofsales($15,000,000–$2,800,000)(12,200,000)Grossprofit17,300,000Selling&administrationexpenses($18,000,000–$3,200,000)(14,800,000)Profitfromoperations2,500,000Incometaxexpense(40%)1,000,000Profitaftertax$1,500,000Discontinuin