2022年2022年会计英语课后习题参考答案doc资料 .pdf

此文档仅供收集于网络，如有侵权请联系网站删除只供学习与交流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) Decrease 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 Paid 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. Assets Liabilities Equity Beginning 275,000 80,000 195,000 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 1 页，共 22 页 - - - - - - - - - 此文档仅供收集于网络，如有侵权请联系网站删除只供学习与交流Add. investment 48,000 Add. Net income 27,000 Less withdrawals -35,000 Ending 320,000 85,000 235,000 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 income = 1,790+2,500=4,290 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 2 页，共 22 页 - - - - - - - - - 此文档仅供收集于网络，如有侵权请联系网站删除只供学习与交流Chapter 2 1. a.To increase Notes Payable -CR b.To decrease Accounts Receivable-CR c.To increase Owner, Capital -CR d.To decrease Unearned Fees -DR e.To decrease Prepaid Insurance -CR f.To decrease Cash - CR g.To increase Utilities Expense -DR h.To increase Fees Earned -CR i.To increase Store Equipment -DR j.To increase Owner, Withdrawal -DR 2. a.Cash 1,800 Accounts payable . 1,800 b.Revenue . 4,500 Accounts receivable . 4,500 c.Owner s withdrawals . 1,500 Salaries Expense . 1,500 d.Accounts Receivable . 750 Revenue . 750 3. Prepare adjusting journal entries at December 31, the end of the year. Advertising expense 600 Prepaid advertising 600 Insurance expense (2160/12*2) 360 Prepaid insurance 360 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 3 页，共 22 页 - - - - - - - - - 此文档仅供收集于网络，如有侵权请联系网站删除只供学习与交流Unearned revenue 2,100 Service revenue 2,100 Consultant expense 900 Prepaid consultant 900 Unearned revenue 3,000 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, 2002: $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, 2002: $54,000 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 4 页，共 22 页 - - - - - - - - - 此文档仅供收集于网络，如有侵权请联系网站删除只供学习与交流Chapter 3 1. Dundee Realty bank reconciliation October 31, 2009 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 Cr: 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+1,000,000=1,080,000 5.(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 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 5 页，共 22 页 - - - - - - - - - 此文档仅供收集于网络，如有侵权请联系网站删除只供学习与交流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 depreciation = 114,000 * 40% = 45,600 second-year depreciation = (114,000 45,600) * 40% = 27,360; (d) second-year depreciation = (114,000 5,700) * 4/15 = 28,880. 2. (a) weighted-average accumulated expenditures (2008) = 75,000 * 12/12 + 84,000 * 9/12 + 180,000 * 8/12 + 300,000 * 7/12 + 100,000 * 6/12 = 483,000 (b) interest capitalized during 2008 = 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, 2008 Investment in M 260,000 Cash 260,000 June 30 Cash 6000 Dividend revenue 6000 Situation 2: January 1, 2008 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, 2008 Investment in K 1,200,000 Cash 1,200,000 June 30, 2009 Dividend Receivable 42,500 Dividend Revenue 42,500 December 31, 2009 Cash 42,500 Dividend Receivable 42,500 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 6 页，共 22 页 - - - - - - - - - 此文档仅供收集于网络，如有侵权请联系网站删除只供学习与交流b. December 31, 2008 Investment in K 1,200,000 Cash 1,200,000 December 31, 2009 Cash 42,500 Investment in K 42,500 Investment in K 146,000 Investment 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 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 7 页，共 22 页 - - - - - - - - - 此文档仅供收集于网络，如有侵权请联系网站删除只供学习与交流Chapter 5 1. a. June 1: Dr: Inventory 198,000 Cr: Accounts Payable 198,000 June 11: Dr: Accounts Payable 198,000 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 Interest 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) 208 Deferred income tax is a liability 2,400 Income tax payable 21,600 20 9 Deferred income tax is an asset 600 Income tax payable 26,100 (2) 208: 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) 208: Income statement: tax expense 24,000 Balance 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 (20000000*12 %* (1-35%) b. 7.8% (20000000*12 %* (1-35%)/20000000) 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 8 页，共 22 页 - - - - - - - - - 此文档仅供收集于网络，如有侵权请联系网站删除只供学习与交流4. maturity valuenumber of interest periodsstated rate per interest-periodeffective interest rate per interest-periodpayment amount per periodpresent value of bonds at date 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 82,896 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 9 页，共 22 页 - - - - - - - - - 此文档仅供收集于网络，如有侵权请联系网站删除只供学习与交流Chapter 6 1. Mar. 1 Cash 1,200,000 Common Stock 1,000,000 Paid-in Capital in Excess of Par Value 200,000 Mar. 15 Organization Expense 50,000 Common Stock 50,000 Mar. 23 Patent 120,000 Common Stock 100,000 Paid-in Capital in Excess of Par Value 20,000 The value of the 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 Cash 180,000 The cost of treasury purchased is 180,000/30,000=60 per share. Nov. 1 Cash 70,000 Treasury Stock 60,000 Paid-in Capital from 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 Paid-in Capital from Treasury Stock 15,000 Treasury Stock 90,000 The cost of treasury is $60 per share while the selling price is $50 which is lower than the cost. 3. a. July 1 Retained Earnings 24,000 Dividends PayablePreferred Stock 24,000 b.Sept.1 Dividends PayablePreferred Stock 24,000 Cash 24,000 c. Dec.1 Retained Earnings 80,000 Dividends PayableCommon Stock 80,000 d. Dec.31 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 10 页，共 22 页 - - - - - - - - - 此文档仅供收集于网络，如有侵权请联系网站删除只供学习与交流Income Summary 350,000 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. Corporation 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 equity; the date of record and the date of payment have no effect on stockholders. 5. a. Jan. 15 Retained Earnings 35,000 Accumulated Depreciation 35,000 To correct error in prior year s depreciation. b. Mar. 20 Loss from Earthquake 70,000 Building 70,000 c. Mar. 31 Retained Earnings 12,500 Dividends Payable 12,500 d. Apirl.15 Dividends Payable 12,500 Cash 12,500 e. June 30 Retained Earnings 37,500 Common Stock 25,000 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 Original depreciation: $40,000/40=$10,000 per year. Book value on Jan.1, 2009 is $350,000(=$400,000-5*$10,000). Deprecation for 2009 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 275,000, while the amount of Common Stock ($5 par value) increases 275,000. 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 11 页，共 22 页 - - - - - - - - - 此文档仅供收集于网络，如有侵权请联系网站删除只供学习与交流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 Cash/Accounts payable . 480,000 To record purchase of inventory Inventory . 124,000 Cash/Accounts payable . 124,000 To record refurbishment of inventory Accounts receivable . 310,000 Sales revenue . 310,000 To record sale of goods on account Cost of goods sold . 220,000 Inventory . 220,000 To record the cost of the goods sold as an expense Sales returns (I/S) . 15,500* Allowance for sales returns (B/S) . 15,500 To record provision for return of goods sold under 30-day return period * 5% of $310,000 Warranty expense . 31,000* Provision for warranties (B/S) . 31,000 To record provision, at time of sale, for warranty expenditures * 10% of $310,000 Allowance for sales returns . 12,400 Accounts receivable . 12,400 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 Cash/Accounts payable . 18,600 To record expenditures in year 1 for warranty work Cash . 297,600* 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 12 页，共 22 页 - - - - - - - - - 此文档仅供收集于网络，如有侵权请联系网站删除只供学习与交流Accounts receivable . 297,600 To record collection of Accounts Receivable * $310,000 $12,400 Year 2 Provision for warranties (B/S) . 8,400 Cash/Accounts payable . 8,400 To record expenditures in year 2 for warranty work Requirement 2 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 Cash/Accounts payable . 480,000 To record purchase of inventory Inventory . 124,000 Cash/Accounts payable . 124,000 To record refurbishment of inventory Accounts receivable . 310,000 Inventory . 220,000 Deferred gross margin . 90,000 To record sale of goods on account Deferred gross margin . 12,400 Accounts receivable . 12,400 To record return of goods within the 30-day return period. It is assumed the goods have no value and are disposed of. Deferred warranty costs (B/S) . 18,600 Cash/Accounts payable . 18,600 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* Accounts receivable . 297,600 To record collection of Accounts receivable * $310,000 $12,400 Year 2 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 13 页，共 22 页 - - - - - - - - - 此文档仅供收集于网络，如有侵权请联系网站删除只供学习与交流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 yet been recognized. Deferred gross margin . *77,600 Cost of goods sold . 220,000 Sales revenue . 297,600* 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* Deferred warranty costs . 27,000 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 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 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 sales. 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 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