会计英语课后习题参考答案完整版.doc

会计英语课后习题参考答案完整版配套教材参考答案请勿盗版 尊重作者 会计英语课后习题参考答案完整版Suggested SolutionChapter 11. 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. TransactionsAssets+/-Liabilities+/-Owners equity+/-1+2+3-4+5+6-7-8+/-9-10-3. Describe each transaction based on the summary above.Transactions1Purchased land for cash, $6,000.2Investment for cash, $3,200.3Paid expense $1,200.4Purchased supplies on account, $800.5Paid owners personal use, $750.6Paid creditor, $1,5007Supplies used during the period, $630.4.AssetsLiabilitiesEquity Beginning275,00080,000195,000 Add. investment48,000 Add. Net income27,000 Less withdrawals-35,000Ending320,00085,000235,0005.(a)March 31, 20XXApril 30, 20XXAssets Cash 4,5005,400 Accounts receivable2,5604,100Supplies840450 Total assets7,9009,950Liabilities Accounts payable430690Equity Tina Pierce, Capital7,4709,260(b) net income = 9,260-7,470=1,790(c) net income = 1,790+2,500=4,2906. ItemFinancial Statementa1. Utility expenseStatement of comprehensive incomec2.CashStatement of financial positionb3. Owners withdrawalsStatement of changes in owners equity c4.Accounts receivableStatement of financial positiona5.Consulting revenueStatement of comprehensive incomec6.Salaries payableStatement of financial positionc7.Office equipmentStatement of financial positiona8.Dividend receivedStatement of comprehensive income 7Company ACompany BCompany CCompany DCompany EDecember 31, 20x1: Assets90,00070,00058,000160,000246,000 Liabilities47,00045,00028,00076,000198,000December 31, 20x2: Assets96,00082,00093,750250,000225,000 Liabilities33,00055,00038,000128,000150,000During 20x2: Owner investments10,0003,00015,50014,0009,000 Net income15,0005,00018,00024,00036,000 Owner withdrawals5,0006,0007,750018,000Part 1Company A:(a)Equity on December 31, 20x1:Assets$90,000Liabilities(47,000)Equity$43,000(b)Equity on December 31, 20x2:Equity, December 31, 20x1$43,000Add: Owner investments10,000 Net income15,000Less: Owners withdrawals 5,000Equity, December 31, 20x2$63,000(c)Amount of liabilities on December 31, 20x2:Assets$96,000Equity(63,000)Liabilities$33,000Part 2Company B:(a) and (b)Equity: Dec. 31, 20x1 Dec. 31, 20x2Assets$70,000$82,000Liabilities(45,000)(55,000)Equity$25,000$27,000(c)Net income for 20x2:Equity, December 31, 20x1$25,000Add: Owner investments3,000Net income?Less: Owner withdrawals 6,000Equity, December 31, 20x2$27,000Therefore, net income must have been $5,000.Part 3Company C:First, calculate the beginning balance of equity:Dec. 31, 20x1Assets$58,000Liabilities(28,000)Equity$30,000Next, find the ending balance of equity by completing this table:Equity, December 31, 20x1$30,000Add:Owner investments15,500Net income18,000Less: Owner withdrawals 7,750Equity, December 31, 20x2$55,750Finally, find the ending amount of assets by adding the ending balance of equity to the ending balance of the liabilities:Dec. 31, 20x2Liabilities$38,000Equity 55,750Assets$93,750Part 4Company D:First, calculate the beginning and ending equity balances:Dec. 31, 20x1Dec. 31, 20x2Assets$160,000$250,000Liabilities(76,000)(128,000)Equity$84,000$122,000Then, find the amount of owner investments during 20x2 by completing this table:Equity, December 31, 20x1$84,000Add: Owner investments?Net income24,000Less: Owner withdrawals 0Equity, December 31, 20x2$122,000Therefore, the owner investments must have been $14,000. Part 5Company E:First, calculate the balance of equity as of December 31, 20x2:Assets$225,000Liabilities (150,000)Equity$ 75,000Next, find the beginning balance of equity by completing this table:Equity, December 31, 20x1$ ?Add: Owner investments9,000Net income36,000Less: Owner withdrawals 18,000Equity, December 31, 20x2$75,000Therefore, the beginning balance of equity was $48,000. Finally, find the beginning amount of liabilities by subtracting the beginning balance of equity from the beginning balance of the assets:Dec. 31, 20x1Assets$246,000Equity (48,000)Liabilities$ 198,0008WU AUTO REPAIR SHOPStatement of Financial PositionNovember 30, 20x1AssetsLiabilitiesCash44,797Accounts payable5,800Accounts receivable6,015Mortgage payable43,272Office supplies11,650Total liabilities49,072Equipment64,580Owners EquitySamuel Wu, capital77,970Total liabilities andTotal assets127,042owners equity127,0422.The reason that the incorrect statement of financial position can be in balance is because the 103,742 of liabilities and owners equity is exactly offset by the assets of 103,742 (64,580 + 6,015 + 44,797 11,650) as the accounts are erroneously listed on the wrong sides of the equation or statement.9 b.Office supplies were purchased on account for 1,000.c.9,000 of office furniture was purchased paying cash of 8,500 and putting 500 on account.d.Completed work for a client on credit; 3,000.e.Returned 200 of office supplies.10Assets=Liabilities + Owners EquityGeorge+Accounts+Office+Office+=Accounts+Notes+Nalliah,ExplanationCashReceivableSuppliesEquipmentBuildingPayablePayableCapitalof Changes(a)+50,000+25,000+75,000Investment(b)+23,000+23,000RevenueBal.73,00025,000 98,000(c)+8,000+8,000RevenueBal. 73,0008,00025,000106,000(d)(200)(200)ExpenseBal.72,8008,00025,000 105,800(e)(1,800)+1,800Bal.71,0008,0001,80025,000105,800(f)(30,000)+250,000+220,000Bal.41,0008,0001,80025,000250,000220,000105,800(g)+24,000+24,000Bal.41,0008,0001,80049,000250,00024,000220,000105,800(h)+5,000(5,000)Bal.46,0003,0001,80049,000250,00024,000220,000105,800(i) (2,600)(2,600)Bal.43,4003,0001,80049,000250,00021,400220,000105,800(j)(2,400)(2,400)ExpenseBal.41,0003,0001,80049,000250,00021,400220,000103,400(k)(1,800)(1,800)WithdrawalBal. 39,200 +3,000 +1,800 +49,000 +250,000= 21,400+220,000+101,600Part 2:NALLIAH ENTERPRISESStatement of Comprehensive Incomefor month ended March 31, 20x1Revenues: Service revenue31,000Operating expenses: Wages expense2,400 Telephone expense200 Total operating expenses2,600Net income28,400NALLIAH ENTERPRISESStatement of Changes in Owners Equityfor month ended March 31, 20x1George Nalliah, capital, March 1 0 Add: Investment by owner75,000 Net income28,400103,400 Total103,400Less: Withdrawal by owner1,800George Nalliah, capital, March 31101,600NALLIAH ENTERPRISESStatement of Financial PositionMarch 31, 20x1AssetsLiabilities Cash 39,200 Accounts payable21,400 Accounts receivable3,000 Notes payable220,000 Office supplies1,800 Total liabilities241,400 Office equipment49,000 Building250,000Owners EquityGeorge Nalliah, capital101,600Total assets343,000Total liabilities and owners equity343,000习题答案Chapter 21.a. To increase Notes Payable -CRb. To decrease Accounts Receivable-CRc. To increase Owner, Capital -CRd. To decrease Unearned Fees -DRe. To decrease Prepaid Insurance -CRf. To decrease Cash - CRg. To increase Utilities Expense -DRh. To increase Fees Earned -CRi. To increase Store Equipment -DRj. To increase Owner, Withdrawal -DR2.a.Cash1,800 Accounts payable1,800b.Revenue4,500 Accounts receivable 4,500c.Owners withdrawals1,500 Salaries Expense1,500d.Accounts Receivable750 Revenue 7503. Prepare adjusting journal entries at December 31, the end of the year.Advertising expense600 Prepaid advertising 600Insurance expense (2160/12*2)360 Prepaid insurance360Unearned revenue2,100 Service revenue2,100Consultant expense900 Prepaid consultant900Unearned revenue3,000 Service revenue3,0004. 1. $388,4002. $22,5203. $366,6004. $21,8005. 1.net loss for the year ended June 30, 2002: $60,0002.DR Jon Nissen, Capital 60,000 CR income summary 60,0003.post-closing balance in Jon Nissen, Capital at June 30, 2002: $54,0006.Matthews Accounting ServicesStatement of Comprehensive Incomefor month ended June 30, 20x1Revenues: Service revenue17,000Operating expenses: Insurance expense 350 Salaries expense Telephone expense1,000 _ 250 Total operating expenses 1,600Net income15,400Matthews Accounting ServicesStatement of Changes in Owners Equityfor month ended June 30, 20x1Matthew Anderson, capital, June 1 0 Add: Investment by owner12,200 Net income27,600 Total27,600Less: Withdrawal by owner 1,800 Matthew Anderson, capital, June 3025,800Matthews Accounting ServicesStatement of Financial PositionJune 30, 20x1AssetsLiabilitiesCash3,000Accounts payable15,600Accounts receivable1,400Prepaid rent1,660Building35,340 Owners Equity           _Matthew Anderson, capital25,800 Total assets41,400Total liabilities and owners equity41,4007AVERY ATHLETICSGeneral JournalDateAccount Titles and Explanations      Debit      Credit20x1May 1Cash200,000Equipment 48,000 Avery, Capital248,000Invested cash and equipment in the business. 2Prepaid Rent14,400Cash14,400Prepaid for three months of rent.3Equipment45,000Cash10,000 Notes payable 35,000 Purchased equipment for cash, and signed a notes payable for the remainder.3Cash150Revenue150Completed a fitness consultation for a customer and collected cash.4Cash14,000Unearned revenues14,000Received cash in advance for services not yet rendered. 6Fitness supplies2,560Accounts payable2,560Purchased supplies on credit.10Accounts receivable350Revenue350Provided services on account.15Accounts payable2,560Cash2,560Paid for the May 6 purchase of fitness supplies.20Cash250Accounts receivable250Received partial payment from the client of May 10.30Salaries expense2,500Cash2,500Paid month-end salaries.30Withdrawals10,000Cash10,000Withdrew cash for personal use.30Telephone expense265Accounts payable (or Utilities payable)265May telephone bill to be paid June 15.8COOKS ENGINEERING SERVICESStatement of Comprehensive Incomefor month ended May 31, 20x1Revenue:Engineering fees earned38,000Operating expenses:Advertising expense500Insurance expense800Rent expense3,500Salaries expense8,000Telephone expense350Utilities expense 300Total operating expenses 13,450Net income 24,550COOKS ENGINEERING SERVICESStatement of Changes in Owners Equityfor month ended May 31, 20x1Sam Cook, capital, May 194,150Add: Investments by owner6,500Net income 24,55031,050Total125,200Less: Withdrawals by owner 8,000Sam Cook, capital, May 31117,200COOKS ENGINEERING SERVICESStatement of Financial PositionMay 31, 20x1AssetsLiabilitiesCash 9,300 Accounts payable 4,200Accounts receivable7,200Unearned engineering fees7,000Office supplies900Short-term notes payable30,000Prepaid insurance2,200Total liabilities 41,200Prepaid rent2,800Surveying equipment15,000Buildings98,000Owners EquityLand 23,000 Sam Cook, capital117,200Total assets158,400Total liabilities and owners equity158,400Recommendations for Sam Cook: it may be wise for Sam Cook to revert to having a professional accountant maintain his books while he focuses on running the business. Even though he has very good knowledge of engineering services, he does not appear to have adequate knowledge in accounting to maintain an accurate set of records. Accurate recordkeeping is important to ensure he has accurate information for decision-making and planning purposes. Accurate recordkeeping is also imperative for tax purposes.9Part 120x1Adjusting entries:a.Dec.31Accounts Receivable16,000Client Fees Earned16,000To record accrued fees revenues.b.31Interest Expense1,180Interest Payable1,180To record accrued interest expense.c.31Supplies Expense2,400Supplies2,400To record cost of consumed supplies.d.31Unearned Client Fees20,000Client Fees Earned20,000To record earned fees.e.31Salaries Expense1,200Salaries Payable1,200To record accrued salaries.f.31Deprecia