会计英语作业 2.docx

目录Lesson 1 Accounting: An Information System2Lesson 2 Asset Section of Balance Sheet3&3Lesson 3 Liabilities and Owners' Equity Section of Balance Sheet3Lesson 4 Income Statement4Lesson 5 Ledger Accounts5Lesson 6 Journals6Lesson 7 An Illustration7Lesson 8 Adjusted Procedure8Lesson 9 A Worksheet9Lesson 10 Closing Procedures10Lesson 11 Cash Control11Lesson 12 A Bank Reconciliation12Lesson 14 Losses from Uncollectible Accounts13Lesson 15 Promissory Notes14Lesson 16 Inventory Measurement15Lesson 17 Long-Term Assets16Lesson 18 Depreciation Methods16Lesson 20 Bonds Payable17Lesson 22 Corporation Accounting: Capital Stock18Lesson 23 Corporation Accounting: Retained Earnings19Lesson 24 The Statement of Cash Flows20Lesson 10 Closing Procedures1. The adjusted trial balance of Lopez Company shows the following data pertaining to sales at the end of its fiscal year, October 31, 2005: Sales $800,000, Transportation out $12,000, Sales Returns and Allowances $24,000 and Sales Discounts $15,000.Instructions： Prepare separate closing entries for (1) sales and (2) the contra accounts to sales.2. Presented below is information related to Gonzales Corporation for the month of January 2005.Cost of goods sold Freight-out Insurance expense Rent expense$ 208,000 Salary expense$ 61,0007,000Sales discounts8,00012,000Sales returns and allowances13,00020,000Sales350,000Instructions： Prepare the necessary closing entries.Lesson 11 Cash Control1. The former bookkeeper of White Electric Supply is currently in prison for stealing nearly $416,000 in less than five years.Her method was crude and simple. She would write a check for the correct amount payable to a supplier for, say, $15,000. However, she would record in the company's check register an amount significantly greater, say, $20,000. She would then write a check payable to herself for the $5,000 difference. In the check register, next to the number of each check she had deposited in her personal bank account, she would write the word “void”, making it appear as though the check had been destroyed. This process went undetected for nearly five years.Instruction: What controls must have been lacking at White Electric Supply to enable the bookkeeper to steal nearly $416,000 before being caught?Lesson 12 A Bank ReconciliationShown below is the information needed to prepare a bank reconciliation for Data Flow, Inc. at December 31:1) At Dec. 31, cash per the bank statement was $15,981; cash per the company5s records was $17,445.2) Two debit memoranda accompanied the bank statement: service charges for Dec. of $24, and a $600 check drawn by Jane Jones marked “NSF”.3) Cash receipts of $4,353 on Dec 31 were not deposited until January 4.4) The following checks had been issued in Dec but were not included among the paid checks returned by the bank: no.620 for $978, no.630 for $2,052 and no.641 for $483.Instruction: Prepare a bank reconciliation at Dec 31.1. Assume that the following information relates to your most recent bank statement dated Sept. 30:$3,468.52Balance per bank statement at Sept. 30Checks written that had not cleared the bank as of Sept 30:#203 University tuition$2,200.00#211 October apartment rent350.00Interest amounting to $3.75 was credited to your account by the bank in Sept. The bank's service charge for the month was $5.00.You looked in your checkbook and discovered its balance was $919,77.Instruction: Prepare a bank reconciliation to determine your correct checking account balance. Explain why neither your bank statement nor your checkbook shows this amount.Lesson 14 Losses from Uncollectible Accounts(Estimates Related to Credit Sales) Maps & Globes, Inc., is a manufacturer that makes all sales on 30-day credit terms. Annual sales are approximately $25 million. At the end of 2000, accounts receivable were presented in the company's balance sheet as follows:Accounts Receivable from Customers$2,350,000Less: Allowance for Doubtful Accounts70,000During 2001, $740,000 in accounts receivable were written off as uncollectible. Of these accounts written off, receivables totaling $24,000 were unexpectedly collected. At the end of 2001, an aging of accounts receivable indicated a need for an $80,000 allowance to cover possible failure to collect the accounts currently outstanding.Instruction: prepare following entries:a. One entry to summarize all accounts written off against the allowance for doubtful accounts during 2001.b. Entry to record the $24,000 in accounts receivable that were unexpectedly collected.c. The adjusting entry required at Dec. 31,2001, to increase the allowance for doubtful accounts to $80,000.1. Estimates Related to Accounts ReceivableNot yet due$333,0001-30 days past due135,00031-60 days past due58,50061-90 days past due13.500Over 90 days past due 22,500Total$562500Not yet due$333,0001-30 days past due135,00031-60 days past due58,50061-90 days past due13.500Over 90 days past due 22,500Total$562500Public Image, a firm, uses the balance sheet approach to estimate uncollectible accounts expense. At year-end an aging of the accounts receivable produced the following classification:for the above five age groups to be as follows: Groupl, 1%; Group2, 3%; Group3, 10%; Group4, 20%; and Group 5, 50%.The Allowance for Doubtful Accounts before adjustment at Dec. 31 showed a credit balance of $8,100.Instruction:a .Prepare the adjusting entry needed to bring the Allowance for Doubtful Accounts to the proper amount.b .On January 10 of the following year, Public Image learned that an account receivable that had originated on Sept 1 in the amount of $8,550 was worthless because of the bankruptcy of the customer. Prepare the journal entry required on January 10 to write off this account.Lesson 15 Promissory NotesOn Oct 1, 2004, Jeppo Farm Equipment Company sold a pecan-harvesting machine to Lujan Brothers Farm, Inc. Lujan Brothers Farm gave Jeppo a 1 -year, $100,000, 12% note (a realistic rate of interest for a note of this type). The note required interest to be paid annual on Oct 1. Jeppo's financial statements are prepared on a calendar-year basis.Instruction:Assuming Lujan Brothers Farm fulfills all the terms of the note, prepare the necessary journal entries for Jeppo Farm Equipment Company for the entire term of the note.Lesson 16 Inventory Measurement1. The Audiophile sells C-440, a state-of-the art speaker system. During the current year, The Audiophilepurchased nine of these speaker systems at the following dates and acquisition costs:DateUnits Purchasedunit CostTotal CostOct.123,0006,000Nov. 1733,2009,600Dec. 143,25013,000Available for sale during the year928,600On Nov 21, The Audiophile sold four of these speaker systems to the Boston Symphony. The other five C -440s remained in inventory at Dec 31.Instruction:Assume that The Audiophile uses a perpetual inventory system. Compute (1) the cost of goods sold relating to the sale of C-440 speakers and (2) the ending inventory of these speakers at Dec 31, using each of the following flow assumption: a. Average cost b. First-in, first-out (FIFO) c. Last-in, first-out (LIFO)A note to the recent financial statements of the Quaker Oats Company includes the following information:Inventories: Inventories are valued at the lower-of-cost -or -market, using various cost methods. The percentage of year-end inventories valued using each of the methods is as follows:June 3 (fiscal year-end)Average cost 54%LIFO29%Instruction:a. Does the company's use of three different inventory methods violate the accounting principle of consistency?b. Assuming that the replacement cost of inventories has been steadily rising, would the company's reported net income be higher or lower if all inventories were valued by the FIFO method?Lesson 17 Long-Term Assets&Lesson 18 Depreciation Methods1. On April 1, 1998, Argo Industries purchased new equipment at a cost of $325,000. The useful life of this equipment was estimated at 5 year, with a residual value of $25,000. For income tax purposes, however, this equipment is classified as “3-year property15.Instructions:Compute the annual depreciation expense for each year until this equipment becomes fully depreciated under each depreciation method listed below.a. Straight-line, with depreciation for fractional years rounded to the nearest whole month.b. 200%-declining-balance, with the half-year convention. Limit depreciation in 2003 to an amount that reduces the undepreciated cost to the estimated residual value.2. Assume that you recently applied for a student loan in order to go to graduate school. As part of the application process, your bank requested a list of your assets. Aside from an extensive CD collection, your only other asset is a pick-up truck. You purchased the truck six years ago for $15000. Its current fair market value is approximately $5000.Instruction:Assume that the truck has been used solely in a delivery service business that you operated while in college. For tax purposes, how much has the truck been depreciated over the past six years? (Double-declining Balance Method)Lesson 20 Bonds Payable1. On March 31, Bancor Corporation received authorization to issue $30 million of 12%, 30-year debenture bonds. Interest payment dates were march 31 and Sept 30. The bonds were all issued at par on April 30, one month after the interest date printed on the bonds.Instruction:a. Prepare the journal entry at April 30 to record the sale of the bonds.b. Prepare the journal entry at Sept 30 to record the semiannual bond interest payment.c. Prepare the adjusting entry at December 31 to record bond interest accrued since Sep 30.2. (Amortization of a bond discount)On May 1,2001, Festival Cruise Ships, Inc., sold a $60 million face value, 11%,10-yearbond issue to an underwriter at a price of 98. Interest is payable semiannually on May 1 and Nov 1. Company policy is to amortize bond discount by the straight-line method at each interest payment date and at year-end. The company's fiscal year ends at Dec 31.Instructions:Prepare journal entries to record the issuance of these bonds, the payment of interest at Nov 1,2001, and bond interest expense through year-end.Lesson 22 Corporation Accounting: Capital Stock1. The following is a summary of the transactions affecting the stockholders, equity of Marble Oasis Corporation during the current year:Prior period adjustment(net of income tax benefit)$(80,000)Issuance of common stock: 10,000 shares of $10 par value Capital stock at $34 per share340,000Declaration and distribution of 5% stock dividend (6000 shares, market price $36 per share)(316,000)Purchased 1000 shares of treasury stock at $35(35,000)Reissued 500 shares of treasury stock at a price of $36 per share18,000Net income720,000Cash dividends declared ($1 per share)(125,500)Instruction: Prepare a statement of stockholders, equity for the year. Use the column headings and beginning balances shown below.CapitalStock($10 par value)Additional paid-in capitalRetainedEarningsTreasury StockTotal Stock-holders, equityBalances,Jan.1Lesson 23 Corporation Accounting: Retained EarningsShown below are data relating to the operations of Ashton Software, Inc., during 2001.Continuing operations:Net sales19,850,000Costs and expenses(including applicable income taxes)16,900,000other data:Operating income during 2001 on segment of the business discontinued near year-end (net of income taxes)140,000loss on disposal of discontinued segment (net of income tax benefit) 550,000 Extraordinary loss (net of income tax benefit)900,000Cumulative effect of change in accounting principle(increase in net income, net of related income taxes)100,000Prior period adjustment (increase in 1995 depreciationexpense, net of income tax benefit)250,000Cash dividends declared950,000Instruction :a. prepare a condensed income statement for 2001 0Lesson 1 Accounting: An Information System1. Boeing Company is the largest manufacturer of commercial aircraft in the United States and is a major employer in Seattle, Washington. Explain why each of the following individuals or organizations would be interested in financial information about the company.a. California Public Employees Retirement System, one of the world's largest pension fundsb. Boeing's top managementYou are a plant manager of a facility that manufactures low-cost computers intended primarily for sale to secondary schools and to individual college students. What are some of the decisions you must make and how would management accounting information help you make those decisions?Lesson 24 The Statement of Cash Flows1. The accounting staff of Carolina Crafts, Inc. , has assembled the following information for the year ended Dec 31,2001:Cash and cash equivalents, Jan.145,200Cash and cash equivalents, Dec 3164,200Cash paid to acquire plant assets21,000Proceeds from short-term borrowing10,000Loans made to borrowers5,000Collections on loans (excluding interest)4,000Interest and dividends received17,000Cash received from customers795,000Proceeds from sales of plant assets9,000Dividends paid65,000cash paid to suppliers and employees635,000Interest paid19,000Income taxes paid71,000Instruction :Using this information, prepare a statement of cash flows. Please brackets around the dollar amounts of all cash disbursements.Lesson 2 Asset Section of Balance Sheet&Lesson 3 Liabilities and Owners9 Equity Section of Balance SheetThe night manager of Majestic Limousine Service, who had no accounting background, prepared the following balance sheet for the company at February 28, 2001. The dollar amounts were taken directly from the company's accounting records and are correct. However, the balance sheet contains a number of errors in its headings, format, and the classification of assets, liabilities, and owner's equity.MAJESTIC LIMOManager's report8 p.m. ThursdayAssetsOwner's EquityJ. Snow, CapitalCashBuildingAutomobiles.J. Snow, CapitalCashBuildingAutomobiles.$162,00069,00080,000165,000Accounts Receivable Notes PayableSuppliesLandAccounts Payable.$ 78,000288,00014,00070,00026,000$476,000$476,000Prepare a corrected balance sheet. Include a proper heading.1. QWIK Software Company has assets of $850,000 and liabilities of $460,000.a. Prepare the ownership equity section of QWIK's balance sheet under following independent assumptions: The business is organized as a sole proprietorship, owned by Johanna Schmidt.b. Assume that you are a loan officer at Security Bank. QWIK has applied to your bank for a large loan to finance the development of new products. Is it likely to matter to you whether QWIK is organized as a sole p