西方财务会计课后答案第四章bota.docx

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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.Q4-15Q4-16*7.Prepare reversing entries.Broadening Your PerspectiveANSWERSS TO QQUESTIIONS1.2.3.4.5.No. A wwork ssheet is noot a ppermannent aaccounnting recorrd. Thhe usee of

13、aa workk sheeet is an opptionaalstep inn the accouuntingg cyclle.The worrk sheeet iss mereely 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 acccounttba

14、lancee in tthe leedger afterr adjuustingg entrries hhave bbeen jjournaalizedd and posteed.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 tthebalan

15、cee sheeet debbit coolumn.Formal finanncial stateementss are needeed beccause the ccolumnnar 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

16、) Incomme Summmary.(Dr) Inncome Summaary annd (Crr) Inddividuual exxpensee accoounts.(Dr) Inncome Summaary annd (Crr) Rettainedd Earnnings (for net iincomee).(Dr) Reetaineed Earrningss and (Cr) Dividdends.7.8.9.10.11.12.13.Income Summaary iss a teemporaary acccountt thatt is uused iin thee clossing

17、pprocesss. Thhe acccount isdebitedd for expennses aand crrediteed forr reveenues. The diffeerencee, eitther 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 theequ

18、alitty of the ppermannent aaccounnt ballancess thatt are carriied foorwardd intoo the next accouuntinggperiod.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,

19、 bboth iin amoount aand inn accoount ttitless, of an addjustiingentry aand iss madee at tthe beeginniing 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)

20、 jourrnalizze thee adjuustinggentriess, andd (3) journnalizee the closiing enntriess.The thrree trrial bbalancces arre thee: (1) triaal ballance, (2) adjussted ttrial balannce, aand (33) posst-cloosingtrial bbalancce.Correctting eentriees difffer ffrom aadjustting eentriees beccause they: (1) are nn

21、ot a requiired ppart oof theeaccountting ccycle, (2) may bbe madde at any ttime, and (3) maay afffect aany coombinaation of acccountts.4-4Questioons Chhapterr 4 (CContinnued)*14.The staandardd classsificcationns in a ballance sheett are:AssetsCurrentt AsseetsLong-teerm InnvestmmentsPropertty, Pllant

22、, and EEquipmmentIntangiible AAssetssLiabiliities and SStockhholderrs EquiityCurrentt LiabbilitiiesLong-teerm 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

23、cassh andd otheer ressourcees thaat aree reassonablly exppectedd to bbe reaalizedd incash orr soldd or cconsummed 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 theeirliq

24、uidiity.Long-teerm innvestmments are rresourrces tthat ccan bee reallized in caash. HHoweveer, thhe connversiioninto caash iss not expeccted wwithinn one year or thhe opeeratinng cyccle, wwhicheever iis lonnger. Propeerty,plant, and eequipmment aare taangiblle ressourcees of a rellativeely peermanee

25、nt naature that are uused iinthe bussinesss and not iintendded foor salle.The majjor diiffereences betweeen cuurrentt liabbilitiies annd lonng terrm-liaabilitties aare:DiffereenceSource of paaymentt.Time off expeectedpaymentt.Nature of ittems.Currentt LiabbilitiiesExistinng currrent assetts or other

26、rcurrentt liabbilitiies.One yeaar or the ooperatting ccycle.Debts ppertaiining to thhe opeeratinngcycle aand otther sshort-term debtss.Long-teerm LiiabiliitiesOther tthan eexistiing cuurrentt asseetsor creaating curreent liiabiliities.Beyond one yyear oor thee operratinggcycle.Mortgagges, bbonds, an

27、d otherr longg-term liiabiliities.*19.(a)(b)The ownners equuity ssectioon forr a coorporaation is caalled 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

28、) Retaiinedearninggs is used to reecord net iincomee retaained in thhe bussinesss.*20.*21.The repport fform 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 plaac

29、ed bbelow assetts.In the accouunt foorm thhe secction is pllaced to thhe rigght off asseets.After rreverssing eentriees havve beeen madde, thhe ballancess willl be IIntereest Paayablee, zerro ballance;Interesst Exppense, a crredit balannce.*22.(a)Jan. 100Salariees Exppense .8,000Cash.8,000Becausee o

30、f tthe Jaanuaryy 1 reeversiing enntry tthat ccreditted Saalariees Exppense for $4,5000,Salariees Exppense will 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 .Cash.4,500

31、3,5008,000Note thhat Saalariees Exppense will againn havee a deebit bbalancce of $3,5000.4-6SOLUTIOONS TOO BRIEEF 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 adjuss

32、tmentt dataa, (3)enter aadjustted baalancees, (44) exttend aadjustted baalancees to approopriattestatemeent coolumnss 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 BBR

33、IEF EXERCCISE 44-2 iss on ppage 44-8.BRIEF EEXERCIISE 4-3Income StateementBalancee SheeetAccounttDr. Cr.Dr. Cr.Accumullated DepreeciatiionDepreciiationn ExpeenseCommon StockkDividenndsServicee ReveenueSupplieesAccountts PayyableBRIEF EEXERCIISE 4-4XXXXXXXDec. 311313131Servicee Reveenue .Income Summa

34、ary .Income Summaary .Salariees Exppense.Suppliees Exppense .Income Summaary .Retaineed Earrningss .Retaineed Earrningss .Dividennds.4-750,00027,00023,0002,00050,00023,0004,00023,0002,000BRIEF EEXERCIISE 4-24-8KEO COMPANYWork SheetAccount Titles4,00058,00025,000(c)(a) 1,2008001,200(c) 800(b) 1,10025

35、,8001,10080059,100(a) 1,200(b) 1,1002,800Trial BalanceDr. Cr.AdjustmentsDr. Cr.AdjustedTrial BalanceDr. Cr.IncomeStatementDr. Cr.59,10025,800BalanceSheetDr. Cr.2,8001,1008001,200Prepaid InsuranceService RevenueSalaries ExpenseAccounts ReceivableSalaries PayableInsurance ExpenseBRIEF EEXERCIISE 4-5Sa

36、lariees Exppense23,000 (2) 223,0000Suppliees Exppense4,000 (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 Reevenuee.Income Summaary.Income Summaary.Salariees Exppense .Maintennance Expennse .Green FFee Reevenuee14,60010,700