中级财务会计英文版课后答案.docx
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中级财务会计英文版课后答案
Exercise2-4
Requirement1
Salesprice=100unitsx$600=$60,000x70%=$42,000
November17,2011
Accountsreceivable42,000
Salesrevenue42,000
November26,2011
Cash（98%x$42,000）41,160
Salesdiscounts（2%x$42,000）840
Accountsreceivable42,000
Requirement2
November17,2011
Accountsreceivable42,000
Salesrevenue42,000
December15,2011
Cash42,000
Accountsreceivable42,000
Exercise7-4（concluded）
Requirement3
Requirement1,usingthenetmethod:
November17,2011
Accountsreceivable41,160
Salesrevenu6（98%x$42,000）41,160
November26,2011
Cash41,160
Accountsreceivable41,160
Requirement2,usingthenetmethod:
November17,2011
Accountsreceivable41,160
Salesrevenue（98%x$42,000）41,160
December15,2011
Cash42,000
Accountsreceivable41,160
Interestrevenue840
Exercise2-7
Requirement1
Estimatedreturns=4%x$11,500,000=$460,000
Less:
Actualreturns（450,000）
Remainingestimatedreturns$10,000
Torecordtheactualsalesreturns
Salesreturns450,000
Accountsreceivable450,000
Inventory-estimatedreturns292,500
Costofgoodssold（$450,000x65%）292,500
December31,2011Torecordtheestimatedsalesreturns
Salesreturns10,000
Allowaneeforsalesreturns10,000
Inventory-estimatedreturns6,500
Costofgoodssold（$10,000x65%）6,500
Note:
anotherseriesofjournalentriesthatproducethesameendresultwouldbe:
Torecordtheactualsalesreturns
Allowaneeforsalesreturns
Accountsreceivable
450,000
450,000
December31,2011Torecordtheestimatedsalesreturns
Salesreturns（4%x$11,500,000）
460,000
Allowaneeforsalesreturns
460,000
Inventory-estimatedreturns
299,000
Costofgoodssold（65%x$460,000）
299,000
Exercise2-7（continued）
Requirement2
BeginningbalaneeinallowaneeaccountAdd:
Year-endestimate
Less:
Actualreturns
$300,000
460,000
（450,000）
$310,000
Endingbalaneeinallowaneeaccount
Exercise2-8
Requirement1
Baddebtexpense=$67,500（1.5%x$4,500,000）
Requirement2
Allowaneeforuncollectibleaccounts
Balanee,beginningofyear$42,000
Add:
Baddebtexpensefor2011（1.5%x$4,500,000）67,500
Less:
End-of-yearbalanee（40,000）
Accountsreceivablewrittenoff$69,500
Requirement3
$69,500——theamountofaccountsreceivablewrittenoff.
Exercise2-9
Requirement1
Torecordthewrite-offofreceivables.
Allowaneeforuncollectibleaccounts21,000
Accountsreceivable21,000
Toreinstateanaccountpreviouslywrittenoffandtorecordthecollection.
Accountsreceivable1,200
Allowaneeforuncollectibleaccounts1,200
Cash1,200
Accountsreceivable1,200
Allowaneeforuncollectibleaccounts:
Balanee,beginningofyear$32,000
Deduct:
Receivableswrittenoff（21,000）
Add:
Collectionofreceivablepreviouslywrittenoff1,200
Balanee,beforeadjustingentryfor2011baddebts12,200
Requiredallowanee:
10%x$625,000（62,500）
Baddebtexpense$50,300
Torecordbaddebtexpensefortheyear.
Baddebtexpense50,300
Allowaneeforuncollectibleaccounts50,300
Requirement2
Currentassets:
$562,500
Accountsreceivable,netof$62,500allowaneeforuncollectibleaccounts
Exercise2-10
Usingthedirectwrite-offmethod,baddebtexpenseisequaltoactualwrite-offs.Collectionsofpreviouslywritten-offreceivablesarerecordedasrevenue.
Allowaneeforuncollectibleaccounts:
Balanee,beginningofyear
Deduct:
Receivableswrittenoff
Add:
Collectionofreceivablespreviouslywrittenoff
Less:
Endofyearbalanee
Baddebtexpensefortheyear2011
$17,280
（17,100）
2,200
（22,410）
$20,030
Exercise2-11
（$inmillions）
Allowaneeforuncollectibleaccounts:
Balanee,beginningofyearAdd:
BaddebtexpenseLess:
EndofyearbalaneeWrite-offsduringtheyear
$16
14
（18）
$12*
Accountsreceivableanalysis:
Balanee,beginningofyear（$1,084+16）Add:
Creditsales
Less:
Write-offs*
Less:
Balaneeendofyea（$953+18）
Cashcollections
$1,100
4,271（12）
4971）$4,388
Requirement1
June30,2011
Notereceivable30,000
Salesrevenue30,000
December31,2011
Interestreceivable900
Interestrevenue（$30,000x6%x6/12）900
March31,2012
Cash[$30,000+（$30,000x6%x可⑵]31,350
Interestrevenue（$30,000x6%x3/12）450
Interestreceivable（accruedatDecember31）900
Notereceivable30,000
Requirement2
2011incomebeforeincometaxeswouldbeunderstatedby$900
2012incomebeforeincometaxeswouldbeoverstatedby$900.
Requirement1
June30,2011
Notereceivable（faceamount）30,000
Discountonnotereceivable（$30,000x8%x9/12）1,800
Salesrevenue（differenee）28,200
December31,2011
Discountonnotereceivable1,200
Interestrevenue（$30,000x8%x引⑵1,200
March31,2012
Discountonnotereceivable600
Interestrevenue（$30,000x8%x3/12）600
Cash30,000
Notereceivable（faceamount）30,000
Requirement2
$1,800interestfor9months—$28,200salesprice
=6.383%ratefor9months
x12/9toannualizetherate
8.511%effectiveinterestrate
Requirement1
Bookvalueofstock
Plusgainonsaleofstock=Notereceivable
Interestreportedfortheyear
Dividedbyvalueofnote
$16,000
6,000
$22,000
$2,200
=10%rate
$22,000
Requirement2
Torecordsaleofstockinexchangefornotereceivable.
January1,2011
Notereceivable22,000
Investments16,000
Gainonsaleofinvestments6,000
Toaccrueinterestonnotereceivablefortwelvemonths.
December31,2011
Interestreceivable2,200
Interestrevenue（$22,000x10%）2,200
Cash（differenee）
.439,200
Financechargeexpensei.8%x$600,000）
10,800
Liability-financingarrangement
450,000
Exercise2-16
Cash（90%x$60,000）
.54,000
Lossonsaleofreceivablesftobalanee）
2,200
Receivablefromfactor（$5,000fairvalue-[2%x$60,000]）
3,800
Accountsreceivable（balaneesold）
60,000
Exercise2-17
Cash（[90%-2%]x$60,000）52,800
Lossonsaleofreceivables（tobalanee）5,200
Receivablefromfactor（$5,000fairvalue）5,000
Recourseliability3,000
Accountsreceivable（balaneesold）60,000
Exercise2-18
MountainHighretainssignificantrisksandrewardsandthereforemusttreatthetransferasasecuredborrowing.TheaccountsreceivablestayonthebalaneesheetofMountainHigh,andtheymustrecordaliability.
Cash（[90%-2%]x$60,000）52,800
Financechargeexpense2%x$60,000）1,200
Liability54,000
Exercise2-19
Step1:
Accrueinterestearned.
February28,2011
Interestreceivable250
Interestrevenue（$15,000x10%x如）250
Step2:
Addinteresttomaturitytocalculatematurityvalue.
Step3:
Deductdiscounttocalculatecashproceeds.
$15,000
Faceamount
750
Interesttomaturity（$15,000x10%x%2）
15,750
Maturityvalue
（630）
Discount（$15,750x12%x伽）
$15,120
Cashproceeds
Step4:
Torecordalossforthediffereneebetweenthecashproceedsandthenote'sbookvalue.
February28,2011
Cash（proceedsdeterminedabove）15,120
Lossonsaleofnotereceivablqdifferenee）130
Notereceivable（faceamount）15,000
Interestreceivable（accruedinterestdeterminedabove）…250
Requirement1
March17,2011
Allowaneeforuncollectibleaccounts1,700
Accountsreceivable1,700
March30,2011
Notereceivable20,000
Cash20,000
Step1:
Toaccrueinterestearnedfortwomonthsonnotereceivable
May30,2011
Interestreceivable233
Interestrevenuq$20,000x7%x2/12）233
Step2:
Addinteresttomaturitytocalculatematurityvalue.
Step3:
Deductdiscounttocalculatecashproceeds.
$20,000Faceamount
1,400Interesttomaturity（$20,000x7%）
21,400Maturityvalue
_（1,427）Discount（$21,400x8%x10/12）
$19,973Cashproceeds
Exercise7-21（continued）
Step4:
Torecordalossforthediffereneebetweenthecashproceedsandthenote'sbookvalue.
May30,2011
Cash（proceedsdeterminedabove.）19,973
Lossonsaleofnotereceivablgdifferenee）260
Interestreceivable（fromadjustingentry）233
Notereceivable（faceamount）20,000
June30,2011
Accountsreceivable12,000
Salesrevenue12,000
July8,2011
Cash（$12,000x98%）11,760
Salesdiscounts（$12,000x2%）240
Accountsreceivable12,000
August31,2011
Notesreceivable（faceamount）6,000
Discountonnotereceivable（$6,000x8%x6/12）240
Investments（bookvalue）5,000
Gainonsaleofinvestments（differenee）760
December31,2011
Baddebtexpense（$700,000x2%）14,000
Allowaneeforuncollectibleaccounts14,000
Exercise2-21（concluded）
Requirement2
Toaccrueinterestearnedonnotereceivable.
December31,2011
Discountonnotereceivable160
Interestrevenue（$6,000x8%x4/12）160
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