西方财务会计课后习题答案.docx
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西方财务会计课后习题答案
Chapter1
TheFinancialStatements
CheckPoints
（5min.）CP1-1
Storemanagerdecisions:
a.Whatfooditemstoofferandhowtomarketthegoods
b.Wheretolocatearestaurant
c.Howtofinanceoperations
Accountinghelpsmanagersmeasuretherevenuefromfoodsales,thecostofthefood,andtheprofit（orloss）oneachfooditem.AccountingalsohelpsmeasurewhichTacoBellsaremostprofitableandwhicharelosingmoney.Finally,accountinghelpsmanagersdecidehowtofinanceoperations.
ItemsonYUM!
Brands’incomestatementthathelpdecidewhethertoinvestinthecompany:
Thecompanyearnedanetincome（ratherthananet
loss）.
Thisyear’snetincomeismorethanlastyear’s.
Netsalesrevenueisincreasingfromyeartoyear.
Studentresponsesmayvary.
（5min.）CP1-2
Accountingistheinformationsystemthatmeasuresbusinessactivities,processesdataintoreports,andcommunicatesresultstopeople.
Bookkeepingisonlyapartofaccounting.Bookkeepingisrelatedtoaccountingasarithmeticisrelatedtomathematics.
（5min.）CP1-3
Standardsofprofessionalconductaredesignedtoproducerelevantandreliableinformationfordecisionmaking.Peopleneedrelevantandreliableinformationinordertomakewisedecisions.
Ifaccountantshadnoethicalguidelines,companiescould
reportinaccurateinformation.Thiscouldcausepeopletoinvestinthewrongcompaniesandlosemoney.
（5min.）CP1-4
1.NovakcanbemisledintobelievingthatYUM!
Brandsownsmoreassetsthanitactuallyhas.
2.Theentityconceptapplies.
3.ApplicationoftheentityconceptwillseparateNovak’spersonalassetsfromtheassetsofYUM!
Brands.ThiswillhelpNovak,investors,andlendersknowhowmuchinassetsthebusinesscontrols,andthisknowledgewillhelpallpartiesevaluatethebusinessrealistically.
（5min.）CP1-5
1.Owners’Equity=Assets–Liabilities
Thiswayofdeterminingtheamountofowners’equityappliestoeBay,Coca-Cola,yourhousehold,aPizzaHutrestaurant,oranyotherorganization.
2.Liabilities=Assets–Owners’Equity
3.TotalAssets=TotalLiabilities+TotalOwners’Equity
（5min.）CP1-6
1.Assetsaretheeconomicresourcesofabusinessthatareexpectedtoproduceabenefitinthefuture.
Owners’equityrepresentstheinsiderclaimsofabusiness,theowners’interestinitsassets
Assetsandowners’equitydifferinthatowners’equityisaclaimtoassets,whereasassetsareresources.
Assetsmustbeatleastaslargeasowners’equity,soequitycanbesmallerthanassets.
2.Bothliabilitiesandowners’equityareclaimstoassets.
Liabilitiesaretheoutsiderclaimstotheassetsofabusiness;theyareobligationstopaycreditors.Owners’equityrepresentstheinsiderclaimstotheassetsofthebusiness,theowners’interestinitsassets.
（5-10min.）CP1-7
a.
AccountsreceivableA
g.
AccountspayableL
b.
Long-termdebtL
h.
CommonstockE
c.
MerchandiseinventoryA
i.
SuppliesA
d.
NotespayableL
j.
Retainedearnings E
e.
ExpensespayableL
k.
LandA
f.
EquipmentA
l.
PrepaidexpensesA
（5min.）CP1-8
1.Revenuesandexpenses
2.Netincome（ornetloss）
3.Totalassetsarenotusedtomeasurenetincome.Onlyrevenuesandgains,expensesandlossesenterintothemeasurementofnetincome.
（10min.）CP1-9
2003
2002
Percentageofcost
=
$2,300
$7,441
=
30.9%
$2,109
$6,891
=
30.6%
ofgoodssoldto
companysales
ThistrendisunfavorableforYUMbecausecostofgoodssold（anexpense）consumedahigherpercentageofsalesrevenuein2003.Thatcouldcauseadecreaseinprofits.
（5min.）CP1-10
IHOPCorp.
StatementofRetainedEarnings
YearEndedDecember31,2003
Millions
Retainedearnings:
Balance,beginningofyear…………...
$274
Netincome（$405–$368）…….……….
37
Less:
Dividends………………………...
（16）
Balance,endofyear…………………...
$295
（10-15min.）CP1-11
TobyLandscapingServices
BalanceSheet
December31,2008
ASSETS
Currentassets:
Cash……………………………………………………
$13,000
Receivables…………………………………………...
2,000
Inventory………………………………………………
40,000
Totalcurrentassets…………………………………
55,000
Equipment……………………………………………….
85,000
Otherassets……………………………………………..
10,000
Totalassets……………………………………………...
$150,000
LIABILITIES
Currentliabilities:
Accountspayable……………………………………
$8,000
Short-termnotespayable………………………….
12,000
Totalcurrentliabilities……………………………...
20,000
Long-termliabilities:
Long-termdebt………………………………………
80,000
STOCKHOLDERS’EQUITY
Commonstock………………………………………….
15,000
Retainedearnings………………………………………
35,000*
Totalstockholders’equity…………………………
50,000
Totalliabilitiesandstockholders’equity…………..
$150,000
_____
*Computation:
Totalassets（$150,000）–currentliabilities（$20,000）–long-termdebt（$80,000）–commonstock（$15,000）=$35,000
（10-15min.）CP1-12
ClearsourceCable,Inc.
StatementofCashFlows
YearEndedDecember31,2006
Cashflowsfromoperatingactivities:
Netincome………………………………………...
$88,000
Adjustmentstoreconcilenetincometonet
cashprovidedbyoperatingactivities….
（20,000）
Netcashprovidedbyoperatingactivities..
68,000
Cashflowsfrominvestingactivities:
Purchasesofequipment…………
$（300,000）
Saleofequipment…………………
90,000
Netcashusedforinvestingactivities……..
（210,000）
Cashflowsfromfinancingactivities:
Borrowing…………………………..
$150,000
Paymentofdividends…………….
（10,000）
Netcashprovidedbyfinancingactivities.
140,000
Netincrease（decrease）incash………………….
（2,000）
Cashbalance,December31,2005……………….
24,000
Cashbalance,December31,2006……………….
$22,000
（10min.）CP1-13
1.CashBS,SCF
2.NetcashusedforfinancingactivitiesSCF
3.AccountspayableBS
4.CommonstockBS
5.Interestrevenue IS
6.Long-termdebtBS
7.IncreaseordecreaseincashSCF
8.DividendsSRE,SCF
9.SalaryexpenseIS
10.InventoryBS
11.SalesrevenueIS
12.RetainedearningsSRE,BS
13.NetcashprovidedbyoperatingactivitiesSCF
14.Netincome（ornetloss）IS,SRE,SCF
Exercises
（10-15min.）E1-1
a.Proprietorship.Thereisasingleownerofthebusiness,sotheownerisanswerabletonootherowner.
b.Partnership.Ifthepartnershipfailsandcannotpayitsliabilities,creditorscanforcethepartnerstopaythebusiness’sdebtsfromtheirpersonalassets.Apartnershipaffordsmoreprotectionforcreditorsthanaproprietorshipbecausetherearetwoormoreownerstosharethisliability.
c.Corporation.Ifthecorporationfailsandcannotpayitsliabilities,creditorscannotforcestockholderstopaythebusiness’sdebtsfromtheirpersonalassets.Therefore,themostaninvestorcanloseonaninvestmentinacorporationistheamountinvested.
d.Corporation.Mostinvestorsarewillingtoinvestmoreinacorporationthaninaproprietorshiporapartnershipbecauseoftheirlimitedpersonalliabilityforacorporation’sdebts.
（continued）E1-1
Whatformofbusinessorganizationwouldyouchoose?
Theanswerdependsonyourobjective.Ifyouwanttomaintainabsolutecontrolofthebusiness,youmayprefertoorganizeasaproprietorship.Ifyourobjectiveistomaintainahighdegreeofcontrolbutyouneedadditionalmoneyorexpertise,apartnershipmayworkforyou.Ifyouwantthebusinesstogrowlarge,orifyouwishtoavoidpersonalliabilityforbusinessdebts,youshouldorganizeasacorporation.
Studentresponsesmayvary.
（10min.）E1-2
Theincomestatementreportstherevenuesandexpensesofaparticularentityforaperiodsuchasamonthorayear.Totalrevenuesminustotalexpensesequalsnetincome,orprofit.Alenderwouldrequirethisinformationinordertopredictwhethertheborrowercangenerateenoughincometorepaytheloan.
Thebalancesheetreportstheassets,liabilities,andowners’equityoftheentityataparticularpointintime.Theassetsshowtheresourcesthatthebusinesshastoworkwith.Becauseborrowerspayloanswithassets,alenderwantstoknowthebusiness’sassets（especiallycash）.Liabilities—debts—representcreditors’claimstothebusiness’sassets.Owners’equityistheportionofthebusinessassetsownedoutrightbytheowners.
Studentresponsesmayvary.
（5-10min.）E1-3
a.Entityconcept
b.Going-concernconcept
c.Costprinciple
d.Entityconcept（No,Comercouldnotdeterminethesuccessorfailureofthebusinesssolelyfromhischeckbook.）
e.Reliability（Objectivity）principle（PepsiCo.shouldwaittorecordagainorlossafteritsellstheland.）
（5-15min.）E1-4
（Amountsinbillions）
Assets
=
Liabilities
+
Owners’Equity
Dell
$19
$13
$6
Pier1Imports
0.9
0.3
0.6
Boeing
53
45
8
Pier1appearstohavethestrongestfinancialpositionbecauseitsliabilitiesmakeupthesmallestpercentageofcompanyassets（$3/$9=.333）.Stateddifferently,Pier1’sequityisthehighestpercentageofcompanyassets（$6/$9=.667）.
（10-15min.）E1-5
Req.1
（Amountsinmillions）
Assets
=
Liabilities
+
Stockholders’Equity
$141
$60
202
77
67
Total
$410
=
$137
+
$273
Req.2
Resources
toworkwith
Req.3Amount
owedto
creditors
Req.4Actually
ownedbythe
stockholders
Req.5
KrispyKremeappearsabletopaycurrentliabilitiesof$60millionbecausecurrentassetsareovertwiceaslargeascurrentliabilities.
K
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