最新中级财务会计英文版课后答案chap2.docx

最新中级财务会计英文版课后答案chap2.docx

《最新中级财务会计英文版课后答案chap2.docx》由会员分享，可在线阅读，更多相关《最新中级财务会计英文版课后答案chap2.docx（10页珍藏版）》请在冰豆网上搜索。

最新中级财务会计英文版课后答案chap2

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

Salesrevenue（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

Allowanceforsalesreturns10,000

Inventory–estimatedreturns6,500

Costofgoodssold（$10,000x65%）6,500

Note:

anotherseriesofjournalentriesthatproducethesameendresultwouldbe:

Torecordtheactualsalesreturns

Allowanceforsalesreturns450,000

Accountsreceivable450,000

December31,2011Torecordtheestimatedsalesreturns

Salesreturns（4%x$11,500,000）460,000

Allowanceforsalesreturns460,000

Inventory-estimatedreturns299,000

Costofgoodssold（65%x$460,000）299,000

Exercise2-7（continued）

Requirement2

Beginningbalanceinallowanceaccount$300,000

Add:

Year-endestimate460,000

Less:

Actualreturns（450,000）

Endingbalanceinallowanceaccount$310,000

Exercise2-8

Requirement1

Baddebtexpense=$67,500（1.5%x$4,500,000）

Requirement2

Allowanceforuncollectibleaccounts

Balance,beginningofyear$42,000

Add:

Baddebtexpensefor2011（1.5%x$4,500,000）67,500

Less:

End-of-yearbalance（40,000）

Accountsreceivablewrittenoff$69,500

Requirement3

$69,500—theamountofaccountsreceivablewrittenoff.

Exercise2-9

Requirement1

Torecordthewrite-offofreceivables.

Allowanceforuncollectibleaccounts21,000

Accountsreceivable21,000

Toreinstateanaccountpreviouslywrittenoffandtorecordthecollection.

Accountsreceivable1,200

Allowanceforuncollectibleaccounts1,200

Cash1,200

Accountsreceivable1,200

Allowanceforuncollectibleaccounts:

Balance,beginningofyear$32,000

Deduct:

Receivableswrittenoff（21,000）

Add:

Collectionofreceivablepreviouslywrittenoff1,200

Balance,beforeadjustingentryfor2011baddebts12,200

Requiredallowance:

10%x$625,000（62,500）

Baddebtexpense$50,300

Torecordbaddebtexpensefortheyear.

Baddebtexpense50,300

Allowanceforuncollectibleaccounts50,300

Requirement2

Currentassets:

Accountsreceivable,netof$62,500allowance

foruncollectibleaccounts$562,500

Exercise2-10

Usingthedirectwrite-offmethod,baddebtexpenseisequaltoactualwrite-offs.Collectionsofpreviouslywritten-offreceivablesarerecordedasrevenue.

Allowanceforuncollectibleaccounts:

Balance,beginningofyear$17,280

Deduct:

Receivableswrittenoff（17,100）

Add:

Collectionofreceivablespreviouslywrittenoff2,200

Less:

Endofyearbalance（22,410）

Baddebtexpensefortheyear2011$20,030

Exercise2-11

（$inmillions）

Allowanceforuncollectibleaccounts:

Balance,beginningofyear$16

Add:

Baddebtexpense14

Less:

Endofyearbalance（18）

Write-offsduringtheyear$12*

Accountsreceivableanalysis:

Balance,beginningofyear（$1,084+16）$1,100

Add:

Creditsales4,271

Less:

Write-offs*（12）

Less:

Balanceendofyear（$953+18）（971）

Cashcollections$4,388

Exercise2-12

Requirement1

June30,2011

Notereceivable30,000

Salesrevenue30,000

December31,2011

Interestreceivable900

Interestrevenue（$30,000x6%x6/12）900

March31,2012

Cash[$30,000+（$30,000x6%x9/12）]31,350

Interestrevenue（$30,000x6%x3/12）450

Interestreceivable（accruedatDecember31）900

Notereceivable30,000

Requirement2

2011incomebeforeincometaxeswouldbeunderstatedby$900

2012incomebeforeincometaxeswouldbeoverstatedby$900.

Exercise2-13

Requirement1

June30,2011

Notereceivable（faceamount）30,000

Discountonnotereceivable（$30,000x8%x9/12）1,800

Salesrevenue（difference）28,200

December31,2011

Discountonnotereceivable1,200

Interestrevenue（$30,000x8%x6/12）1,200