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December15,2011
Cash42,000
Exercise7-4(concluded)
Requirement3
Requirement1,usingthenetmethod:
Accountsreceivable41,160
Salesrevenue(98%x$42,000)41,160
Cash41,160
Accountsreceivable41,160
Requirement2,usingthenetmethod:
Interestrevenue840
Exercise2-7
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
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:
Endingbalanceinallowanceaccount$310,000
Exercise2-8
Baddebtexpense=$67,500(1.5%x$4,500,000)
Allowanceforuncollectibleaccounts
Balance,beginningofyear$42,000
Baddebtexpensefor2011(1.5%x$4,500,000)67,500
End-of-yearbalance(40,000)
Accountsreceivablewrittenoff$69,500
$69,500—theamountofaccountsreceivablewrittenoff.
Exercise2-9
Torecordthewrite-offofreceivables.
Allowanceforuncollectibleaccounts21,000
Accountsreceivable21,000
Toreinstateanaccountpreviouslywrittenoffandtorecordthecollection.
Accountsreceivable1,200
Allowanceforuncollectibleaccounts1,200
Cash1,200
Accountsreceivable1,200
Allowanceforuncollectibleaccounts:
Balance,beginningofyear$32,000
Deduct:
Receivableswrittenoff(21,000)
Collectionofreceivablepreviouslywrittenoff1,200
Balance,beforeadjustingentryfor2011baddebts12,200
Requiredallowance:
10%x$625,000(62,500)
Baddebtexpense$50,300
Torecordbaddebtexpensefortheyear.
Baddebtexpense50,300
Allowanceforuncollectibleaccounts50,300
Currentassets:
Accountsreceivable,netof$62,500allowance
foruncollectibleaccounts$562,500
Exercise2-10
Usingthedirectwrite-offmethod,baddebtexpenseisequaltoactualwrite-offs.Collectionsofpreviouslywritten-offreceivablesarerecordedasrevenue.
Balance,beginningofyear$17,280
Receivableswrittenoff(17,100)
Collectionofreceivablespreviouslywrittenoff2,200
Endofyearbalance(22,410)
Baddebtexpensefortheyear2011$20,030
Exercise2-11
($inmillions)
Balance,beginningofyear$16
Baddebtexpense14
Endofyearbalance(18)
Write-offsduringtheyear$12*
Accountsreceivableanalysis:
Balance,beginningofyear($1,084+16)$1,100
Creditsales4,271
Write-offs*(12)
Balanceendofyear($953+18)(971)
Cashcollections$4,388
Exercise2-12
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
2011incomebeforeincometaxeswouldbeunderstatedby$900
2012incomebeforeincometaxeswouldbeoverstatedby$900.
Exercise2-13
Notereceivable(faceamount)30,000
Discountonnotereceivable($30,000x8%x9/12)1,800
Salesrevenue(difference)28,200
Discountonnotereceivable1,200
Interestrevenue($30,000x8%x6/12)1,200