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10
3.
Describeeachtransactionbasedonthesummaryabove.
Purchasedlandforcash,$6,000.
Investmentforcash,$3,200.
Paidexpense$1,200.
Purchasedsuppliesonaccount,$800.
Paidowner’spersonaluse,$750.
Paidcreditor,$1,500
Suppliesusedduringtheperiod,$630.
4.
Equity
Beginning
275,000
80,000
195,000
Add.investment
48,000
Add.Netincome
27,000
Lesswithdrawals
-35,000
Ending
320,000
85,000
235,000
5.
(a)
March31,20XX
April30,20XX
Cash
4,500
5,400
Accountsreceivable
2,560
4,100
Supplies
840
450
Totalassets
7,900
9,950
Liabilities
Accountspayable
430
690
TinaPierce,Capital
7,470
9,260
(b)netincome=9,260-7,470=1,790
(c)netincome=1,790+2,500=4,290
Chapter2
1.
a.ToincreaseNotesPayable-CR
b.TodecreaseAccountsReceivable-CR
c.ToincreaseOwner,Capital-CR
d.TodecreaseUnearnedFees-DR
e.TodecreasePrepaidInsurance-CR
f.TodecreaseCash-CR
g.ToincreaseUtilitiesExpense-DR
h.ToincreaseFeesEarned-CR
i.ToincreaseStoreEquipment-DR
j.ToincreaseOwner,Withdrawal-DR
a.
Cash
1,800
b.
Revenue
Accountsreceivable
c.
Owner’swithdrawals
1,500
SalariesExpense
d.
AccountsReceivable
750
Revenue
3.
PrepareadjustingjournalentriesatDecember31,theendoftheyear.
Advertisingexpense
600
Prepaidadvertising
Insuranceexpense(2160/12*2)
360
Prepaidinsurance
Unearnedrevenue
2,100
Servicerevenue
Consultantexpense
900
Prepaidconsultant
3,000
4.
1.$388,400
2.$22,520
3.$366,600
4.$21,800
1.netlossfortheyearendedJune30,2002:
$60,000
2.DRJonNissen,Capital60,000
CRincomesummary60,000
3.post-closingbalanceinJonNissen,CapitalatJune30,2002:
$54,000
Chapter3
1.DundeeRealtybankreconciliation
October31,2009
Reconciledbalance$6,220Reconciledbalance$6,220
2.April7Dr:
Notesreceivable—Acompany5400
Cr:
Accountsreceivable—Acompany5400
12Dr:
Cash5394.5
Interestexpense5.5
Notesreceivable5400
June6Dr:
Accountsreceivable—Acompany5533
Cash5533
18Dr:
Cash5560.7
Cr:
Accountsreceivable—Acompany5533
Interestrevenue27.7
3.(a)Asawhole:
theendinginventory=685
(b)appliedseparatelytoeachproduct:
theendinginventory=625
4.Thecostofgoodsavailableforsale=endinginventory+thecostofgoods=80,000+200,000*500%=80,000+1,000,000=1,080,000
5.
(1)24,000+60,000-90,000*0.8=12000
(2)(60,000+24,000)/(85,000+31,000)*(85,000+31,000-90,000)=18828
Chapter4
1.(a)second-yeardepreciation=(114,000–5,700)/5=21,660;
(b)second-yeardepreciation=8,600*(114,000–5,700)/36,100=25,800;
(c)first-yeardepreciation=114,000*40%=45,600
second-yeardepreciation=(114,000–45,600)*40%=27,360;
(d)second-yeardepreciation=(114,000–5,700)*4/15=28,880.
2.(a)weighted-averageaccumulatedexpenditures(2008)=75,000*12/12+84,000*9/12+180,000*8/12+300,000*7/12+100,000*6/12=483,000
(b)interestcapitalizedduring2008=60,000*12%+(483,000–60,000)*10%=49,500
3.
(1)depreciationexpense=30,000
(2)bookvalue=600,000–30,000*2=540,000
(3)depreciationexpense=(600,000–30,000*8)/16=22,500
(4)bookvalue=600,000–30,000*8–22,500=337,500
4.Situation1:
Jan1st,2008InvestmentinM260,000
Cash260,000
June30Cash6000
Dividendrevenue6000
Situation2:
January1,2008InvestmentinS81,000
Cash81,000
June15Cash10,800
InvestmentinS10,800
December31InvestmentinS25,500
InvestmentRevenue25,500
5.a.December31,2008InvestmentinK1,200,000
Cash1,200,000
June30,2009DividendReceivable42,500
DividendRevenue42,500
December31,2009Cash42,500
DividendReceivable42,500
b.December31,2008InvestmentinK1,200,000
InvestmentinK42,500
InvestmentinK146,000
Investmentrevenue146,000
c.Ina,theinvestmentamountis1,200,000
netincomereposedis42,500
Inb,theinvestmentamountis1,303,500
Netincomereposedis146,000
Chapter5
a.June1:
Dr:
Inventory198,000
Cr:
AccountsPayable198,000
June11:
NotesPayable198,000
June12:
Cash300,000
NotesPayable300,000
b.Dr:
InterestExpenses(fornotesonJune11)12,100
InterestPayable12,100
Dr:
InterestExpenses(fornotesonJune12)8,175
InterestPayable8,175
c.Balancesheetpresentation:
NotesPayable498,000
AccruedInterestonNotesPayable20,275
d.ForGreen:
InterestPayable12,100
InterestExpense7,700
Cash217,800
ForWestern:
InterestPayable8,175
InterestExpense18,825
Cash327,000
2.
(1)208Deferredincometaxisaliability2,400
Incometaxpayable21,600
209Deferredincometaxisanasset600
Incometaxpayable26,100
(2)208:
Taxexpense24,000
Deferredincometax2,400
209:
Taxexpense25,500
Deferredincometax600
(3)208:
Incomestatement:
taxexpense24,000
Balancesheet:
incometaxpayable21,600
taxexpense25,500
incometaxpayable26,100
a.1,560,000(20000000*12%*(1-35%))
b.7.8%(20000000*12%*(1-35%)/20000000)
maturityvalue
numberofinterestperiods
statedrateperinterest-period
effectiveinterestrateperinterest-period
paymentamountperperiod
presentvalueofbondsatdateofissue
$10
40
3.75%
3%
$0.375
$11.73
20
10%
12%
17.74
25
0%
8.05
NotesPayable14,400
InterestPayable1,296
AccountsPayable60,000
+UnearnedRentRevenue7,200
CurrentLiabilities82,896
Chapter6
1.Mar.1
Cash1,200,000
CommonStock1,000,000
Paid-inCapitalinExcessofParValue200,000
Mar.15
OrganizationExpense50,000
CommonStock50,000
Mar.23
Patent120,000
CommonStock100,000
Paid-inCapitalinExcessofParValue20,000
Thevalueofthepatentisnoteasilydeterminable,sousetheissuepriceof$12pershareonMarch1whichistheissuingpriceofcommonstock.
2.July.1
TreasuryStock180,000
Cash180,000
Thecostoftreasurypurchasedis180,000/30,000=60pershare.
Nov.1
Cash70,000
TreasuryStock60,000
Paid-inCapitalfromTreasuryStock10,000
Sellthetreasuryatthecostof$60pershare,andsellingpriceis$70pershare.Thetreasurystockissoldabovethecost.
Dec.20
Cash75,000
Paid-inCapitalfromTreasuryStock15,000
TreasuryStock90,000
Thecostoftreasuryis$60persharewhilethesellingpriceis$50whichislowerthanthecost.
3.a.July1
RetainedEarnings24,000
DividendsPayable—PreferredStock24,000
b.Sept.1
Cash24,000
c.Dec.1
RetainedEarnings80,000
DividendsPayable—CommonStock80,000
d.Dec.31
IncomeSummary350,000
RetainedEarnings350,000
a.Preferredstockgivesitsownercertainadvantagesovercommonstockholders.Thesebenefitsincludetherighttoreceivedividendsbeforethecommonstockholdersandtherighttoreceiveassetsbeforethecommonstockholdersifthecorporationliquidates.Corporationpayafixedamountofdividendsonpreferredstock.
The7%cumulativetermindicatesthattheinvestorsearn7%fixeddividends.
b.7%*120%*20,000=504,000
c.Ifcorporationissueddebt,ithasobligationtorepayprincipal
d.Thedateofdeclarationdecreasethestockholders’equity;
thedateofrecordandthedateofpaymenthavenoeffectonstockholders.
a.Jan.15
RetainedEarnings35,000
AccumulatedDepreciation35,000
Tocorrecterrorinprioryear’sdepreciation.
b.Mar.20
LossfromEarthquake70,000
Building70,000
c.Mar.31
RetainedEarnings12,500
DividendsPayable12,500
d.Apirl.15
DividendsPayable12,500
Cash12,500
e.June30
RetainedEarnings37,500
CommonStock25,000
AdditionalPaid-inCapital12,500
Torecordissuanceof10%stockdividend:
10%*25,000=2,500shares;
2500*$15=$37,500
f.Dec.31
DepreciationExpense14,000
AccumulatedDepreciation14,000
Originaldepreciation:
$40,000/40=$10,000peryear.BookvalueonJan.1,2009is$350,000(=$400,000-5*$10,000).Deprecationfor2009is$14,000(=$350,000/25).
g.Thecompanydoesnotneedtomakeentryintheaccountingrecords.ButtheamountofCommonStock($10parvalue)decreases275,000,whiletheamountofCommonStock($5parvalue)increases275,000.
Chapter7
Requirement1
Ifrevenueisrecognizedatthedateofdelivery,thefollowingjournalentrieswouldbeusedtorecordthetransactionsforthetwoyears:
Year1
Inventory480,000
Cash/Accountspayable480,000
Torecordpurchaseofinventory
Inventory124,000
Cash/Accoun