会计英语课后习题参考答案解析可编辑修改word版.docx

会计英语课后习题参考答案解析可编辑修改word版.docx

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会计英语课后习题参考答案解析可编辑修改word版

SuggestedSolutionChapter1

1.

Effectontheaccountingequation

（1）

（2）

（3）

（4）

（5）

（6）

（a）Increaseinoneasset,decreasein

anotherasset.

√

（b）Increaseinanasset,increaseina

liability.

（c）Increaseinanasset,increasein

capital.

√

√

（d）Decreaseinanasset,decreaseina

liability.

√

（e）Decreaseinanasset,decreasein

capital.

√

√

2.

Transactions

Assets

+/-

Liabilities

+/-

Owner’sequity

+/-

1

+

+

2

+

+

3

-

-

4

+

+

5

+

+

6

-

-

7

-

-

8

+/-

9

-

-

10

-

-

3.

Describeeachtransactionbasedonthesummaryabove.

Transactions

1

Purchasedlandforcash,$6,000.

2

Investmentforcash,$3,200.

3

Paidexpense$1,200.

4

Purchasedsuppliesonaccount,$800.

5

Paidowner’spersonaluse,$750.

6

Paidcreditor,$1,500

7

Suppliesusedduringtheperiod,$630.

4.

Assets

Liabilities

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

Assets

Cash

4,500

5,400

Accountsreceivable

2,560

4,100

Supplies

840

450

Totalassets

7,900

9,950

Liabilities

Accountspayable

430

690

Equity

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

2.

a.

Cash1,800

Accountspayable............................

1,800

b.

Revenue......................................

Accountsreceivable....................

c.

4,500

4,500

Owner’swithdrawals........................

1,500

SalariesExpense.......................

1,500

d.

AccountsReceivable..........................750

Revenue.................................750

3.

PrepareadjustingjournalentriesatDecember31,theendoftheyear.

Advertisingexpense600

Prepaidadvertising600

Insuranceexpense（2160/12*2）360

Prepaidinsurance360

Unearnedrevenue

Servicerevenue

2,100

2,100

ConsultantexpensePrepaidconsultant

900

900

4.

UnearnedrevenueServicerevenue

3,000

3,000

1.

$388,400

2.

$22,520

3.

$366,600

4.

$21,800

5.

1.

netlossfortheyearended

June

30,2002:

$60,000

2.

DRJonNissen,Capital

60,000

CRincomesummary

60,000

3.post-closingbalanceinJonNissen,CapitalatJune30,2002:

$54,000

Chapter3

1.DundeeRealtybankreconciliationOctober31,2009

Reconciledbalance$6,220Reconciledbalance$6,220

2.April7Dr:

Notesreceivable—Acompany5400

Cr:

Accountsreceivable—Acompany5400

12

Dr:

Cash

5394.5

Interestexpense

5.5

Cr:

Notesreceivable

5400

June6

Dr:

Accountsreceivable—A

company

5533

Cr:

Cash

5533

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

June15Cash10,800InvestmentinS10,800

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

Cash1,200,000

December31,2009Cash42,500InvestmentinK42,500

InvestmentinK146,000Investmentrevenue146,000

c.Ina,theinvestmentamountis1,200,000netincomereposedis42,500

Inb,theinvestmentamountis1,303,500Netincomereposedis146,000

Chapter5

1.

a.June1:

Dr:

Inventory198,000

Cr:

AccountsPayable198,000June11:

Dr:

AccountsPayable198,000

Cr:

NotesPayable198,000

June12:

Dr:

Cash300,000

Cr:

NotesPayable300,000

b.Dr:

InterestExpenses（fornotesonJune11）12,100Cr:

InterestPayable12,100

Dr:

InterestExpenses（fornotesonJune12）8,175

Cr:

InterestPayable8,175

c.

NotesPayable

498,000

AccruedInterestonNotes

Payable

20,275

.ForGreen:

Dr:

NotesPayable198,000

InterestPayable

12,100

InterestExpense

7,700

Cr:

Cash

217,800

Balancesheetpresentation:

d

ForWestern:

Dr:

NotesPayable300,000

InterestPayable8,175

InterestExpense18,825

Cr:

Cash327,000

2.

（1）20⨯8Deferredincometaxisaliability2,400

Incometaxpayable

21,600

20⨯9Deferredincometaxisanasset

600

Incometaxpayable

26,100

（2）20⨯8:

Dr:

Taxexpense

24,000

Cr:

Incometaxpayable

21,600

Deferredincometax

2,400

20⨯9:

Dr:

Taxexpense

25,500

Deferredincometax

600

Cr:

Incometaxpayable

26,100

（3）20⨯8:

Incomestatement:

taxexpense

24,000

Balancesheet:

incometaxpayable

21,600

20⨯9:

Incomestatement:

taxexpense

25,500

Balancesheet:

incometaxpayable

26,100

3.

a.1,560,000（20000000*12%*（1-35%））

b.7.8%（20000000*12%*（1-35%）/20000000）4.

maturityvalue

numberofinterestperiods

statedrateperinterest-period

effectiveinterestrateperinterest-period

paymentamountperperiod

presentvalueofbondsatdateof

issue

1

$10

40

3.75%

3%

$0.375

$11.73

2

20

10

10%

12%

2

17.74

3

25

10

0%

12%

0

8.05

5.

NotesPayable

14,400

InterestPayable

1,296

AccountsPayable

60,000

+UnearnedRentRevenue

7,200

CurrentLiabilities

82,896

Chapter6

1.Mar.1

Cash1,200,000

CommonStock1,000,000

Paid-inCapitalinExcessofParValue200,000Mar.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$70per

share.Thetreasurystockissoldabove

the

cost.

Dec.20

Cash

75,000

Paid-inCapitalfromTreasuryStock

15,000

TreasuryStock

90,000

Thecostoftreasuryis$60persharewhilethesellingpriceis$50whichislowerthanthecost.

3.a.July1

RetainedEarnings24,000

DividendsPayable—PreferredStock24,000b.Sept.1

DividendsPayable—Preferred

Stock

24,000

Cash

24,000

c.Dec.1

RetainedEarnings

80,000

DividendsPayable—CommonStock80,000

d.Dec.31

IncomeSummary350,000

RetainedEarnings350,000

4.

a.Preferredstockgivesitsownercertainadvantagesovercommonstockholders.Thesebenefitsincludetherighttoreceivedividendsbeforethecommonstockholdersandtherighttoreceiveassetsbeforethecommonstockholdersifthecorporationliquidates.Corporationpayafixedamountofdividendsonpreferredstock.

The7%cumulativetermindicatesthattheinvestorsearn7%fixeddividends.b.7%*120%*20,000=504,000

c.Ifcorporationissueddebt,ithasobligationtorepayprincipal

d.Thedateofdeclarationdecreasethestockholders’equity;thedateofrecordandthedateofpaymenthavenoeffectonstockholders.

5.

a.Jan.15

RetainedEarnings35,000

AccumulatedDepreciation35,000

Tocorrecterrorinprioryear’s

depreciation.

b.Mar.20

LossfromEarthquake

70,000

Building

70,000

c.Mar.31

RetainedEarnings

12,500

DividendsPayable

12,500

d.Apirl.15

DividendsPayable

12,500

Cash

12,500

e.June30

RetainedEarnings

37,500

CommonStock

25,000

AdditionalPaid-inCapital

12,500

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）increases275,0