会计学教程与案例财务会计分册第十12版第2章答案.docx
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会计学教程与案例财务会计分册第十12版第2章答案
Chapter2
BASICACCOUNTINGCONCEPTS:
THEBALANCESHEET
ProblemSolutions
Problem2-1
Owners’equityequals$55,000.
Liabilitiesequal$25,000.
Noncurrentassetsequal$70,000.
Owners’equityis$73,000.
Currentassets$33,000+Noncurrentassets$55,000=Totalassets$88,000.
Currentliabilitiesare$15,000（$33,000/2.2）
TotalliabilitiesandOwners’Equity=$88,000.
Owners’equity$73,000=TotalliabilitiesandOwners’equity$88,000-Currentliabilities$15,000.
Currentratiois1.4（$35,000/$25,000）
Currentassets$35,000=Totalassets$95,000-Noncurrentassets$60,000.
Currentliabilities$25,000=Totalassets$95,000-Owner’sequity$70,000.
Thisproblemtestsstudents’understandingofbalancesheetrelationshipsusingthebasicaccountingequationandfinancialratio.
Problem2-2
J.L.GREGORYCOMPANY
BalanceSheet,June30,----.
Assets
Liabilities
Cash
$89,000
Accountspayable
$241,000
Marketablesecurities
379,000
Taxespayable
125,000
Accountsreceivable
505,000
Accruedexpenses
107,000
Inventories
513,000
Currentliabilities
473,000
Currentassets
1,486,000
Notespayable
200,000
Land
230,000
Bondspayable
700,000
Buildings
1,120,000
Totalliabilities
1,373,000
Accumulateddepreciation
（538,000）
Equipment
761,000
Owners’Equity
Accumulateddepreciation
（386,000）
Capitalstock
1,000,000
Investments
320,000
Retainedearnings
620,000
Totalassets
$2,993,000
Totalliabilities
andowners’equity
$2,993,000
Somestudentsmaywanttotestthenotespayableasacurrentliability.Notespayableareusuallydebtinstrumentslongerthanoneyear,butintheabsenceofanydetailslistingthemasacurrentliabilityisacceptable.
Problem2-3
Cash+$100,000;Capitalstock+$100,000.
Bondspayable-$25,000;Capitalstock+$25,000.
Retainedearnings（Depreciationexpense）-$8,500.
Accumulateddepreciationonplantandequipment+$8,500.
Cash-$15,900;Inventory+$15,900.
Inventory+$9,400;Accountspayable+$9,400.
Inventory-$4,500;Accountsreceivable+$7,200;Retainedearnings+$2,700
Cash+$3,500;Accountsreceivable-$3,500.
Dividendspayable+$3,000;Retainedearnings-$3,000.
Cash-$3,000;Dividendspayable-$3,000.
Noeffect.
Somestudentsmaysimplyshowtheneteffectonassets,liabilities,andowners’equitywithoutreferencetothespecificaccounts.Whilethisisacceptable,studentsshouldbepushedtoidentifyboththeneteffectandtheparticularaccountsinvolved.Thiswillhelpstudentstobecomefamiliarwiththebalancesheetaccountnames.
Problem2-4
CARSONLEGATTPARTNERSHIP
BalanceSheetasofJune1,----.
Assets
CapitalAccounts
Cash
$50,000
Carson
$50,000
Inventory
50,000
Legatt
50,000
Totalassets
$100,000
Totalcapital
$100,000
CARSONLEGATTPARTNERSHIP
BalanceSheetasofJune30,----.
Assets
Liabilities
Cash
$22,100
Bankloan
$50,000
Inventory
58,500
Capital-Carson
51,550
Land
25,000
Capital-Legatt
54,050
Building
50,000
________
$155,600
$155,600
CARSONLEGATTPARTNERSHIP
Accounts,June30,----.
Carson
Capital-June1
$50,000
Additions
7,750
Withdrawals
（6,200
）
Capital-June30
$51,550
Legatt
Capital-June1
$50,000
Additions
7,750
Withdrawals
（3,700
）
Capital-June30
$54,050
Problem2-5
Jan.4:
Retainedearnings（Sales）+$12,000;Cash+$12,000Inventory-$7,000;Retainedearnings（Costofgoodssold）-$7,000
Jan.6:
Noeffect.
Jan.8:
Inventory+$7,000;AccountsPayable+$7,000
Jan.11:
Inventory-$1,500;Cash+$2,500;Retainedearnings（Sales）+$2,500;Retainedearnings（Costofgoodssold）-$1,500
Jan.16:
Inventory-$2,000;Retainedearnings（Costofgoodssold）-$2,000;Accountsreceivable+$3,400;Retainedearnings（Sales）+$3,400
Jan.26:
Cash-$4,200;Retainedearnings（Wages）-$4,200
Jan.29:
Cash-$20,000;Land+$20,000
Jan.31:
Cash-$2,800;Prepaidinsurance+$2,800
MARVINCOMPANY
BalanceSheetasofJanuary31,----.
Assets
Liabilities
Cash
$12,500
Accountspayable
$7,000
Accountsreceivable
3,400
Totalcurrentliabilities
$7,000
Inventory
46,500
Currentassets
62,400
Notespayable
20,000
Land
20,000
Totalliabilities
27,000
Prepaidinsurance
2,800
Owner’sEquity
Capital
55,000
_______
Retainedearnings
3,200
Totalassets
$85,200
Totalliabilities
andowners’equity
$85,200
Problem2-6
BRIANCOMPANY
CurrentAssetsandLiabilitiesasofDecember31,----.
CurrentAssets
CurrentLiabilities
Cash
$2,000
Accountspayable
$5,000
Marketablesecurities
3,500
Wagespayable
1,500
Accountsreceivable
7,000
Bondsdue–currentportion
2,000
Currentassets
$12,500
Currentliabilities
$8,500
Currentratio=
$12,500$8,500=1.47
Thecurrentratioisanindicationofanentity’sabilitytomeetitscurrentobligations.
Cases
Case21:
MaynardCompany（A）
Note:
ThiscaseisunchangedfromEleventhEdition.
AnswerstoQuestions
Question1
TwosuggestedbalancesheetsasrequiredbyQuestion1areshownbelow.
Question2
Thisquestionprovidesanopportunityforstudentstostepbackandthinkabouttheinformationinafinancialstatement,ratherthanfocusingonthedetailsofconstructingafinancialstatement.Studentscanbegintoanalyzeandusetheinformationthatthefinancialstatementscontain.Studentscanbeaskedtoidentifywhichaccountshavechangedsignificantlybetweenthebeginningandendingbalancesheets.Thesewouldincludeaccountsreceivable,notereceivable,equipment,accountspayable,taxespayable,andthebanknotepayable,inadditiontothecashaccount.TheonlyratioexplainedinChapter2ofthetextisthecurrentratio,sostudentsshouldbeencouragedtoascertainwhathashappenedtothecurrentratiobetweenJune1andJune30.Cashhasincreasedlargelyduetoincreasedaccountsandnotespayable,aswellascashgeneratedbyoperations.Cashappearstohavebeenincreasedbythecollectionof
thenotereceivable,butasexplainedinQuestion3below,thiswasoffsetbythedeclarationofanidenticaldividend,sothattheneteffectoncashofthesetwotransactionswaszero.Equipmentpurchaseswereamajoruseofcash.Asaresultoftheseevents,theJune30currentratiohasfallento2.15fromitsJune1levelof4.35.Eventhoughtheleverageratioshavenotyetbeenintroducedinthetext,theinstructormightwanttoencouragestudentstoobservethattheproportionofliabilitiesontheright-handsideofthebalancesheethasincreased,withacomplementarydecreaseintheproportionofequities.ThecapitalizationratioTotalLiabilities/TotalLiabilities+Equitieshasincreasedfrom4%onJune1to9%onJune30.Whiletheseratiosarestillverylow,studentscanbemadeawareoftheimportanceofidentifyingtrendsearly.
Question3
RetainedEarningshasnotincreasedbytheamountofnetincomeforthemonth,$19,635,sinceDianeMaynardasthesoleshareholderdeclaredadividendof$11,700,whichshethenusedtocancelherloanof$11,700fromthecompany.Hence,RetainedEarningsincreasedby$7,935duringthemonthofJune.
Question4
Thisquestionisintendedtoemphasizeearlyinthecoursethatshareholder’sequitydoesnotnecessarilyreflectwhattheentityisworth.Timepermitting,theinstructorcanhavestudentsestimatethecashproceedsofpiecemealsaleoftheassetsbyaliquidationcompany,which,netofliabilities,willcertainlybelessthan$619,446.Thenthevalueofthecompanyasagoingconcerncanbediscussed;ifJune’s$19,635netincomeistypical,thefirmwouldbeworthmorethan$619,446asagoingconcern.CapitalizingJune’snetincomeonanannualbasis（$19,635x12）at10timesearninggivesthecompanyavalueinexcessof$2million.Thecompany’sreturnonequityisveryhigh.Onanannualbasisitmaybeashighas32%.Thisfigureis12months’income（$19,635x12）dividedbyprojectedyear-endequity（$619,446+$19,635x6）.Thisisnotatypicalbusiness.Itisbetter.
MAYNARDCOMPANY
BalanceSheetsasofJune1andJune30
Assets
CurrentAssets:
AsofJuneI
AsofJune30:
Cash
$34,983
$66,660
Accountsreceivable
21,798
26,505
Notereceivable
11,700
0
Merchandiseinventory
29,835
26,520
Suppliesonhand
5,559
6,630
Prepaidinsurance
3,150
2,826
Totalcurrentassets
$107,025
$129,141
Noncurrentassets:
Land
89,700
89,700
Building
585,000
585,000
Less:
Accumulateddepreciation
（156,000
）
429,000
（157,950
）
427,050
Equipment
13,260
36,660
Less:
Accumulateddepreciation
（5,304
）
7,956
（5,928
）
30,732
Othernoncurrentassets
4,857
5,265
Totalnoncurrentassets
531,513
552,747
Totalassets
$638,538
$681,888
LiabilitiesandShareholders’Equity
Currentliabilities:
Accountspayable
$8,517
$21,315
Banknotespayable
8,385
29,250
Taxespayable
5,700
7,224
Accruedwagespayable
1,974
2,202
Totalcurrentliabilities
$24,576
$59,991
Othernoncurrentliabilities
2,451
2,451
Totalliabilities
27,027
62,442
Shareholders’Equity:
Capitalstock
390,000
390,000
Retainedearnings
221,511
229,446
Totalshareholder’sequity
611,511
619,446
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