会计英语课后习题参考答案.docx
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会计英语课后习题参考答案
SuggestedSolution
Chapter1
1.
Effectontheaccountingequation
（1）
（2）
（3）
（4）
（5）
（6）
（a）Increaseinoneasset,decreaseinanotherasset.
√
（b）Increaseinanasset,increaseinaliability.
（c）Increaseinanasset,increaseincapital.
√
√
（d）Decreaseinanasset,decreaseinaliability.
√
（e）Decreaseinanasset,decreaseincapital.
√
√
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.
Cash
1,800
Accountspayable
1,800
b.
Revenue
4,500
Accountsreceivable
4,500
c.
Owner’swithdrawals
1,500
SalariesExpense
1,500
d.
AccountsReceivable
750
Revenue
750
3.
PrepareadjustingjournalentriesatDecember31,theendoftheyear.
Advertisingexpense
600
Prepaidadvertising
600
Insuranceexpense（2160/12*2）
360
Prepaidinsurance
360
Unearnedrevenue
2,100
Servicerevenue
2,100
Consultantexpense
900
Prepaidconsultant
900
Unearnedrevenue
3,000
Servicerevenue
3,000
4.
1.$388,400
2.$22,520
3.$366,600
4.$21,800
5.
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
Cr:
Notesreceivable5400
June6Dr:
Accountsreceivable—Acompany5533
Cr:
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
Cash1,200,000
December31,2009Cash42,500
InvestmentinK42,500
InvestmentinK146,000
Investmentrevenue146,000
c.Ina,theinvestmentamountis1,200,000
netincomereposedis42,500
Inb,theinvestmentamountis1,303,500
Netincomereposedis146,000
Chapter5
1.
a.June1:
Dr:
Inventory198,000
Cr:
AccountsPayable198,000
June11:
Dr:
AccountsPayable198,000
Cr:
NotesPayable198,000
June12:
Dr:
Cash300,000
Cr:
NotesPayable300,000
b.Dr:
InterestExpenses（fornotesonJune11）12,100
Cr:
InterestPayable12,100
Dr:
InterestExpenses（fornotesonJune12）8,175
Cr:
InterestPayable8,175
c.Balancesheetpresentation:
NotesPayable498,000
AccruedInterestonNotesPayable20,275
d.ForGreen:
Dr:
NotesPayable198,000
InterestPayable12,100
InterestExpense7,700
Cr:
Cash217,800
ForWestern:
Dr:
NotesPayable300,000
InterestPayable8,175
InterestExpense18,825
Cr:
Cash327,000
2.
（1）208Deferredincometaxisaliability2,400
Incometaxpayable21,600
209Deferredincometaxisanasset600
Incometaxpayable26,100
（2）208:
Dr:
Taxexpense24,000
Cr:
Incometaxpayable21,600
Deferredincometax2,400
209:
Dr:
Taxexpense25,500
Deferredincometax600
Cr:
Incometaxpayable26,100
（3）208:
Incomestatement:
taxexpense24,000
Balancesheet:
incometaxpayable21,600
209:
Incomestatement:
taxexpense25,500
Balancesheet:
incometaxpayable26,100
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
presentvalueofbondsatdateofissue
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.
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
DividendsPayable—PreferredStock24,000
Cash24,000
c.Dec.1
RetainedEarnings80,000
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’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
1.
Requirement1
Ifrevenueisrecognizedatthedateofdelivery,thefollowingjournalentrieswouldbeusedtorecordthetransactionsforthetwoyears:
Year1
I
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