经济学Intermediate AccountingChapter 5.docx

经济学Intermediate AccountingChapter 5.docx

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经济学IntermediateAccountingChapter5

Exercise5-1

Requirement1

Costofgoodssold（1,000,000-400,000）600,000

Add:

Grossprofitifusecostrecoverymethod100,000

Cashcollected700,000

Requirement2

400,000

Grossprofitpercentage==40%

1,000,000

CashcollectedxGrossprofitpercentage=Grossprofitrecognized

700,000x40%=280,000grossprofit

Exercise5-2

Requirement1

2006Costrecovery%:

234,000

=60%（grossprofit%=40%）

390,000

2007Costrecovery%:

247,000

=65%（grossprofit%=35%）

380,000

2006grossprofit:

Cashcollectionfrom2006salesof150,000x40%=60,000

2007grossprofit:

Cashcollectionfrom2006salesof100,000x40%=40,000

+Cashcollectionfrom2007salesof120,000x35%=42,000

Total2007grossprofit82,000

Exercise5-2（continued）

Requirement2

2006deferredgrossprofitbalance:

2006initialgrossprofit（390,000-234,000）156,000

Less:

Grossprofitrecognizedin2006（60,000）

Balanceindeferredgrossprofitaccount96,000

2007deferredgrossprofitbalance:

2006initialgrossprofit（390,000-234,000）156,000

Less:

Grossprofitrecognizedin2006（60,000）

Grossprofitrecognizedin2007（40,000）

2007initialgrossprofit（380,000-247,000）133,000

Less:

Grossprofitrecognizedin2007（42,000）

Balanceindeferredgrossprofitaccount147,000

Exercise5-3

2006Torecordinstallmentsales

Installmentreceivables390,000

Inventory234,000

Deferredgrossprofit156,000

2006Torecordcashcollectionsfrominstallmentsales

Cash150,000

Installmentreceivables150,000

2006Torecognizegrossprofitfrominstallmentsales

Deferredgrossprofit60,000

Realizedgrossprofit60,000

2007Torecordinstallmentsales

Installmentreceivables380,000

Inventory247,000

Deferredgrossprofit133,000

2007Torecordcashcollectionsfrominstallmentsales

Cash220,000

Installmentreceivables220,000

2007Torecognizegrossprofitfrominstallmentsales

Deferredgrossprofit82,000

Realizedgrossprofit82,000

Exercise5-4

Requirement1

YearIncomerecognized

2006200,000（300,000-126,000）

2007-0-

2008-0-

2009-0-

Total174,000

Requirement2

Year

CashCollected

CostRecovery（42%）

GrossProfit（58%）

2006

75,000

31,500

43,500

2007

75,000

31,500

43,500

2008

75,000

31,500

43,500

2009

75,000

31,500

43,500

Totals

300,000

126,000

174,000

Requirement3

Year

CashCollected

CostRecovery

GrossProfit

2006

75,000

75,000

-0-

2007

75,000

51,000

24,000

2008

75,000

-0-

75,000

2009

75,000

-0-

75,000

Totals

300,000

126,000

174,000

Exercise5-5

Requirement1

July1,2006Torecordinstallmentsale

Installmentreceivables300,000

Salesrevenue300,000

Costofgoodssold126,000

Inventory126,000

Torecordcashcollectionfrominstallmentsale

Cash75,000

Installmentreceivables75,000

July1,2007Torecordcashcollectionfrominstallmentsale

Cash75,000

Installmentreceivables75,000

Exercise5-5（continued）

Requirement2

July1,2006Torecordinstallmentsale

Installmentreceivables300,000

Inventory126,000

Deferredgrossprofit174,000

Torecordcashcollectionfrominstallmentsale

Cash75,000

Installmentreceivables75,000

Torecognizegrossprofitfrominstallmentsale

Deferredgrossprofit43,500

Realizedgrossprofit43,500

July1,2007Torecordcashcollectionfrominstallmentsale

Cash75,000

Installmentreceivables75,000

Torecognizegrossprofitfrominstallmentsale

Deferredgrossprofit43,500

Realizedgrossprofit43,500

Exercise5-5（concluded）

Requirement3

July1,2006Torecordinstallmentsale

Installmentreceivables300,000

Inventory126,000

Deferredgrossprofit174,000

Torecordcashcollectionfrominstallmentsale

Cash75,000

Installmentreceivables75,000

July1,2007Torecordcashcollectionfrominstallmentsale

Cash75,000

Installmentreceivables75,000

Torecognizegrossprofitfrominstallmentsale

Deferredgrossprofit24,000

Realizedgrossprofit24,000

Exercise5-6

Requirement1

20062007

Contractprice$2,000,000$2,000,000

Actualcoststodate300,0001,875,000

Estimatedcoststocomplete1,200,000-0-

Totalestimatedcosts1,500,0001,875,000

Grossprofit（estimatedin2006）$500,000$125,000

Grossprofitrecognition:

2006:

$300,000

=20%x$500,000=$100,000

$1,500,000

2007:

$125,000-$100,000=$25,000

Requirement2

2006$-0-

2007$125,000

Requirement3

BalanceSheet

AtDecember31,2006

Currentassets:

Accountsreceivable

$130,000

Costsandprofit（$400,000*）inexcess

ofbillings（$380,000）

20,000

*Costs（$300,000）+profit（$100,000）

Exercise5-6（concluded）

Requirement4

BalanceSheet

AtDecember31,2006

Currentassets:

Accountsreceivable

$130,000

Currentliabilities:

Billings（$380,000）inexcessofcosts（$300,000）

$80,000

Exercise5-7

Requirement1

April1,2006Torecordinstallmentsale

Installmentreceivables2,400,000

Land600,000

Gainonsaleofland1,800,000

April1,2006Torecordcashcollectionfrominstallmentsale

Cash120,000

Installmentreceivables120,000

April1,2007Torecordcashcollectionfrominstallmentsale

Cash120,000

Installmentreceivables120,000

Exercise5-7（concluded）

Requirement2

April1,2006Torecordinstallmentsale

Installmentreceivables2,400,000

Land600,000

Deferredgain1,800,000

Whenpaymentsarereceived,gainonsaleoflandisrecognized,calculatedbyapplyingthegrossprofitpercentage（1,800,000÷2,400,000=75%）tothecashcollected（75%x120,000）.

April1,2006Torecordcashcollectionfrominstallmentsale

Cash120,000

Installmentreceivables120,000

Torecognizeprofitfrominstallmentsale

Deferredgain90,000

Gainonsaleofland（75%x120,000）90,000

April1,2007Torecordcashcollectionfrominstallmentsale

Cash120,000

Installmentreceivables120,000

Torecognizeprofitfrominstallmentsale

Deferredgain90,000

Gainonsaleofland（75%x120,000）90,000

Exercise5-8

Situation1-Percentage-of-Completion

200620072008

Contractprice5,000,0005,000,0005,000,000

Actualcoststodate1,500,0003,600,0004,500,000

Estimatedcoststocomplete3,000,000900,000-0-

Totalestimatedcosts4,500,0004,500,0004,500,000

Estimatedgrossprofit

（actualin2008）500,000500,000500,000

Grossprofit（loss）recognized:

2006:

1,500,000

=33.3333%x500,000=166,667

4,500,000

2007:

3,600,000

=80.0%x500,000=400,000-166,667=233,333

4,500,000

2008:

500,000-400,000=100,000

Situation1-CompletedContract

Year

Grossprofitrecognized

2006

-0-

2007

-0-

2008

500,000

Totalgrossprofit

500,000

Exercise5-8（continued）

Situation2-Percentage-of-Completion

200620072008

Contractprice5,000,0005,000,0005,000,000

Actualcoststodate1,500,0002,400,0004,800,000

Estimatedcoststocomplete3,000,0002,400,000-0-

Totalestimatedcosts4,500,0004,800,0004,800,000

Estimatedgrossprofit

（actualin2008）500,000200,000200,000

Grossprofit（loss）recognized:

2006:

1,500,000

=33.3333%x500,000=166,667

4,500,000

2007:

2,400,000

=50.0%x200,000=100,000-166,667=（66,667）

4,800,000

2008:

200,000-100,000=100,000

Situation2-CompletedContract

Year

Grossprofitrecognized

2006

-0-

2007

-0-

2008

200,000

Totalgrossprofit

200,000

Exercise5-8（continued）

Situation3-Percentage-of-Completion

200620072008

Contractprice5,000,0005,000,0005,000,000

Actualcoststodate1,500,0003,600,0005,200,000

Estimatedcoststocomplete3,000,0001,500,000-0-

Totalestimatedcosts4,500,0005,100,0005,200,000

Estimatedgrossprofit（loss）

（actualin2008）500,000（100,000）（200,000）

Grossprofit（loss）recognized:

2006:

1,500,000

=33.3333%x500,000=166,667

4,500,000

2007:

（100,000）-166,667=（266,667）

2008:

（200,000）-（100,000）=（100,000）

Situation3-CompletedContract

Year

Grossprofit（loss）recognized

2006

-0-

2007

（100,000）

2008

（100,000）

Totalprojectloss

（200,000）

Exercise5-8（continued）

Situation4-Percentage-of-Completion

200620072008

Contractprice5,000,0005,000,0005,000,000

Actualcoststodate500,0003,500,0004,500,000

Estimatedcoststocomplete3,500,000875,000-0-

Totalestimatedcosts4,000,0004,375,0004,500,000

Estimatedgrossprofit

（actualin2008）1,000,000625,000500,000

Grossprofit（loss）recognized:

2006:

500,000

=12.5%x1,000,000=125,000

4,000,000

2007:

3,500,000

=80.0%x625,000=500,000-125,000=375,000

4,375,000

2008:

500,000-500,000=$-0-

Situation4-CompletedContract

Year

Grossprofitrecognized

2006

-0-

2007

-0-

2008

500,000

Totalgrossprofit

500,000

Exercise5-8（continued）

Situation5-Percentage-of-Completion

200620072008

Contractprice5,000,0005,000,0005,000,000

Actualcoststodate500,0003,500,0004,800,000

Estimatedcoststocomplete3,500,0001,500,000-0-

Totalestimatedcosts4,000,0005,000,0004,800,000

Estimatedgrossprofit

（actualin2008）1,000,000-0-200,000

Grossprofit（loss）recognized:

2006:

500,000

=12.5%x1,000,000=125,000

4,000,000

2007:

0-125,000=（125,000）

2008:

200,000-0=200,000

Situation5-CompletedCon