最新中级财务会计英文版课后答案chap2.docx

1、最新中级财务会计英文版课后答案chap2Exercise 2-4Requirement 1 Sales price = 100 units x $600 = $60,000 x 70% = $42,000November 17, 2011Accounts receivable 42,000 Sales revenue 42,000November 26, 2011Cash (98% x $42,000) 41,160Sales discounts (2% x $42,000) 840 Accounts receivable 42,000Requirement 2November 17, 201

2、1Accounts receivable 42,000 Sales revenue 42,000December 15, 2011Cash 42,000 Accounts receivable 42,000Exercise 7-4 (concluded)Requirement 3 Requirement 1, using the net method:November 17, 2011Accounts receivable 41,160 Sales revenue (98% x $42,000) 41,160November 26, 2011Cash 41,160 Accounts recei

3、vable 41,160 Requirement 2, using the net method:November 17, 2011Accounts receivable 41,160 Sales revenue (98% x $42,000) 41,160December 15, 2011Cash 42,000 Accounts receivable 41,160 Interest revenue 840Exercise 2-7Requirement 1Estimated returns = 4% x $11,500,000 = $460,000Less: Actual returns (4

4、50,000) Remaining estimated returns $10,000To record the actual sales returnsSales returns 450,000 Accounts receivable 450,000Inventory estimated returns 292,500 Cost of goods sold ($450,000 x 65%) 292,500December 31, 2011 To record the estimated sales returnsSales returns 10,000 Allowance for sales

5、 returns 10,000Inventory estimated returns 6,500 Cost of goods sold ($10,000 x 65%) 6,500Note: another series of journal entries that produce the same end result would be: To record the actual sales returnsAllowance for sales returns 450,000 Accounts receivable 450,000December 31, 2011 To record the

6、 estimated sales returnsSales returns (4% x $11,500,000) 460,000 Allowance for sales returns 460,000Inventory-estimated returns 299,000 Cost of goods sold (65% x $460,000) 299,000Exercise 2-7 (continued) Requirement 2Beginning balance in allowance account $300,000 Add: Year-end estimate 460,000 Less

7、: Actual returns (450,000)Ending balance in allowance account $310,000Exercise 2-8Requirement 1 Bad debt expense = $67,500 (1.5% x $4,500,000)Requirement 2 Allowance for uncollectible accounts Balance, beginning of year $42,000 Add: Bad debt expense for 2011 (1.5% x $4,500,000) 67,500 Less: End-of-y

8、ear balance (40,000) Accounts receivable written off $69,500Requirement 3 $69,500 the amount of accounts receivable written off.Exercise 2-9Requirement 1 To record the write-off of receivables.Allowance for uncollectible accounts 21,000 Accounts receivable 21,000 To reinstate an account previously w

9、ritten off and to record the collection.Accounts receivable 1,200 Allowance for uncollectible accounts 1,200Cash 1,200 Accounts receivable 1,200 Allowance for uncollectible accounts: Balance, beginning of year $32,000 Deduct: Receivables written off (21,000) Add: Collection of receivable previously

10、written off 1,200 Balance, before adjusting entry for 2011 bad debts 12,200 Required allowance: 10% x $625,000 (62,500) Bad debt expense $50,300 To record bad debt expense for the year.Bad debt expense 50,300 Allowance for uncollectible accounts 50,300Requirement 2 Current assets: Accounts receivabl

11、e, net of $62,500 allowance for uncollectible accounts $562,500Exercise 2-10Using the direct write-off method, bad debt expense is equal to actual write-offs. Collections of previously written-off receivables are recorded as revenue. Allowance for uncollectible accounts: Balance, beginning of year $

12、17,280 Deduct: Receivables written off (17,100) Add: Collection of receivables previously written off 2,200 Less: End of year balance (22,410) Bad debt expense for the year 2011 $20,030Exercise 2-11 ($ in millions) Allowance for uncollectible accounts: Balance, beginning of year $16 Add: Bad debt ex

13、pense 14 Less: End of year balance (18) Write-offs during the year $ 12* Accounts receivable analysis: Balance, beginning of year ($1,084 + 16) $ 1,100 Add: Credit sales 4,271 Less: Write-offs* (12) Less: Balance end of year ($953 + 18) (971) Cash collections $4,388 Exercise 2-12Requirement 1June 30

14、, 2011Note receivable 30,000 Sales revenue 30,000December 31, 2011Interest receivable 900 Interest revenue ($30,000 x 6% x 6/12) 900March 31, 2012Cash $30,000 + ($30,000 x 6% x 9/12) 31,350 Interest revenue ($30,000 x 6% x 3/12) 450 Interest receivable (accrued at December 31) 900 Note receivable 30

15、,000Requirement 22011 income before income taxes would be understated by $9002012 income before income taxes would be overstated by $900.Exercise2-13Requirement 1June 30, 2011Note receivable (face amount) 30,000 Discount on note receivable ($30,000 x 8% x 9/12) 1,800 Sales revenue (difference) 28,200December 31, 2011Discount on note receivable 1,200 Interest revenue ($30,000 x 8% x 6/12) 1,200