financialaccounting习题答案文档.docx

1、financialaccounting习题答案文档Chapter. 11-1As in many ethics issues, there is no one right answer. The local newspaper reported on this issue in these terms: The company covered up the first report, and the local newspaper uncovered the companys secret. The company was forced to not locate here (Collier

2、County). It became patently clear that doing the least that is legally allowed is not enough.1-2 1. B 2. B 3. E 4. F 5. B 6. F 7. X 8. E 9. X 10. B1-3a. $96,500 ($25,000 + $71,500) b. $67,750 ($82,750 $15,000) c. $19,500 ($37,000 $17,500)1-4a. $275,000 ($475,000 $200,000) b. $310,000 ($275,000 + $75

3、,000 $40,000) c. $233,000 ($275,000 $15,000 $27,000) d. $465,000 ($275,000 + $125,000 + $65,000) e. Net income: $45,000 ($425,000 $105,000 $275,000)1-5 a. owners equity b.liability c.asset d.asset e.owners equity f. asset 1-6a. Increases assets and increases owners equity. b. Increases assets and in

4、creases owners equity. c. Decreases assets and decreases owners equity. d. Increases assets and increases liabilities. e. Increases assets and decreases assets.1-71. increase 2. decrease 3.increase 4. decrease1-8a. (1) Sale of catering services for cash, $25,000. (2) Purchase of land for cash, $10,0

5、00. (3) Payment of expenses, $16,000. (4) Purchase of supplies on account, $800. (5) Withdrawal of cash by owner, $2,000. (6) Payment of cash to creditors, $10,600. (7) Recognition of cost of supplies used, $1,400. b. $13,600 ($18,000 $4,400) c. $5,600 ($64,100 $58,500) d. $7,600 ($25,000 $16,000 $1

6、,400) e. $5,600 ($7,600 $2,000) 1-9It would be incorrect to say that the business had incurred a net loss of $21,750. The excess of the withdrawals over the net income for the period is a decrease in the amount of owners equity in the business.1-10Balance sheet items: 1, 3, 4, 8, 9, 101-11Income sta

7、tement items: 2, 5, 6, 71-12MADRAS COMPANYStatement of Owners EquityFor the Month Ended April 30, 2006 Leo Perkins, capital, April 1, 2006 $297,200 Net income for the month $73,000 Less withdrawals 12,000 Increase in owners equity 61,000 Leo Perkins, capital, April 30, 2006 $358,2001-13HERCULES SERV

8、ICESIncome StatementFor the Month Ended November 30, 2006 Fees earned $232,120 Operating expenses: Wages expense $100,100 Rent expense 35,000 Supplies expense 4,550 Miscellaneous expense 3,150 Total operating expenses 142,800 Net income $ 89,3201-14Balance sheet: b, c, e, f, h, i, j, l, m, n, oIncom

9、e statement: a, d, g, k 1-151. binvesting activity 2.aoperating activity3. cfinancing activity 4.aoperating activity1-16a. 2003: $10,209 ($30,011 $19,802) 2002: $8,312 ($26,394 $18,082)b. 2003: 0.52 ($10,209 $19,802) 2002: 0.46 ($8,312 $18,082)c. The ratio of liabilities to stockholders equity incre

10、ased from 2002 to 2003, indicating an increase in risk for creditors. However, the assets of The Home Depot are more than sufficient to satisfy creditor claims. Chapter. 22-1 Account Account Number Accounts Payable 21 Accounts Receivable 12 Cash 11 Corey Krum, Capital 31 Corey Krum, Drawing 32 Fees

11、Earned 41 Land 13 Miscellaneous Expense 53 Supplies Expense 52 Wages Expense 512-2Balance Sheet Accounts Income Statement Accounts 1. Assets 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance15 Equipment 2. Liabilities 21 Accounts Payable22 Unearned Rent 3. Owners Equity 31 Millard Fill

12、more, Capital 32 Millard Fillmore, Drawing 4. Revenue41 Fees Earned 5. Expenses 51 Wages Expense 52 Rent Expense 53 Supplies Expense 59 Miscellaneous Expense2-3a. and b. Account Debited Account Credited Transaction Type Effect Type Effect (1) asset + owners equity + (2) asset + asset (3) asset + ass

13、et liability + (4) expense + asset (5) asset + revenue + (6) liability asset (7) asset + asset (8) drawing + asset (9) expense + asset Ex. 24 (1) Cash 40,000 Ira Janke, Capital 40,000 (2) Supplies 1,800 Cash 1,800 (3) Equipment 24,000 Accounts Payable 15,000 Cash 9,000 (4) Operating Expenses 3,050 C

14、ash 3,050 (5) Accounts Receivable 12,000 Service Revenue 12,000 (6) Accounts Payable 7,500 Cash 7,500 (7) Cash 9,500 Accounts Receivable 9,500 (8) Ira Janke, Drawing 5,000 Cash 5,000 (9) Operating Expenses 1,050 Supplies 1,0502-51. debit and credit (c) 2. debit and credit (c) 3. debit and credit (c)

15、 4. credit only (b) 5. debit only (a) 6. debit only (a) 7. debit only (a)2-6a. Liabilitycredit f. Revenuecredit b. Assetdebit g. Assetdebit c. Assetdebit h. Expensedebit d. Owners equity i. Assetdebit (Cindy Yost, Capital)credit j. Expensedebit e. Owners equity (Cindy Yost, Drawing)debit2-7a. credit

16、 g. debit b. credit h. debit c. debit i. debit d. credit j. credit e. debit k. debit f. credit l. credit2-8a. Debit (negative) balance of $1,500 ($10,500 $4,000 $8,000). Such a negative balance means that the liabilities of Seths business exceed the assets. b. Yes. The balance sheet prepared at Dece

17、mber 31 will balance, with Seth Fite, Capital, being reported in the owners equity section as a negative $1,500.2-9a. The increase of $28,750 in the cash account does not indicate earnings of that amount. Earnings will represent the net change in all assets and liabilities from operating transaction

18、s. b. $7,550 ($36,300 $28,750)2-10a. $40,550 ($7,850 + $41,850 $9,150) b. $63,000 ($61,000 + $17,500 $15,500) c. $20,800 ($40,500 $57,700 + $38,000)2-112005Aug. 1 Rent Expense 1,500 Cash 1,500 2 Advertising Expense 700 Cash 700 4 Supplies 1,050 Cash 1,050 6 Office Equipment 7,500 Accounts Payable 7,

19、500 8 Cash 3,600 Accounts Receivable 3,600 12 Accounts Payable 1,150 Cash 1,150 20 Gayle McCall, Drawing 1,000 Cash 1,000 25 Miscellaneous Expense 500 Cash 500 30 Utilities Expense 195 Cash 195 31 Accounts Receivable 10,150 Fees Earned 10,150 31 Utilities Expense 380 Cash 3802-12a. JOURNAL Page 43 P

20、ost.Date Description Ref. Debit Credit2006Oct. 27 Supplies 15 1,320 Accounts Payable 21 1,320 Purchased supplies on account.b., c., d.Supplies 15 Post. Balance Date Item Ref. Dr. Cr. Dr. Cr.2006Oct. 1 Balance 585 27 43 1,320 1,905 Accounts Payable 212006Oct. 1 Balance 6,150 27 43 1,320 7,4702-13Ineq

21、uality of trial balance totals would be caused by errors described in (b) and (d).2-14ESCALADE CO.Trial BalanceDecember 31, 2006Cash 13,375Accounts Receivable 24,600Prepaid Insurance 8,000Equipment 75,000Accounts Payable 11,180Unearned Rent 4,250Erin Capelli, Capital 82,420Erin Capelli, Drawing 10,0

22、00Service Revenue 83,750Wages Expense 42,000Advertising Expense 7,200Miscellaneous Expense 1,425 181,600 181,6002-15a. Gerald Owen, Drawing 15,000 Wages Expense 15,000 b. Prepaid Rent 4,500 Cash 4,5002-16题目的资料不全, 答案略.2-17a. KMART CORPORATIONIncome StatementFor the Years Ending January 31, 2000 and 1

23、999(in millions) Increase (Decrease) 2000 1999 Amount Percent 1. Sales $ 37,028 $ 35,925 $ 1,103 3.1% 2. Cost of sales (29,658) (28,111) 1,547 5.5% 3. Selling, general, and admin. expenses (7,415) (6,514) 901 13.8% 4. Operating income (loss) before taxes $ (45) $ 1,300 $(1,345) (103.5%)b. The horizo

24、ntal analysis of Kmart Corporation reveals deteriorating operating results from 1999 to 2000. While sales increased by $1,103 million, a 3.1% increase, cost of sales increased by $1,547 million, a 5.5% increase. Selling, general, and administrative expenses also increased by $901 million, a 13.8% in

25、crease. The end result was that operating income decreased by $1,345 million, over a 100% decrease, and created a $45 million loss in 2000. Little over a year later, Kmart filed for bankruptcy protection. It has now emerged from bankruptcy, hoping to return to profitability.3-11. Accrued expense (ac

26、crued liability)2. Deferred expense (prepaid expense)3. Deferred revenue (unearned revenue)4. Accrued revenue (accrued asset)5. Accrued expense (accrued liability)6. Accrued expense (accrued liability)7. Deferred expense (prepaid expense)8. Deferred revenue (unearned revenue)3-2Supplies Expense 801

27、Supplies 8013-3$1,067 ($118 + $949)3-4a. Insurance expense (or expenses) will be understated. Net income will be overstated.b. Prepaid insurance (or assets) will be overstated. Owners equity will be overstated.3-5a. Insurance Expense 1,215 Prepaid Insurance 1,215b. Insurance Expense 1,215 Prepaid In

28、surance 1,2153-6Unearned Fees 9,570 Fees Earned 9,5703-7a. Salary Expense 9,360 Salaries Payable 9,360b. Salary Expense 12,480 Salaries Payable 12,4803-8$59,850 ($63,000 $3,150)3-9$195,816,000 ($128,776,000 + $67,040,000)3-10Error (a) Error (b) Over- Under- Over- Under- stated stated stated stated1.

29、 Revenue for the year would be $ 0 $6,900 $ 0 $ 02. Expenses for the year would be 0 0 0 3,7403. Net income for the year would be 0 6,900 3,740 04. Assets at December 31 would be 0 0 0 05. Liabilities at December 31 would be 6,900 0 0 3,7406. Owners equity at December 31 would be 0 6,900 3,740 03-11$175,840 ($172,680 + $6,900 $3,740)3-12a. Accounts Receivable 11,500 Fees Earned 11,500b. No. If the cash basis of accounting is used, revenues are recognized only when the cash is received. Therefore, earned but un