会计英语课后习题参考答案.docx

1、会计英语课后习题参考答案Suggested SolutionChapter 11. Effect on the accounting equation(1)(2)(3)(4)(5)(6)(a) Increase in one asset, decrease in another asset.(b) Increase in an asset, increase in a liability.(c) Increase in an asset, increase in capital.(d) Decrease in an asset, decrease in a liability.(e) Decr

2、ease in an asset, decrease in capital.2. TransactionsAssets+/-Liabilities+/-Owners equity+/-1+2+3-4+5+6-7-8+/-9-10-3. Describe each transaction based on the summary above.Transactions1Purchased land for cash, $6,000.2Investment for cash, $3,200.3Paid expense $1,200.4Purchased supplies on account, $8

3、00.5Paid owners personal use, $750.6Paid creditor, $1,5007Supplies used during the period, $630.4.AssetsLiabilitiesEquity Beginning275,00080,000195,000 Add. investment48,000 Add. Net income27,000 Less withdrawals-35,000Ending320,00085,000235,0005.(a)March 31, 20XXApril 30, 20XXAssets Cash 4,5005,400

4、 Accounts receivable2,5604,100Supplies840450 Total assets7,9009,950Liabilities Accounts payable430690Equity Tina Pierce, Capital7,4709,260(b) net income = 9,260-7,470=1,790(c) net income = 1,790+2,500=4,290Chapter 21.a. To increase Notes Payable -CRb. To decrease Accounts Receivable-CRc. To increase

5、 Owner, Capital -CRd. To decrease Unearned Fees -DRe. To decrease Prepaid Insurance -CRf. To decrease Cash - CRg. To increase Utilities Expense -DRh. To increase Fees Earned -CRi. To increase Store Equipment -DRj. To increase Owner, Withdrawal -DR2.a. Cash1,800 Accounts payable 1,800b. Revenue 4,500

6、 Accounts receivable 4,500c. Owners withdrawals 1,500 Salaries Expense 1,500d. Accounts Receivable 750 Revenue 7503. Prepare adjusting journal entries at December 31, the end of the year.Advertising expense600 Prepaid advertising 600Insurance expense (2160/12*2)360 Prepaid insurance360Unearned reven

7、ue2,100 Service revenue2,100Consultant expense900 Prepaid consultant900Unearned revenue3,000 Service revenue3,0004. 1. $388,4002. $22,5203. $366,6004. $21,8005. 1. net loss for the year ended June 30, 2002: $60,0002. DR Jon Nissen, Capital 60,000 CR income summary 60,0003. post-closing balance in Jo

8、n Nissen, Capital at June 30, 2002: $54,000Chapter 31. Dundee Realty bank reconciliationOctober 31, 2009Reconciled balance $6,220 Reconciled balance $6,2202. April 7 Dr: Notes receivableA company 5400 Cr: Accounts receivableA company 5400 12 Dr: Cash 5394.5 Interest expense 5.5 Cr: Notes receivable

9、5400June 6 Dr: Accounts receivableA company 5533 Cr: Cash 553318 Dr: Cash 5560.7 Cr: Accounts receivableA company 5533 Interest revenue 27.73. (a) As a whole: the ending inventory=685(b) applied separately to each product: the ending inventory=6254. The cost of goods available for sale=ending invent

10、ory + the cost of goods=80,000+200,000*500%=80,000+1,000,000=1,080,0005.(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)=18828Chapter 41. (a) second-year depreciation = (114,000 5,700) / 5 = 21,660; (b) second-year depreciation = 8,600 * (114,000 5,700)

11、/ 36,100 = 25,800; (c) first-year depreciation = 114,000 * 40% = 45,600 second-year depreciation = (114,000 45,600) * 40% = 27,360; (d) second-year depreciation = (114,000 5,700) * 4/15 = 28,880.2. (a) weighted-average accumulated expenditures (2008) = 75,000 * 12/12 + 84,000 * 9/12 + 180,000 * 8/12

12、 + 300,000 * 7/12 + 100,000 * 6/12 = 483,000 (b) interest capitalized during 2008 = 60,000 * 12% + ( 483,000 60,000) * 10% =49,5003. (1) depreciation expense = 30,000 (2) book value = 600,000 30,000 * 2=540,000 (3) depreciation expense = ( 600,000 30,000 * 8)/16 =22,500 (4) book value = 600,000 30,0

13、00 * 8 22,500 = 337,5004. Situation 1: Jan 1st, 2008 Investment in M 260,000 Cash 260,000 June 30 Cash 6000 Dividend revenue 6000Situation 2:January 1, 2008 Investment in S 81,000 Cash 81,000June 15 Cash 10,800 Investment in S 10,800December 31 Investment in S 25,500 Investment Revenue 25,5005. a. D

14、ecember 31, 2008 Investment in K 1,200,000 Cash 1,200,000 June 30, 2009 Dividend Receivable 42,500 Dividend Revenue 42,500 December 31, 2009 Cash 42,500 Dividend Receivable 42,500 b. December 31, 2008 Investment in K 1,200,000 Cash 1,200,000 December 31, 2009 Cash 42,500 Investment in K 42,500 Inves

15、tment in K 146,000 Investment revenue 146,000c. In a, the investment amount is 1,200,000 net income reposed is 42,500 In b, the investment amount is 1,303,500 Net income reposed is 146,000Chapter 51. a. June 1: Dr: Inventory 198,000 Cr: Accounts Payable 198,000June 11: Dr: Accounts Payable 198,000 C

16、r: Notes Payable 198,000June 12: Dr: Cash 300,000 Cr: Notes Payable 300,000b. Dr: Interest Expenses (for notes on June 11) 12,100 Cr: Interest Payable 12,100Dr: Interest Expenses (for notes on June 12) 8,175 Cr: Interest Payable 8,175c. Balance sheet presentation:Notes Payable 498,000Accrued Interes

17、t on Notes Payable 20,275d. For Green:Dr: Notes Payable 198,000Interest Payable 12,100Interest Expense 7,700 Cr: Cash 217,800For Western:Dr: Notes Payable 300,000Interest Payable 8,175Interest Expense 18,825 Cr: Cash 327,0002. (1) 208 Deferred income tax is a liability 2,400 Income tax payable 21,60

18、0 209 Deferred income tax is an asset 600 Income tax payable 26,100(2) 208: Dr: Tax expense 24,000 Cr: Income tax payable 21,600 Deferred income tax 2,400209: Dr: Tax expense 25,500 Deferred income tax 600 Cr: Income tax payable 26,100(3) 208: Income statement: tax expense 24,000 Balance sheet: inco

19、me tax payable 21,600209: Income statement: tax expense 25,500 Balance sheet: income tax payable 26,1003. a. 1,560,000 (20000000*12 %* (1-35%)b. 7.8% (20000000*12 %* (1-35%)/20000000)4.maturity valuenumber of interest periodsstated rate per interest-periodeffective interest rate per interest-periodp

20、ayment amount per periodpresent value of bonds at date of issue1$10403.75%3%$0.375$11.732201010%12%217.74325100%12%08.055. Notes Payable 14,400Interest Payable 1,296Accounts Payable 60,000+Unearned Rent Revenue 7,200Current Liabilities 82,896Chapter 61. Mar. 1 Cash 1,200,000 Common Stock 1,000,000 P

21、aid-in Capital in Excess of Par Value 200,000Mar. 15 Organization Expense 50,000 Common Stock 50,000 Mar. 23 Patent 120,000 Common Stock 100,000 Paid-in Capital in Excess of Par Value 20,000The value of the patent is not easily determinable, so use the issue price of $12 per share on March 1 which i

22、s the issuing price of common stock.2. July.1 Treasury Stock 180,000 Cash 180,000The cost of treasury purchased is 180,000/30,000=60 per share.Nov. 1 Cash 70,000 Treasury Stock 60,000 Paid-in Capital from Treasury Stock 10,000Sell the treasury at the cost of $60 per share, and selling price is $70 p

23、er share. The treasury stock is sold above the cost.Dec. 20 Cash 75,000 Paid-in Capital from Treasury Stock 15,000 Treasury Stock 90,000The cost of treasury is $60 per share while the selling price is $50 which is lower than the cost.3. a. July 1Retained Earnings 24,000 Dividends PayablePreferred St

24、ock 24,000b.Sept.1 Dividends PayablePreferred Stock 24,000 Cash 24,000c. Dec.1 Retained Earnings 80,000 Dividends PayableCommon Stock 80,000d. Dec.31 Income Summary 350,000 Retained Earnings 350,000 4. a. Preferred stock gives its owner certain advantages over common stockholders. These benefits inc

25、lude the right to receive dividends before the common stockholders and the right to receive assets before the common stockholders if the corporation liquidates. Corporation pay a fixed amount of dividends on preferred stock.The 7% cumulative term indicates that the investors earn 7% fixed dividends.

26、b. 7%*120%*20,000=504,000c. If corporation issued debt, it has obligation to repay principald. The date of declaration decrease the stockholders equity; the date of record and the date of payment have no effect on stockholders.5.a. Jan. 15Retained Earnings 35,000 Accumulated Depreciation 35,000To co

27、rrect error in prior years depreciation.b. Mar. 20Loss from Earthquake 70,000 Building 70,000c. Mar. 31Retained Earnings 12,500 Dividends Payable 12,500d. Apirl.15Dividends Payable 12,500 Cash 12,500e. June 30Retained Earnings 37,500 Common Stock 25,000 Additional Paid-in Capital 12,500 To record is

28、suance of 10% stock dividend: 10%*25,000=2,500 shares; 2500*$15=$37,500f. Dec. 31 Depreciation Expense 14,000Accumulated Depreciation 14,000 Original depreciation: $40,000/40=$10,000 per year. Book value on Jan.1, 2009 is $350,000(=$400,000-5*$10,000). Deprecation for 2009 is $14,000(=$350,000/25).g

29、. The company does not need to make entry in the accounting records. But the amount of Common Stock ($10 par value) decreases 275,000, while the amount of Common Stock ($5 par value) increases 275,000.Chapter 71.Requirement 1If revenue is recognized at the date of delivery, the following journal entries would be used to record the transactions for the two years:Year 1I