会计专业英语习题答案.doc

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 County). It became patently clear that doing the least that is legally allowed is not enough.1-21.B 2.B 3.E 4.F 5.B 6.F 7.X8.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 + $75,000 $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)1-5a.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 increases 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, $10,000.(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 $1,400)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 statement items: 2, 5, 6, 71-12MADRAS COMPANYStatement of Owners EquityFor the Month Ended April 30, 2006Leo Perkins, capital, April 1, 2006$297,200Net income for the month$73,000Less withdrawals12,000Increase in owners equity61,000Leo Perkins, capital, April 30, 2006$358,2001-13HERCULES SERVICESIncome StatementFor the Month Ended November 30, 2006Fees earned$232,120Operating expenses:Wages expense$100,100Rent expense35,000Supplies expense4,550Miscellaneous expense3,150Total operating expenses142,800Net income$89,3201-14Balance sheet: b, c, e, f, h, i, j, l, m, n, oIncome 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 increased 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. 22-1AccountAccountNumberAccounts Payable21Accounts Receivable12Cash11Corey Krum, Capital31Corey Krum, Drawing32Fees Earned41Land13Miscellaneous Expense53Supplies Expense52Wages Expense512-2Balance Sheet AccountsIncome Statement Accounts1.Assets11Cash12Accounts Receivable13Supplies14Prepaid Insurance15 Equipment2.Liabilities21Accounts Payable22 Unearned Rent3.Owners Equity31Millard Fillmore, Capital32Millard Fillmore, Drawing4.Revenue41 Fees Earned5.Expenses51Wages Expense52Rent Expense53Supplies Expense59Miscellaneous Expense2-3a. and b.Account DebitedAccount CreditedTransactionTypeEffectTypeEffect(1)asset+owners equity+(2)asset+asset(3)asset+assetliability+(4)expense+asset(5)asset+revenue+(6)liabilityasset(7)asset+asset(8)drawing+asset(9)expense+assetEx. 24(1)Cash40,000Ira Janke, Capital40,000(2)Supplies1,800Cash1,800(3)Equipment24,000Accounts Payable15,000Cash9,000(4)Operating Expenses3,050Cash3,050(5)Accounts Receivable12,000Service Revenue12,000(6)Accounts Payable7,500Cash7,500(7)Cash9,500Accounts Receivable9,500(8)Ira Janke, Drawing5,000Cash5,000(9)Operating Expenses1,050Supplies1,0502-51.debit and credit (c)2.debit and credit (c)3.debit and credit (c)4.credit only (b)5.debit only (a)6.debit only (a)7.debit only (a)2-6a.Liabilitycreditf.Revenuecredit b.Assetdebit g.Assetdebitc.Assetdebith.Expensedebitd.Owners equity i.Assetdebit(Cindy Yost, Capital)creditj.Expensedebite.Owners equity(Cindy Yost, Drawing)debit2-7a.creditg.debitb.credith.debitc.debiti.debitd.creditj.credite.debitk.debitf.creditl.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 December 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 transactions.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.1Rent Expense1,500Cash1,5002Advertising Expense700Cash7004Supplies1,050Cash1,0506Office Equipment7,500Accounts Payable7,5008Cash3,600Accounts Receivable3,60012Accounts Payable1,150Cash1,15020Gayle McCall, Drawing1,000Cash1,00025Miscellaneous Expense500Cash50030Utilities Expense195Cash19531Accounts Receivable10,150Fees Earned10,15031Utilities Expense380Cash3802-12a.JOURNALPage 43Post.DateDescriptionRef.DebitCredit2006Oct.27Supplies151,320Accounts Payable211,320Purchased supplies on account.b., c., d.Supplies15Post.BalanceDateItemRef.Dr.Cr.Dr.Cr.2006Oct.1Balance58527431,3201,905Accounts Payable212006Oct.1Balance6,15027431,3207,4702-13Inequality of trial balance totals would be caused by errors described in (b) and (d).2-14ESCALADE CO.Trial BalanceDecember 31, 2006Cash13,375Accounts Receivable24,600Prepaid Insurance8,000Equipment75,000Accounts Payable11,180Unearned Rent4,250Erin Capelli, Capital82,420Erin Capelli, Drawing10,000Service Revenue83,750Wages Expense42,000Advertising Expense7,200Miscellaneous Expense1,425181,600 181,6002-15a.Gerald Owen, Drawing15,000Wages Expense15,000b.Prepaid Rent4,500Cash4,5002-16题目的资料不全, 答案略.2-17a.KMART CORPORATIONIncome StatementFor the Years Ending January 31, 2000 and 1999(in millions)Increase (Decrease)20001999AmountPercent1.Sales$37,028$35,925$1,1033.1%2.Cost of sales(29,658)(28,111)1,5475.5%3.Selling, general, and admin. expenses(7,415)(6,514)90113.8%4.Operating income (loss) before taxes$(45)$1,300$(1,345)(103.5%)b.The horizontal 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% increase. 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 (accrued 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 Expense801Supplies8013-3$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 Expense1,215Prepaid Insurance1,215b.Insurance Expense1,215Prepaid Insurance1,2153-6Unearned Fees9,570Fees Earned9,5703-7a.Salary Expense9,360Salaries Payable9,360b.Salary Expense12,480Salaries Payable12,4803-8$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-statedstatedstatedstated1.Revenue for the year would be$0$6,900$0$02.Expenses for the year would be0003,7403.Net income for the year would be06,9003,74004.Assets at December 31 would be00005.Liabilities at December 31 would be6,900003,7406.Owners equity at December 31 would be06,9003,74003-11$175,840 ($172,680 + $6,900 $3,740)3-12a.Accounts Receivable11,500Fees Earned11,500b.No. If the cash basis of accounting is used, revenues are recognized only when the cash is received. Therefore, earned but unbilled revenues would not be recognized in the accounts, and no adjusting entry would be necessary.3-13a.Fees earned (or revenues) will be understated. Net income will be understated.b.Accounts (fees) receivable (or assets) will be understated. Owners equity will be understated.3-14Depreciation Expense5,200Accumulated Depreciation5,2003-15a.$204,600 ($318,500 $113,900)b.No. Depreciation is an allocation of the cost of the equipment to the periods benefiting from its use. It does not necessarily relate to value or loss of value.3-16a.$2,268,000,000 ($5,891,000,000 $3,623,000,000)b.No. Depreciation is an allocation method, not a valuation method. That is, depreciation allocates the cost of a fixed asset over its useful life. Depreciation does not attempt to measure market values, which may vary significantly from year to year.3-17a.Depreciation Expense7,500Accumulated Depreciation7,500b.(1)Depreciation expense would be understated. Net income would be overstated.(2)Accumulated depreciation would be understated, and total assets would be overstated. Owners equity would be overstated.3-181.Accounts Receivable4Fees Earned42.Supplies Expense3Supplies33.Insurance Expense8Prepaid Insurance84.Depreciation Expense5Accumulated DepreciationEquipment55.Wages Expense1Wages Payable13-19a.Dell Computer CorporationAmountPercentNet sales$35,404,000100.0Cost of goods sold(29,055,000)82.1Operating expenses(3,505,000)9.9Operating income (loss)$2,844,0008.0b.Gateway Inc.AmountPercentNet sales $4,171,325100.0Cost of goods sold(3,605,120)86.4Operating expenses(1,077,447)25.8Operating income (loss)$(511,242)(12.2)c.Dell is more profitable than Gateway. Specifically, Dells cost of goods sold of 82.1% is significantly less (4.3%) than Gateways cost of goods sold of 86.4%. In addition, Gateways operating expenses are over one-fourth of sales, while Dells operating expenses are 9.9% of sales. The result is that Dell generates an operating income of 8.0% of sales, while Gateway generates a loss of 12.2% of sales. Obviously, Gateway must improve its operations if it is to remain in business and remain competitive with Dell.4-1e, c, g, b, f, a, d4-2a.Income statement: 3, 8, 9b.Balance sheet: 1, 2, 4, 5, 6, 7, 104-3a.Asset: 1, 4, 5, 6, 10b.Liability: 9, 12c.Revenue: 2, 7d.Expense: 3, 8, 114-41.f2.c3.b4.h5.g6.j7.a8.i9.d10.e45ITHACA SERVICES CO.Work SheetFor the Year Ended January 31, 2006AdjustedTrial BalanceAdjustmentsTrial BalanceAccount TitleDr.Cr.Dr.Cr.Dr.Cr.1Cash8812Accounts Receivable50(a)75723Supplies8(b)5334Prepaid Insurance12(c)6645Land505056Equipment323267Accum. Depr.Equip.2(d)5778Accounts Payable262689Wages Payable0(e)11910Terry Dagley, Capital1121121011Terry Dagley, Drawing881112Fees Earned60(a)7671213Wages Expense16(e)1171314Rent Expense881415Insurance Expense0(c)661516Utilities Expense661617Depreciation Expense0(d)551718Supplies Expense0(b)551819Miscellaneous Expense221920Totals2002002424213213 20ContinueITHACA SERVICES CO.Work SheetFor the Year Ended January 31, 2006AdjustedIncomeBalanceTrial BalanceStatementSheetAccount TitleDr.Cr.Dr.Cr.Dr.Cr.1Cash8812Accounts Receivable575723Supplies3334Prepaid Insurance6645Land505056Equipment323267Accum. Depr.Equip.7778Accounts Payable262689Wages Payable11910Terry Dagley, Capital1121121011Terry Dagley, Drawing881112Fees Earned67671213Wages Expense17171314Rent Expense881415Insurance Expense661516Utilities Expense661617Depreciation Expense551718Supplies Expense551819Miscellaneous Expense221920Totals21321349671641462021Net income (loss)181821226767164164224-6ITHACA SERVICES CO.Income StatementFor the Year Ended January 31, 2006Fees earned$67Expenses:Wages expense$17Rent expense8Insurance expense6Utilities expense6Depreciation expense5Supplies expense5Miscellaneous expense2Total expenses49Net income$18ITHACA SERVICES CO.Statement of Owners EquityFor the Year Ended January 31, 2006Terry Dagley, capital, February 1, 2005$112Net income for the year$18Less withdrawals8Increase in owners equity10Terry Dagley, capital, January 31, 2006$122ITHACA SERVICES CO.Balance SheetJanuary 31, 2006AssetsLiabilitiesCurrent assets:Current liabilities:Cash$8Accounts payable$26Accounts receivable57Wages payable1Supplies3Total liabilities$27Prepaid insurance6Total current assets$74Property, plant, andOwners Equityequipment:Terry Dagley, capital122Land$50Equipment$32Less accum. depr.725Total property, plant, and equipment75Total liabilities andTotal assets$149owners equity$1494-72006Jan.31Accounts Receivable7Fees Earned731Supplies Expense5Supplies531Insurance Expense6Prepaid Insurance631Depreciation Expense5Accumulated DepreciationEquipment531Wages Expense1Wages Payable14-82006Jan.31Fees Earned67Income Summary6731Income Summary49Wages Expense17Rent Expense8Insurance Expense6Utilities Expense6Depreciation Expense5Supplies Expense5Miscellaneous Expense231Income Summary18Terry Dagley, Capital1831Terry Dagley, Capital8Terry Dagley, Drawing84-9SIROCCO SERVICES CO.Income StatementFor the Year Ended March 31, 2006Service revenue$103,850Operating expenses:Wages expense$56,800Rent expense21,270Utilities expense11,500Depreciation expense8,000Insurance expense4,100Supplies expense3,100Miscellaneous expense2,250Total operating expenses 107,020Net loss $ (3,170)4-10SYNTHESIS SYSTEMS CO.Statement of Owners EquityFor the Year Ended October 31, 2006Suzanne Jacob, capital, November 1, 2005$173,750Net income for year$44,250Less withdrawals12,000Increase in owners equity32,250Suzanne Jacob, capital, October 31, 2006$206,0004-11a.Current asset: 1, 3, 5, 6b.Property, plant, and equipment: 2, 44-12Since current liabilities are usually due within one year, $165,000 ($13,750 12 months) would be reported as a current liability on the balance sheet. The remainder of $335,000 ($500,000 $165,000) would be reported as a long-term liability on the balance sheet.4-13TUDOR CO.Balance SheetApril 30, 2006Assets LiabilitiesCurrent assets Current liabilities:Cash $31,500 Accounts payable$9,500Accounts receivable 21,850 Salaries payable 1,750Supplies1,800 Unearned fees 1,200Prepaid insurance7,200 Total liabilities $12,450Prepaid rent4,800Total current assets $67,150