会计英语课后习题参考答案完整版

1、会计英语课后习题参考答案完整版会计英语课后习题参考答案完整版请勿盗版 尊重作者 请勿盗版 尊重作者 会计英语课后习题参考答案完整版请勿盗版 尊重作者 配套教材参考答案会计英语课后习题参考答案完整版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

2、 asset, increase in capital.(d) Decrease in an asset, decrease in a liability.(e) Decrease 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, $6,00

3、0.2Investment for cash, $3,200.3Paid expense $1,200.4Purchased supplies on account, $800.5Paid 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-3

4、5,000Ending320,00085,000235,0005.(a)March 31, 20XXApril 30, 20XXAssets Cash 4,5005,400 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=4,2906. ItemF

5、inancial Statementa1. Utility expenseStatement of comprehensive incomec2.CashStatement of financial positionb3. Owners withdrawalsStatement of changes in owners equity c4.Accounts receivableStatement of financial positiona5.Consulting revenueStatement of comprehensive incomec6.Salaries payableStatem

6、ent of financial positionc7.Office equipmentStatement of financial positiona8.Dividend receivedStatement of comprehensive income 7Company ACompany BCompany CCompany DCompany EDecember 31, 20 x1: Assets90,00070,00058,000160,000246,000 Liabilities47,00045,00028,00076,000198,000December 31, 20 x2: Asse

7、ts96,00082,00093,750250,000225,000 Liabilities33,00055,00038,000128,000150,000During 20 x2: Owner investments10,0003,00015,50014,0009,000 Net income15,0005,00018,00024,00036,000 Owner withdrawals5,0006,0007,750018,000Part 1Company A:(a)Equity on December 31, 20 x1:Assets$90,000Liabilities(47,000)Equ

8、ity$43,000(b)Equity on December 31, 20 x2:Equity, December 31, 20 x1$43,000Add: Owner investments10,000 Net income15,000Less: Owners withdrawals 5,000Equity, December 31, 20 x2$63,000(c)Amount of liabilities on December 31, 20 x2:Assets$96,000Equity(63,000)Liabilities$33,000Part 2Company B:(a) and (

9、b)Equity: Dec. 31, 20 x1 Dec. 31, 20 x2Assets$70,000$82,000Liabilities(45,000)(55,000)Equity$25,000$27,000(c)Net income for 20 x2:Equity, December 31, 20 x1$25,000Add: Owner investments3,000Net income?Less: Owner withdrawals 6,000Equity, December 31, 20 x2$27,000Therefore, net income must have been

10、$5,000.Part 3Company C:First, calculate the beginning balance of equity:Dec. 31, 20 x1Assets$58,000Liabilities(28,000)Equity$30,000Next, find the ending balance of equity by completing this table:Equity, December 31, 20 x1$30,000Add:Owner investments15,500Net income18,000Less: Owner withdrawals 7,75

11、0Equity, December 31, 20 x2$55,750Finally, find the ending amount of assets by adding the ending balance of equity to the ending balance of the liabilities:Dec. 31, 20 x2Liabilities$38,000Equity 55,750Assets$93,750Part 4Company D:First, calculate the beginning and ending equity balances:Dec. 31, 20

12、x1Dec. 31, 20 x2Assets$160,000$250,000Liabilities(76,000)(128,000)Equity$84,000$122,000Then, find the amount of owner investments during 20 x2 by completing this table:Equity, December 31, 20 x1$84,000Add: Owner investments?Net income24,000Less: Owner withdrawals 0Equity, December 31, 20 x2$122,000T

13、herefore, the owner investments must have been $14,000. Part 5Company E:First, calculate the balance of equity as of December 31, 20 x2:Assets$225,000Liabilities (150,000)Equity$ 75,000Next, find the beginning balance of equity by completing this table:Equity, December 31, 20 x1$ ?Add: Owner investm

14、ents9,000Net income36,000Less: Owner withdrawals 18,000Equity, December 31, 20 x2$75,000Therefore, the beginning balance of equity was $48,000. Finally, find the beginning amount of liabilities by subtracting the beginning balance of equity from the beginning balance of the assets:Dec. 31, 20 x1Asse

15、ts$246,000Equity (48,000)Liabilities$ 198,0008WU AUTO REPAIR SHOPStatement of Financial PositionNovember 30, 20 x1AssetsLiabilitiesCash44,797Accounts payable5,800Accounts receivable6,015Mortgage payable43,272Office supplies11,650Total liabilities49,072Equipment64,580Owners EquitySamuel Wu, capital77

16、,970Total liabilities andTotal assets127,042owners equity127,0422.The reason that the incorrect statement of financial position can be in balance is because the 103,742 of liabilities and owners equity is exactly offset by the assets of 103,742 (64,580 + 6,015 + 44,797 11,650) as the accounts are er

17、roneously listed on the wrong sides of the equation or statement.9 b.Office supplies were purchased on account for 1,000.c.9,000 of office furniture was purchased paying cash of 8,500 and putting 500 on account.d.Completed work for a client on credit; 3,000.e.Returned 200 of office supplies.10Assets

18、Liabilities Owners EquityGeorgeAccountsOfficeOfficeAccountsNotesNalliah,ExplanationCashReceivableSuppliesEquipmentBuildingPayablePayableCapitalof Changes(a)50,00025,00075,000Investment(b)+23,000+23,000RevenueBal.73,00025,000 98,000(c)+8,000+8,000RevenueBal. 73,0008,00025,000106,000(d)(200)(200)Expen

19、seBal.72,8008,00025,000 105,800(e)(1,800)+1,800Bal.71,0008,0001,80025,000105,800(f)(30,000)+250,000+220,000Bal.41,0008,0001,80025,000250,000220,000105,800(g)+24,000+24,000Bal.41,0008,0001,80049,000250,00024,000220,000105,800(h)+5,000(5,000)Bal.46,0003,0001,80049,000250,00024,000220,000105,800(2,600)

20、(2,600)Bal.43,4003,0001,80049,000250,00021,400220,000105,800(j)(2,400)(2,400)ExpenseBal.41,0003,0001,80049,000250,00021,400220,000103,400(k)(1,800)(1,800)WithdrawalBal. 39,200 3,000 1,800 49,000 250,000 21,400220,000101,600Part 2:NALLIAH ENTERPRISESStatement of Comprehensive Incomefor month ended Ma

21、rch 31, 20 x1Revenues: Service revenue31,000Operating expenses: Wages expense2,400 Telephone expense200 Total operating expenses2,600Net income28,400NALLIAH ENTERPRISESStatement of Changes in Owners Equityfor month ended March 31, 20 x1George Nalliah, capital, March 1 0 Add: Investment by owner75,00

22、0 Net income28,400103,400 Total103,400Less: Withdrawal by owner1,800George Nalliah, capital, March 31101,600NALLIAH ENTERPRISESStatement of Financial PositionMarch 31, 20 x1AssetsLiabilities Cash 39,200 Accounts payable21,400 Accounts receivable3,000 Notes payable220,000 Office supplies1,800 Total l

23、iabilities241,400 Office equipment49,000 Building250,000Owners EquityGeorge Nalliah, capital101,600Total assets343,000Total liabilities and owners equity343,000习题答案Chapter 21.To increase Notes Payable -CRTo decrease Accounts Receivable-CRTo increase Owner, Capital -CRTo decrease Unearned Fees -DRTo

24、decrease Prepaid Insurance -CRTo decrease Cash - CRTo increase Utilities Expense -DRTo increase Fees Earned -CRTo increase Store Equipment -DRTo increase Owner, Withdrawal -DR2.Cash1,800 Accounts payable1,800Revenue4,500 Accounts receivable 4,500Owners withdrawals1,500 Salaries Expense1,500Accounts

25、Receivable750 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 revenue2,100 Service revenue2,100Consultant expense900 Prepaid consultant900Unearned revenue3,

26、000 Service revenue3,0004. 1. $388,4002. $22,5203. $366,6004. $21,8005. 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 Jon Nissen, Capital at June 30, 2002: $54,0006.Matthews Accounting ServicesStatement of Comprehensiv

27、e Incomefor month ended June 30, 20 x1Revenues: Service revenue17,000Operating expenses: Insurance expense 350 Salaries expense Telephone expense1,000 _ 250 Total operating expenses 1,600Net income15,400Matthews Accounting ServicesStatement of Changes in Owners Equityfor month ended June 30, 20 x1Ma

28、tthew Anderson, capital, June 1 0 Add: Investment by owner12,200 Net income27,600 Total27,600Less: Withdrawal by owner 1,800 Matthew Anderson, capital, June 3025,800Matthews Accounting ServicesStatement of Financial PositionJune 30, 20 x1AssetsLiabilitiesCash3,000Accounts payable15,600Accounts recei

29、vable1,400Prepaid rent1,660Building35,340 Owners Equity_Matthew Anderson, capital25,800 Total assets41,400Total liabilities and owners equity41,4007AVERY ATHLETICSGeneral JournalDateAccount Titles and ExplanationsDebitCredit20 x1May 1Cash200,000Equipment 48,000 Avery, Capital248,000Invested cash and

30、 equipment in the business. 2Prepaid Rent14,400Cash14,400Prepaid for three months of rent.3Equipment45,000Cash10,000 Notes payable 35,000 Purchased equipment for cash, and signed a notes payable for the remainder.3Cash150Revenue150Completed a fitness consultation for a customer and collected cash.4C

31、ash14,000Unearned revenues14,000Received cash in advance for services not yet rendered. 6Fitness supplies2,560Accounts payable2,560Purchased supplies on credit.10Accounts receivable350Revenue350Provided services on account.15Accounts payable2,560Cash2,560Paid for the May 6 purchase of fitness suppli

32、es.20Cash250Accounts receivable250Received partial payment from the client of May 10.30Salaries expense2,500Cash2,500Paid month-end salaries.30Withdrawals10,000Cash10,000Withdrew cash for personal use.30Telephone expense265Accounts payable (or Utilities payable)265May telephone bill to be paid June

33、15.8COOKS ENGINEERING SERVICESStatement of Comprehensive Incomefor month ended May 31, 20 x1Revenue:Engineering fees earned38,000Operating expenses:Advertising expense500Insurance expense800Rent expense3,500Salaries expense8,000Telephone expense350Utilities expense 300Total operating expenses 13,450

34、Net income 24,550COOKS ENGINEERING SERVICESStatement of Changes in Owners Equityfor month ended May 31, 20 x1Sam Cook, capital, May 194,150Add: Investments by owner6,500Net income 24,55031,050Total125,200Less: Withdrawals by owner 8,000Sam Cook, capital, May 31117,200COOKS ENGINEERING SERVICESStatem

35、ent of Financial PositionMay 31, 20 x1AssetsLiabilitiesCash 9,300 Accounts payable 4,200Accounts receivable7,200Unearned engineering fees7,000Office supplies900Short-term notes payable30,000Prepaid insurance2,200Total liabilities 41,200Prepaid rent2,800Surveying equipment15,000Buildings98,000Owners

36、EquityLand 23,000 Sam Cook, capital117,200Total assets158,400Total liabilities and owners equity158,400Recommendations for Sam Cook: it may be wise for Sam Cook to revert to having a professional accountant maintain his books while he focuses on running the business. Even though he has very good kno

37、wledge of engineering services, he does not appear to have adequate knowledge in accounting to maintain an accurate set of records. Accurate recordkeeping is important to ensure he has accurate information for decision-making and planning purposes. Accurate recordkeeping is also imperative for tax p

38、urposes.9Part 120 x1Adjusting entries:a.Dec.31Accounts Receivable16,000Client Fees Earned16,000To record accrued fees revenues.b.31Interest Expense1,180Interest Payable1,180To record accrued interest expense.c.31Supplies Expense2,400Supplies2,400To record cost of consumed supplies.d.31Unearned Clien

39、t Fees20,000Client Fees Earned20,000To record earned fees.e.31Salaries Expense1,200Salaries Payable1,200To record accrued salaries.f.31Depreciation Expense, Equipment16,000Accumulated Depreciation, Equipment16,000To record depreciation.Part 220 x2Reversing entries:a.Jan.2Client Fees Earned16,000Acco

40、unts Receivable16,000To reverse accrued revenues.b.2Interest Payable1,180Interest Expense1,180To reverse accrued interest expense.e.2Salaries Payable1,200Salaries Expense1,200To reverse accrued salaries.Part 320 x2Jan.4Wages Expense1,600Cash1,600To record payroll.15Interest Expense1,520Cash1,520To r

41、ecord interest payment.21Cash (16,000 + 8,000)24,000Client Fees Earned24,000To record collection of membership fees.1020 x1Closing entries:Dec. 31Consulting fees earned93,000Interest revenue5,000Professional fees earned2,200 Income Summary100,200To close the revenue account.31Income Summary105,990 D

42、epreciation expense, equipment2,500 Depreciation expense, computers800 Advertising expense640 Interest expense1,200 Office supplies expense6,400 Rent expense800 Utilities expense1,650 Salaries expense92,000To close expense accounts.31Rashmi Kumar, capital5,790 Income Summary 5,790To close the income

43、 summary to capital.31Rashmi Kumar, capital2,000 Rashmi Kumar, withdrawals2,000To close withdrawals to capital.Part 2: The types of accounts remaining are assets, liabilities, and owners capital.答案Chapter 3 Dundee Realty bank reconciliationOctober 31, 2009Reconciled balance $6,220Reconciled balance

44、$6,2202. April 7Dr: Notes receivableA company5400Cr: Accounts receivableA company5400 12Dr: Cash5394.5Interest expense5.5Cr: Notes receivable5400June 6Dr: Accounts receivableA company5533Cr: Cash553318Dr: Cash5560.7Cr: Accounts receivableA company5533Interest revenue27.73. (a) As a whole: the ending

45、 inventory=685(b) applied separately to each product: the ending inventory=6254. The cost of goods available for sale=ending inventory + 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)=18

46、8286.Part 1Beg.350 units 52=18,200Mar.12175 units 61=10,675July8300 units 73=21,900UnitsAvailable 825 units50,775Cost of goods available for salePart 2.Units in ending inventory:Units available825Less: Units sold 580Ending Inventory 245Part 3.(a)FIFO perpetualDatePurchasesCost of Goods SoldBalanceUn

47、itsCostBalanceUnitsCostBalanceUnitsCostBalanceBegin3505218,2003505218,200Mar 121756110,6753505218,2001756110,675May 212605213,52090524,6801756110,675July 83007321,90090524,6801756110,6753007321,900Oct 3190524,6802457317,8851756110,67555734,015Total82550,77558032,89024517,885Part 3.(b)Weighted-averag

48、e perpetualDatePurchasesCost of Goods SoldBalanceBegin3505218,200.00 35052.0018,200.00Mar 121756110,675.00 52555.0028,875.00May 2126055.0014,300.0026555.0014,575.00July 83007321,900.00 56564.5636,475.00Oct 3132064.5620,658.4124564.5615,816.59Total82550,775.0058034,958.4124515,816.59Part 4.Specific I

49、dentificationDatePurchasesCost of Goods SoldBalanceUnitsCostBalanceUnitsCostBalanceUnitsCostBalanceBegin3505218,2003505218,200Mar 121756110,6753505218,2001756110,675May 212005210,400150527,80060613,660115617,015July 83007321,900150527,800115617,0153007321,900Oct 3180524,16070523,640100616,1001561915

50、1407310,2201607311,680Total82550,77558034,54024516,235Part 5.SpecificWeightedFIFOIdent.AverageSales (580 112)64,96064,96064,960.00Less: Cost of goods sold 32,890 34,54034,958.41Gross profit32,07030,42030,001.59Part 6.Stylish Jeans manager would prefer the FIFO method since this methods gross profit

51、is the largest at 32,070.7Part 1CostMarketDifferenceKlondike ordinary shares 11,25014,875 3,625Kaffner ordinary shares 56,070 55,950(120)IDEA ordinary shares 12,400 10,800(1,600)Western ordinary shares 35,400 30,220(5,180)20 x1Dec.31FVPL investments Klondike shares3,625Unrealized gain on FVPL invest

52、ments 3,62514,875 11,250 = 3,62531Unrealized loss on FVPL investments120FVPL investments Kaffner shares12055,950 56,070 = (120)31Unrealized loss on FVPL investments1,600FVPL investments IDEA shares1,60010,800 12,400 = (1,600)31Unrealized loss on FVPL investments5,180FVPL investments Western shares5,

53、18030,220 35,400 = (5,180)Part 2Statement of Financial Position:Current assets:Fair value through profit or loss investments111,845Total fair or market values = 14,875 + 55,950 + 10,800 + 30,220Statement of Comprehensive Income:Other Income and Expenses:Unrealized loss on fair value through profit o

54、r loss investments3,275Net unrealized loss = 3,625 120 1,600 5,180 = (3,275)8a.Dec.31Bad Debt Expense21,630Allowance for Doubtful Accounts21,6302,220,000 57,000 = 2,163,0002,163,000 1% = 21,630b.Current assets:Accounts receivable742,000Less: Allowance for doubtful accounts(23,310)718,690ORCurrent as

55、sets:Accounts receivable (net of 23,310 estimated uncollectible accounts)718,690AFDA39,00016,68024,00021,63023,310Calculation of balance in Allowance for Doubtful Accounts:c.21,630d.Dec.31Bad Debt Expense20,580Allowance for Doubtful Accounts20,580742,000 3% = 22,260 1,680 = 20,580Calculations:Accoun

56、ts ReceivableAllowance for Doubtful AccountsDec. 31/11Balance498,00016,680Dec. 31/11Balancea)2,220,00057,000b)c)24,00024,000c)24,000c)39,000d)d) 39,0001,880,000e)1,680Unadjusted balance, Dec. 31/11What adjustment is needed?Dec. 31/12 Balance742,000 3%22,26022,260Required adjusted balancee.Current as

57、sets:Accounts receivable742,000Less: Allowance for doubtful accounts(22,260)719,740ORCurrent assets:Accounts receivable (net of 22,260estimated uncollectible accounts)719,740f. 20,5809Part 1:20 x120 x220 x320 x4Beginning InvNo effect4,0007,000(11,000)Plus: PurchasesLess: Ending Inv4,0007,000(11,000)

58、No effectCOGS(4,000)(3,000)18,000(11,000)Net Income unadjusted62,00068,00065,00064,000Adjustment(4,000)(3,000)18,000(11,000)Adjusted Net Income58,00065,00083,00053,000Part 2:Because inventory errors will reverse themselves after two years, the total incorrect net income for those two years will be t

59、he same as the correct net income totalled for the two years. However, the reason accountants provide financial information to users is to allow them to make good decisions. Being able to predict future net income is critical to many users such as investors. If the accounting information includes in

60、ventory errors, users will interpret the change in net income from year to year in an incorrect manner. Then they will use that incorrect interpretation to make an investment decision. The decision will be flawed because the underlying numbers were incorrect. Thus it is important to try and reduce e