会计英语（第4版）教学大纲和期末复习题目

SyllabusandreviewforfinalexamIntroduction:Thisisanintroductorycourseinfinancialaccountingintendedforstudentswithnopreviousexposuretofinancialaccounting.Itaimsatprovidingthenecessarytoolsforstudentstoread,understand,analyzeandextractinformationfromfinancialstatements.Thecourseadoptsauserapproachofaccountingbyemphasizingtherelationbetweenaccountingdataandtheunderlyingeconomiceventsthatgeneratedthem,andhowthisknowledgeishelpfulindecision-making.Thecoursefocusesinitiallyonhowtorecordeconomiceventsintheaccountingrecordsandhowtoprepareandinterprettheprimaryfinancialstatements(i.e.,thebalancesheet,theincomestatement,andthestatementofcashflows).MainCourseObjective:Providetoolstoread,understand,andanalyzefinancialstatements.DATETOPICS:WeeklySchedulePre-AssignmentforWeek1ReadChapters1and2Week1:IntroductionLecture:Chapter1–TheFinancialStatementsHomeworkforchaptersReadchapters2Week2&3:Lecture:Chapter2–TransactionAnalysisLecture:Chapter2–AccrualAccounting&IncomeHomeworkforchapters2Readchapters3Week4:Lecture:Chapter3–InternalControl&Cash

Short-TermInvestments&Receivables

Week5Lecture:Short-TermInvestments，Receivables&InventoryWeek6:ExaminationonChapters1-3Week7:Lecture:Non-currentassetsHomeworkforNon-currentassets Week8:Lecture:Long-TermOperationalAssetsHomeworkforLong-TermOperationalAssetsReadAccountingforCurrentLiabilitiesandPayrollWeek9:Lecture:AccountingforCurrentLiabilitiesandPayrollHomeworkforAccountingforCurrentLiabilitiesandPayrollReadAccountingforLong-TermDebt&timevalueWeek10:Lecture:AccountingforLong-TermDebtHomeworkforAccountingforLong-TermDebtReadAccountingforEquityTransactionsWeek11:Lecture:AccountingforEquityTransactionsHomeworkforAccountingforEquityTransactionsReadAccountingforEquityTransactionsWeek12:Lecture:Chapter11:AccountingforEquityTransactionsHomeworkforAccountingforEquityTransactionsReadCashflowstatementWeek13:Lecture:StatementofCashFlowsReviewforfinalexaminationHomeworkforcashflowstatement

Question1costingmethodforinventoryStylishJeansCompanymarketsbluejeansandusesaperpetualinventorysystemtoaccountforitsmerchandise.Thebeginningbalanceoftheinventoryandtransactionsduringtheyearwereasfollows: January1: Balance:350unitsat€52each March12: Purchased175unitsat€61each. May21: Sold260unitsforasellingpriceof€112each. July8: Purchased300unitsat€73. October31: Sold320unitsforasellingpriceof€112each.Required1. Calculatecostofgoodsavailableforsaleandunitsavailableforsalefortheyear.2. Calculateunitsremaininginendinginventory.3. Calculatethecurrencyvalueofcostofgoodssoldandendinginventoryusinga) FIFOb) WeightedaverageRoundtotwodecimalplaces.1. Beg. 350units @€52 = €18,200Mar. 12 175units @61 = 10,675July 8 300units @73 = 21,900UnitsAvailable 825units €50,775 Costofgoodsavailableforsale2. Unitsinendinginventory:Unitsavailable 825Less:Unitssold 580EndingInventory 2453.(a) FIFOperpetualDatePurchasesCostofGoodsSoldBalance

UnitsCostBalanceUnitsCostBalanceUnitsCostBalanceBegin3505218,200

3505218,200Mar121756110,675

3505218,200

1756110,675May21

2605213,52090524,680

1756110,675July83007321,900

90524,680

1756110,675

3007321,900Oct31

90524,6802457317,885

1756110,675

55734,015

Total82550,77558032,89024517,8853.(b) Weighted-averageperpetualDatePurchasesCostofGoodsSoldBalanceBegin3505218,200.00

35052.0018,200.00Mar121756110,675.00

52555.0028,875.00May21

26055.0014,300.0026555.0014,575.00July83007321,900.00

56564.5636,475.00Oct31

32064.5620,658.4124564.5615,816.59Total82550,775.0058034,958.4124515,816.59

Question2accountingforbaddebtsBeleVuSuppliesshowedthefollowingselectedadjustedbalancesatitsDecember

31,

2011yearend:AccountsReceivableAllowanceforDoubtfulAccountsDec.31/11Balance498,00016,680Dec.31/11BalanceDuringtheyear2012,thefollowingselectedtransactionsoccurred:1. Salestotalled€2,960,000,ofwhich25%werecashsales(costofsales€1,804,000).2. Salesreturnswere€114,000,halfregardingcreditsales.Thereturnedmerchandisewasscrapped.3. Anaccountfor€24,000wasrecovered.4. Severalaccountswerewrittenoff;€39,000.5. Collectionsfromcreditcustomerstotalled€1,880,000(excludingtherecoveryin(3)

above).Requireda. PreparetheDecember31,2012adjustingentrytoestimatebaddebts,assumingthatuncollectibleaccountsareestimatedtobe1%ofnetcreditsales.b. ShowhowaccountsreceivablewillappearontheDecember31,2012statementoffinancialposition.c. WhatwillbaddebtsexpensebeonthestatementofcomprehensiveincomefortheyearendedDecember31,2012?d. PreparetheDecember31,2012adjustingentrytoestimatebaddebts,assumingthatuncollectibleaccountsareestimatedtobe3%ofoutstandingreceivables.e. ShowhowaccountsreceivablewillappearontheDecember31,2012statementoffinancialposition.f. WhatwillbaddebtexpensebeonthestatementofcomprehensiveincomefortheyearendedDecember

31,2012?

a. Dec. 31 BadDebtExpense 21,630 AllowanceforDoubtfulAccounts 21,630 2,220,000–57,000=2,163,000 2,163,000×1%=21,630b. Currentassets: Accountsreceivable € 742,000 Less:Allowancefordoubtfulaccounts (23,310) € 718,690OR Currentassets: Accountsreceivable(netof€23,310 estimateduncollectibleaccounts) € 718,690AFDA39,000AFDA39,00016,68024,00021,63023,310c. €21,630d. Dec. 31 BadDebtExpense 20,580 AllowanceforDoubtfulAccounts 20,580 742,000×3%=22,260–1,680=20,580Calculations:AccountsReceivableAllowanceforDoubtfulAccountsDec.31/11Balance498,00016,680Dec.31/11Balancea)2,220,000 57,000b)c)24,000 24,000c)24,000c) 39,000d)d)39,000 1,880,000e)1,680Unadjustedbalance,

Dec.31/11Whatadjustment

isneeded?Whatadjustment

isneeded?742,000×3%€22,26022,260Required

adjusted

balancee. Currentassets: Accountsreceivable € 742,000 Less:Allowancefordoubtfulaccounts (22,260) € 719,740OR Currentassets: Accountsreceivable(netof€22,260 estimateduncollectibleaccounts) € 719,740f. €20,580

Question3accountingfortradinginvestmentExtelCompany’sfairvaluethroughprofitorlossinvestmentsasofDecember31,2011areasfollows: Cost MarketKlondikeordinaryshares € 11,250 € 14,875Kaffnerordinaryshares 56,070 55,950IDEAordinaryshares 12,400 10,800Westernordinaryshares 35,400 30,220RequiredPart1PreparethejournalentriestorecordtheadjustmentstofairvalueforthefairvaluethroughprofitorlossinvestmentsaspertherequirementsofIAS39.Part2IllustratehowthefairvaluethroughprofitorlossinvestmentswillbereportedonthestatementoffinancialpositiononDecember31,2011.IllustratewhateffectyouradjustmentswouldhaveontheStatementofComprehensiveIncomefortheyearendedDecember31,2011.Part1 Cost Market DifferenceKlondikeordinaryshares €11,250 €14,875 €3,625Kaffnerordinaryshares 56,07055,950 (120)IDEAordinaryshares 12,400 10,800 (1,600)Westernordinaryshares 35,40030,220 (5,180)2011Dec. 31 FVPLinvestments—Klondikeshares 3,625 UnrealizedgainonFVPLinvestments 3,625 €14,875–€11,250=€3,625 31 UnrealizedlossonFVPLinvestments 120 FVPLinvestments—Kaffnershares 120 €55,950–€56,070=(€120) 31 UnrealizedlossonFVPLinvestments 1,600 FVPLinvestments—IDEAshares 1,600 €10,800–€12,400=(€1,600) 31 UnrealizedlossonFVPLinvestments 5,180 FVPLinvestments—Westernshares 5,180 €30,220–€35,400=(€5,180)Part2StatementofFinancialPosition:Currentassets: Fairvaluethroughprofitorlossinvestments € 111,845Totalfairormarketvalues=€14,875+€55,950+€10,800+€30,220StatementofComprehensiveIncome:OtherIncomeandExpenses: Unrealizedlossonfairvaluethroughprofitorlossinvestments € 3,275Netunrealizedloss=€3,625–€120–€1,600–€5,180=(€3,275)

Question4accountingforfixedassetsShieldCorporationpurchasedausedmachinefor€282,000onJanuary7,2007.Itwasrepairedthenextdayatacostof€12,500andinstalledonanewplatformthatcost€2,000.Thecompanypredictedthatthemachinewouldbeusedforsixyearsandwouldthenhavea€16,200residualvalue.Depreciationwastobechargedonastraight-linebasis.Afullyear’sdepreciationwaschargedonDecember31,2007.OnJune25,2012itwasretired.Required1. Preparejournalentriestorecordthepurchaseofthemachine,thecostofrepairingit,andtheinstallation.Assumethatcashwaspaid.2. PrepareentriestorecorddepreciationonthemachineonDecember31ofitsfirstyearandonSeptember30intheyearofitsdisposal.(Roundcalculationstothenearestwholedollar.)3. Prepareentriestorecordtheretirementofthemachineundereachofthefollowingunrelatedassumptions:a) Itwassoldfor€42,000;b) Itwassoldfor€32,000;andc) Itwasstolenandtheinsurancecompanypaid€37,500infullsettlementofthelossclaim.4. Explainthepurposeofrecordingdepreciation.Ifdepreciationisnotrecorded,whatistheeffectonthestatementofcomprehensiveincomeandstatementoffinancialposition?Part12007Jan. 7Machine 282,000Cash 282,000Torecordpurchaseofmachine. 8Machine 12,500Cash 12,500Torecordcapitalrepairsonmachine. 8Machine 2,000Cash 2,000Torecordinstallationofmachine.Part2Dec. 31DepreciationExpense,Machine 46,717AccumulatedDepreciation,Machine 46,717Torecorddepreciation;(296,500–16,200)/6=46,717.2012June. 25DepreciationExpense,Machine 23,359AccumulatedDepreciation,Machine 23,359Torecordpartialyear’sdepreciation;46,717×6/12=23,359.Part3(a) 25AccumulatedDepreciation,Machine1 256,944Cash 42,000GainonDisposal2 2,444Machine 296,500Soldmachinefor€42,000.Part3(b) 25AccumulatedDepreciation,Machine 256,944Cash 32,000LossonDisposal3 7,556Machine 296,500Soldmachinefor€32,000.Part3(c) 25AccumulatedDepreciation,Machine 256,944Cash 37,500LossonDisposal4 2,056Machine 296,500Receivedinsurancesettlement.Dep.for2007,2008,

2009,2010,and2011. Dep.

for2012.1Accumulateddepreciation=(46,717×5years)+23,359=256,9442Gain(Loss) =CashProceeds–BookValue =42,000–(296,500–256,944)=2,4443Gain(Loss) =CashProceeds–BookValue =32,000–(296,500–256,944)=(7,556)4Gain(Loss) =CashProceeds–BookValue =3,7500–(296,500–256,944)=(2,056)Part4Depreciationistheprocessofallocatingthecostofproperty,plant,andequipmentinarationalandsystematicmannerovertheassets’usefullife.Itisrequiredbytheexpenserecognitionprinciple.Ifdepreciationisnotrecorded,netincomewillbeoverstatedonthestatementofcomprehensiveincome.Onthestatementoffinancialposition,assetsandequitywillbeoverstated.

Question5accountingforbondspayableAppletInc.issuedbondsonJanuary1,2011,thatpayinterestsemi-annuallyonJune30andDecember31.Theparvalueofthebondsis€80,000,theannualcontractrateis8%,andthebondsmaturein10years.RequiredForeachofthesethreesituations,(a)determinetheissuepriceofthebonds,and(b)showthejournalentrythatwouldrecordtheissuance,assumingthemarketinterestrateatthedateofissuancewas1. 6%2. 8%3. 10%Part1a. Parvalue 0.5537 €80,000 € 44,296Interest(annuity) 14.8775 3,200 47,608Total € 91,904Premium €11,904* Thetablevaluesarebasedonadiscountrateof3%(halftheannualmarketrate)and20periods/payments.b.2011Jan.1 Cash 91,904 PremiumonBondsPayable 11,904 BondsPayable 80,000 Soldbondsonoriginalissuedate. Part2a. Parvalue 0.4564 €80,000 € 36,512Interest(annuity) 13.5903 3,200 43,488Total € 80,000* Thetablevaluesarebasedonadiscountrateof4%(halftheannualmarketrate)and20periods/payments.b.2011Jan.1 Cash 80,000 BondsPayable 80,000 Soldbondsonoriginalissuedate.Part3a.Parvalue 0.3769 €80,000 € 30,152Interest(annuity) 12.4622 3,200 39,879Total € 70,031Discount € 9,969* Thetablevaluesarebasedonadiscountrateof5%(halftheannualmarketrate)and20periods/payments.b.2011Jan.1 Cash 70,031 DiscountonBondsPayable 9,969 BondsPayable 80,000 Soldbondsonoriginalissuedate. Entryforperiod6interestDRinterestexpense3585CRcash3200CRdiscount385

abcdeInterestexpInterestpaidAmortizationDiscountBalanceCarryingvaluee*5%80000*4%a-bd-c80000-d9,96970,0313,5023,2003029,66770,33313,5173,2003179,35170,64923,5323,2003329,01870,98233,5493,2003498,66971,33143,5673,2003678,30371,69753,5853,2003857,91872,08263,6043,2004047,51472,48673,6243,2004247,08972,91183,6463,2004466,64473,35693,6683,2004686,17673,824103,6913,2004915,68574,315113,7163,2005165,16974,831123,7423,2005424,62875,372133,7693,2005694,05975,941143,7973,2005973,46276,538153,8273,2006272,83577,165163,8583,2006582,17777,823173,8913,2006911,48678,514183,9263,20072676079,240193,9603,200760-080,00020

Question6accountingforshareholdersequityMajesticInc.wasauthorizedtoissue250,000€1.00noncumulativepreferencesharesandanunlimitednumberofordinaryshares.DuringMajestic’sfirstmonthofoperations,May2011,thefollowingselectedtransactionsoccurred:May1 10,000preferenceshareswereissuedat€15.00forcash.May5 9,000oftheordinaryshareswereissuedforatotalof€9,000cash.May6 14,000ordinaryshareswereissuedinexchangeforlandvaluedat€30,000.Theshareswereactivelytradingonthisdateat€2.00pershare.May26 Thecorporation’spromotersweregiven14,000ordinarysharesfortheirservicesinorganizingthecorporation.Thedirectorsvaluedtheservicesat€70,000.May31 TheBoardofDirectorsdeclaredandpaidatotaldividendof€12,000.May31 The€120,000creditbalanceintheIncomeSummaryaccountwasclosed.May31 Thecashdividendsdeclaredwereclosedtoretainedearnings.RequiredPreparethejournalentriestorecordtheabovetransactions.Preparetheshareholders’equitysectionofthecompany’sstatementoffinancialpositionasofMay31,2011.DateAccountTitlesandExplanationDebitCreditMay1Cash150,000PreferredShares(10,000×€15)150,000 5Cash9,000OrdinaryShares9,0006Land28,000OrdinaryShares(€2×14,000)28,00026OrganizationCosts70,000OrdinaryShares70,00031CashDividendsDeclared12,000Cash(PreferenceDividends)10,000Cash(OrdinaryDividends)2,000PreferenceDividends(€1×10,000=10,000);OrdinaryDividends(12,000–10,000=2,000)31IncomeSummary120,000RetainedEarnings120,00031RetainedEarnings12,000CashDividendsDeclared12,000Part2MajesticInc.PartialStatementofFinancialPositionMay31,2011 Shareholders’EquityContributedcapital:  Preferredshares,€1.00,non-cumulativeAuthorized:250,000Issuedandoutstanding:10,000 €150,000 OrdinarysharesAuthorized:unlimitedIssuedandoutstanding:37,000 107,000Totalcontributedcapital €257,000Retainedearnings 108,000Totalshareholders’equity €365,000Question7thestatementofcashflowHollidayCorp.’sstatementoffinancialpositionandstatementofcomprehensiveincomeareasfollows:HOLLIDAYCORP.ComparativeStatementofFinancialPositionInformation December31 Assets 2012 2011Cash € 150,850 € 214,550-63700-63700Accountsreceivable 182,000 138,9504ending–beginning430504ending–beginning43050Merchandiseinventory 766,500 707,000459500459500Prepaidexpenses 15,050 17,5004-2450负数！4-2450负数！Equipment 446,600 308,000Accumulateddepreciation (96,950) (123,200)Totalassets € 1,464,050 € 1,262,800 LiabilitiesandShareholders’EquityAccountspayable € 246,750 € 326,5504-798004-79800Short-termnotespayable 28,000 17,50010,500k10,500kLong-termnotespayable 262,500 150,500112,000=199850-87850(l)112,000=199850-87850(l)Ordinaryshares 563,500 437,500126000=18*7000m126000=18*7000mRetainedearnings 363,300 330,750Totalliabilitiesandshareholders’equity € 1,464,050 € 1,262,800HOLLIDAYCORP.StatementofComprehensiveIncomeforyearendedDecember31,2012Sales € 1,389,500Costofgoodssold 700,000Grossprofit € 689,500Operatingexpenses: Depreciationexpense € 52,50022 Otherexpenses 382,200 Totaloperatingexpenses 434,700Incomefromoperations € 254,800Lossonsaleofequipment 14,35033Incometaxes 33,950Netincome € 206,50011OtherinformationregardingHollidayCorp.:a. Allsalesarecreditsales.b. Allcreditstoaccountsreceivableintheperiodarereceiptsfromcustomers.c. Purchasesofmerchandiseareoncredit.d. Alldebitstoaccountspayableintheperiodresultfrompaymentsformerchandise.e. Theotheroperatingexpensesarecashexpenses.f. Theonlydecreaseinincometaxespayableisforpaymentoftaxes.g. TheotherexpensesarepaidinadvanceandareinitiallydebitedtoPrepaidexpenses.AdditionalinformationregardingHollidayCorp.’sactivitiesduring2012:h. Lossonsaleofequipmentis€14,350.i. Equipmentcosting€131,250,withaccumulateddepreciationof€78,750,issoldforcash.j. Equipmentcosting€269,850ispurchasedbypayingcashof€70,000andsigningalong-termnotepayableforthebalance.k. Borrowed€10,500bysigningashort-termnotepayable.l. Paid€87,850toreducealong-termnotepayable.m. Issued7,000ordinarysharesforcashat€18pershare.n. Declaredandpaidcashdividendsof€173,950.

HOLLIDAYCORP.StatementofCashFlowsforyearendedDecember31,2012Cashflowsfromoperatingactivities