会计企业决策的基础(15)财务会计书后大题

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3.6SatkaFishingExpeditions,Inc.,recordedthefollowingtransactionsinJuly

…..

Indicatetheeffectsthateachofthesetransactionswillhaveuponthefollowingsixtotalamountsinthecompany’sfinancialstatementsforthemonthofJuly.Organizeyouranswerintabularform,usingthecolumnheadingsshown,andusethecodelettersIforincrease,Dfordecrease,andNEfornoeffect.

3.7AnumberoftransactionsofClaypoolConstructionaredescribedbelowintermsofaccountsdebitedandcredited.

a.Indicatetheeffectsofeachtransactionsupontheelementsoftheincomestatementandthebalancesheet.UsethecodelettersIforincrease,Dfordecrease,andNEfornoeffect.Organizeyouranswerintabularform,usingthecolumnheadingsshown,

b.Writeaone-sentencedescriptionofeachtransaction.

3.8ShownbelowareselectedtransactionsofthearchitecturalfirmofBaxter,Claxter,andStone,

Inc.

a.Preparejournalentriestorecordthetransactionsinthefirm’saccountingrecords.

b.Identifyanyoftheabovetransactionsthatwillnotresultinachangeinthecompany’snetincome.

3.10TraffletEnterprisesincorporatedonMay3,2023.Thecompanyengagedinthefollowingtransactionsduringitsfirstmonthofoperations:

a.Preparejournalentries,includingexplanations,fortheabovetransactions.

b.Posteachentrytotheappropriateledgeraccounts

c.PrepareatrialbalancedatedMay31,2023.Assumeaccountswithzerobalancesarenot

includedinthetrialbalance.

3.11TheMcMillanCorporationincorporatedonSeptember2,2023.Thecompanyengagedinthefollowingtransactionsduringitsfirstmonthofoperations:

a.Preparejournalentries,includingexplanations,fortheabovetransactions.

b.Posteachentrytotheappropriateledgeraccounts

c.PrepareatrialbalancedatedMay30,2023.Assumeaccountswithzerobalancesarenot

includedinthetrialbalance.

Exercise5.2

TutorsforRent,Inc.,performsadjustingentrieseverymonth,butclosesitsaccountsonlyatyear-end.Thecompany’syear-endadjustedtrialbalancedatedDecember31,2023,was:

TUTORSFORRNET,INC.

AdjustedTrialBalance

December31,2023

Cash……………$91,100

Accountsreceivable……………4,500

Supplies………………………...300

Equipment………………………12,000

Accumulateddepreciation:equipment…………$5,000Accountspayable………………1,500Incometaxespayable…………..3,500Capitalstock……………………25,000Retainedearnings………………45,000Dividends………………………2,000

Tutoringrevenueearned………96,000Salaryexpense…………………52,000

Supplyexpense…………………1,200

Advertisingexpense……………300

Depreciationexpense:equipment………………1,000

Incometaxesexpense…………..11,600a.PrepareanincomestatementandstatementofretainedearningsfortheyearendedDecember

31,2023.Alsopreparethecompany’sbalancesheetdatedDecember31,2023.

b.Dosethecompanyappeartobeliquid?Defendyouranswer.

c.

Hasthecompanybeenprofitableinthepast?Explain.

Exercise5.10

ORGONFOODS

BalanceSheet

December31,2023

Assets

Cash……………$6,800Accountsreceivable……………7,200Officesupplies…………………700Prepaidrent…………………….1,700

Equipment………………………$12,000

Accumulateddepreciation:equipment………..$7,200Totalassets…………..

Liabilities

Accountspayable……………….$2,200Incometaxespayable……………TotalLiabilities………………….$4,000

Stockholders’Equity

Capitalstock…………………….$10,000Retainedearnings……………….TotalStockholders’Equity……………………..TotalLiabilitiesandStockholders’Equity………

Otherinformationprovidedbythecompanyisasfollows:

TotalRevenuefortheyearendedDecember31,2023……………$25,500TotalecpensefortheyearendedDecember31,2023…………20,400TotalStockholders’Equity,January1,2023………14,800

ComputeanddiscussbrieflythesignificanceofthefollowingmeasuresastheyrelatetoOregonFoods:

a.Netincomepercentagein2023.

b.Returnonequityin2023.

c.WorkingcapitalonDecember31,2023.

d.CurrentratioonDecember31,2023.

10.2ListedbelowareeighteventsortransactionsofGemStarCorporation.

Indicatetheeffectsthateachofthesetransactionsonthefollowingfinancialstatementscategories.Organizeyouranswerintabularform,usingthecolumnheadings.Usethefollowingcodeletterstoindicatetheeffectsofeachtransactionontheaccountingelementlistedinthecolumnheading:Iforincrease,Dfordecrease,andNEfornoeffect.

10.9SwansonCorporationissued$8millionof20-year,8percentbondsonApril1,2023,at102.InterestisdueonMarch31andSeptember30ofeachyear,andallofthebondsintheissuematureonMarch31,2029.Swanson’sfiscalyearendsonDecember31.Preparethefollowingjournalentries:

Ex.10.9

a.2023

Apr.1Cash…………….8,160,000

PremiumonBondsPayable…160,000

BondPayable…………………8,000,000

Torecordissuanceofbondsat102.

b.2023

Sept.30BondInterestExpense……………316,000

PremiumonBondsPayable………4,000

Cash…………320,000

Topayinterestandamortizebondpremium.

Semiannualinterestpayment:

$8,000,000x8%x1/2………$320,000

Lesspremiumamortized:

[$160,000/20yrs.]x1/2……

Interestexpense$316,000

c.2029

Mar.31BondInterestPayable……………160,000

BondInterestExpense……………158,000

PremiumonBondsPayable………2,000

Cash…………………320,000

Torecordfinalinterestpaymentandamortize

bondpremium:

(1)Interestexpensefor3monthsin2029=$316,000x3/6=$158,000

(2)Premiumamortizedin2029=$4,000x3/6=$2,000

(3)Interestpayablefrom12/31/28=$320,000x3/6=$160,000

Mar.31BondsPayable………8,000,000

Cash……8,000,000

Toretirebondsatmaturity.

d.(1)Amortizationofabondpremiumdecreasesannualinterestexpenseand,consequently,increasesannualnetincome.

(2)Amortizationofabondpremiumisanoncashcomponentoftheannualinterestexpensecomputation.Thus,ithasnoeffectuponannualnetcashflowfromoperatingactivities.(Receiptofcashuponissuanceofbondsandpaymentofcashtoretirebondsatmaturityarebothclassifiedasfinancingactivities.)

10.10MelliloCorporationissued$5millionof20-year,9.5percentbondsonJuly1,2023,at98.InterestisdueonJune30andDecember31ofeachyear,andallofthebondsintheissuematureonJune30,2023.Mellilo’sfiscalyearendsonDecember31.Preparethefollowingjournalentries:Ex.10.10

a.2023

July1Cash………4,900,000

DiscountonBondsPayable…100,000

BondsPayable………5,000,000

Torecordissuanceofbondsat98.

b.2023

Dec.31BondInterestExpense………………240,000

DiscountonBondsPayable………………2,500

Cash……237,500

Topayinterestandamortizebonddiscount:

Semiannualinterestpayment:

$5,000,000x91/2%x1/2……..$237,500