会计学原理Financial Accounting by Robert Libby 答案

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Authors'RecommendedSolutionTime

(Timeinminutes)

Alternate

Casesand

Mini-exercisesExercises

Problems

ProblemsProjectsNo.TimeNo.TimeNo.TimeNo.TimeNo.Time1511214514512025212245245

23035

312345330420445

4605255206206307157308258209259*103010*112023*121212*133013*1430

14*

*Duetothenatureofthesecasesandprojects,itisverydifficulttoestimatetheamountoftimestudentswillneedtocompletetheassignment.Aswithanyopen-endedproject,itispossibleforstudentstodevotealargeamountoftimetotheseassignments.Whilestudentsoftenbenefitfromtheextraeffort,wefindthatsomebecomefrustratedbytheperceiveddifficultyofthetask.Youcanreducestudentfrustrationandanxietybymakingyourexpectationsclear.Forexample,whenourgoalistosharpenresearchskills,wedevoteclasstimediscussingresearchstrategies.Whenwewantthestudentstofocusonarealaccountingissue,weoffersuggestionsaboutpossiblecompaniesorindustries.

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FinancialAccounting,2/e1-5EXERCISES

E1–1.

TermorAbbreviationDefinition

K(1)SECA.Asystemthatcollectsandprocessesfinancial

G(2)Audit

informationaboutanorganizationandreportsthat(3)Soleproprietorshipinformationtodecisionmakers.

E(4)CorporationB.Measurementofinformationaboutanentityinthe

A(5)Accountingmonetaryunit–dollarsorothernationalcurrency.D(6)SeparateentityC.Anunincorporatedbusinessownedbytwoormore

(7)Auditreportpersons.

F(8)CostprincipleD.Theorganizationforwhichfinancialdataaretobe

C(9)Partnershipcollected(separateanddistinctfromitsowners).O(10)AICPAE.Anincorporatedentitythatissuessharesofstockas

(11)FASBevidenceofownership.

H(12)CPA

F.Initialrecordingoffinancialstatementelementsat

B(13)Unitofmeasureacquisitioncost.

N(14)GAAP

G.Anexaminationofthefinancialreportstoassurethatthey

(15)Publiclytraded

representwhattheyclaimandconformwithgenerallyacceptedaccountingprinciples.H.CertifiedPublicAccountant.

I.Anunincorporatedbusinessownedbyoneperson.J.Areportthatdescribestheauditors’opinionofthe

fairnessofthefinancialstatementpresentationsandtheevidencegatheredtosupportthatopinion.K.SecuritiesandExchangeCommission.L.FinancialAccountingStandardsBoard.

M.Acompanythatcanbeboughtandsoldbyinvestorson

establishedstockexchanges.

N.GenerallyAcceptedAccountingPrinciples.

O.AmericanInstituteofCertifiedPublicAccountants.

MINI-EXERCISES

M1–1.

Element

FinancialStatement

B

(1)Expenses

A.BalanceSheetD(2)CashFlowfromInvestingActivitiesB.IncomeStatement

A(3)AssetsC.StatementofRetainedEarningsC(4)DividendsD.StatementofCashFlows

B(5)Revenues

D(6)CashFlowfromOperatingActivitiesA(7)Liabilities

D(8)

CashFlowfromFinancingActivities

M1–2.SE(1)Retainedearnings(2)Accountsreceivable(3)Salesrevenue

(4)Property,plant,andequipmentE(5)Costofgoodssoldexpense(6)Inventories

(7)Interestexpense(8)AccountspayableA

(9)Land

M1–3.

AbbreviationFullDesignation

(1)CPACertifiedPublicAccountant

(2)GAAPGenerallyAcceptedAccountingPrinciples(3)CMACertifiedManagementAccountant

(4)AICPAAmericanInstituteofCertifiedPublicAccountants(5)SECSecuritiesandExchangeCommission(6)

FASB

FinancialAccountingStandardsBoard

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1-6SolutionsManual

E1–2.L(1)AccountspayableA(2)Accountsreceivable

A(3)CashandcashequivalentsE(4)Costofproductssold

A(5)Property,plantandequipmentE(6)IncometaxesE(7)InterestexpenseA(8)InventoriesA(9)Land

E(10)Marketing,administrative,andotheroperatingexpensesL(11)Long-termdebtR(12)Netsales

L(13)NotespayableSE(14)RetainedearningsL

(15)

Taxespayable

E1–3.L(1)AccountspayableA(10)Buildings

A(2)AccountsreceivableA(11)CashandcashequivalentsE(3)Costofgoodssold

A(12)Land

E(4)DistributionandwarehousingA(13)MachineryandequipmentL(5)DividendspayableE

(14)Marketing,sellingand

advertising

E(6)GeneralandadministrativeR(15)Netsales

L(7)IncometaxespayableL(16)NotespayabletobanksA(8)InventoriesE(17)Provisionforincometaxes*A

(9)Investments

SE(18)Retainedearnings*Notethat“Provisionforincometaxes〞isacommonsynonymfor“Incometaxexpense.〞

HondaMotorCo.,Ltd.

BalanceSheetasofMarch31,20A(inmillionsofYen)

Cashandcashequivalents

150,554Tradeaccounts,notes,andotherreceivables817,761Inventories606,689Investments

212,294Netproperty,plantandequipment1,008,196Otherassets213,845Totalassets

Accountspayableandothercurrentliabilities1,308,748Long-termdebt569,479Otherliabilities94,485Contributedcapital281,208Retainedearnings

755,419Totalliabilitiesandstockholders’equity

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FinancialAccounting,2/e

1-9

E1–7.

WAL-MARTSTORES,INC.

IncomeStatement

FortheQuarterendedOctober31,20A

(inthousands)

Netsales

$20,417,717RentalandotherincomeTotalrevenues$20,652,833

Costofsales

$16,200,873Operating,sellingandgeneraland3,340,263administrativeexpensesInterestcosts

184,190

Totalcostsandexpenses19,725,326Pretaxincome

$927,507Provisionforincometaxes*339,422Netincome

*Notethat“Provisionforincometaxes〞isacommonsynonymfor“Incometaxexpense.〞

E1–8.

HOMEREALTY,INCORPORATED

IncomeStatement

FortheYearEndedDecember31,20C

Revenue:

Commissionsearned($150,000+$16,000)$166,000Rentalservicefees20,000

Totalrevenues$186,000

Expenses:

Salariesexpense$62,000Commissionexpense35,000Payrolltaxexpense2,500Rentexpense($2,200+$200)*2,400Utilitiesexpense1,600Promotionandadvertisingexpense8,000Miscellaneousexpenses500

Totalexpenses(excludingincometaxes)112,000

Pretaxincome$74,000Incometaxexpense18,500NetIncome*$2,200hasbeenpaidfor11months($200permonth)plus$200owedforDecember.

Req.1

READMORESTORE

BalanceSheetAtDecember31,20A

ASSETS

LIABILITIESCash

$48,900Accountspayable$8,000Accountsreceivable

26,000Notepayable2,000Storeandofficeequipment

48,000

Interestpayable120Totalliabilities

$10,120

STOCKHOLDERS’EQUITYContributedcapital$100,000Retainedearnings

12,780Totalstockholders’equity112,780TotalliabilitiesandTotalassets$122,900

stockholders'equity

$122,900Req.2

Netincomefortheyearwas$12,780.Thisisthefirstyearofoperationsandnodividendsweredeclaredorpaidtostockholders;therefore,retainedearningsis$12,780(whichrepresentsincomeforoneyear).

E1–6.

THECOLLEGIATESHOP

IncomeStatement

FortheMonthofJanuary20A

RevenuefromSales:

Sales:Cash

$120,000Oncredit

1,000

Totalsalesrevenue

$121,000Expenses:

Costofgoodssold

$40,000Salaries,rent,supplies,andother

expenses(paidincash)

38,000Utilities

600

TotalExpenses

78,600NetIncome

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1-10

SolutionsManual

E1–9.ABCDTotalExpenses=$50,000-$13,000=E

E1–10.

CLAYCORPORATIONIncomeStatement

FortheMonthofJanuary20A

Totalrevenues

$130,000Less:Totalexpenses(excludingincometax)80,000Pretaxincome

$50,000Less:Incometaxexpense

15,000Netincome

CLAYCORPORATION

BalanceSheetAtJanuary31,20A

AssetsCash

$30,000Receivablesfromcustomers15,000Merchandiseinventory42,000Totalassets

Liabilities:

Payablestosuppliers$11,000Incometaxespayable

15,000Totalliabilities

26,000

Stockholders'equity:

Contributedcapital(2,600shares)

$26,000Retainedearnings(fromincomestatementabove)35,000

61,000Totalliabilitiesandstockholders'equity

EXERCISESE2–1.

(1)E;(2)F;(3)B;(4)O;(5)J;(6)A;(7)L;(8)N;(9)M;(10)D.

E2–2.Req.1

Given

Received

(a)NotepayableComputerequipment(b)CashDeliverytruck(c)—

—Noexchangetransaction(d)ContributedcapitalCash

(e)CashConstructioninprogressOrBuilding

(f)CashCopyright(g)CashRetainedearningsReducedfuturepromisetopay

(h)CashInvestments(i)CashLand

(j)CashandNotepayablePatents

(k)—

—Noexchangetransaction(l)NotepayableCash(m)

Cash

Notepayable

Reducedpromisetopay

Req.2

Thetruckis(b)wouldberecordedasanassetof$21,000.Thelandin(i)wouldberecordedasanassetof$50,000.Theseareapplicationsofthecostprinciple.

Req.3

Theagreementin(c)involvesnoexchangeorreceiptofcash,goods,orservicesandthusisnotatransaction.Sincetransaction(k)occursbetweentheownersandothers,thereisnoeffectonthebusinessbecauseoftheseparate-entityassumption.

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FinancialAccounting,3/e2-9E2–5Req.1

Assets

=

Liabilities

+

Stockholders’Equity

a.Property,plant

+216.3Notepayable

+5.0

equipment

Cash–211.3b.Cash+21.1Contributed+21.1capitalc.

Cash

–78.8

Dividends+21.2

Retained–100.0

payableearnings

d.Noeffectse.Cash–3.2Notepayable

–3.2

f.

Cash+1.4Investments

–1.4

Req.2

Theseparate-entityassumptionstatesthattransactionsofthebusinessareseparatefromtransactionsoftheowners.Sincetransaction(d)occursbetweentheownersandothersinthestockmarket,thereisnoeffectonthebusiness.E2-6.a.

Cash(+A)

20,000

Contributedcapital(+SE)20,000

b.

Cash(+A)

6,000

Notepayable(+L)6,000

c.

Land(+A)12,000

Cash(A)1,000Mortgagenotepayable(+L)11,000

d.

Notereceivable(+A)300

Cash(A)300

e.

Notepayable(L)

6,000

Cash(A)6,000

f.

Equipment(+A)

8,000

Cash(A)

1,000

E2–3.

BalanceSheetDebitorCredit

1.NCADebit2.SECredit3.NCLCredit4.CADebit5.NCADebit6.SECredit7.NCADebit8.

CLCredit9.CADebit10.

CL

Credit

E2–4.

Assets

=

Liabilities+Stockholders’Equitya.Cash+20,000Contributed+20,000

capital

b.Cash

+6,000Notepayable+6,000c.

Land+12,000MortgagenoteCash

–1,000payable

+11,000

d.Notereceivable

+300Cash–300e.Cash–6,000Notepayable–6,000f.

Equipment+8,000Notespayable

+7,000

Cash

–1,000

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2-10SolutionsManual

Notepayable(+L)7,000

Req.1a.

Property,plantequipment(+A)216.3

Cash(A)211.3Notepayable(+L)5.0

b.

Cash(+A)

21.1

Contributedcapital(+SE)21.1

c.

Retainedearnings(SE)100.0

Cash(A)78.8Dividendspayable(+L)21.2

d.Nojournalentryrequired.

e.

Notepayable(L)3.2

Cash(A)3.2

f.

Cash(+A)

1.4

Investments(A)

1.4

Req.2

Theseparate-entityassumptionstatesthattransactionsofthebusinessareseparatefromtransactionsoftheowners.Sincetransaction(d)occursbetweentheownersandothersinthestockmarket,thereisnoeffectonthebusiness.

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FinancialAccounting,3/e2-13E2–9.Req.1Transaction

BriefExplanation

1

Issuedcapitalstocktoshareholdersfor$12,000cash.(AssumeFullemFineFurnitureCompanyisacorporation.)

2Borrowed$50,000cashandsignedaninterest-bearingnoteforthisamount.

3Purchasedlandfor$12,000;paid$4,000cashandgavean$8,000notepayableforthebalance.

4Loaned$3,000cash;borrowersignedaninterest-bearingnoteforthisamount(NoteReceivable).

5Purchasedstorefixturesfor$7,000cash.6Paid$3,000onNotePayable.

7

Collected$2,000cashonNoteReceivable.

Req.2

FullemFineFurnitureCompany

BalanceSheetatJanuary7,20A

Assets

Liabilities

CurrentAssetsCurrentLiabilitiesCash

$47,000Notepayable

$55,000Short-termnotereceivable1,000TotalCurrentLiabilities55,000

TotalCurrentAssets48,000Storefixtures7,000Stockholders’EquityLand

12,000

Contributedcapital

12,000TotalStockholders’Equity12,000TotalLiabilitiesTotalAssets$67,000

Stockholders’Equity

$67,000

Req.1

Cash

NoteReceivableEquipment

Beg.0

Beg.0Beg.0(a)60,0003,000(b)(d)2,000

(b)12,000

(e)4,0002,000(d)

2,000(f)

57,0002,000

12,000

Land

NotePayable

ContributedCapital

Beg.00Beg.

0Beg.(e)10,000

(f)

2,0009,000(b)

60,000(a)14,000(e)

10,0007,000

74,000

Req.2Assets$81,000

=Liabilities$

7,000

+Stockholders’Equity$

74,000

Req.3

Theagreementin(c)involvesnoexchangeorreceiptofcash,goods,orservicesandthusisnotatransaction.Sincetransaction(g)occursbetweentheownersandothers,thereisnoeffectonthebusinessduetotheseparate-entityassumption.

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2-14SolutionsManual

E2–10.Req.1Transaction

BriefExplanation

1

Issuedcapitalstocktoshareholdersfor$50,000cash.

2Purchaseddeliverytruckfor$25,000;paid$4,000cashandgavea$21,000notepayableforthebalance.

3Loaned$4,000cash;borrowersignedashort-terminterest-bearingnoteforthisamount.

4Purchasedinvestmentsfor$6,000cash.5Paid$3,000onNotePayable.

6Soldinvestmentsatcostfor$2,000cash.

7

Issuedcapitalstocktoshareholdersfor$4,000ofcomputerequipment.

Req.2

Faye’sFashions,Inc.

BalanceSheetatMarch31,20B

Assets

Liabilities

CurrentAssetsNotepayable$18,000Cash

$35,000TotalLiabilities

18,000

Short-terminvestments4,000Short-termnotereceivable4,000TotalCurrentAssets43,000NoncurrentAssets

Stockholders’EquityComputerequipment4,000Contributedcapital

54,000Deliverytruck25,000TotalStockholders’Equity54,000TotalLiabilitiesTotalAssets

$72,000

Stockholders’Equity

$72,000

E2–15(continued)Req.2

LeeDeliveryCompany

BalanceSheetatEndof20C

Assets

Liabilities

CurrentAssetsCurrentLiabilities

Cash

$20,000Short-termnotespayable$12,000

Short-termnotereceivable2,000TotalCurrentLiabilities12,000TotalCurrentAssets22,000Long-termnotespayable

12,000Non-currentAssetsTotalLiabilities

24,000

Land

9,000Equipment

28,000Stockholders’Equity

Contributedcapital

35,000TotalStockholders’Equity35,000TotalLiabilities

TotalAssets

$59,000Stockholders’Equity

$59,000

Req.3

20D:

Financial=AverageTotalAssets=($59,000+$90,000)/2=

$74,500=1.75LeverageAverageStockholders’

($35,000+$50,000)/2

$42,500

Equity

20E:

Financial=AverageTotalAssets=($90,000+$120,000)/2=$105,000=2.10LeverageAverageStockholders’($50,000+$50,000)/2$50,000

EquityThefinancialleverageratiohasincreasedovertheyears.Thissuggeststhatthecompanyhasbeentakingonadditionalriskthroughdebtfinancing.

Req.4

LeeDeliveryServiceshasalreadybeenfinancingtheirdevelopmentthroughdebt(asevidencedbytheincreasingleverageratio).Thissuggeststhecompanyistakingon

increasingrisk.Thebank’svicepresidentshouldnotextendtheloantothecompanyasitcurrentlystands.

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FinancialAccounting,3/e2-21E2–18.

Activity

TypeofActivity

EffectonCash

(a)Reductionoflong-termdebtF(b)PurchaseofinvestmentsI(c)IssuanceofcommonstockF+(d)Capitalexpenditures

I(e)Issuanceoflong-termdebt

F+(f)ProceedsfromsalesofassetsandinvestmentsI+(g)Dividendspaid

F

E2–19.

HiltonHotelsCorporationPartialStatementofCashFlowsFortheyearendedDecember31,20C

InvestingActivities

Purchaseofinvestments

$(282.2)Purchaseandrenovationofproperties(274.5)Saleofproperty

5.4Receiptofpaymentfromnotereceivable5.4Cashflowfrominvestingactivities$(545.9)

FinancingActivities

Additionalborrowingfrombanks$438.5Paymentofdebt(32.2)Issuanceofstock

2.9Cashflowfromfinancingactivities

$409.2

E2-20.

1.Currentassets

Intheassetsectionofaclassifiedbalancesheet.2.Debtprincipalrepaid

Inthefinancingactivitiessectionofthestatementof

cashflows.

3.SignificantaccountingpoliciesUsuallythefirstnoteafterthefinancialstatements.4.Cashreceivedonsaleof

Intheinvestingactivitiessectionofthestatementof

noncurrentassetscashflows.

5.DividendspaidInthefinancingactivitiessectionofthestatementof

cashflows.

6.Short-termobligationsInthecurrentliabilitiessectionofaclassifiedbalance

sheet.

7.Dateofthestatementof

Intheheadingofthebalancesheet.

E2–16.Transaction

BriefExplanation

(a)Issuedcapitalstocktoshareholdersfor$17,000cashand$3,000toolsandequipment.

(b)

Purchasedabuildingfor$50,000;paid$10,000cashandgavea$40,000notepayableforthebalance.

(c)Loaned$1,500cash;borrowersignedanotereceivableforthisamount.(d)Collected$500fromthenotereceivablein(c).(e)Paid$1,000onnotepayablein(b).

(f)

Sold$800oftoolsandequipmentfortheiroriginalcost.

E2–17.Req.1

Increaseswith…

Decreaseswith…EquipmentPurchasesofequipmentSalesofequipmentNotereceivableAdditionalloansCollectionofloansNotespayableAdditionalborrowings

Paymentsofdebt

Req.2

Equipment

NoteReceivable

NotesPayable

1/13001/1

751301/1250290

17012/31

450

12/31

50

18012/31

Beginning+“+〞“〞=EndingbalancebalanceEquipment

$300+250?=$450?=Notereceivable

75+?290=50

?=Notepayable

130

+170

?=180

?

=

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2-22SolutionsManual

financialposition.

PROBLEMS

P2–1.

BalanceSheetDebitorCredit

(1)CADebit(2)CADebit(3)SECredit(4)NCLCredit(5)CADebit(6)NCADebit(7)CLCredit(8)CADebit(9)CLCredit(10)CADebit(11)NCLCredit(12)SECredit(13)CADebit(14)NCADebit(15)

NCA

Debit

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TheMcGraw-HillCompanies,Inc.,2023

FinancialAccounting,3/e2-25P2-2(continued)Req.2

Assets

=Liabilities

+

Stockholders'EquityShort-termNotesNotesContributedRetainedCashInvestmentsReceivable

Land

BuildingEquipment

Payable

CapitalEarnings

(a)+40,000=

+40,000

(b)–13,000+12,000+65,000

+16,000=

+80,000(c)Noeffect

(d)–3,000+3,000

=(e)+4,000–4,000

=

(f)

–5,000+5,000+23,000

+3,000

+5,000

+8,000+65,000

+16,000=

+80,000

+40,000

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TheMcGraw-HillCompanies,Inc.,2023

P2–2.Req.1

Lester’sHomeHealthcareServiceswasorganizedasacorporation.Onlyacorporationissuessharesofcapitalstocktoitsownersinexchangefortheirinvestment,asLester’sdidintransaction(a).Req.2(Onnextpage)Req.3

Thetransactionbetweenthetwostockholders(Transactionc)wasnotincludedinthe

tabulation.Sincethetransactionin(c)occursbetweentheowners,thereisnoeffectonthebusinessduetotheseparate-entityassumption.Req.4

(a)Totalassets=$23,000+$3,000+$5,000+$8,000+$65,000+$16,000=$120,000(b)

Totalliabilities=$80,000

(b)Totalstockholders’equity=Totalassets–Totalliabilities

=$120,000–$80,000=$40,000(d)Cashbalance=$40,000–$13,000–$3,000+$4,000–$5,000=$23,000(e)

Totalcurrentassets=$23,000+$3,000+$5,000=$31,000

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2-26SolutionsManual

P2–3.Req.1and2

CashShort-TermInvestmentsAccountsReceivableBeg.

35,000

Beg.3,000Beg.5,000

(b)20,00010,000(a)

(d)15,000(f)20,00012,000(c)(j)

2,00015,000

(d)End.

18,000End.5,000

5,000(e)6,000(g)Inventory

Long-TermNoteReceivable15,000

(h)

Beg.

40,000

Beg.2,000(c)12,000End.14,000

End.40,000

End.

14,000EquipmentFactoryBuildingIntangibles

Beg.

80,000Beg.150,000Beg.5,000(a)

30,0002,000(j)

(h)42,000(g)6,000End.108,000

End.192,000

End.

11,000

Accountspayable

AccruedLiabilitiesPayable

Short-TermNotePayable

25,000Beg.

3,000Beg.

12,000Beg.

(e)5,00020,000(a)

20,000(f)25,000End.

3,000End.

47,000End.

Long-TermNotePayable

ContributedCapital

RetainedEarnings

80,000Beg.150,000Beg.50,000Beg.

27,000(h)

20,000(b)

107,000End.

170,000End.

50,000End.

h.

Cash(+A)2,800

Marketablesecurities(A)

2,800

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TheMcGraw-HillCompanies,Inc.,2023

FinancialAccounting,3/e2-41AP2–5.(continued)Req.3