财务会计习题参考答案 第11-13章

财务会计第11-13章课后习题参考答案Chapter 9 Accounting for ReceivablesPROBLEM 9-7ABYP 9-4(b)Accounts receivable represent 35.1% [$304.7 – $20.0)/$810.2] of the company’scurrent assets. This is a material amount of the current assets.(c)The ratios would probably vary throughout the year as receivables increaseduring the busy season and decrease in the “off” season. To improve the accuracy of the ratio, average receivables should be calculated using monthly or quarterly data, rather than just the beginning and ending balance.(d)It is difficult to evaluate Scott s’ credit risk with only a single year’s data and noindustry norms. An average collection period of 51 days may be reasonable for the type of customers that make up Scotts’ receivables.Scotts explained that a majority of its receivables were from its North American Consumer segment. Within this segment, there were several subgroups. If each subgroup (i.e. home centers, mass merchandisers, hardware stores, etc) is comprised of many smaller customers, this would indicate less credit risk than that associated with several large customers. The significant concentration of receivables within this largest segment was 79% from its top 3 customers. This represents a high concentration and therefore potentially greater risk.(e)Note 17 addressed the issues that surround credit risk. It provided the reader withat least a moderate degree of “comfort” that Scotts’accounts receivable and allowance policies were acceptable. The note also appears to comply with the full disclosure principle required under GAAP. In 2003 Scotts initiated disclosure on the company’s credit expense to its largest and second largest customers, 24.8% and 13.9% respectively. This may represent added risk, depending on the continuing relationship and the customer’s credit ratings.Chapter 10 Plant Assets, Natural Resources, and Intangible AssetsE10-4(a) Straight-line method:($96,000- $12,000)/5= $16,800 per year.2006 depreciation = $16,800 X 3/12 = $4,200.(b) Units-of-activity method:($96,000- $12,000)/10,000 = $8.40 per hour.2006 depreciation = 1,700 hours X $8.40 = $14,280.(c) Declining-balance method:2006 depreciation = $96,000 X 40% X 3/12 = $9,600.Book value January 1, 2007 = $96,000 – $9,600 = $86,400.2007 depreciation = $86,400 X 40% = $34,560.E10-5P10-5ABYP10-2A(f)The asset turnover ratio measures how efficiently a company uses its assets togenerate sales. It shows the dollars of sales generated by each dollar invested in asse ts. PepsiCo’s asset turnover ratio(1.11) was higher than Coca-Cola’s (.81).Therefore, it can be concluded that PepsiCo was more efficient during 2003 in utilizing assets to generate sales.Chapter 11 LiabilitiesE11-1(a) Jun. 1 Cash..................................................................... 70,000Notes Payable............................................ 70,000 (b) Jun. 30 Interest Expense. (700)Interest Payable (700)[($70,000 X 12%) X 1/12](c) Dec. 1 Notes Payable .................................................. 70,000Interest Payable ($70,000 X 12% X 6/12).... 4,200Cash.............................................................. 74,200 (d) $4,200E11-3(a)Nov. 30 Cash................................................................. 180,000Unearned Subscriptions .................. 180,000(9,000 X $20)(b) Dec. 31 Unearned Subscriptions ........................... 15,000Subscription Revenue ...................... 15,000($180,000 X 1/12)(c) Mar. 31 Unearned Subscriptions ............................... 45,000Subscription Revenue........................... 45,000($180,000 X 3/12)E11-5(a) Jan. 1 Cash................................................................. 200,000Bonds Payable .................................... 200,000 (b) July 1 Bond Interest Expense .............................. 10,000Cash ($200,000 X 10% X 1/2)........... 10,000 (c) Dec. 31 Bond Interest Expense .............................. 10,000Bond Interest Payable....................... 10,000 P11-1A(a) Jan. 1 Cash ..................................................................... 15,000Notes Payable .......................................... 15,0005 Cash ..................................................................... 10,400Sales ($10,400 ÷ 104%).......................... 10,000Sales Taxes Payable (400)($10,400 – $10,000)12 Unearned Service Revenue.......................... 9,000Service Revenue...................................... 9,00014 Sales Taxes Payable ....................................... 5,800Cash............................................................. 5,80020 Accounts Receivable...................................... 37,856Sales............................................................ 36,400Sales Taxes Payable .............................. 1,456(700 X $52 X 4%)25 Cash .....................................................................12,480Sales ($12,480 ÷ 104%).......................... 12,000Sales Taxes Payable (480)($12,480 – $12,000)(b) Jan. 31 Interest Expense (100)Interest Payable (100)($15,000 X 8% X 1/12)(c) Current liabilitiesNotes payable................................................................................ $15,000 Accounts payable ........................................................................ 42,500 Unearned service revenue ($15,000 – $9,000).................... 6,000Sales taxes payable ($400 + $1,456 + $480)........................ 2,336Interest payable (100)Total current liabilities....................................................... $65,936 BYP11-4。