财务专业英语提纲 Fanacial Acoounting

Cash 现金Marketable Securities 有价证券Accounts Receivable 应收账款Notes Receivable 应收票据Interest Receivable 应收利息Inventory 存货Advances to Suppliers 预付账款Prepaid Rent 预付租金Prepaid Insurance 预付保险Investments in Securities 证券投资Land 土地Buildings 建筑物Equipment 设备Property, Plant, and Equipment 固定资产Furniture and Fixtures 家具Accumulated Depreciation 累计折旧Patents 专利权Goodwill 商誉
Accounts Payable 应付账款
Notes Payable 应付票据
Interest Payable 应付利息
Income Taxes Payable 应付所得税
Advances from Customers 预收账款
Advances from Tenants (Rent Received in advance) 预收租金Mortgage Payable 应付抵押款Bonds Payable 应付债券（长期）Deferred Income Taxes 递延所得税
Common Stock 普通股Additional Paid-In Capital 资本公积Preferred Stock 优先股
Retained Earings 留存收益Accumulated Other Comprehensive Income 累计其他综合收益
Sales Revenue 销售收入
Cost of Goods Sold 生产成本
Selling , General , and Administrative 营销管理费用（不含财务费用）Research and Development Expense 研发费用
Advertising Expense 广告支出
Interest Expense 利息支出
Income Tax Expense 所得税支出
一、
1. On February 5 Miller purchases an additional $25,000 of merchandise on account.
Merchandise Inventory $25,000
Accounts Payable $25,000
2. During February, Miller sells merchandise to customers for $50,000. Of this amount, $3,000 represents sales to customers who paid $3,000 to Miller on January 31. Miller makes the remaining $47,000 of sales on account.
Advances from Customer $3,000
Accounts Receivable $47,000
Sales Revenue $50,000
3. The acquisition cost of the merchandise sold to customers in transaction (2) is $30,000.
Cost of Goods Sold $30,000
Merchandise Inventory $30,000
4. Miller Corporation incurs and pays $14,500 of selling and administrative costs during February.
Selling and Administrative Expenses $14,500
Cash $14,500
5. Miller Corporation collects $35,000 from customers for sales previously made on account.
Cash $35,000
Accounts Receivable $35,000
6. Miller pays $20,000 to suppliers for merchandise previously purchased on account.
Accounts Payable $20,000
Cash $20,000
7. Miller Corporation declares and pays a dividend to shareholders of $1,000.
Retained Earnings $1,000
Cash $1,000
8. Miller records the cost of insurance, which is the portion of prepaid insurance attributable to insurance services received during February. Miller paid the $600 one-year insurance premium on January 31 for coverage from February 1 of this year through January 31 of next year.
Selling and Administrative Expenses $50
Prepaid Insurance $50
9. Miller Corporation records the cost of rent, which is the portion of prepaid rent that is attributable to rental services consumed during February. Miller paid $12,000 on January 31 to prepay its rent for February 1 of this year through January 31 of next year.
Selling and Administrative Expenses $1000
Prepaid Rent $1000
10. On February 1, Miller Corporation begins consuming the services of the building that it purchased on January 31 for $40,000 and recorded as an asset on that date. Miller records depreciation on the building starting from February 1 to reflect the consumption over time of building services. Assume that Miller expects the building to last for 20 years and that Miller believes the building will have no value at that time.
Selling and Administrative Expenses (Depreciation Expense) $167
Accumulated Depreciation $167
11. Miller Corporation records interest expense on the note payable for the month of February. On January 31, Miller signed a note payable promising to repay the bank the $40,000 of principal borrowed in three years’ time and to make yearly interest payments at the rate of 10% per annum, or $4,000 (= 10% × $40,000) per year.
Interest Expense $333
Interest Payable $333
12. Miller Corporation recognizes income tax expense on February’s income before income taxes. Assume an income tax rate of 35%. Net income before income taxes for February is $3,950 (= $50,000 − $30,000 − $14,500 − $50 − $1,000 − $167 − $333). Income tax expense is therefore $1,382 (= 0.35 × $3,950). Firms pay income taxes quarterly, so Miller’s income taxes remain unpaid at the end of February.
Income Taxes Expense $1,382
Income Taxes Payable $1,382
13. Closing entry for all the revenue and expense accounts.
Sales Revenue $50,000
Cost of Goods Sold $30,000
Selling and Administrative Expenses $15,717
Interest Expense $333
Income Taxes Expense $1,382
Retained Earnings $2,568
3.1Accounting Process for Revenues, Expenses, and Dividends Example 1. On February 5 Miller purchases an additional $25,000 of merchandise on account.
Merchandise Inventory $25,000
Accounts Payable $25,000
Example 2. During February, Miller sells merchandise to customers for $50,000. Of this amount, $3,000 represents sales to customers who paid $3,000 to Miller on January 31. Miller makes the remaining $47,000 of sales on account.
Advances from Customers $3,000
Accounts Receivable $47,000
Sales Revenue $50,000
Example 3. The acquisition cost of the merchandise sold to customers in transaction (2) is $30,000.
Cost of Goods Sold 30,000
Merchandise Inventory 30,000
Example 4. Miller Corporation incurs and pays $14,500 of selling and administrative costs during February.
Selling and Administrative Expenses $14,500
Cash $14,500
Example 5. Miller Corporation collects $35,000 from customers for sales previously made on account.
Cash $35,000
Accounts Receivable $35,000
Example 6. Miller pays $20,000 to suppliers for merchandise previously purchased on account.
Accounts Payable $20,000
Cash $20,000 Example ler Corporation declares and pays a dividend to shareholders of $1,000.
Retained Earnings $1,000
Cash $1,000 Example 8. Miller records the cost of insurance, which is the portion of prepaid insurance attributable to insurance services received during February. Miller paid the $600 one-year insurance premium on January 31 for coverage from February 1 of this year through January 31 of next year.
Selling and Administrative Expenses 50
Prepaid Insurance 50 Example ler Corporation records the cost of rent, which is the portion of prepaid rent that is attributable to rental services consumed during February. Miller paid $12,000 on January 31 to prepay its rent for February 1 of this year through January 31 of next year.
Selling and Administrative Expenses 1,000
Prepaid Rent 1,000 Example 10.On February 1, Miller Corporation begins consuming the services of the building that it purchased on January 31 for $40,000 and recorded as an asset on that date. Miller records depreciation on the building starting from February 1 to reflect the consumption over time of building services. Assume that Miller expects the building to last for 20 years and that Miller believes the building will have no value at that time.
Selling and Administrative Expenses 167
Accumulated Depreciation 167
Example ler Corporation records interest expense on the note payable for the month of February. On January 31, Miller signed a note payable promising to repay the bank the $40,000 of principal borrowed in three years’ time and to make yearly interest payments at the rate of 10% per annum, or $4,000 (= 10% × $40,000) per year.
Interest Expense 333
Interest Payable 333
Example ler Corporation recognizes income tax expense on February’s income before income taxes. Assume an income tax rate of 35%. Net income before income taxes for February is $3,950 (= $50,000 − $30,000 − $14,500 − $50 − $1,000 −$167 − $333). Income tax expense is therefore $1,382 (= 0.35 × $3,950). Firms pay income taxes quarterly, so Miller’s income taxes remain unpaid at the end of February.
Income Tax Expense 1,382
Income Tax Payable 1,382
Example 13.Closing entry for all the revenue and expense accounts.
Sales Revenue 50,000
Cost of Goods Sold 30,000
Selling and Administrative Expenses 15,717
Interest Expense 333
Income Tax Expense 1,382
Retained Earnings $2,586
Example 1. Great Deal sold a television for $1,000 to a customer who pays with cash. The television is marked down, and the customer cannot return or exchange it.
Cash $1,000
Sales revenue $1,000
Example 2. Great Deal sold a television for $1,000 to a customer who paid with a Great Deal credit card. The television is marked down and the customer cannot return or exchange it.
Accounts Receivable $1,000
Sales Revenue $1,000
Example 3.If Great Deal sells a gift card for $1,000 on the first day of its fiscal year, Great Deal expects to deliver on its promise of providing merchandise during the next 60 months. Great Deal has received $1,000 cash.
Cash $1,000
Advances from customers $1,000
If the cardholder used the card to purchase a $700 computer monitor.
Advances from customers $700
Sales revenue $700
The ca rdholder don’t purchase anything else by using the card until the gift card’s expiration date. The journal entry recorded at the gift card’s
expiration date:
Advances from customers $300
Sales revenue $300
Example 4. Another buyer of a gift card paid for the gift card with a Great Deal credit card.
Accounts Receivable $1,000
Advances from customers $1,000
Example 1. If Great Deal originally purchased the television in Example 1 for $650.
Cost of Goods Sold $650
Inventory $650
Example 2. Great Deal prints and mails advertisements to its preferred customers prior to annual sales events. Assume that these expenditures cost $2 million per year.
Advertising and Promotion Expense 2,000,000
Cash 2,000,000
4.3 Comprehensive Income
Example 1. Assume that U.S. GAAP and IFRS require firms to remeasure the amount of a particular asset from $10 million to $8 million because of economic events.
Other Comprehensive Income 2,000,000
ASSET 2,000,000
N et I ncome + O ther C omprehensive I ncome = C omprehensive I ncome
6.1 Income Recognition at the Time of Sale
Example 1. Turf Maintenance Company started a lawn services business on January 1, 2013. It sends invoices to its customers for lawn maintenance services at the end of each month and expects payment within 30 days. During 2013, Turf Maintenance billed its customers $2,000,000 for services rendered during the year. The aggregate effect of these entries during 2013 is as follows:
Accounts Receivable, Gross 2,000,000
Sales Revenue 2,000,000
Allowance Method 备抵法
Example 2. Assume Turf Maintenance estimates that it will not collect 2% of total credit sales in a given month. The aggregate effect of these entries during 2013 is as follows:
Bad Debt Expense 40,000
Allowance for Uncollectibles 40,000
Example 3. If Turf Maintenance’s customers paid $1,900,000 in cash during 2013, it would make the following journal entry with the following aggregated amounts: Cash 1,900,000
Accounts Receivable, Gross—specific accounts 1,900,000
Writing Off
Example 4. If, during 2013, Turf Maintenance identified accounts of specific customers totaling $15,000 with unpaid balances for six months and wrote them off, the journal entry would be as follows:
Allowance for Uncollectibles 15,000
Accounts Receivable—specific accounts 15,000
Example 5. At the end of 2013, Turf Maintenance expects to collect $60,000, measured as follows:
Accounts Receivable, Gross (2,000,000-1,900,000-15,000) 85,000 Less Allowance for Uncollectibles (40,000-15,000) 25,000 Accounts Receivable, Net 60,000
Dealing with Changes in Estimates of Uncollectible Accounts
Example 6. At the start of 2013, Coral Designs’s Allowance for Uncollectibles balance is €120,000. During 2013, Coral Designs wrote off €60,000 of accounts receivable. At the end of 2013, Coral Designs estimates, based on an aging of accounts, that the ending balance in the Allowance for Uncollectibles should be €130,000.
Bad Debt Expense 70,000
Allowance for Uncollectibles 70,000
Example 7. Assume the same information as provided in Example6 except that management estimates the ending balance in the Allowance for Uncollectibles is €45,000.
Allowance for Uncollectibles 15,000
Bad Debt Expense 15,000
Sales Returns: An Application of the Allowance Method
Example 8. At the start of fiscal 2012, the balance in Great Deal’s Allowance for Sales Returns was $18 million. This amount increased during the year by $14 million. The journal entry to record this increase is:
Sales Returns 14
Allowance for Sales Returns 14
6.2 Income Recognition after the Sale
Example 1. If Costco sold one membership one month before its reporting year’s end, it would record the receipt $50 of cash from the customer and the related performance obligation (to stand ready to provide access to shopping) as follows: Cash 50
Advances from Customers 50
Example 2. Costco recognizes as revenue $4.17, or 1/12th of the $50.00 fee, each month as it performs this obligation:
Advances from Customers 4.17
Sales Revenue 4.17
Example 3. The $2,500 sales price of Apple’s Mac computer in cludes three elements: (1) computer; (2) non-software services; and (3) software upgrades. Apple will allocate the total sales revenue to the three elements of the sales arrangement, according to the relative selling prices of the elements. Assume the separate selling prices for the three components of this arrangement: computer $2,200; non- software services $300; software upgrades $200. Therefore, Apple allocates the $2,500 total revenue as follows (amounts are rounded to the nearest dollar):
Assume that Apple recognizes revenue on undelivered elements on a straight-line basis over the device’s estimated service life of 48 months and the sale occurs on the first day of Apple’s fiscal year.
①At the Time of Sale
Cash 2,500
Sales Revenue 2,037
Advances from Customers 463
②At the End of One Year
Advances from Customers 115.75
Sales Revenue 115.75
Example 4. Assume a customer agrees to pay £20,000 over the next three years in three installments of £7,500, £8,750, and £3,750. The retailer’s cost of the item purchased is £14,000.
(1) Installment Method(分期收回)
The gross margin percentage: 30% = (£20,000 − £14,000)/£20,000
①At the time of sale
Accounts Receivable, Gross 20,000
Inventory 14,000
Deferred Gross Margin 6,000
②Record the customer’s first £7,500 installment payment
Cash 7,500
Deferred Gross Margin 2,250(= 0.30×7,500)
Cost of Goods Sold (plug) 5,250
Accounts Receivable, Gross 7,500
Sales Revenue 7,500
③Record the second installment payment of £8,750
Cash 8,750
Deferred Gross Margin 2,625 (= 0.30×8,750) Cost of Goods Sold (plug) 6,125
Accounts Receivable, Gross 8,750
Sales Revenue 8,750
④Record the third installment payment of £3,750
Cash 3,750
Deferred Gross Margin 1,125 (= 0.30×3,750) Cost of Goods Sold (plug) 2,625
Accounts Receivable, Gross 3,750
Sales Revenue 3,750
(2) Cost Recovery Method（成本收回）
①Record the first cash collection of £7,500
Cash 7,500
Cost of Goods Sold (plug) 7,500
Accounts Receivable, Gross 7,500
Sales Revenue 7,500
②Record the second cash collection of £8,750
Cash 8,750
Deferred Gross Margin 2,250
Cost of Goods Sold (plug) 6,500(=14,000-7,500)
Accounts Receivable, Gross 8,750
Sales Revenue 8,750
③Record the third cash collection of £3,750
Cash 3,750
Deferred Gross Margin 3,750
Accounts Receivable, Gross 3,750
Sales Revenue 3,750
(3) Fail to pay
Example 5. If the customer failed to make the third installment payment and the seller repossessed inventory with net realizable value of £2,600, the seller would make the following journal entry:
Inventory—Repossessed Items 2,600
Deferred Gross Margin 1,125
Loss on Repossession (plug) 25
Accounts Receivable, Gross 3,750
6.3 Income Recognition before Delivery
(1)Percentage-of-Completion Method
Example 1. Bombardier agrees to provide 25 trains over the next four years for a total contract price of €2 billion. The customer pays €250 million on signing the contract and will pay the remaining contract price in four equal installments of €437.5 million at the end of each year for four years. Bombardier estimates the total cost to fulfill this contract is €1.6 billion, to be incurred as follows:
①Beginning of First Year
Cash 250
Advances from Customers 250
②End of First Year
Cash 37.5
Advances from Customers 437.5
Advances from Customers 500
Cost of Goods Sold 400
Sales Revenue 500
Construction in Progress 400
③End of Second Year
Cash 437.5
Advances from Customers 437.5 Accounts Receivable, Gross 125(=750-625)
Advances from Customers 625(=250+437.5-500+437.5)
Cost of Goods Sold 600
Sales Revenue 750
Construction in Progress 600
④End of Third Year
Cash 437.5
Accounts Receivable, Gross 125
Advances from Customers 312.5 Accounts Receivable, Gross 187.5(=500-312.5)
Advances from Customers 312.5
Cost of Goods Sold 400
Sales Revenue 500
Construction in Progress 400 ⑤End of Fourth Y ear
Cash 437.5
Accounts Receivable, Gross 187.5
Advances from Customers 250 Advances from Customers 250
Cost of Goods Sold 200
Sales Revenue 250
Construction in Progress 200
(2) Completed Contract Method
①Beginning of First Year
Cash 250
Advances from Customers 250
②End of First/Second/Third Year
Cash 437.5
Advances from Customers 437.5 ③End of Fourth Y ear
Cash 437.5
Advances from Customers 1562.5
Cost of Goods Sold 1600
Sales Revenue 2000
Construction in Progress 1600。