西方财务会计综合练习(一)

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西方会计学原理试题及答案

西方会计学原理试题及答案一、选择题1. 以下哪个选项是会计信息的主要用户？a) 公司经理b) 银行家c) 投资者d) 所有答案都对答案：d) 所有答案都对2. 以下哪个原则规定了会计师需要根据客观证据进行决策？a) 费用约束原则b) 实体概念原则c) 可靠性原则d) 成本原则答案：c) 可靠性原则3. 资产的净额等于：a) 资产的总价值b) 资产减去负债c) 资产的市场价值d) 所有答案都对答案：b) 资产减去负债二、填空题1. 资产=________ + 负债答案：所有者权益2. 会计方程式是________ + 负债 = 所有者权益答案：资产三、问答题1. 解释会计信息的可靠性原则。

答：可靠性原则要求会计师根据客观证据进行决策，确保会计信息的准确性和可靠性。

这意味着会计师应该避免主观偏见，仅依据可验证的事实记录和报告财务信息。

2. 解释资产和负债的区别。

答：资产是公司拥有的具有经济价值的资源，包括现金、设备、房地产等。

负债是公司对外欠下的债务或义务，如贷款、应付账款等。

区别在于资产代表了公司的资源，而负债代表了公司需要偿还的债务。

四、分析题某公司的资产总额为500,000，负债总额为200,000。

根据这些信息，回答以下问题：1. 计算公司的所有者权益。

答：所有者权益 = 资产总额 - 负债总额所有者权益 = 500,000 - 200,000所有者权益 = 300,0002. 这家公司的资产主要由什么构成？债务主要是哪些？答：这家公司的资产构成包括现金、设备、房地产等。

债务主要包括贷款、应付账款等。

3. 该公司的负债占全部资产的比例是多少？答：负债占全部资产的比例 = 负债总额 / 资产总额 × 100%负债占全部资产的比例 = 200,000 / 500,000 × 100%负债占全部资产的比例 = 40%总结：本文主要介绍了西方会计学原理试题及答案。

通过选择题、填空题、问答题和分析题，读者可以加深对会计学原理的理解。

西方财务会计课后习题答案

西方财务会计课后习题答案Merchandise Inventory and Cost of Goods SoldCheck Points(10 min.) CP 6-1Nissan North AmericaBalance SheetDecember 31, 20X6Current assets:Inventory (300 @ $80)…………………..$24,000Nissan North AmericaIncome StatementYear Ended December 31, 20X6Sales revenue [700 ($80 + $40)]……….$84,000Cost of goods sold (700 @ $80)………… 56,000Gross profit………………………………….$28,000(10-15 min.) CP 6-2 1. (Journal entries)Inventory…………………………………..100,000Accounts Payable…………………….100,000 Cash ($140,000 ⨯.20)……………………28,000Amounts Receivable ($140,000 ⨯ .80).. 112,000Sales Revenue………………………...140,000 Cost of Goods Sold……………………..60,000Inventory ($100,000 ⨯.60)…………..60,000 2. (Financial statements)BALANCE SHEETCurrent assets:Inventory ($100,000 –$60,000)……………….$40,000 INCOME STATEMENTSales revenue………………………………………$140,000Cost of goods sold……………………………….. 60,000Gross profit…………………………………………$ 80,000(10 min.) CP 6-3Billions Inventory………………………… 6.4Cash…………………………... 6.4 Accounts Receivable………….28.5Sales Revenue……………….28.5Cost of Goods Sold…………… 6.2Inventory……………………... 6.2 Cash………………………………26.3Accounts Receivab le……….26.3(10 min.) CP 6-41. I nventory costs are increasing from $10 to $14 to $18 per unit.2. FIFO results in the highest cost of ending inventory($360)because under FIFO the ending inventory is costed at the last costs incurred during the period. When costs are increasing, the last costs are the highest costs.FIFO results in the lowest cost of goods sold. This occurs because the oldest costs are assigned to cost of goods sold.When costs are increasing, the oldest costs are the lowest.FIFO results in the highest gross profit because cost of goods sold, the expense, is the lowest. (Sales revenue is unaffected by the inventory costing method.)3. LIFO results in the lowest cost of ending inventory($240)because under LIFO, the ending inventory is costed at the oldest costs. When costs are increasing, the oldest costs are the lowest costs.LIFO results in the highest cost of goods sold. This occurs because the last costs of the period are assigned to cost of goods sold. When costs are increasing, the last costs are the highest.LIFO results in the lowest gross profit because cost of goods sold, the expense, is the highest. (Sales revenue is unaffected by the inventory costing method.)(10 min.) CP 6-5a b cAverageCost FIFO LIFO Cost of goods sold:Average (50 @ $15*) $750FIFO (10 @ $10) + (25 @ $14) + (15 @ $18) $720LIFO (25 @ $18) + (25 @ $14) $800 Ending inventory:Average (10 @ $15*) $150FIFO (10 @ $18) $180LIFO (10 @ $10) $100 _____*Average cost= ($100 + $350 + $450)= $15per unit (10 + 25 + 25)(10-15 min.) CP 6-6Kinko’sIncome StatementYear Ended December 31, 20XXAverage FIFO LIFO Sales revenue (600 ⨯ $20) $12,000 $12,000 $12,000 Cost of goods sold (600 ⨯ $9.90*)5,940(100 ⨯ $9) + (500 ⨯ $10) 5,900(600 ⨯ $10) 6,000 Gross profit 6,060 6,100 6,000 Operating expenses 4,000 4,000 4,000 Net income $ 2,060 $ 2,100 $ 2,000 _____*Beginning inventory (100 @ $9.20)…………..$ 920 Purchases (700 @ $10)………………………… 7,000Goods available…………………….……………$7,920 Average cost per unit $7,920 / 800 units…$ 9.90(10 min.) CP 6-7Kinko’sIncome StatementYear Ended December 31, 20XXAverage FIFO LIFO Sales revenue (600 ⨯ $20) $12,000 $12,000 $12,000 Cost of goods sold (600 ⨯ $9.90*)5,940(100 ⨯ $9) + (500 ⨯ $10) 5,900(600 ⨯ $10) ______ ______ 6,000 Gross profit 6,060 6,100 6,000 Operating expenses 4,000 4,000 4,000 Income before income tax $ 2,060Income tax expense (40%) $ 824*From CP 6-6(5 min.) CP 6-8 Lands’ End managers can delay purchases of inventory until the next year. Under LIFO, high inventory costs that would have been paid for inventory do not become expense as cost of goods sold in the current year. As a result, the current year’s income statement reports a higher net income than Lands’ End would have reported if the company had replaced inventory before year end.(5-10 min.) CP 6-9Millions BALANCE SHEETCurrent assets:Inventories, at market (which is lower than cost).. $ 330 INCOME STATEMENTCost of goods sold [$1,001 + ($333 –$330)]…………$1,004(10 min.) CP 6-101. FIFO2. LIFO Gross profitpercentage:Gross profit= $460*= 46%$340**= 34%Net sales revenue $1,000 $1,000 _____* $1,000 – $540 = $460** $1,000 – $660 = $340Inventory turnover:Cost of goods sold= $540 $660Average inventory ($100 + $360) / 2 ($100 + $240) / 2= 2.3 times = 3.9 times3. Gross profit percentage — FIFO looks better.4. Inventory turnover — LIFO looks better.(10-15 min.) CP 6-11 1. Beginning inventory……………………………... $ 300,000+ Purchases……………………………………….… 1,600,000 = Goods available…………………………………... 1,900,000 –Cost of goods sold………………………………. (1,800,000) = Ending inventory……………………………….…2. Beginning inventory……………………………..+ Purchases……………………………………….…= Goods available…………………………………...–Cost of goods sold:Sales revenue……………………….$3,000,000Less estimated gross profit (40%) (1,200,000)Estimated cost of goods sold……………….= Estimated cost of ending inventory…………... $ 100,000(5-10 min.) CP 6-12CorrectAmount(Millions)a. Inventory ($333 + $3)…………………………………$ 336b. Net sales (unchanged)……………………………….$1,755c. Cost of goods sold ($1,001 –$3)…………………...$ 998d. Gross profit ($754 + $3)……………………….……..$ 757(10 min.) CP 6-13 1. Last year’s reporte d gross profit was understated.Correct gross profit last year was $5.6 million ($4.0 + $1.6). 2. This year’s gross profit is overstated.Correct gross profit for this year is $3.2 million ($4.8 – $1.6).3. Lang’s perspective is better because correcti ng the errorchanges the trend of correct gross profit from up (good) to down (bad), as follows:MillionsLast Year This Year Trend Reported gross profit……..$4.0 $4.8 Up (Good) Correct gross profit……….$5.6 $3.2 Down (Bad)(5-10 min.) CP 6-14 1. Ethical. There is nothing wrong with buying inventorywhenever a company wishes.2. Ethical. Same idea as 1.3. Unethical. The company falsified its reported amounts ofinventory and net income.4. Unethical. The company falsified its reported inventorypurchases, cost of goods sold, and net income in order to cheat the government (and the people) out of income tax.5. Unethical. The company falsified its reported amount ofinventory in order to cheat the government (and the people) out of taxes.Exercises(15-20 min.) E 6-1 Req. 1 (journal entried)Perpetual System1. Purchases: ThousandsInventory…………………….……….… 2,200Accounts Payable………………….2,2002. Sales:Cash ($3,500 ⨯.20) (700)Accounts Receivable ($3,500 ⨯ .80). 2,800Sales Revenue…………….……….3,500 Cost of Goods Sold………………….. 2,100Inventory………………….………....2,100Req. 2 (financial statement amounts)BALANCE SHEET Thousands Current assets:Inventory ($370 + $2,200 – $2,100)... $ 470 INCOME STATEMENTSales revenue…………………………….$3,500Cost of goods sold……………………… 2,100Gross profit……………………………….$1,400(15-25 min.) E 6-2JournalDATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT1 Inventory ($640 + $1,870 + $900)……….3,410Accounts Payable………………………3,4102 Accounts Receivable (17 @ $500)……...8,500Sales Revenue…………………………..8,500 Cost of Goods Sold……………………….2,800*Inventory…………………………………2,8003 Sales revenue………………………………$8,500Cost of goods sold……………………….. 2,800Gross profit…………………………………$5,700Ending inventory ($800 + $3,410 –$2,800)……...$1,410 _____*(9 @ $160) + (8 @ $170) = $2,800(10-15 min.) E 6-3 1.Cost of Goods Sold Ending Inventory(a) Specificunit cost (6 @ $160) + (11 @ $170) = $2,830 (3 @ $160) + (5 @ $180) = $1,380 (b) Averagecost 17 ⨯ $168.40* = $2,863 8 ⨯ $168.40* = $1,347 _____*Average cost per unit = ($800 + $640 + $1,870 + $900)= $168.40(5 + 4 + 11 + 5)(c) FIFO (9 @ $160) + (8 @ $170) = $2,800 (5 @ $180) + (3 @ $170) $1,410(d) LIFO (5 @ $180) + (11 @ $170) + (1 @ $160) $2,930 (8 @ $160) $1,2802. LIFO produces the highest cost of goods sold.FIFO produces the lowest cost of goods sold.The increase in inventory cost from $160 to $170 to $180 per unit causes the difference in cost of goods sold.(15-20 min.) E 6-4 Cost of goods sold:LIFO ($2,930) –FIFO ($2,800)…………………………$130 In come tax rate……………………………………….. .35 LIFO advantage in tax savings…………………………..$ 46(15 min.) E 6-51. a. FIFOCost of goods sold:(5 @ $90) + (5 @ $95)……………...$925Ending inventory:7 @ $95………………………………$665b. LIFOCost of goods sold:10 @ $95……………………………..$950Ending inventory:(5 @ $90) + (2 @ $95)……………...$6402.VPA, Inc.Income StatementMonth Ended May 31, 20XXSales revenue (3 @ $150) + (7 @ $155)................$1,535 Cost of goods sold. (925)Gross profit (610)Operating expenses (310)Income before income tax (300)Income tax expense (40%) (120)Net income………………………………………………$ 180(15 min.) E 6-6Millions1. Gross profit: FIFO LIFOSales revenue……………………………………$4.9 $4.9 Cost of goods soldFIFO: 600,000 ⨯$7…………………………… 4.2LIFO: (400,000 ⨯ $5) + (100,000 ⨯ $6)+ (100,000 ⨯$7)……………………… 3.3 Gross profit………………………………………$ .7 $1.6 2. Gross profit under FIFO and LIFO differ because inventorycosts decreased during the period.If you base your prediction on the decrease in inventory unit cost, then, yes, you would predict that LIFO gross profit would be higher.But if you assume that FIFO produces higher gross profit, then, no, the actual result does not follow your prediction.(15-20 min.) E 6-7 DATE: _____________TO: Rick TaborFROM: Student NameSUBJECT: Proposal for Saving Income TaxWe can save income tax by buying above-normal quantities of inventory before the end of the year. Inventory costs are rising, and the company uses the LIFO inventory method. Under LIFO, the higher cost of year-end purchases of inventory goes straight into cost of goods sold. This increases cost of goods sold and decreases net income and income taxes. Because our inventory levels are lower than normal, we need the inventory anyway. In effect, we can use our cash to buy inventory or to pay income taxes. I think it would be wiser to buy inventory.(10-15 min.) E 6-8 Specificunit cost 1. Used to account for automobiles, jewelry, and art objects.Average 2. Provides a middle-ground measure of ending inventory and cost of goods sold.FIFO 3. Maximizes reported income.LIFO 4. Matches the most current cost of goods sold against sales revenue.LIFO 5. Results in an old measure of the cost of ending inventory.LIFO 6. Generally associated with saving income taxes. FIFO 7. Results in a cost of ending inventory that is close to the current cost of replacing the inventory.LIFO 8. Enables a company to buy high-cost inventory at year end and thereby to decrease reportedincome.LIFO 9. Enables a company to keep reported income from dropping lower by liquidating older layers ofinventory.LCM 10. Writes inventory down when replacement cost drops below historical cost.(5-10 min.) E 6-9Jeffrey CorporationIncome Statement (partial)Year Ended December 31, 20X4Sales revenue ………………………………………………$225,000 Cost of goods sold [$110,000 + ($18,000 – $17,000)].. 111,000 Gross profit…………………………………………………$114,000 Note: Cost was used for beginning inventory because cost was lower than market. Market (replacement cost) wasused for ending inventory because market was lowerthan cost.(20-25 min.) E 6-10(15-20 min.) E 6-11 (Amounts in millions)a. $ 1,055 (Let a = beginning inventory;a + $7,344 – $1,294 = $7,105a = $1,055)b. $ 12,459 ($19,564 – $7,105)d. $150,255 ($191,329 – $41,074)c. $151,904 (Let c = Purchases;$19,793 + c– $21,442 = $150,255c = $151,904)e. $ 12,650 ($33,726 – $21,076)f. $ 4,367 ($972 + $3,395)g. $ 546 ($513 + $1,005 – $972)The Coca-Cola CompanyIncome StatementYear Ended December 31, 20XX(Millions) Net sales $19,564Cost of goods soldBeginning inventory $1,055Net purchases 7,344Goods available 8,399Ending inventory (1,294)Cost of goods sold 7,105 Gross profit 12,459Operating and other expenses 7,886Income before tax 4,573Income tax expense ($4,573 .333) 1,523Net income $ 3,050(20-30 min.) E 6-12Company Gross ProfitPercentage Inventory TurnoverCoca-Cola $12,459= 63.7%$7,105= 6.0 times $19,564 ($1,055 + $1,294) / 2Wal-Mart$41,074= 21.5%$150,255= 7.3 times $191,329 ($19,793 + $21,442) / 2Intel $21,076= 62.5%$12,650= 6.8 times $33,726 ($1,478 + $2,241) / 2Estée Lauder $3,395= 77.7%$972= 1.8 times $4,367 ($513 + $546) / 2These ratio values explain the merchandising philosophies of these companies. Wal-Mart has the lowest gross profit percentage (21.5%) and the fastest rate of inventory turnover (7.3 times per year). This makes sense for a volume discounter.Estée Lauder has the highest gross profit percentage (77.7%) and the slowest inventory turnover (1.8 times per year). High markups and low turnover go hand-in-hand.Coca-Cola’s and Intel’s ratios fall between these extremes. These ratio data suggest that Intel is the most profitable company of this group.(10 min.) E 6-13Billions Sales……………………………………………...$45.7 Cost of goods soldBeginning inventory………………………..$ 5.5Purchases……………………………………. 33.2Goods available……………………………..38.7Ending inventory…………………………… (6.6)Cost of goods sold…………………………. 32.1 Gross profit……………………………………..$13.6Gross profit percentage = $13.6= 29.8% $45.7Inventory turnover =$32.1= 5.3 times ($5.5 + $6.6) / 2(10-15 min.) E 6-14 Year ended January 31, 20X4: Millions Budgeted cost of goods sold ($6,500 1.08)………... $7,020 Budgeted ending inventory…………………………….. 2,200 Budgeted goods available………….…………………… 9,220 Actual beginning inventory…………………………….. (1,900) Budgeted pu rchases…………………………………….. $7,320(10-15 min.) E 6-15 Beginning inventory………………………$ 48,000 Net purchases……………………………… 136,000 Goods available……….…………………...184,000 Cost of goods sold:Net sales revenue……………………… $200,000Less estimate d gross profit of 40%… (80,000)Estimated cost of goods sold………... 120,000 Estimated cost of inventory destroyed.. $ 64,000Another reason managers use the gross profit method to estimate ending inventory is to test the reasonableness of ending inventory from (a) the perpetual inventory records or (b) a physical count.(10-15 min.) E 6-16Allergan, Inc.Income StatementYear Ended September 30,20X5 20X4Sales revenue $149,000 $122,000 Cost of goods sold:Beginning inventory $27,000 $12,000Net purchases 72,000 66,000 Goods available 99,000 78,000 Ending inventory (16,000) (27,000)*Cost of goods sold 83,000 51,000 Gross profit 66,000 71,000 Operating expenses 30,000 20,000 Net income $ 36,000 $ 51,000 *$18,000 + $9,000 = $27,000Allergan actually performed poorly in 20X5, compared to 20X4, with net income down from $51,000 to $36,000. The understatement of inventory at the end of 20X4 caused 20X4 net income to be understated. Then this same error caused 20X5 net income to be overstated, giving the false impression that profits were higher in 20X5. In reality, net income was down in 20X5.(10 min.) E 6-17Millions INCOME STATEMENTSales revenue…………………………………………..$18,144 Cost of goods sold ($5,456 –$100)………………... 5,356 Gross profit……………………………………………..$12,788(5-10 min.) E 6-18a. Use average cost.b. Use FIFO.c. Use FIFO.d. Use any method. They all produce the same resultsbecause costs are stable.e. Buy inventory late in the year.f. Company is using LIFO.(20-30 min.) E 6-19 Req. 1Actual cost of goods sold =1. From purchase in December (30 @ $1,300)……..$ 39,0002. From purchase in June (50 @ $1,200)…………….60,0003. From purchase in February (20 @ $1,100)……….22,0004. From beginning inventory (30 @ $1,000)………... 30,000Actual cost of goods sold………………………..$151,000Req. 2Cost of goods sold with the additional year-end purchase (this would have avoided a LIFO liquidation) =1. From purchase in December (60* @ $1,300)…….$ 78,0002. From purchase in June (50 @ $1,200)…………….60,0003. From purchase in February (20 @ $1,100)………. 22,000Cost of goods sold (with no LIFO liquidation). $160,000 _____*Must purchase a total of 60 units in December to keep ending inventory at 40 units, which was the level of beginninginventory.(continued) E 6-19 Req. 3The LIFO liquidation•Boosted gross profit by $9,000 ($160,000 – $151,000).•Cost the company $3,600 ($9,000 ⨯ .40) in income tax.•Boosted net income by $5,400 ($9,000 – $3,600).•Was bad for the company because the additional income tax drained off valuable cash. Paying the added tax was not worth the boost in net income because the company would have to replenish its inventory anyway, so it’s better to go ahead and buy the goods before year end. That action would save the cash that was wasted on taxes.(20-30 min.) E 6-20 Sales, gross profit, net income, the gross profit percentage, and inventory turnover showed the following trends:Dollars in millions 20X7 20X6 20X5 Sales $37.0 $35.9 $33.7 Cost of sales 29.7 28.1 26.3 Gross profit 7.3 7.8 7.4Net income (net loss) (0.2) 0.4 0.5Gross profit= $7.3= .197$7.8= .217$7.4= .220percentage $37.0 $35.9 $33.7Inventory= $29.7= 4.4$28.1= 4.1$26.3= 4.1turnover ($7.1 + $6.4) / 2 ($6.5 + $7.1) / 2 ($6.4 + $6.5) / 2The gross profit percentage dropped significantly while the rate of inventory turnover improved. This suggests that Zmart was having to discount its merchandise more and more just to sell the goods. The end result was a net loss in 20X7.Selling, general and administrative expenses increased significantly, which suggests that Zmart was having to advertise heavily in order to sell its inventory.Practice Quiz1. d ($7,200 – $5,500 = $1,700)2. b ($2,000 + $6,000 – $5,500 = $2,500)3. a4. c [(3,400 @ $10.75) + (100 @ $10.30) = $37,580]5. d (3,400 @ $10.75 = $36,550)6. a7. d ($144,000 + $216,000 = $360,000)8. c9. c10. c [$620,000 – ($70,000 + $400,000 – $40,000) =$190,000]11. b ($10,000 + X – $15,000 = $90,000; X = $95,000)12. c13. d [($500,000 – $200,000) ($25,000 + $35,000) / 2] =10 times14. a Net sales = $480,000 ($490,000 – $10,000)COGS = $50,000 + ($230,000 + $20,000 – $6,000–$4,000) – $40,000 = $250,000GP% = ($480,000 – $250,000) / $480,000 = 47.9%15. b $53,500 + $75,500 – $93,000 (1 – .30) = $63,90016. b17. aProblemsGroup A(20-30 min.) P 6-1A Req. 1Inventory……………………………………..9,580,000 Accounts Payable……………………….9,580,000Accounts Payable………………………….9,110,000 Cash……………………………………….9,110,000Cash…………………………………………..4,700,000Accounts Receivable………………………8,700,000 Sales Revenue…………………………… 13,400,000 Cost of Goods Sold………………………...9,880,000Inventory…………………………………..9,880,000 [$6,300,000 + $1,360,000 + $1,920,000 + (10,000 units ⨯ $30*)]_____*$1,500,000 / 50,000 units = $30 per unit.Operating Expenses………………………..2,130,000 Cash ($2,130,000 ⨯2/3)………………….1,420,000 Accrued Liabilities ($2,130,000 ⨯ 1/3)... 710,000 Income Tax Expense……………………….556,000 Income Tax Payable……………………..556,000 [($13,400,000 – $9,880,000 – $2,130,000) ⨯ .40 = $556,000](continued) P 6-1A Req. 2Req. 3Lord & Taylor - AtlantaIncome StatementYear Ended January 31, 20X0Sales revenue ……………………………$13,400,000Cost of goods sold…………………….. 9,880,000Gross profit………………………………3,520,000Operating expenses…………………… 2,130,000Income before t ax………………………1,390,000Income tax expense (40%)……………. 556,000Net income……………………………….$ 834,000(20-30 min.) P 6-2A Req. 1The store uses FIFO.This is apparent from the flow of costs out of inventory. For example, the March 8 sale shows a unit cost of $19, which came from the beginning inventory. This is how FIFO, and only FIFO, works.Req. 2Cost of goods sold:27 ⨯$19 = $ 51323 ⨯ 19 = 4371 ⨯ 20 = 2025 ⨯ 20 = 500$1,470Sales 27 + 23 = 50 units ⨯ $36 = $1,8001 + 25 = 26 units ⨯ $37 = 962 $2,762 Cost of goods sold……………………………………. (1,470) Gross profit……………………………………………...$1,292 Req. 3Cost of March 31 inventory (24 ⨯ $21) + (10 ⨯ $20). $ 704(20-30 min.) P 6-3A Req. 1Cost of Goods Sold Ending Inventory Average cost 696 ⨯ $82.6626* $57,533 214 ⨯ $82.6626* $17,690 ____*Average cost= ($10,640 + $17,577 + $7,790 + $17,640 + $21,576)= $82.6626per unit (140 + 217 + 95 + 210 + 248)FIFO (140 @ $76) + (217 @ $81)+ ( 95 @ $82) + (210 @ $84)+ ( 34 @ $87) = $56,605 214 @ $87 = $18,618 LIFO (248 @ $87) + (210 @ $84)+ ( 95 @ $82) +(143 @ $81) = $58,589 140 @ $76 +(74 @ $81) = $16,634(continued) P 6-3A Req. 2LIFO’s cost of goods sold is highest for Hot Wheels because (a) the company’s prices are rising and (b) LIFO assigns to cost of goods sold the cost of the latest inventory purchases. When costs are rising, these latest inventory costs are the highest, and that makes cost of goods sold the highest under LIFO.Req. 3Hot Wheels Motorcycles, Inc.Income StatementMonth Ended December 31, 20XXSales revenue (696 @ $130)……………………..$90,480Cost of goods sold……………………………….. 58,589Gross profit…………………………………………31,891Operating expenses……………………………… 22,000Income before income taxes…………………….9,891Income tax expense (40%)………………………. 3,956Net income………………………………………….$ 5,935(30-40 min.) P 6-4A Req. 1 (partial income statementsBlockbuster Digital ImagesIncome StatementYear Ended December 31, 20XXAVERAGE FIFO LIFOSales revenue $11,200 $11,200 $11,200Cost of goods sold 8,392 8,255 8,520 Gross profit $ 2,808 $ 2,945 $ 2,680 Computations of cost of goods sold:Average cost= ($1,215 + $2,520 + $2,010 + $1,400 + $2,590)= $3.3569per unit (400 + 800 + 600 + 400 + 700)COGS at average cost = 2,500 $3.3569 = $8,392 FIFO COGS = (300 @ $3.00) + (900 @ $3.15) + (600 @ $3.35) + (400 @ $3.50)+ (300 @ $3.70)= $8,255 LIFO COGS = (700 @ $3.70) + (400 @ $3.50) + (600 @ $3.35) + (800 @ $3.15) = $8,520(continued) P 6-4A Req. 2Use the FIFO method to report the highest net income because cost of goods sold is lowest (gross profit is highest) under FIFO when inventory costs are rising.(15-20 min.) P 6-5A LM Electronics should apply the lower-of-cost-or-market rule to account for inventories. The current replacement cost of ending inventory is less than LM’s actual cost, so LM must write the inventory down to current replacement cost, with the following journal entry:Cost of Goods Sold…………1,500,000Inventory…………………..1,500,000 To write inventory down to market value.LM should report the following amounts in its financial statements:BALANCE SHEETInventory ($8,900,000 –$1,500,000)……………..$ 7,400,000 INCOME STATEMENTCost of goods sold ($27,400,000 + $1,500,000). $28,900,000 Accounting conservatism is the reason to account for inventory at the lower of cost or market value. Conservatism directs accountants to write inventory down if cost appears unrealistically high. In this case conservatism comes into play because the current replacement cost (ma rket value) of LM’s ending inventory is less than cost. Under the lower-of-cost-or-market rule, this requires a write-down of the inventory value to current replacement cost.Student responses may vary.(20-30 min.) P 6-6A Req. 1Hershey TargetMillionsGross profit percentage:Sales……………………$4,221 $36,362 Cost of sales………….. 2,471 25,295 Gross profit……………$1,750 $11,067Gross profit $1,750= 41.5% $11,067= 30.4%percentage: $4,221 $36,362 Inventory turnover:Cost of goods sold= $2,471 $25,295Average inventory ($605 + $602) / 2 ($4,248 + $3,798) / 2= 4.1 times = 6.3 timesReq. 2These statistics do not indicate which company should be more profitable. Hershey has a higher gross profit percentage, but Target turns its inventory over more rapidly. On one measure Hershey looks better; on the other measure Target is better. Another factor that makes it difficult to tell which company should be more profitable is that the gross profit percentage and inventory turnover do not take into account operating expenses.(25-30 min.) P 6-7A Req. 1 (estimate of ending inventory by the gross profit method)Beginning inventory………………………$1,292,000 Purchases…………………………………..$6,585,000 Less: Purchase dis counts…………..(149,000)Purchase returns……………… (8,000) Net purchases…………………………... 6,428,000 Goods available……………………………7,720,000 Cost of goods sold:Sales revenue…………………………… $8,657,000Less: Sales returns…………………. (17,000) Net sales………………………………….8,640,000Less: Estimated gross profit of 40%.. (3,456,000)Estimated cost of goods sold………... 5,184,000 Estimated cost of ending inventory……$2,536,000(continued) P 6-7A Req. 2 (income statement through gross profit)Kinko’sIncome Statement (partial)Month of March, 20XXSales revenue…………………………..$8,657,000 Less: Sales returns………………… (17,000)Net sales revenue…………………...8,640,000 Cost of goods sold……………………. 5,184,000*Gross profit……………………………..$3,456,000_____*Cost of goods sold:Beginning inventory………………………...$1,292,000Purchases……………………...$6,585,000Less: Purchases discounts. (149,000)Purchase returns……. (8,000)Net purc hases……………………………….. 6,428,000Goods available……………………………...7,720,000Less: Ending inventory……………………. (2,536,000)Cost of goods sold………………………….$5,184,000(20-30 min.) P 6-8A Req. 1Cost of sales, budgeted ($720,000 ⨯ 1.05).. $756,000+ Ending inventory, budgeted………………... 80,000= Cost of goods available……………………...836,000–Beginning inventory…………………………. (70,000)= Purchases, budgeted ………………………..$766,000Req. 2Stop-n-Go StoreBudgeted Income StatementYear Ended December 31, 20X4Sales ($960,000 ⨯1.05)……………………..$1,008,000Cost of sales ($720,000 ⨯1.05)…………… 756,000Gross profit…………………………………...252,000Operating expenses………………………… 102,000Net income……………………………………$ 150,000(15-20 min.) P 6-9A Req. 1 (corrected income statements)Monaco Gemstones, Inc.Income Statement (adapted; amounts in thousands)Years Ended 2007, 2006, and 20052007 2006 2005Net sales revenue……………...$1,412 $1,231 $1,138 Cost of goods sold:Beginnin g inventory………..$ 249 $ 309 $ 234Purchases…………………… 859 729 663Goods available……………..1,108 1,038 897Ending inventory…………… (311) (249) (309)Cost of goods sold………… 797 789 588 Gross profit……………………..615 442 550 Operating expenses…………... 500 437 420 Net income………………………$ 115 $ 5 $ 130(continued) P 6-9A Req. 2 (net income and owner equity effects of inventory errors)Prior to correction: 2007 2006 2005Net income for the year was Under by $20 million Over by $70 million Under by $50 millionReq. 3The corrections did not change total net income over the three-year period. The corrections made the company’s trend of net income look worse —with net income dropping sharply in 2006 and with 2007’s net income lower than net income in 2005.ProblemsGroup B(20-30 min.) P 6-1B Req. 1Inventory…………………………………….11,500,000 Accounts Payable………………………11,500,000Accounts Payable………………………….11,390,000 Cash……………………………………….11,390,000Cash………………………………………….5,300,000Accounts Receivable……………………...11,100,000 Sales Revenue…………………………..16,400,000 Cost of Goods Sold.…………………….…12,100,000Inventory………………………………….12,100,000 [$6,300,000 + $3,250,000 + $1,950,000 + (10,000 units ⨯ $60*)]_____*$1,200,000 ) 20,000 units = $60 per unitOperating Expenses……………………….4,000,000 Cash ($4,000,000 ⨯.80)………………...3,200,000 Accrued Liabilities ($4,000,000 ⨯ .20). 800,000 Income Tax Expense………………………120,000 Income Tax Payable……………………120,000 [($16,400,000 – $12,100,000 – $4,000,000) ⨯ .40 = $120,000]。

西方财务会计课后习题答案

Chapter 2Check Points(5 min.) CP 2-1 Hickman’s payment was not an expense.Hickman acquired an asset, Equipment, because the computer is an economic resource of the business.(5 min.) CP 2-2a. $12,800b. $ 3,000c. $56,300d. $ 500e. $ 5,800 [Service revenue of $8,500 ($5,500 + $3,000) – Total expenses of $2,700 ($1,100 +$1,200 + $400) = Net income of $5,800]e. $ 500(5-10 min.) CP 2-3Cash Accounts Receivable 30,000 4,000 6,0002,000 Bal. 6,000Bal. 28,000(5 min.) CP 2-4 Increased total assets: May 1 (Cash)May 1 (Medical supplies)May 3 (Cash, Accounts receivable)Increased total liabilities: M ay 1 (Accounts payable)Decreased total assets: May 2 (Cash)(10 min.) CP 2-5JournalDATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT Apr. 15 Cash……………………………………50,000Note Payable………………………50,000 Borrowed money from the bank.22 Accounts Receivable……………….9,000Service Revenue………………….9,000 Performed service on account.28 Cash……………………………………6,000Accounts Receivable…………….6,000 Received cash on account.29 Utilitie s Expense (600)Accounts Payable (600)Received utility bill.30 Salary Expense………………………3,000Cash…………………………………3,000 Paid salary expense.Chapter 2 Transaction Analysis 5730 Interest Expense (300)Cash (300)Paid interest expense.(10-15 min.) CP 2-6Req. 1JournalDATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT Supplies………………………………..2,000Accounts Payable…………………2,000 Purchased supplies on account.Accounts Payable (500)Cash (500)Paid cash on account.Req. 2Accounts Payable500 2,000Bal. 1,500Req. 3Biaggi’s business owes $1,500, as shown in the Accounts Payable account.(10-15 min.) CP 2-7Req. 1JournalDATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT Accounts Receivable………………..1,200Service Revenue…………………..1,200 Performed service on account.Cash (500)Accounts Receivable (500)Received cash on account.Req. 2Cash Accounts Receivable Service Revenue500 1,200 500 1,200 Bal. 500 Bal. 700 Bal. 1,200 Req. 3a. The Center earned $1,200: S ervice Revenueb. Total assets $1,200: C ash………………….. $ 500Accounts receivable. 700Total assets…………. $1,20058Financial Accounting 6/e Solutions Manual(10 min.) CP 2-8Old NavyTrial BalanceDecember 31, 20X8ACCOUNT DEBIT CREDITMillionsCash……………………….…...$ 2Other assets (9)Accounts payable……………$ 1Other liabilities (2)Stockholders’ equity (2)Revenues (30)Expenses……………………... 24 ___Total……………………….……$35 $35Old Navy’s net income:$6 million ($30 – $24)(10 min.) CP 2-9 1. Total assets = $53,800 ($33,300 + $2,000 + $500 +$18,000)2. Total liabilities = $1003. Total stockholders’ equity = $53,700 ($53,800 – $100)4. Net income = $5,800 ($8,500 – $1,100 – $1,200 – $400)(10 min.) CP 2-101. Total debits = $121,600 ($58,600 + $81,000 – $18,000)Total credits = $ 58,600Difference = $ 63,000 ($121,600 – $58,600)$63,000 / 9 = $7,000 (an integer), which suggests either atransposition or a slide2. Total debits = $76,600 ($58,600 + $20,000 – $2,000)Total credits = $58,600Difference = $18,000 ($76,600 – $58,600)$18,000 / 9 = $2,000 (original amount of accountsreceivable)3. Total debits = $56,600 ($58,600 – $ 2,000)Total credits = $60,600 ($58,600 + $ 2,000)Difference = $ 4,000 ($60,600 – $56,600)$4,000 / 2 = $2,000 (original amount of accounts receivable)Chapter 2 Transaction Analysis 59(5 min.) CP 2-12Cash Computer Equipment250,000 100,000Accounts Payable Common Stock100,000 250,000Total debits = $350,000 ($250,000 + $100,000)Total credits = $350,000 ($100,000 + $250,000)Exercises(10-15 min.) E 2-1 TO: Home OfficeFROM: Store ManagerDuring the first week, I borrowed $320,000 on a note payable. I used the store’s beginning cash plus the borrowed money to purchase land, a building, copy equipment, and supplies. After all these transactions, the store’s balance sheet appears as follows:Kinko’sOklahoma City StoreBalance SheetDateASSETS LIABILITIESCash $ 80,000* Note payable $320,000 Supplies 10,000Copy equipment 60,000 STOCKHOLDERS’ EQUITYLand 90,000 Common stock 40,000 Building 120,000 Total liabilities and ________ Total assets $360,000 stockholders’ equity $360,000 _____*$40,000 + $320,000 – $90,000 – $120,000 – $60,000 – $10,000 = $80,000(5-10 min.) E 2-2 a. Issuance of stockRevenue transactionb. Purchase of asset on accountBorrow moneyc. Purchase of asset for cashSale of asset for cashCollection of an account receivabled. Payment of dividends to ownersExpense transactione. Pay a liability60Financial Accounting 6/e Solutions Manual(10-20 min.) E 2-4 Req. 1Analysis of TransactionsASSETS = LIABILITIES + STO CKHOLDERS’ EQUITYDate Cash + AccountsReceivable +MedicalSupplies + Land =AccountsPayable +NotePayable +CommonStock +RetainedEarningsType of Stockholders’Equity TransactionOct. 6 40,000 40,000 Issued stock9 (30,000) 30,00012 2,000 2,00015 Not a transaction of the business.15-31 4,000 4,000 8,000 Service revenue 15-31 (1,400) (1,400) Salary expense (1,000) (1,000) Rent expense(300) (300) Utilities expense31 500 (500)31 10,000 10,00031 (1,500) (1,500)Bal. 20,300 4,000 1,500 30,000 500 10,000 40,000 5,30055,800 55,800Chapter 2 Transaction Analysis 61(continued) E 2-4 Req. 2a. $55,800b. $4,000c. $10,500 ($500 + $10,000)d. $45,300 ($55,800 – $10,500, or $40,000 + $5,300)e. $5,300 (Revenue, $8,000 minus total expenses of $2,700, equals net income, $5,300.)62Financial Accounting 6/e Solutions Manual(10-15 min.) E 2-5JournalDATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT Oct. 6 Cash………………………………………..40,000Common Stock……………………….40,000 Issued stock to owner.9 Land………………………………………...30,000Cash…………………………………….30,000 Purchased land.12 Medical Supplies…………………………2,000Accounts Payable……………………2,000 Purchased supplies on account.15 Not a transaction of the business.15-31 Cash………………………………………..4,000Accounts Receivable……………………4,000Servi ce Revenue……………………..8,000 Performed service for cash and on account.15-31 Salary Expense…………………………..1,400Rent Expense……………………………..1,000Utilities Expense (300)Cash…………………………………….2,700 Paid expenses.31 Cash (500)Medical Supplies (500)Sold supplies.31 Cash………………………………………..10,000Note Payable…………………………..10,000 Borrowed money.31 Accounts Payable……………………….1,500Cash…………………………………….1,500 Paid on account.(10-15 min.) E 2-6 Req. 1Total assets = $145 million ($100 + $60 – $55 + $35 + $26 – $21)Req. 2Company owes $41 million [$60 – $55 + $35 + $22 – $21]Req. 3Net income = $4 million ($26 – $22)Chapter 2 Transaction Analysis 63(10-20 min.) E 2-7 Req. 1 (journal entries)JournalDATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT Aug. 1 Cash……………………………………………19,500Common Stock…………………………...19,500 Issued common stock to owner.2 Office Supplies (800)Accounts Payable (800)Purchased office supplies on account.4 Land……………………………………………14,000Cash………………………………………..14,000 Paid cash for land.6 Cash……………………………………………2,000Service Revenue…………………………2,000 Performed services for cash.9 Accounts Payable (100)Cash (100)Paid cash on account.17 Accounts Receivable……………………….1,200Service Revenue…………………………1,200 Performed service on account.23 Cash (900)Accounts Receivable (900)Received cash on account.31 Salary Expense………………………………1,000Rent Expense (500)Cash………………………………………..1,500 Paid cash expenses.(continued) E 2-7Req. 2Ending cash = $6,800($19,500 – $14,000 + $2,000 – $100 + $900 – $1,500)Expects to collect on account = $300 ($1,200 – $900)Total liabilities = $700 ($800 – $100)Net income (profit) = $1,700 ($2,000 + $1,200 – $1,000 – $500)64Financial Accounting 6/e Solutions Manual(20-30 min.) E 2-8 Req. 1Cash Accounts ReceivableAug. 1 19,500 Aug. 4 14,000 Aug. 17 1,200 Aug. 23 9006 23 2,0009009311001,500Aug. 31 300Aug. 31 6,800Office Supplies LandAug. 2 800 Aug. 4 14,000Aug. 31 800 Aug. 31 14,000Accounts Payable Common StockAug. 9 100 Aug. 2 800 Aug. 1 19,500 Aug. 31 700 Aug. 31 19,500 Service Revenue Salary ExpenseAug. 6 2,000 Aug. 31 1,00017 1,200 Aug. 31 1,000Aug. 31 3,200Rent ExpenseAug. 31 500Aug. 31 500(continued) E 2-8Req. 2Coaxial Electronic Systems, Inc.Trial BalanceAugust 31, 20X6ACCOUNT DEBIT CREDITCash…………………………...$ 6,800Accounts receivable (300)Office supplie s (800)Land…………………………...14,000Accounts payable…………..$ 700Common stock………………19,500Service revenue……………..3,200Salary expense………………1,000Rent expense (500)Total…………………………...$23,400 $23,400Req. 3Total a ssets ($6,800 + $300 + 800 + $14,000)……..$21,900Total liabilities (700)Total stockholders’ equity ($21,900 –$700)………$21,200Chapter 2 Transaction Analysis 65(10-15 min.) E 2-9JournalDATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT1. Cash…………………………………..10,000Common Stock…………………..10,000 Issued common stock.2. Cash…………………………………..7,000Note Payable……………………..7,000 Borrowed money; signed note payable.3. Land…………………………………..31,000Cash………………………………..8,000Note Payable……………………..23,000 Purchased land by paying cashand signing a note payable.4. Supplies (600)Accounts Payable (600)Purchased supplies on account.5. Cash (100)Su pplies (100)Sold supplies for cash.6. Equipment……………………………6,000Cash………………………………..6,000 Paid cash for equipment.7. Accounts Payable (300)Cash (300)Paid cash on account.Cash balance = $2,800 ($10,000 + $7,000 – $8,000 + $100 – $6,000 – $300)Company owes $30,300 ($7,000 + $23,000 + $600 – $300)(10-20 min.) E 2-10Req. 1Whirlpool Appliance ServiceTrial BalanceJune 30, 20X6ACCOUNT DEBIT CREDIT Cash…………………………...$ 9,000Accounts receivable………..15,500Building……………………….40,250Land…………………………...29,000Accounts payable………….. $ 4,300Note payable………………… 13,000Common stock……………… 48,800Retained earnings………….. 21,350*Dividends……………………..6,000Service revenue…………….. 22,00066Financial Accounting 6/e Solutions ManualSalary expense………………8,000Utilities expense…………….1,400Delivery expense (300)Total…………………………...$109,450 $109,450 *Total debits…………………………………………$109,450 Total credits, ex cluding retained earnings…… (88,100) Retained earnings…………………………………$ 21,350 (continued) E 2-10Req. 2Whirlpool Appliance ServiceIncome StatementMonth Ended June 30, 20X6Service revenue………………...$22,000Salary expense…………………$8,000Ut ilities expense………………..1,400Delivery expense (300)Total expenses…………………. 9,700Net income………………………$12,300 (15-25 min.) E 2-11Car Connection, Inc.Trial BalanceDecember 31, 20X3ACCOUNT DEBIT CREDIT Cash…………………………...$ 4,600*Accounts receivable……….. 12,600*Inventory……………………... 17,000Supplies (600)Land…………………………... 55,000Accounts payable…………..$13,100*Common stock………………48,300*Sales revenue……………….. 35,700Cost of goods sold…………. 3,900Salary expense……………… 1,700Rent expense (800)Utilities expense……………. 900* _______Total…………………………...$97,100 $97,100_____*Explanations:Cash: $4,200 + $400 = $4,600Accounts Receivable: $13,000 – $400 = $12,600Accounts Payable: $12,000 + $1,000 – $100 + $200 = $13,100Common Stock: $47,900 + $400 = $48,300Utilities Expense: $700 + $200 = $900(5-15 min.) E 2-12 Cash Accounts Receivable(a) 12,500 (b) 1,500 (f) 8,300(d) 1,800 Bal. 8,300(e) 400(g) 2,000Bal. 6,800Office Supplies Office Furniture(c) 800 (a) 9,000Bal. 800 Bal. 9,000Accounts Payable Common Stock(e) 400 (c) 800 (a) 21,500Bal. 400 Bal. 21,500 Dividends Service Revenue(g) 2,000 (f) 8,300 Bal. 2,000 Bal. 8,300 Salary Expense Rent Expense(d) 1,800 (b) 1,500Bal. 1,800 Bal. 1,500(10-20 min.) E 2-13Req. 1LaVell Oxford, AttorneyTrial BalanceJuly 31, 20X8ACCOUNT DEBIT CREDITCash…………………………...$ 6,800Accounts receivable………..8,300Office supplies (800)Office furniture………………9,000Accounts payable…………..$ 400Common stock………………21,500Dividends……………………..2,000Service revenue……………..8,300Salary expense………………1,800Rent expense……………….. 1,500Total…………………………...$30,200 $30,200Req. 2The business performed well during July. The result of operations was net income of $5,000, as shown by the income statement accounts:Service revenue………………….$ 8,300Salary expense………..$1,800Rent expense…………. 1,500Total expenses……………….. (3,300)Net income……………………….. $ 5,000(20-30 min.) E 2-14Reqs. 1 and 3Cash Accounts ReceivableDec. 2 7,000 Dec. 2 500 Dec. 18 1,7009 800 3 3,00012 200Bal. 4,100Supplies EquipmentDec. 5 300 Dec. 3 3,000Furniture Accounts PayableDec. 4 3,600 Dec. 4 3,6005 300Bal. 3,900 Common Stock DividendsDec. 2 7,000Service Revenue Rent ExpenseDec. 9 800 Dec. 2 50018 1,700Bal. 2,500Utilities Expense Salary ExpenseDec. 12 200(continued) E 2-14Req. 2JournalDATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT Dec. 2 Cash……………………………………..7,000Common Stock……………………..7,0002 Rent Expense (500)Cash (500)3 Equipment……………………………...3,000Cash………………………………….3,0004 Furniture………………………………..3,600Accounts Payable………………….3,6005 Supplies (300)Accounts Payable (300)9 Cash (800)Service Revenue (800)12 Utilities Expense (200)Cash (200)18 Accounts Receivable…………………1,700Service Revenue…………………...1,700 (continued) E 2-14Req. 4Matthew Rogers, Certified Public Accountant, P.C.Trial BalanceDecember 18, 20XXACCOUNT DEBIT CREDIT Cash…………………………...$ 4,100Accounts receivable………..1,700Supplies (300)Equipment……………………3,000Furniture……………………...3,600Accounts payable…………..$ 3,900Common stock………………7,000Dividends……………………..—Service revenue……………..2,500Rent expense (500)Utilities expense (200)Salary expense………………—Total…………………………...$13,400 $13,400(20-40 min.) E 2-15a. Net income for March – Given as follows:Retained EarningsFeb. 28 Bal. 7,000MarchMarch dividends 15,800 net income X = $19,300Mar. 31 Bal. 10,500$7,000 + X – $15,800 = $10,500X = $19,300b. Total cash paid during March:CashFeb. 28 Bal. 11,600March receipts 81,200 March payments X = $87,800Mar. 31 Bal. 5,000$11,600 + $81,200 – X = $ 5,000X = $87,800 (continued) E 2-15c. Cash collections from customers during March:Accounts ReceivableFeb. 28 Bal. 24,300March saleson account 49,400 March collections X = $47,000 Mar. 31 Bal. 26,700$24,300 + $49,400 – X = $26,700X = $47,000d. Cash paid on a note payable during March:Note PayableFeb. 28 Bal. 13,900 March MarchX =17,500 payments on note X new borrowing 25,000Mar. 31 Bal. 21,400 $13,900 + $25,000 – X = $21,400X = $17,500(20-30 min.) E 2-16Req. 1Road Runner, Inc.Trial BalanceDecember 31, 20X5Cash…………………………...$ 4,200Accounts receivable………..7,200Supplies (800)Land…………………………...34,000Accounts payable…………..$ 5,800Note payable…………………5,000Common stock………………20,000Retained earnings…………..7,300Service revenue……………..9,100Salary expense………………3,400Advertising expense………. 900 _______Totals………………………….$50,500 $47,200Out of balanceby $3,300The correct balance of Accounts Receivable is $3,900 ($7,200 – $3,300). After this correction, total debits will be $47,200 ($50,500 – $3,300), the same as total credits.(continued) E 2-16Req. 2Road Runner, Inc.Trial BalanceDecember 31, 20X5Cash ($4,200 –$400)……………………$ 3,800Accounts receivable($7,200 –$3,300 + $7,000)..............10,900 Supplies.. (800)Land ($34,000 + $80,000)………………114,000Accounts payable ($5,800 + $2,000)…$ 7,800 Note payable ($5,000 + $80,000)……...85,000 Common stock…………………………..20,000 Retained earnings………………………7,300 Service revenue ($9,100 + $7,000)……16,100 Salary expense ($3,400 + $400)………3,800Advertising expense ($900 + $2,000). 2,900Tot als……………………………………...$136,200 $136,200Req. 3a. Total assets = $129,500 ($3,800 + $10,900 + $800 + $114,000).b. Road Runner is profitable, as indicated by the excess of revenue ($16,100) over totalexpenses ($6,700 = $3,800 + $2,900).(10-15 min.) E 2-17San Francisco:Income statement June July Medical expense…………..$40,000 $ -0- Balance sheet June 30 July 31 Cash…………………………$55,000 $23,000*Accounts payable…………40,000 8,000** Bay Area:Income statement June July Service revenue…………..$40,000 $ -0- Balance sheet June 30 July 31 Cash………………………… $ -0- $32,000Accounts receivable……..40,000 8,000**Explanation:San Francisco’s expense is Bay Area’s revenue.San Francisco’s cash payment is Bay Area’s cash receipt.San Francisco’s account payable is Bay Area’s account receivable. __________*$55,000 – $32,000 = $23,000**$40,000 – $32,000 = $ 8,000。

西方会计试题及答案

西方会计试题及答案一、选择题1. 会计的基本假设包括以下哪项？A. 持续经营B. 会计分期C. 货币计量D. 所有以上选项答案：D2. 资产负债表中的资产和负债按照什么顺序排列？A. 金额大小B. 流动性高低C. 购买时间D. 重要性答案：B3. 收入确认的基本原则是什么？A. 收到现金时B. 赚取收入时C. 交付商品或服务时D. 发票开具时答案：B二、判断题1. 会计信息的质量要求包括可靠性、相关性、及时性、可理解性等。

（对/错）答案：对2. 会计政策变更必须立即在财务报表中反映出来。

（对/错）答案：错3. 会计估计变更属于会计政策变更。

（对/错）答案：错三、简答题1. 简述会计信息的使用者通常包括哪些群体？答案：会计信息的使用者通常包括投资者、债权人、管理层、政府机构、供应商、客户等。

2. 什么是权责发生制？它与现金制有何不同？答案：权责发生制是指收入和费用的确认基于其发生的时间，而不是基于现金的收付。

与现金制不同，现金制是根据现金的实际收付来确认收入和费用。

四、计算题1. 某公司在2023年1月1日购买了一台设备，成本为$100,000，预计使用年限为5年，残值为$10,000。

请计算该设备在2023年的折旧费用。

答案：首先计算年折旧基础，即$100,000 - $10,000 = $90,000。

然后，根据直线折旧法，年折旧费用为$90,000 / 5 = $18,000。

五、案例分析题1. XYZ公司在2022年12月31日出售了一批商品，但直到2023年1月5日才收到款项。

根据权责发生制原则，这笔收入应该在哪个会计年度确认？答案：根据权责发生制原则，这笔收入应该在2022年确认，因为商品是在2022年12月31日出售的，即使款项是在2023年收到的。

六、论述题1. 论述会计准则的重要性及其对企业财务报告的影响。

答案：会计准则为企业提供了一系列的规则和指导，确保了财务报告的准确性、一致性和可比性。

西方财务会计考试试题及答案

西方财务会计考试试题及答案一、填空题（每空1分，共10分）1、反映企业流动性的比率主要有和。

2、“财务报告必须披露足够的信息，使‘相当慎重的投资者’在决策时不致误解”指的是这一条会计基本原则3、股票若超过面值发行时，则超过的部分在“”账户登记。

4、存货核算有两种方法，即与。

5、成本与市价孰低规则是这一会计基本原则的应用。

6、备抵坏账是的对销账户。

7、会计恒等式:资产=+。

二、不定项选择题（每题2分，共10分）1、以下只涉及非流动性项目的经济业务不影响营运资本（）。

A、用债券换取固定资产B、将债券更换为普通股或者优先股C、用股票换取固定资产D、用现金偿还应付账款2、在交货条件为“起运站交货，运费预付”的情况下，运费的支付者与承担者是（）。

A.买方代卖方垫付运费，卖方实际承担运费B.卖方代买方垫付运费，买方实际承担运费C.买方支付并承担运费D.卖方支付并承担运费3、随着应付票据偿还期间的消逝，应付票据贴现折价（）。

A、应转记为利息收益B、应转记为利息费用C、不必转记任何账户D、转记为应付票据4、以下账户可称为“实账户”（）。

A、资产类账户B、收益类账户C、费用类账户D、负债类账户5、基于持续经营（企业）假设，企业（）。

A、以历史成本作为企业经济资源的计价基础B、对长期资产计提折旧和摊销C、进行外币折算D、进行企业偿债能力的计算三、简答题（每题5分，共20分）1、简述负债比率的计算公式和意义。

（留空6行）2、永久性差异和暂时性差异的含义是什么？是否都需要进行所得税的跨期摊配？（留空6行）3、在商业企业中，通常设置哪几种特种日记账？设置和使用这些特种日记账比只使用一本普通日记账有何好处？（留空6行）4、在物价上涨时，比较先进先出法和后进先出法对纳税利益的影响。

（留空6行）四、判断下列结论正确与否，并简要说明理由。

（每题4分，共16分）1、现金流量表中本期以现金支付的所得税是根据本期所得税费用额确定的。

（）理由：（留空3行）2、现金股利一经宣布就成为公司的流动负债。

西方财务会计第三版习题答案

2－161、借：预付房租 4 500贷：现金 4 5002、借：现金 5 000贷：应收账款—莱尔 5 0003、借：现金 10 200贷：营业收入 10 2004、借：法律费 1 900贷：现金 1 9005、借：（在用）物料用品 2 500贷：现金 2 5006、借：薪金费 2 000贷：现金 2 0007、借：水电费 1 300贷：现金 1 3008、借：应收账款—加里 7 200贷：营业收入 7 2009、借：现金 9 000贷：预收营业收入 9 00010、借：应付账款—艾美 3 000贷：现金 3 00011、借：薪金费 2 000贷：现金 2 00012、借：应付账款—哈奇 1 400贷：现金 1 40013、借：现金 3 000贷：应收账款—加里 3 00014、借：留存收益 4 000贷：现金 4 0003－7 12月31日调整分录：（1）借：工薪费 950贷：应付（计）薪金 950（4 750/5）（2）借：物料用品费 13 100贷：物料用品 13 100（1 800＋15 600－4 300）（3）借：预收营业收入 27 000贷：营业收入 27 000（36 000×3/4）（4）借：折旧费 11 860贷：累计折旧 11 860（5 500＋6 360）（5）借：保险费 2 200贷：预付保险费 22 000（600＋2 400/12×8）3－111、编制会计分录（1）借：房租费 500贷：现金 500（2）借：现金 900贷：应收账款 900（3）借：应付账款 3 000贷：现金 3 000（4）借：应收账款 1 400贷：营业收入 1 400（5）借：现金 3 800贷：营业收入 3 800（6）借：在用物料 450贷：应付账款 450（7）借：应付账款 1 085贷：现金 1 085（8）借：现金 1 100贷：应收账款 1 100（9）借：运输费 200贷：现金 200（10）借：薪金费 640贷：现金 640（11）借：现金 2 600贷：预收营业收入 2 600（12）借：预付保险费 1 800贷：现金 1 8002、开设账户并过账现金应收账款预付保险费初 5 000（1） 500 初 2 000（2） 900 初 400（2） 900（3） 3 000 （4） 1 400（8） 1 100 （12） 1 800 （5） 3 800（7） 1 085 余 1 400 余 2 200 ③400 （8） 1 100（9） 200 ⑤ 380 余额 1 800（11） 2 600（10） 640 余额 1 780（12） 1 800余额 6 175在用物料设备累计折旧初 500 初 39 000 初 7 150（6） 450 余额 39 000 ②650余 950 ①500 余额 7 800余额 450应付账款应付薪金预收营业收入（3） 3 000 初 4 085 ⑥ 96 （11） 2 600（7） 1 085（6） 450 余额 96 ④ 2 080余额 450 余额 520股本留存收益初 35 000 初 665余额 35 000 结③4 674余额 5 339营业收入房租费运输费（4） 1 400 （1） 500 结② 500 （9） 200 结② 200 （5） 3 800余 5 200④ 2 080⑤ 380结① 7 600 余额 7 660薪金费物料用品费折旧费（10） 640 ① 500 结② 500 ② 650 结② 650⑥ 96余额 736 结② 736保险费收益汇总③ 400 结② 400 结②2 986 结①7 660结③4 6743、调整前试算表（见工作底稿）4、1月31日调整分录：①借：物料用品费 500贷：在用物料 500（950－450）②借：折旧费 650贷：累计折旧 650（39 000/5×12）③借：保险费 400贷：预付保险费 400④借：预收营业收入 2 080贷：营业收入 2 080（2 600×80%）⑤借：应收账款 380贷：营业收入 380⑥借：薪金费 96贷：应付薪金 96（640/4/5×3）5、调整后试算表（见工作底稿）6、家具维修店收益表1月份单位：美元收入营业收入 7 660减：费用房租费 500运输费 200薪金费 736保险费 400物料用品费 500折旧费 650费用合计 2 986净收益 4 674家具维修店资产负债表17、将调整分录过账（见2） 8、结账分录：结①借：营业收入 7 660贷：收益汇总 7 660 结②借：收益汇总2 986贷：房租费 500运输费 200 薪金费 736 保险费 400 物料用品费 500 折旧费 650结③借：收益汇总 4 674贷：留存收益 4 6749、结账后试算表结账后试算表年12月31日 4－11迪勒公司（销售）：（1）借：应收账款 2 600 贷：销售收入 2 600借：应收账款 50 贷：现金 50 （2）不处理（3）借：销售退回及折让 100 贷：应收账款 100 （4）不处理（5）借：现金 2 500销售折扣 50 （2 500×2％）贷：应收账款 2 550 赛赫公司（购货）：（1）借：购货 2 600 购货运费 50贷：应付账款 2 650 （2）不处理（3）借：应付账款 100贷：购货退回及折让 100 （4）借：应付账款 2 550 贷：购货折扣 50 现金 2 5002．编制分录，调整现金帐户余额（4）登记银行服务费借：杂项费用 12贷：现金 12 （5）开票据借款借：现金 3 000贷：应付票据 3 000 （6）冲销原收款分录借：应收帐款 890贷：现金 880 销售折扣 10 （7）冲销多记修理费借：现金 855贷：修理费 855（950－95）5－8（1）借：坏账准备 600贷：应收账款——伦特 600（2）坏账准备余额＝70000×1％＋8000×4％＋3000×10％＋1500×30％＝$1 770 （3）应计提坏账准备＝1 770＋（600－500）＝$1 870借：坏账费用 1 870贷：坏账准备 1 870（4）应收账款 $82 500减：坏账准备 1 770应收账款净额 $80 7305－9（1）借：应收账款 4 700 000贷：服务收入 4 700 000（2）借：现金 4 455 000贷：应收账款 4 455 000（3）借：坏账准备 171 000贷：应收账款 171 000（4）借：坏账费用 188 000贷：坏账准备 188 000应收账款坏账准备期初 226 000 （2） 4 455 000 （3） 171 000 期初 34 000（1） 4 700 000（3） 171 000 （4） 188 000期末 300 000 期末 51 00020**年12月31日资产负债表应收账款 $300 000减：坏账准备 51 000应收账款净值 $249 00020**年收益表列示服务收入$4 700 000以及坏账费用$188 000。

西方会计试题及答案

西方会计试题及答案请根据下列所给的西方会计试题，选择正确答案，并解析答案的理由。

第一题：公司A于2021年1月1日购入一项固定资产，金额为100,000美元。

该固定资产预计使用寿命为5年，预计残值为10,000美元。

按照直线法计算折旧。

在2023年末，公司决定将该固定资产卖出，售价为50,000美元。

请问在2023年末该固定资产的累计折旧金额为多少？A. 60,000美元B. 50,000美元C. 40,000美元D. 30,000美元答案解析：根据直线法计算折旧的公式：（购入金额 - 预计残值）/ 预计使用寿命，即（100,000美元 - 10,000美元）/ 5年 = 18,000美元/年。

那么，在2023年末，累计折旧金额为18,000美元/年 × 3年 = 54,000美元。

因此，答案为B. 50,000美元。

第二题：公司B在2021年度进行盘点时，发现库存中有一批货物价值20,000美元在运输途中遗失。

根据美国通用会计准则（U.S. GAAP），公司应如何处理此损失？A. 计入库存异常损失账户B. 计入库存减值准备账户C. 计入库存销售成本账户D. 计入库存盘亏账户答案解析：根据美国通用会计准则（U.S. GAAP），公司应该选择A. 计入库存异常损失账户。

这是因为货物在运输途中遗失被视为非正常损失，与日常经营活动无关。

因此，公司应将这一损失单独列入库存异常损失账户。

第三题：根据国际财务报告准则（IFRS），公司在2021年度确定了一项延迟所得税负债。

在2022年度，根据公允价值模式进行再评估后，这项延迟所得税负债的金额发生了变化。

根据IFRS的规定，公司应将这项变化的金额如何处理？A. 计入综合收益B. 计入资产减值损失C. 计入其他综合收入D. 计入利润表答案解析：根据国际财务报告准则（IFRS），公司应该选择D. 计入利润表。

根据IFRS，延迟所得税负债的变动属于权责发生制原则所涉及的实际情况变动。

西方财务会计1-4答案

Ex. 1Байду номын сангаас1
As in many ethics issues, there is no one right answer. Thelocal newspaperreported on this issue in these terms: "The company covered up the first report, and the local newspaper uncovered the company's secret. The company was forced to not locate here (CollierCounty). It became patently clear that doing the least that is legally allowed is not enough."
Ex. 1–21.B2.B3.E4.F5.B
6.F7.X8.E9.X10.B
Ex. 1–3
a.$96,500 ($25,000 + $71,500)；b.$67,750 ($82,750 – $15,000)；c.$19,500 ($37,000 – $17,500)
Ex. 1–4
a.$275,000 ($475,000 – $200,000)；b.$310,000 ($275,000 + $75,000 – $40,000)
6.eBay offers value to its customers by developing a Web-based community in which buyers and sellers are brought together in an efficient format to browse, buy, and sell items such as collectibles, automobiles, high-end or premium art items, jewelry, consumer electronics, and a host of practical and miscellaneous items.

西方财务会计综合练习(一)

《西方财务会计》综合练习（一）一、单项选择题（每个1.5分，共15分）1、管理会计的主要职能是为企业内部管理服务，故又称为（）。

A．成本会计B．财务会计C．内部会计D．外部会计2、下列会计处理上应用稳健性原则的是（）。

A．对固定资产采用加速折旧法B．存货按历史成本计价C．用权责发生制计量利润D．无形资产计价入账并列示3、“累计折旧”是属于（）性质的账户。

A．资产B．负债C．所有者权益D．费用4、一般而言，账项调整的理论基础是（）。

A．现金制B．收付实现制C．应计制D．历史成本5、移动加权平均法的计算基础是企业对存货实行（）。

A．永续盘存制B．实地盘存制C．定期盘点制D．不定期盘点制6、对于公司债券的利息，一般采用（）记账。

A．现金制B．应计制C．收付实现制D．集中核算制7、长期资产一般不包括（）。

A．厂场资产B．自然资源C．应收票据D．无形资产8、已收而未交的销售税，属于企业的一项（）。

A．流动负债B．流动资产C．财产收益D．管理费用9．流动资产减去流动负债后的净额，也称为（）。

A．权益资本B．权益资金C．流动资本D．营运资本10、财务报表分析中，对财务状况的评价应当以（）为主。

A．营运能力B．偿债能力C．盈利能力D．流动能力二、多项选择题（每个2分，共10分）1、一般来说，财务信息应具备如下质量特征（）。

A．有用性B．相关性C．可靠性D．重要性2、确定“备抵坏账”账户期末余额的方法有（）。

A．应收账款百分比法B．应收账款账龄分析法C．加权平均法D．个别估价法3、企业外购存货的成本构成一般包括（）。

A．发票价格B．附带成本C．利息支出D．短缺损失4、下列属于由于经营活动而产生的现金收入有（）。

A．出售股票收入B．提供劳动收入C．发行债券收入D．出售商品收入5、财务报表分析方法主要有（）。

A．趋势分析法B．比率分析法C．成本分析法D．利润分析法三、判断题（每个1.5分，共15分）1．对固定资产采用加速折旧法是会计上重要性原则的体现。

南开15春学期《西方财务会计》在线作业及答案-最新

南开15春学期《西方财务会计》在线作业及答案-最新
最新在线作业试卷
南开15春学期《西方财务会计》在线作业及答案
一、单选题（共20 道试题，共40 分。

）
1. 在备抵法下，当发生坏帐时，应（）
A. 借记坏帐费用
B. 借记备抵坏账
C. 借记应收账款
D. 贷记备抵坏账
正确答案：B
2. 企业的资产负债表中包括了业主最近购进的住宅，这违背了()
A. 独立实体假设
B. 历史成本原则
C. 稳健性原则
D. 客观性原则
正确答案：A
3. 以下会增加速动比率但是会引起流动比率下降的业务是（）
A. 短期借款
B. 购买厂场资产
最新在线作业试卷。

标3西方财务会计试题

要求：分别为A公司和日公司编制会计分录。
（二）8月20日，B公司将A公司开给的票据向银行贴现，贴现率8％。
要求：
1、计算票据的到期利息，到期价值，贴现折价及贴现实得款。
2、编制会计分录。
（三）9月29日，A 公司偿付这张到期票据，请编制A公司和日公司的会计分录。（注：A公司于9月1日为应计利息费用作了转回分录）
A将原来的凭单注销，另填制一张扣除购货退还及折让金额后的付款凭单
B 填制一张扣除购货退还及折让金额后的付款凭单
C将原来的凭单注销
D 在普通日记帐中借记“应付帐款”和贷记“购货退还及折让”的分录
3、西方会计中的现金包括：（）
A纸币、铸市B纸币、铸市、支票和汇票
C纸币、铸市和支票D 纸币、铸市和汇票
4、“递延所得税贷项”是（）
2、什么是坏账损失处理的备抵法?为什么说它优于直接销账法?
3、对出售库存股份的折价和溢价怎样处理？
4、就计算应税收益来讲，直线折旧法与加速
四、判断下列结论正确与否，并简要说明理由（每题4分，共12分）
1、根据公认会计原则，收入是在销售成立时确认的。因此，分期付款销售的销售收入应在合同生效的会计期间登记入帐。
1、10日，赊购商品一批，发票金额＄20000，付款条件2/0，n/30
2、11日，收到供货方代付运费＄300的借项通知单。
3、14日，收到供货方贷项通知单，同意我方折让货款＄500的要求。
4、18日，偿付上述货款。（列出付款金额的计算过程）
得分
评卷人
七、业务题（本题18分）
（一）7月1日，A公司购买商品一批，价值＄5000，向供货商日公司开出一张为期90天年利率7％，金额＄5000的票据。
（二）要求：

西方财会习题

CHAPTER 1 INTRODUCTION TO ACCOUNTING AND BUSINESSChapter 1—Introduction to Accounting and Business Chapter 1—Introduction to Accounting and BusinessTRUE/FALSE1. The main objective of a not-for-profit business is not to make a profit.ANS: F DIF: 2 OBJ: 012. An example of a business stakeholder is the federal government.ANS: T DIF: 2 OBJ: 013. A corporation is a business that is legally separate and distinct from its owners.ANS: T DIF: 1 OBJ: 014. About 90% of the businesses in the United States are organized as corporations.ANS: F DIF: 2 OBJ: 015. A value chain is the way a business adds value for its customers by processing inputs into aproduct or service.ANS: T DIF: 1 OBJ: 016. Once a business has chosen a strategy, it must implement the strategy in its value chain.ANS: T DIF: 1 OBJ: 017. A successful entrepreneur could be someone who is independent, self confident, and thereforedoes not need the ability to interact with others.ANS: F DIF: 3 STO: 018. Primary users of accounting information are accountants.ANS: F DIF: 3 OBJ: 029. Accounting is thought to be the "language of business" because business information iscommunicated to stakeholders.ANS: T DIF: 2 OBJ: 0210. Accounting is a service that provides many different users with financial information to makeeconomic decisions.ANS: T DIF: 2 OBJ: 021Chapter 1—Introduction to Accounting and Business11. Proper ethical conduct implies that you only consider what's in your best interest.ANS: F DIF: 1 OBJ: 0312. Small ethical lapses are harmless in and of themselves.ANS: F DIF: 2 OBJ: 0313. CMA is an acronym that stands for Certified Manufacturing Accountant.ANS: F DIF: 1 OBJ: 0414. Individuals who wish to practice public accounting as a CPA must meet the requirements of thestate in which they reside.ANS: T DIF: 2 OBJ: 0415. Managerial accounting is primarily concerned with the recording and reporting of economicdata and activities of an entity for use by owners, creditors, governmental agencies, and the public.ANS: F DIF: 2 OBJ: 0416. The Financial Accounting Standards Board (FASB) is the authoritative body that has primaryresponsibility for developing accounting principles.ANS: T DIF: 1 OBJ: 0517. The cost concept is the basis for entering the exchange price into the accounting records.ANS: T DIF: 2 OBJ: 0518. Without the cost concept, accounting reports would become unstable and unreliable.ANS: T DIF: 2 OBJ: 0519. The unit of measurement concept requires that economic data be recorded in a common unit ofmeasurement.ANS: T DIF: 2 OBJ: 0520. If a building is appraised for $90,000, offered for sale at $95,000, and the buyer pays $85,000cash for it, the buyer would record the building at $90,000.ANS: F DIF: 3 OBJ: 052Chapter 1—Introduction to Accounting and Business 21. The accounting equation can be expressed as Assets - Liabilities = Owner's Equity.ANS: T DIF: 2 OBJ: 0622. The rights or claims to the assets of a business may be subdivided into rights of creditors andrights of owners.ANS: T DIF: 2 OBJ: 0623. The owner’s rights to the assets rank ahead of the creditors' rights to the as sets.ANS: F DIF: 2 OBJ: 0624. If the liabilities owed by a business total $500,000, then the assets also total $500,000.ANS: F DIF: 3 OBJ: 0625. If the assets owned by a business total $500,000, and owner's equity totals $400,000, liabilitiestotal $100,000.ANS: T DIF: 3 OBJ: 0626. If the assets owned by a business total $100,000 and liabilities total $50,000, owner's equitytotals $150,000.ANS: F DIF: 3 OBJ: 0627. Business transactions are economic events that directly or indirectly change an entity's financialcondition or results from operations.ANS: F DIF: 3 OBJ: 0728. If total assets decreased by $40,000 during a specific period and owner's equity decreased by$45,000 during the same period, the period's change in total liabilities was an $85,000 increase.ANS: F DIF: 3 OBJ: 0729. If total assets increased by $175,000 during a specific period and liabilities decreased by$10,000 during the same period, the period's change in total owner's equity was a $185,000 increase.ANS: T DIF: 3 OBJ: 0730. If net income for a proprietorship was $25,000, the owner withdrew $10,000 in cash and theowner invested $5,000 in cash, the capital of the owner increased by $20,000.3Chapter 1—Introduction to Accounting and BusinessANS: T DIF: 3 OBJ: 0731. If net income for a business was $175,000, withdrawals were $40,000 in cash, and the ownermade no investment, the owner's equity increased $215,000.ANS: F DIF: 3 OBJ: 0732. An account receivable is a claim against a customer arising from a sale on account.ANS: T DIF: 2 OBJ: 0733. Paying an account payable increases liabilities and decreases assets.ANS: F DIF: 3 OBJ: 0734. Receiving payments on an account receivable increases both equity and assets.ANS: F DIF: 3 OBJ: 0735. Cash investments by owners increase both equity and assets.ANS: T DIF: 3 OBJ: 0736. Cash withdrawals by owners decrease assets and increase equity.ANS: F DIF: 3 OBJ: 0737. Purchasing supplies on account increases liabilities and decreases equity.ANS: F DIF: 3 OBJ: 0738. The owner is only allowed to withdraw cash from the business.ANS: F DIF: 2 OBJ: 0739. Receiving a bill or otherwise being notified that an amount is owed is not recorded until theamount is paid.ANS: F DIF: 3 OBJ: 0740. Revenue is earned only when money is received.ANS: F DIF: 3 OBJ: 0741. Expenses are expired costs of doing business.ANS: T DIF: 2 OBJ: 074Chapter 1—Introduction to Accounting and Business 42. The excess of revenue over the expenses incurred in earning the revenue is called capital.ANS: F DIF: 2 OBJ: 0843. The excess of expenses over revenues is called net income.ANS: F DIF: 2 OBJ: 0844. The principal financial statements of a proprietorship are the income statement, statement ofowner's equity, and the balance sheet.ANS: F DIF: 3 OBJ: 0845. A balance sheet is a list of the assets, liabilities, and owner's equity of a business for a period oftime.ANS: F DIF: 2 OBJ: 0846. An income statement is a summary of the revenues and expenses of a business as of a specificdate.ANS: F DIF: 2 OBJ: 0847. A statement of owner's equity reports the changes in the owner's equity for a period of time.ANS: T DIF: 2 OBJ: 0848. The statement of cash flows consists of an operating section, an income section, and an equitysection.ANS: F DIF: 2 OBJ: 0849. The financial statements of a proprietorship should include the owner's personal assets andliabilities.ANS: F DIF: 3 OBJ: 0850. The ratio of liabilities to owner's equity can be expressed as "total owner's equity divided bytotal liabilities."ANS: F DIF: 2 OBJ: 0951. A low ratio of liabilities to owner's equity indicates that a business is near bankruptcy.ANS: F DIF: 4 OBJ: 095Chapter 1—Introduction to Accounting and BusinessMULTIPLE CHOICE1. Profit is the difference betweena. assets and liabilitiesb. the incoming cash and outgoing cashc. the assets purchased with cash contributed by the owner and the cash spent tooperate the businessd. the assets received for goods and services and the amounts used to provide the goodsand servicesANS: D DIF: 2 OBJ: 012. Most businesses in the United States area. sole proprietorshipsb. partnershipsc. corporationsd. separate entitiesANS: A DIF: 2 OBJ: 013. Which of the items below is not a business organization form?a. entrepreneurshipb. proprietorshipc. partnershipd. corporationANS: A DIF: 1 OBJ: 014. An entity that is organized according to state or federal statutes and in which ownership isdivided into shares of stock is aa. proprietorshipb. corporationc. partnershipd. governmental unitANS: B DIF: 1 OBJ: 015. An example of a basic business strategy isa. low-cost strategyb. differentiation strategyc. combination strategy6Chapter 1—Introduction to Accounting and Businessd. all of the aboveANS: D DIF: 2 OBJ: 016. Which of the following is not included in the value chain?a. business processesb. inputsc. business strategiesd. products or servicesANS: C DIF: 3 OBJ: 017. Financial reports are used bya. managementb. creditorsc. investorsd. all of the aboveANS: D DIF: 2 OBJ: 028. Which of the following best describes accounting?a. records economic data but does not communicate the data to users according to anyspecific rulesb. is an information system that provides reports to stakeholdersc. is of no use by individuals outside of the businessd. is used only for filling out tax returns and for financial statements for various type ofgovernmental reporting requirementsANS: B DIF: 2 OBJ: 029. Which of the following is not a step in providing accounting information to stakeholders?a. design the accounting information systemb. prepare accounting surveysc. identify stakeholdersd. record economic dataANS: B DIF: 3 OBJ: 0210. The two most common specialized fields of accounting in practice area. forensic accounting and financial accountingb. managerial accounting and financial accountingc. managerial accounting and environmental accounting7Chapter 1—Introduction to Accounting and Businessd. financial accounting and tax accounting systemsANS: B DIF: 1 OBJ: 0411. Public accountants are normallya. Certified Public Accountantsb. Forensic accountantsc. Certified Internal Auditorsd. Certified Management AccountantsANS: A DIF: 1 OBJ: 0412. Which one of the following is a specialized field of accounting?a. social accountingb. tax accountingc. environmental accountingd. all of the aboveANS: D DIF: 2 OBJ: 0413. The initials GAAP stand fora. General Accounting Proceduresb. Generally Accepted Plansc. Generally Accepted Accounting Principlesd. Generally Accepted Accounting PracticesANS: C DIF: 3 OBJ: 0514. Presently the dominant body in the development of accounting principles is thea. American Institute of Certified Public Accountants (AICPA)b. American Accounting Association (AAA)c. Financial Accounting Standards Board (FASB)d. Institute of Management Accountants (IMA)ANS: C DIF: 1 OBJ: 0515. The business entity concept means thata. the owner is part of the business entityb. an entity is organized according to state or federal statutesc. an entity is organized according to the rules set by the FASB8d. the entity is an individual economic unit for which data are recorded, analyzed, andreportedANS: D DIF: 1 OBJ: 0516. For accounting purposes, the business entity should be considered separate from its owners ifthe entity isa. a corporationb. a proprietorshipc. a partnershipd. all of the aboveANS: D DIF: 3 OBJ: 0517. Smith Company purchased $105,000 of computer equipment from Brown Company. SmithCompany paid for the equipment using cash that had been obtained from the initial investment by Connie Smith. The transaction involving the computer equipment should be recorded on the accounting records of which of the following entities?a. Smith Company and Connie Smith's personal recordsb. Brown Company and Connie Smith's personal recordsc. Brown Companyd. Smith Company and Brown CompanyANS: D DIF: 5 OBJ: 0518. The objectivity principle requires thata. business transactions must be consistent with the objectives of the entityb. the Financial Accounting Standards Board must be fair and unbiased in itsdeliberations over new accounting standardsc. accounting principles must meet the objectives of the Security and ExchangeCommissiond. amounts recorded in the financial statements must be based on independentlyverifiable evidenceANS: D DIF: 2 OBJ: 0519.The Reynolds Company estimated that the value of its land had increased from $10,000 to $16,000and therefore wrote up the land account to $16,000. Which accounting concept(s) was (were) violated?a. cost conceptb. objectivity conceptc. all of the aboved. none of the aboveANS: C DIF: 3 OBJ: 0520. John Williams owns and operates Indoor Advertising Company. Recently, John withdrew$18,000 from Indoor Advertising, and he contributed $10,000, in his name, to the Red Cross.The contribution of the $10,000 should be recorded on the accounting records of which of the following entities?a. Indoor Advertising and the Red Crossb. John William's personal records and the Red Crossc. John William's personal records and Indoor Advertisingd. John William's personal records, Indoor Advertising, and the Red CrossANS: B DIF: 4 OBJ: 0521. Equipment with an estimated market value of $45,000 is offered for sale at $65,000. Theequipment is acquired for $10,000 in cash and a note payable of $40,000 due in 30 days. The amount used in the buyer's accounting records to record this acquisition isa. $50,000b. $65,000c. $10,000d. $45,000ANS: A DIF: 4 OBJ: 0522. Owned resources of a business are referred to asa. assetsb. liabilitiesc. equitiesd. revenuesANS: A DIF: 1 OBJ: 0623. Assets area. always greater than liabilities.b. either cash or accounts receivablesc. the same as expenses because they are acquired with cashd. financed by the owner and/or creditorsANS: D DIF: 2 OBJ: 0624. Debts owed by a business are referred to asa. accounts receivablesb. equitiesc. owner’s equityd. liabilitiesANS: D DIF: 1 OBJ: 0625. The accounting equation may be expressed asa. Assets = Equities - Liabilitiesb. Assets + Liabilities = Owner's Equityc. Assets = Revenues less Liabilitiesd. Assets - Liabilities = Owner's EquityANS: D DIF: 3 OBJ: 0626. Which of the following is not a business transaction?a. make a sales offerb. sell goods for cashc. receive cash for services to be rendered laterd. pay for suppliesANS: A DIF: 3 OBJ: 0727. If total liabilities decreased by $25,000 during a period of time and owner's equity increased by$30,000 during the same period, the amount and direction (increase or decrease) of the period's change in total assets isa. $65,000 increaseb. $5,000 decreasec. $5,000 increased. $65,000 decreaseANS: C DIF: 3 OBJ: 0728. A business paid $9,000 to a creditor in payment of an amount owed. The effect of thetransaction on the accounting equation was toa. increase one asset, decrease another assetb. increase an asset, increase a liabilityc. decrease an asset, decrease a liabilityd. increase an asset, increase owner's equityANS: C DIF: 3 OBJ: 0729. Earning revenuea. increases assets, increases owner’s equity.b. increases assets, decreases owner's equityc. increases one asset, decreases another assetd. decreases assets, increases liabilitiesANS: A DIF: 3 OBJ: 0730. The monetary value charged to customers for the performance of services sold is called a(n)a. assetb. net incomec. capitald. revenueANS: D DIF: 2 OBJ: 0731. Revenues are reported whena. a contract is signedb. cash is received from the customerc. work is begun on the jobd. work is completed on the jobANS: D DIF: 3 OBJ: 0732. Expenses are recorded whena. cash is paid for services renderedb. a bill is received in advance of services renderedc. services are renderedd. none of the aboveANS: C DIF: 3 OBJ: 0733. Goods purchased on account for future use in the business, such as supplies, are calleda. prepaid liabilitiesb. revenuesc. prepaid expensesd. liabilitiesANS: C DIF: 2 OBJ: 0734. The asset created by a business when it makes a sale on account is termeda. accounts payableb. prepaid expensec. unearned revenued. accounts receivableANS: D DIF: 2 OBJ: 0735. The debt created by a business when it makes a purchase on account is referred to as ana. account payableb. account receivablec. assetd. expense payableANS: A DIF: 2 OBJ: 0736. If total assets decreased by $47,000 during a period of time and owner's equity increased by$24,000 during the same period, then the amount and direction (increase or decrease) of the period's change in total liabilities isa. $23,000 increaseb. $47,000 decreasec. $71,000 decreased. $71,000 increaseANS: C DIF: 3 OBJ: 0737. Owner's withdrawalsa. increase expensesb. decrease expensesc. increase cashd. decrease owner's equityANS: D DIF: 2 OBJ: 0738. Owner's equity is increased bya. cashb. revenuec. accounts receivabled. all of the aboveANS: B DIF: 2 OBJ: 0739. How does the purchase of supplies on account affect the accounting equation?a. assets increase; owner's equity decreasesb. assets increase; liabilities increasec. assets increase; liabilities decreased. liabilities increase; owner's equity decreasesANS: B DIF: 4 OBJ: 0740. How does the rendering of services on account affect the accounting equation?a. assets increase; owner’s equity increasesb. assets decrease; owner's equity decreasec. assets increase; owner's equity decreasesd. liabilities increase; owner's equity decreasesANS: A DIF: 4 OBJ: 0741. How does paying a liability in cash affect the accounting equation?a. assets increase; liabilities decreaseb. assets increase; liabilities increasec. assets decrease; liabilities decreased. liabilities decrease; owner's equity increasesANS: C DIF: 4 OBJ: 0742. How does the owner withdrawing cash from the business affect the accounting equation?a. assets decrease; owner's equity decreasesb. assets decrease; owner's equity increasesc. assets increase; liabilities decreased. no effect on the assets, liabilities, or owner's equityANS: A DIF: 4 OBJ: 0743.How does receiving a bill to be paid next month for services rendered affect the accountingequation?a. assets decrease; owner's equity decreasesb. assets increase; liabilities increasec. liabilities increase; owner's equity increasesd. liabilities increase; owner's equity decreasesANS: D DIF: 4 OBJ: 0744. How does the collection of cash from a customer who was previously put on account affect theaccounting equation?a. assets decrease; owner's equity decreasesb. assets increase; owner's equity increasesc. assets increase; assets decreased. assets increase; liabilities increaseANS: C DIF: 4 OBJ: 0745. How does the purchase of equipment by signing a note affect the accounting equation?a. assets increase; assets decreaseb. assets increase; liabilities decreasec. assets increase; liabilities increased. assets increase; owner's equity increasesANS: C DIF: 4 OBJ: 0746. Land, originally purchased for $20,000, is sold for $75,000 in cash. What is the effect of the saleon the accounting equation?a. assets increase $75,000; owner's equity increases $75,000b. assets increase $55,000; owner's equity increases $55,000c. assets increase $75,000; liabilities decrease $20,000; owner's equity increases$55,000d. assets increase $20,000; no change for liabilities; owner's equity increases $75,000ANS: B DIF: 4 OBJ: 0747. The Melville Company sold land for $60,000 in cash. The land was originally purchased for$40,000, and at the time of the sale, $15,000 was still owed to First National Bank on that purchase. After the sale, The Melville Company paid off the loan to First National Bank. What is the effect of the sale and the payoff of the loan on the accounting equation?a. assets increase $20,000; liabilities decrease $15,000; owner's equity increases$5,000b. assets increase $5,000; liabilities decrease $15,000; owner's equity increases$20,000c. assets increase $60,000; liabilities decrease $15,000; owner's equity increases$20,000d. assets increase $20,000; liabilities decrease $15,000; owner's equity increases$35,000ANS: B DIF: 5 OBJ: 0748. On November 1 of the current year, the assets and liabilities of Jim Chu, M.D., are as follows:Cash, $10,000; Accounts Receivable, $8,200; Supplies, $1,050; Land, $25,000; AccountsPayable, $6,530. What is the amount of owner's equity (Jim Chu's capital) as of November 1 of the current year?a. $37,720b. $44,430c. $21,500d. $50,780ANS: A DIF: 3 OBJ: 0749. Al Shea is the sole owner and operator of SawTooth Company. As of the end of its accountingperiod, December 31, 2005, SawTooth Company has assets of $925,000 and liabilities of$285,000. During 2006, Al Shea invested an additional $50,000 and withdrew $30,000 from the business. What is the amount of net income during 2006, assuming that as of December 31, 2006, assets were $980,000, and liabilities were $255,000?a. $ 95,000b. $ 65,000c. $165,000d. $725,000ANS: B DIF: 5 OBJ: 0750. The total assets and the total liabilities of a business at the beginning and at the end of the yearappear below. During the year, the owner had withdrawn $50,000 for personal use and had made an additional investment of $35,000 in the business.Assets Liabilities Beginning of year $295,000 $190,000End of year 355,000 220,000The amount of net income for the year wasa. $85,000b. $40,000c. $135,000d. $45,000ANS: D DIF: 4 OBJ: 0751. If beginning capital was $65,000, ending capital is $43,000, and the owner's withdrawals were$16,000, the amount of net income or net loss wasa. net income of $37,000b. net income of $8,000c. net loss of $22,000d. net loss of $6,000ANS: D DIF: 4 OBJ: 0752. Transactions affecting owner's equity includea. owner's investments and payment of liabilitiesb. owner's investments and owner's withdrawals, revenues, and expensesc. owner's investments, revenues, expenses, and collection of accounts receivabled. owner's withdrawals, revenues, expenses, and purchase of supplies on accountANS: B DIF: 2 OBJ: 0753. The financial statement that presents a summary of the revenues and expenses of a business fora specific period of time, such as a month or year, is called a(n)a. prior period statementb. statement of owner's equityc. income statementd. balance sheetANS: C DIF: 1 OBJ: 0854. All of the following are financial statement(s) of a proprietorship except thea. statement of retained earningsb. statement of owner's equityc. income statementd. statement of cash flowsANS: A DIF: 1 OBJ: 0855. Which of the following financial statements reports information as of a specific date?a. income statementb. statement of owner's equityc. statement of cash flowsd. balance sheetANS: D DIF: 2 OBJ: 0856. Four financial statements are usually prepared for a business. The statement of cash flows isusually prepared last. The statement of owner's equity (OE), the balance sheet (B), and the income statement (I) are prepared in a certain order to obtain information needed for the next statement. In what order are these three statements prepared?a. I,OE, Bb. B, I, OEc. OE, I, Bd. B,OE, IANS: A DIF: 2 OBJ: 0857. Liabilities are reported on thea. income statementb. statement of owner's equityc. statement of cash flowsd. balance sheetANS: D DIF: 1 OBJ: 0858. Cash investments made by the owner to the business are reported on the statement of cash flowsin thea. financing activities sectionb. investing activities sectionc. operating activities sectiond. supplemental statementANS: A DIF: 2 OBJ: 0859. The year-end balance of the owner's capital account appears ina. both the statement of owner's equity and the income statementb. only the statement of owner's equityc. both the statement of owner's equity and the balance sheetd. both the statement of owner's equity and the statement of cash flowsANS: C DIF: 2 OBJ: 0860. A debt-to-equity ratio of 1 indicatesa. the business cannot pay its debtsb. the business is in danger of being closedc. the assets equal the equitiesChapter 1—Introduction to Accounting and Businessd. the liabilities equal the equitiesANS: D DIF: 2 OBJ: 0961. All other things being equal, a bank would most likely prefer to lend to a company with a debt toequity ratio ofa. .30b. 1.00c. .15d. 2.00ANS: C DIF: 4 OBJ: 09PROBLEM1. Give the major disadvantage of disregarding the cost concept and constantly revaluing assetsbased on appraisals and opinions.2. Determine the missing amount for each of the following:Assets Liabilities Owner's Equity(a) $18,000 $ 11,000$50,000 (b) $ 28,000$35,000 $ 7,000 (c)3. Indicate whether each of the following represents an asset, liability, or owner's equity:(a) accounts payable(b) wages expense(c) capital(d) accounts receivable(e) withdrawal(f) land4. Selected transactions completed by a proprietorship are described below. Indicate the effects ofeach transaction on assets, liabilities, and owner's equity by inserting "+" for increase and "-"for decrease in the appropriate columns at the right. If appropriate, you may insert more than one symbol in a column.19Chapter 1—Introduction to Accounting and Business20 A L OE(a) Received cash from owner as an additionalinvestment_____ _____ _____(b) Purchased supplies on account _____ _____ _____(c) Paid rent for the current month _____ _____ _____(d) Received cash for services sold to customers _____ _____ _____(e) Returned some defective supplies purchased in(b)_____ _____ _____(f) Paid insurance premiums in advance _____ _____ _____(g) Paid cash to creditor for purchases in (b) _____ _____ _____(h) Charged customers for services sold on account _____ _____ _____(i) Paid cash to a customer as a refund for anovercharge_____ _____ _____(j) Received cash on account from customers _____ _____ _____(k) Owner withdrew cash for personal use _____ _____ _____(l) Recorded the cost of supplies used during theyear_____ _____ _____(m) Received invoice for electricity used _____ _____ _____(n) Paid wages _____ _____ _____(o) Purchased a truck for cash _____ _____ _____5. Identify each of the following as an (1) increase in owner's equity, or a (2) decrease in owner'sequity(a) Fees Earned(b) Wages Expense(c) Withdrawal(d) Lawn Care Revenue(e) Investment(f) Supplies Expense6. From the following list of accounts taken from Benson's accounting records, identify those thatwould appear on the Income Statement.(a) Rent Expense(b) Land(c) Capital(d) Fees Earned(e) Withdrawal(f) Wages Expense。