叶建芳会计英语中文版1-5(精编文档).doc

叶建芳会计英语中文版1-4

第一章会计总论学习目标：1.了解会计信息系统2.应用公认会计准则3.了解财务报表4.运用会计要素5.运用会计等式6.了解会计及其环境本章讨论不同的使用者对会计信息的需求，介绍不同实体对会计职业的影响、会计职业道德及职业行为准则。

本章也将对公认会计准则以及一些相关概念和原则进行解释。

本章将介绍会计等式：资产＝负债＋所有者权益，并逐一定义会计等式中的每个要素，举例分析不同业务对会计等式的影响。

同时，本章还将简单介绍财务报表。

1.1会计是一个信息系统我们通常把会计描述为一个信息系统。

作为一个信息系统，会计计量经济活动，将信息编制成财务报表，并将财务报表传达给决策者。

会计的范围包括：确认经济事项，进行计量、记录、汇总，并把信息报告给使用者。

会计所涵盖的范围要大于簿记。

图表1－1是信息在会计系统内的流转图。

簿记是对交易和事件的记录，只是会计的一部分。

会计还包括对会计信息的分析和阐述，以帮助财务报表的外部和内部的使用者制定各项经济决策。

图表1-1 会计信息流转会计信息使用者主要是投资者和债权人，政府，工会，普通公众也会使用会计信息。

1.2组织形式企业有三种组织形式：个人独资企业是指由一个自然人投资拥有的企业组织。

个人独资企业是一个会计实体，但并不是法律实体个人独资企业的所有者对企业的债务承担无限责任，这也是个人独资企业的一个主要缺点。

合伙企业与个人独资企业的区别只在于它有两个或两个以上的所有者。

合伙企业的所有者被称为合伙人。

现实商业活动中有许多不同类型的合伙企业。

公司是依据当地法律注册成立的单独实体；公司的所有者被称为股东。

股东不对公司的债务负责。

有限责任是公司这种组织形式的一个显著优点。

公司的所有权被分为股份。

股份可以在所有者之间转让。

1.3编报财务报表的框架由于各个国家的法律和经济环境不同，各国有不同的会计模式。

在一个国家可行的会计实务在另一个国家并不一定可行。

由于各国的会计模式不同，所以我们需要制定一个互相协调的会计标准：用全球通用的会计语言来传达相关的且可靠的会计信息。

会计英语叶建芳第四版课后题

会计英语叶建芳第四版课后题Section 1: Introduction to Accounting1.1 What is accounting?Accounting is the process of identifying, measuring, summarizing, and communicating financial information to interested users.It involves recording transactions, preparing financial statements, and providing financial analysis.1.2 Why is accounting important?Accounting is important because it provides essential information for decision-making by management, investors, creditors, and other stakeholders.It helps in evaluating the financial performance and position of a business, and ensures transparency and accountability.1.3 Types of accounting.There are several types of accounting, including financial accounting, cost accounting, and management accounting.Financial accounting focuses on preparing financial statements for external users, while cost accounting is used for internal decision-making.Management accounting provides information for planning, controlling, and decision-making by management.Section 2: Financial Statements2.1 What are financial statements?Financial statements are written records prepared by a company that convey its financial performance and financial position.They include the balance sheet, income statement, statement of cash flows, and statement of changes in equity.2.2 What is the balance sheet?The balance sheet is a financial statement that shows the company"s assets, liabilities, and shareholders" equity at a specific point in time.It provides a snapshot of the company"s financial position.2.3 What is the income statement?The income statement, also known as the profit and loss statement, shows the company"s revenues, expenses, and net income or loss for a specific period of time.It demonstrates the company"s ability to generate profit.2.4 What is the statement of cash flows?The statement of cash flows shows the inflows and outflows of cash from operating, investing, and financing activities during a specific period of time.It provides information about the company"s cash flow position and its ability to meet short-term obligations.Section 3: Accounting Principles and Concepts3.1 What are accounting principles?Accounting principles are rules and guidelines that govern the preparation of financial statements.They provide a framework forconsistent and comparable financial reporting.Some common accounting principles include the accrual basis of accounting, the going concern concept, and the monetary unit assumption.3.2 What is the accrual basis of accounting?The accrual basis of accounting recognizes revenues and expenses when they are earned or incurred, regardless of when cash is received or paid.This provides a more accurate representation of the company"s financial performance.3.3 What is the going concern concept?The going concern concept assumes that the company will continue its operations in the foreseeable future.This allows for the valuation of assets and liabilities on a long-term basis.3.4 What is the monetary unit assumption?The monetary unit assumption assumes that the value of money is stable over time and that financial information can be measured in a common unit of currency.This simplifies the accounting process and allows for meaningful comparison of financial data.Section 4: Accounting Records and Journal Entries4.1 What are accounting records?Accounting records are detailed records of all financial transactions of a company.They provide a chronological record of transactions and serve as the basis for preparing financial statements.4.2 What are journal entries?Journal entries are the means by which accounting transactions are recorded in the accounting records.They involve debiting one account and crediting another account to maintain the balance of the accounting equation.4.3 What is the accounting equation?The accounting equation, Assets = Liabilities + Shareholders" Equity, serves as the foundation of the double-entry bookkeeping system.It ensures that every transaction has equal and opposite effects on the accounting equation.Section 5: Financial Analysis5.1 What is financial analysis?Financial analysis is the process of evaluating the financial performance and position of a company.It involves interpreting financial statements and using ratios, trends, and other financial indicators to assess the company"s liquidity, solvency, and profitability.5.2 What are financial ratios?Financial ratios are calculations used to analyze the relationships between different financial values.They provide insights into the company"s performance and financial mon financial ratios include the current ratio, debt-to-equity ratio, and return on assets.5.3 What is the current ratio?The current ratio is a liquidity ratio that compares a company"s current assets to its current liabilities.It indicates the company"s ability to cover its short-term obligations.5.4 What is the debt-to-equity ratio?The debt-to-equity ratio is a leverage ratio that compares a company"s total debt to its shareholders" equity.It indicates the company"s level of financial risk and its。

叶建芳会计英语中文版

1.3编报财务报表的框架
由于各个国家的法律和经济环境不同,各国有不同的会计模式。在一个国家可行的会计实务在另一个国家并不一定可行。由于各国的会计模式不同,所以我们需要制定一个互相协调的会计标准：用全球通用的会计语言来传达相关的且可靠的会计信息。
为满足上述需求，国际会计准则委员会(IASC）于１９73年成立,并致力于国际公认的会计准则的制定。２001年4月1日，根据题为《关于重塑国际会计准则委员会未来的建议》的报告中的提议，国际会计准则委员会（IASＣ）改组为国际会计准则理事会（IＡSB）。
合伙企业与个人独资企业的区别只在于它有两个或两个以上的所有者。合伙企业的所有者被称为合伙人。现实商业活动中有许多不同类型的合伙企业。
公司是依据当地法律注册成立的单独实体；公司的所有者被称为股东。股东不对公司的债务负责。有限责任是公司这种组织形式的一个显著优点。公司的所有权被分为股份。股份可以在所有者之间转让。
个人独资企业编制的四种财务报表有：
-利润表(又称为损益表);
-所有者权益变动表(又称为资本变动表，以及以后章节介绍的留存收益表）；
-资产负债表;
－现金流量表。
◇资产负债表（财务状况报告)
资产负债表反映一个企业在某一特定日期的所有资产，负债和所有者权益。资产负债表中资产等于负债加所有者权益。
IASＢ框架对资产的定义如下:
除了1989年发布的国际会计准则外，国际会计准则委员会还发布了财务报表编报的框架,并将其作为建立会计准则的概念基础。
框架主要包括以下内容：
1.财务报表的目的及基础假设；
2.ﻩ财务报表的质量特征;
3.ﻩ财务报表的要素;
4．资本和资本保全概念。
图表1-2概括地介绍了一些重要的会计原则。
图表1－2

会计英语课后习题答案作者叶建芳会计英语课后习题参考答案

Suggested SolutionChapter 13.4.5.(b) net income = 9,260-7,470=1,790(c) net income = 1,790+2,500=4,290Chapter 21.a.To increase Notes Payable -CRb.To decrease Accounts Receivable-CRc.To increase Owner, Capital -CRd.To decrease Unearned Fees -DRe.To decrease Prepaid Insurance -CRf.To decrease Cash - CRg.To increase Utilities Expense -DRh.To increase Fees Earned -CRi.To increase Store Equipment -DRj.To increase Owner, Withdrawal -DR2.a.Cash 1,800Accounts payable ................................................... 1,800 b.Revenue ................................................................... 4,500Accounts receivable ...................................... 4,500c.Owner’s withdrawals ................................................ 1,500Salaries Expense ............................................ 1,500 d.Accounts Receivable (750)Revenue (750)3.Prepare adjusting journal entries at December 31, the end of the year.Advertising expense 600Prepaid advertising 600Insurance expense (2160/12*2) 360Prepaid insurance 360Unearned revenue 2,100Service revenue 2,100Consultant expense 900Prepaid consultant 900Unearned revenue 3,000Service revenue 3,000 4.1. $388,4002. $22,5203. $366,6004. $21,8005.1. net loss for the year ended June 30, 2002: $60,0002. DR Jon Nissen, Capital 60,000CR income summary 60,0003. post-closing balance in Jon Nissen, Capital at June 30, 2002: $54,000Chapter 31. Dundee Realty bank reconciliationOctober 31, 2009Reconciled balance $6,220 Reconciled balance $6,2202. April 7 Dr: Notes receivable—A company 5400Cr: Accounts receivable—A company 540012 Dr: Cash 5394.5Interest expense 5.5Cr: Notes receivable 5400June 6 Dr: Accounts receivable—A company 5533Cr: Cash 553318 Dr: Cash 5560.7Cr: Accounts receivable—A company 5533Interest revenue 27.73. (a) As a whole: the ending inventory=685(b) applied separately to each product: the ending inventory=6254. The cost of goods available for sale=ending inventory + the cost of goods=80,000+200,000*500%=80,000+1,000,000=1,080,0005.(1) 24,000+60,000-90,000*0.8=12000(2) (60,000+24,000)/( 85,000+31,000)*( 85,000+31,000-90,000)=18828Chapter 41. (a) second-year depreciation = (114,000 – 5,700) / 5 = 21,660;(b) second-year depreciation = 8,600 * (114,000 – 5,700) / 36,100 = 25,800;(c) first-year depreciation = 114,000 * 40% = 45,600second-year depreciation = (114,000 – 45,600) * 40% = 27,360;(d) second-year depreciation = (114,000 – 5,700) * 4/15 = 28,880.2. (a) weighted-average accumulated expenditures (2008) = 75,000 * 12/12 + 84,000 * 9/12 + 180,000 * 8/12 + 300,000 * 7/12 + 100,000 * 6/12 = 483,000(b) interest capitalized during 2008 = 60,000 * 12% + ( 483,000 –60,000) * 10% =49,5003. (1) depreciation expense = 30,000(2) book value = 600,000 – 30,000 * 2=540,000(3) depreciation expense = ( 600,000 – 30,000 * 8)/16 =22,500(4) book value = 600,000 – 30,000 * 8 – 22,500 = 337,5004. Situation 1:Jan 1st, 2008 Investment in M 260,000Cash 260,000June 30 Cash 6000Dividend revenue 6000Situation 2:January 1, 2008 Investment in S 81,000Cash 81,000June 15 Cash 10,800Investment in S 10,800December 31 Investment in S 25,500Investment Revenue 25,5005. a. December 31, 2008 Investment in K 1,200,000Cash 1,200,000June 30, 2009 Dividend Receivable 42,500Dividend Revenue 42,500December 31, 2009 Cash 42,500Dividend Receivable 42,500b. December 31, 2008 Investment in K 1,200,000Cash 1,200,000 December 31, 2009 Cash 42,500Investment in K 42,500Investment in K 146,000Investment revenue 146,000 c. In a, the investment amount is 1,200,000net income reposed is 42,500In b, the investment amount is 1,303,500Net income reposed is 146,000Chapter 51.a. June 1: Dr: Inventory 198,000Cr: Accounts Payable 198,000 June 11: Dr: Accounts Payable 198,000Cr: Notes Payable 198,000 June 12: Dr: Cash 300,000Cr: Notes Payable 300,000b. Dr: Interest Expenses (for notes on June 11) 12,100Cr: Interest Payable 12,100Dr: Interest Expenses (for notes on June 12) 8,175Cr: Interest Payable 8,175c. Balance sheet presentation:Notes Payable 498,000 Accrued Interest on Notes Payable 20,275d. For Green:Dr: Notes Payable 198,000 Interest Payable 12,100Interest Expense 7,700Cr: Cash 217,800For Western:Dr: Notes Payable 300,000Interest Payable 8,175Interest Expense 18,825Cr: Cash 327,0002.(1) 20⨯8 Deferred income tax is a liability 2,400Income tax payable 21,600 20⨯9 Deferred income tax is an asset 600Income tax payable 26,100(2) 20⨯8: Dr: Tax expense 24,000Cr: Income tax payable 21,600 Deferred income tax 2,400 20⨯9: Dr: Tax expense 25,500Deferred income tax 600Cr: Income tax payable 26,100 (3) 20⨯8: Income statement: tax expense 24,000Balance sheet: income tax payable 21,600 20⨯9: Income statement: tax expense 25,500 Balance sheet: income tax payable 26,1003.a. 1,560,000 (20000000*12 %* (1-35%))b. 7.8% (20000000*12 %* (1-35%)/20000000)5.Notes Payable 14,400 Interest Payable 1,296 Accounts Payable 60,000 +Unearned Rent Revenue 7,200 Current Liabilities 82,896Chapter 61. Mar. 1Cash 1,200,000Common Stock 1,000,000Paid-in Capital in Excess of Par Value 200,000Mar. 15Organization Expense 50,000Common Stock 50,000Mar. 23Patent 120,000Common Stock 100,000Paid-in Capital in Excess of Par Value 20,000The value of the patent is not easily determinable, so use the issue price of $12 per share on March 1 which is the issuing price of common stock.2. July.1Treasury Stock 180,000Cash 180,000The cost of treasury purchased is 180,000/30,000=60 per share.Nov. 1Cash 70,000Treasury Stock 60,000Paid-in Capital from Treasury Stock 10,000Sell the treasury at the cost of $60 per share, and selling price is $70 per share. The treasury stock is sold above the cost.Dec. 20Cash 75,000Paid-in Capital from Treasury Stock 15,000Treasury Stock 90,000The cost of treasury is $60 per share while the selling price is $50 which is lower than the cost.3. a. July 1Retained Earnings 24,000Dividends Payable—Preferred Stock 24,000b.Sept.1Dividends Payable—Preferred Stock 24,000Cash 24,000c. Dec.1Retained Earnings 80,000Dividends Payable—Common Stock 80,000d. Dec.31Income Summary 350,000Retained Earnings 350,0004.a. Preferred stock gives its owner certain advantages over common stockholders. These benefits include the right to receive dividends before the common stockholders and the right to receive assets before the common stockholders if the corporation liquidates. Corporation pay a fixed amount of dividends on preferred stock.The 7% cumulative term indicates that the investors earn 7% fixed dividends.b. 7%*120%*20,000=504,000c. If corporation issued debt, it has obligation to repay principald. The date of declaration decrease the stockholders’ equity; the date of record and the date of payment have no effect on stockholders.5.a. Jan. 15Retained Earnings 35,000Accumulated Depreciation 35,000To correct error in prior year’s depreciation.b. Mar. 20Loss from Earthquake 70,000Building 70,000c. Mar. 31Retained Earnings 12,500Dividends Payable 12,500d. Apirl.15Dividends Payable 12,500Cash 12,500e. June 30Retained Earnings 37,500Common Stock 25,000Additional Paid-in Capital 12,500To record issuance of 10% stock dividend: 10%*25,000=2,500 shares;2500*$15=$37,500f. Dec. 31Depreciation Expense 14,000Accumulated Depreciation 14,000Original depreciation: $40,000/40=$10,000 per year. Book value on Jan.1, 2009 is $350,000(=$400,000-5*$10,000). Deprecation for 2009 is $14,000(=$350,000/25).g. The company does not need to make entry in the accounting records. But the amount of Common Stock ($10 par value) decreases 275,000, while the amount of Common Stock ($5 par value) increases 275,000.Chapter 71.Requirement 1If revenue is recognized at the date of delivery, the following journal entries would be used to record the transactions for the two years:Year 1Inventory ....................................................................................... 480,000 Cash/Accounts payable .......................................................... 480,000 To record purchase of inventoryInventory ....................................................................................... 124,000 Cash/Accounts payable .......................................................... 124,000 To record refurbishment of inventoryAccounts receivable ...................................................................... 310,000 Sales revenue ......................................................................... 310,000 To record sale of goods on accountCost of goods sold ........................................................................ 220,000 Inventory ................................................................................. 220,000 To record the cost of the goods sold as an expenseSales returns (I/S) ......................................................................... 15,500* Allowance for sales returns (B/S) ........................................... 15,500 To record provision for return of goods sold under 30-day return period* 5% of $310,000Warranty expense ......................................................................... 31,000* Provision for warranties (B/S) ................................................. 31,000 To record provision, at time of sale, for warranty expenditures* 10% of $310,000Allowance for sales returns .......................................................... 12,400 Accounts receivable ............................................................... 12,400 To record return of goods within 30-day return period.It is assumed the returned goods have no value and are disposed of.Provision for warranties (B/S) ....................................................... 18,600 Cash/Accounts payable .......................................................... 18,600 To record expenditures in year 1 for warranty workCash .............................................................................................. 297,600*Accounts receivable ............................................................... 297,600 To record collection of Accounts Receivable* $310,000 – $12,400Year 2Provision for warranties (B/S) ....................................................... 8,400 Cash/Accounts payable .......................................................... 8,400 To record expenditures in year 2 for warranty workRequirement 2If revenue is recognized only when the warranty period has expired, the following journal entries would be used to record the transactions for the two years:Year 1Inventory ....................................................................................... 480,000 Cash/Accounts payable .......................................................... 480,000 To record purchase of inventoryInventory ....................................................................................... 124,000 Cash/Accounts payable .......................................................... 124,000 To record refurbishment of inventoryAccounts receivable ...................................................................... 310,000 Inventory ................................................................................. 220,000 Deferred gross margin ............................................................ 90,000 To record sale of goods on accountDeferred gross margin .................................................................. 12,400 Accounts receivable ............................................................... 12,400 To record return of goods within the 30-day return period. It is assumed the goods haveno value and are disposed of.Deferred warranty costs (B/S) ...................................................... 18,600 Cash/Accounts payable .......................................................... 18,600 To record expenditures for warranty work in year 1. The warranty costs incurred are deferred because the related revenue has not yet been recognizedCash .............................................................................................. 297,600* Accounts receivable ............................................................... 297,600 To record collection of Accounts receivable* $310,000 – $12,400Year 2Deferred warranty costs ................................................................ 8,400 Cash/Accounts payable .......................................................... 8,400 To record warranty costs incurred in year 2 related to year 1 sales. The warranty costs incurred are deferred because the related revenue has not yet been recognized.Deferred gross margin .................................................................. **77,600Cost of goods sold ........................................................................ 220,000 Sales revenue ......................................................................... 297,600* To record recognition of sales revenue from year 1 sales and related cost of goods sold at expiry of warranty period* $310,000 – $12,400** ($90,000 – $12,400)Warranty expense ......................................................................... 27,000* Deferred warranty costs ......................................................... 27,000 To record recognition of warranty expense at same time as related sales revenue recognition* $18,600 + $8,400Requirement 3Allied Auto Parts Inc. might choose to recognize revenue only after the warranty periodhas expired if they are not able to make a good estimate, at the time of sale, of the amount of warranty work that will be required under the terms of the one-year warranty. If Allied is not able, at the time of sale, to make a good estimate of the warranty work that will be required, then the measurability criterion of revenue recognition is not met at the time of sale. The measurability criterion means that the amount of revenue can be reliably measured. If the seller is not able to estimate the amount of work that will have to be done under the warranty agreement, then it is not able to reasonably measure the profit that itwill eventually earn on the sales. The performance criteria might also be invoked here.The performance criterion means that the seller has transferred the significant risks and rewards of ownership to the buyer. As long as there is warranty work to be performed after the sale that is the responsibility of the seller, you might argue that performance is not substantially complete. However, if the seller was able to reliably estimate the amount of warranty work, then performance would be satisfied on the assumption that we could measure the risk that remains with the seller, and make a provision for it.2.Percentage-of-completion method:The first step in applying revenue recognition using the percentage-of-completion method (using costs incurred to date compared to estimated total costs to determine the percentage of completion) is to estimate the percentage of completion of the project at the end of each year. This is done in the following table (in $000s):End of 2005 End of 2006 End of 2007Total costs incurred $ 5,400 $ 12,950 $ 18,800 Total estimated costs 18,000 18,500 18,800 % completed 30% 70% 100%Once the percentage of completion at the end of each year has been calculated as above, the next step is to allocate the appropriate amount of revenue to each year, based on the percentage completed to date, less what has previously been recorded in revenue. This is done in the following table (in $000s):2005 2006 20072005 $20,000 × 30% $ 6,0002006 $20,000 × 70% $ 14,0002007 $20,000 × 100% $ 20,000 Less: Revenue recognized in prior years (0) (6,000) (14,000) Revenue for year $ 6,000 $ 8,000 $ 6,000Therefore, the profit to be recognized each year on the construction project would be:2005 2006 2007 TotalRevenue recognized $ 6,000 $ 8,000 $ 6,000 $ 20,000 Construction costs incurred (expenses) (5,400) (7,550) (5,850) (18,800) Gross profit for the year $ 600 $ 450 $ 150 $ 1,200The following journal entries are used to record the transactions under thepercentage-of-completion method of revenue recognition:2005 2006 20071. Costs of construction:Construction in progress .................. 5,400 7,550 5,850 Cash, payables, etc. ..... 5,400 7,550 5,850 2. Progress billings:Accounts receivable ............ 3,100 4,900 12,000 Progress billings ............ 3,100 4,900 12,000 3. Collections on billings:Cash .................................... 2,400 4,000 12,400 Accounts receivable ...... 2,400 4,000 12,400 4. Recognition of profit:Construction in progress ..... 600 450 150Construction expense.......... 5,400 7,550 5,850 Revenue from long-termcontract ...................... 6,000 8,000 6,000 5. To close construction in progress:Progress billings .................. 20,000 Construction in progress .20,0002005 2006 2007Balance sheetCurrent assets:Accounts receivable $ 700 $ 1,600 $ 1,200 Inventory:Construction in process 6,000 14,000 Less: Progress billings (3,100) (8,000)Costs in excess of billings 2,900 6,000Income statementRevenue from long-term contracts $ 6,000 $ 8,000 $ 6,000 Construction expense (5,400) (7,550) (5,850) Gross profit $ 600 $ 450 $ 1503.a. The three criteria of revenue recognition are performance, measurability, andcollectibility.Performance means that the seller or service provider has performed the work.Depending on the nature of the product or service, performance may mean quitedifferent points of revenue recognition. For example, for the sale of products, IAS18 defines performance as the point when the seller of the goods has transferred therisks and rewards of ownership to the buyer. Normally, this means that performance is done at the time of sale. Although the seller may have performed much of the work prior to the sale (production, selling efforts, etc.), there is still significant risk to theseller that a buyer may not be found. Therefore, from a reliability point of view,revenue recognition is delayed until the point of sale. Also, there may be significant risks remaining with the seller of the product even after the sale. Warranties given by the seller are a risk that remains with the seller. However, if this risk can be reliably estimated at the time of sale, revenue can be recognized at the point of sale.Performance is quite different under a long-term construction contract. Here,performance really is considered to be a measure of the work done. Revenue isrecognized over the production period as the work is performed. It is intended toreflect the amount of effort expended by the seller (contractor). Although legal titlewon’t transfer to the buyer until the project is completed, revenue can be recognized because there is a known and committed buyer. If the contractor is not able toestimate how much of the work has been done (perhaps because he or she can’treliably estimate how much work must still be done), then profit would not berecognized until the extent of performance is known.Measurability means that the seller or service provider must be able to reliablyestimate the amount of the revenue from the sale or service. For the sale of products this is generally known at the time of sale (the sales price is set). However, if the seller provides a return period, it may be necessary to estimate the volume of returns at the time of sale in order to measure the revenue that will be recognized.Collectibility means that the seller or the service provider has reasonable assurance that the sales price will actually be collected. In most cases for the sales of products, the seller is able to recognize revenue at the time of sale even if the sale is on account.This is because the seller has experience with its customers and is able to estimate reliably the risk of non payment. As long as the seller is able to make this estimate, it is appropriate to recognize the revenue but to offset it with a provision for possible non collection. If the seller is unable to make reliable estimates of future collection ofamounts owing, the recognition of revenue would be delayed until the cash is actually received. This is what is done using the instalment sales method of revenuerecognition.b. Because of the performance criterion of revenue recognition, it would seem to bemost appropriate to recognize most revenue as the seller or service provider performs the work. This would be the best measure of performance. This would mean, for example,that sellers of products would recognize their revenue over the whole production, selling, and post sales servicing periods. As we saw above, this is not commonly done because,in many cases, there are still significant risks that are retained by the seller (risk of not being able to sell the product, for example). There are also measurement risks (knowingthe selling price) that exist prior to the sale. The percentage-of-completion method of revenue used for some long-term construction contracts would seem to most closely recognize revenue as the work is performed. As mentioned in Part 1, we are able to recognize revenue on this basis since a contract exists which commits the purchaser tobuy the project (assuming certain conditions are met) and the sales price is known because of the existence of the contract.4.If all revenue is recognized when a student registers for the course, profit for 2007 would be:Sales Revenue1:Manuals and initial lessons (200 × $100) $ 20,000 Additional lessons ((200 × 8) × $30) 48,000 Examinations ((200 × 80%) × $130) 20,800 Total sales revenue 88,800Cost of sales:Manuals and initial lessons (200 × ($15 + $3)) 3,600 Additional lessons ((200 × 8) × $3)) 4,800Examinations ((200 × 80%) × $30) 4,800 Total cost of sales 13,200Depreciation of development costs:$180,000 × (200/1,000) 36,000Profit $ 39,6005.FINISH ENTERPRISESIncome Statementfor the year ending December 31, 2005Continuing operations (excluding the chemical division)Sales ($35,000,000 – $5,500,000) $ 29,500,000Cost of sales ($15,000,000 – $2,800,000) (12,200,000)Gross profit 17,300,000Selling & administration expenses($18,000,000 – $3,200,000) (14,800,000)Profit from operations 2,500,000Income tax expense (40%) 1,000,000Profit after tax $ 1,500,000Discontinuing operations (Chemical division)Sales 5,500,000Cost of sales (2,800,000)Gross profit 2,700,000Selling & administration expenses (3,200,000)Loss from operations (500,000)Income tax expense(40%) 200,000Loss after tax (300,000) Gain on discontinuance of the Chemical division 3,500,000Tax thereon (1,400,000)After-tax gain on discontinuance of the Chemical division 2,100,000 Enterprise net profit $ 3,300,000Chapter 81.Payment of account payable. operatingIssuance of preferred stock for cash. financingPayment of cash dividend. financingSale of long-term investment. investingAmortization of bond discount. no effectCollection of account receivable. operatingIssuance of long-term note payable to borrow cash. financing Depreciation of equipment. no effectPurchase of treasury stock. financingIssuance of common stock for cash. financingPurchase of long-term investment. investingPayment of wages to employees. operatingCollection of cash interest. investingCash sale of land. InvestingDistribution of stock dividend. no effectAcquisition of equipment by issuance of note payable. no effect Payment of long-term debt. financingAcquisition of building by issuance of common stock. no effect Accrual of salary expense. no effect2.(a) Cash received from customers = 816,000(b) Cash payments for purchases of merchandise. =468,000(c) Cash payments for operating expenses. = 268,200(d) Income taxes paid. =36,9003.Cash sales …………………………………………... $9,000 Payment of accounts payable ……………………….-48,000 Payment of income tax ………………………………-13,000 Payment of interest ……………………………..…..-16,000 Collection of accounts receivable ……………………93,000 Payment of salaries and wages ……………………….. -34,000 Cash flows from operating activitiesby the direct method -9,0004.Operating activities:Net loss -200,000 Add: loss on sale of land 250,000 Add: depreciation 300,000Add: amortization of patents 20,000Less: increases in current assets other than cash -750,000Add: increases in current liabilities 180,000Net cash flows from operating -200,000Investing activitiesSale of land -50,000Purchase of PPE -1,500,000Net cash flows from investing -1,550,000Financing activitiesIssuance of common shares 400,000Payment of cash dividend -50,000Issuance of non-current liabilities 1,000,000Net cash flows from financing 1,350,000 Net changes in cash -400,000 5.。

会计英语第四版叶建芳

Interpretation of the Income Statement
要点一
Revenue
Revenue reports the total amount of income generated by a company through its normal business operations This can include sales of products or services, interest income, and other sources of income
Accounting Definition and Function
Preparing financial statements
Recording business transactions
Functions of Accounting
01
03 02
Accounting Definition and Function
Owner's Equity
Owner's equity reports the residual interest in the assets of the company after conducting its liabilities It reflects the amount of capital contributed by the owners and the retained earnings over time
Cash Flow from Operating AThcistsievctiiotnieofsthe cash flow
statement shows how much cash is generated from a company's normal business operations It includes cash received from customers and cash paid to suppliers, employees, and for other operating expenses

会计英语课本翻译共118页word资料

第一章会计总论学习目标：1.了解会计信息系统2.应用公认会计准则3.了解财务报表4.运用会计要素5.运用会计等式6.了解会计及其环境本章讨论不同的使用者对会计信息的需求，介绍不同实体对会计职业的影响、会计职业道德及职业行为准则。

本章也将对公认会计准则以及一些相关概念和原则进行解释。

本章将介绍会计等式：资产＝负债＋所有者权益，并逐一定义会计等式中的每个要素，举例分析不同业务对会计等式的影响。

同时，本章还将简单介绍财务报表。

1.1会计是一个信息系统我们通常把会计描述为一个信息系统。

作为一个信息系统，会计计量经济活动，将信息编制成财务报表，并将财务报表传达给决策者。

会计的范围包括：确认经济事项，进行计量、记录、汇总，并把信息报告给使用者。

会计所涵盖的范围要大于簿记。

图表1－1是信息在会计系统内的流转图。

簿记是对交易和事件的记录，只是会计的一部分。

会计还包括对会计信息的分析和阐述，以帮助财务报表的外部和内部的使用者制定各项经济决策。

个人独资企业是指由一个自然人投资拥有的企业组织。

个人独资企业是一个会计实体，但并不是法律实体个人独资企业的所有者对企业的债务承担无限责任，这也是个人独资企业的一个主要缺点。

合伙企业与个人独资企业的区别只在于它有两个或两个以上的所有者。

合伙企业的所有者被称为合伙人。

现实商业活动中有许多不同类型的合伙企业。

公司是依据当地法律注册成立的单独实体；公司的所有者被称为股东。

股东不对公司的债务负责。

有限责任是公司这种组织形式的一个显著优点。

公司的所有权被分为股份。

股份可以在所有者之间转让。

1.3编报财务报表的框架由于各个国家的法律和经济环境不同，各国有不同的会计模式。

在一个国家可行的会计实务在另一个国家并不一定可行。

由于各国的会计模式不同，所以我们需要制定一个互相协调的会计标准：用全球通用的会计语言来传达相关的且可靠的会计信息。

为满足上述需求，国际会计准则委员会（IASC）于1973年成立，并致力于国际公认的会计准则的制定。

会计英语第四版叶建芳01

10
Forms of organization

Single or sole proprietorship

Owner is personally responsible for business debts. Partners are personally responsible for all partnership debts. A corporation is a separate legal entity. It is responsible for its own debts.
Ye Sun Accounting English 5
Users of accounting information

Primary users – investors and creditors External users & Internal users

External users are users outside of the entity examples: banks, government, creditors, unions Internal users are users within the entity examples: Marketing Manager, Accounts Receivable Manager, Accounts Prmation
Actions (decisions)
Decision makers
Financial statements

The statement of comprehensive income (income statement) summarizes financial performance resulting from income (revenue and gains) less expenses (including losses). The statement of changes in equity reconciles changes in equity (increases are caused by owner investments and net income, while decreases result from owner withdrawals and net losses for sole proprietorship ). The statement of financial position (balance sheet) details assets, liabilities, and equity. The statement of cash flows shows the cash inflows and outflows from operating activities, investing activities, and financing activities.

叶建芳会计英语中文版1-5

学习目标：1．2．3．编制多步式利润表4．5．编制特种日记账6．本章购货折扣和运输成本。

◇服务企业◇商品流通企业批发商和零售商是商品还会因商品存货的购买和销售而存在其他会计问题。

销售商品带来的收益叫销售收入，为出售而购买和准备商品存货的费用叫做销售成本。

在商品流通活动中使用的两个常见的等式是：净销售收入－销售成本=毛利毛利－经营费用=净利润（或净损失）商品存货是商品流通企业在正常商业过程中为出售而持有的货物。

◇定期盘存制和永续盘存制定期盘存制只在存货（通常年末）盘点时提供存货和销售成本数据。

永续盘存制持续地，不断更新存货和销售成本数据。

因此，定期盘存制和永续盘存制的区别在于如何记录商品存货的采购和销售。

比如定期盘存制使用一个暂时账户---采购账户记录购买商品的成本。

在定期盘存制下，企业根据对存货的盘点确定销售成本和和期末存货成本，进而编制财务报表。

永续盘存制企业在每次采购和商品销售时都及时更新销售成本和商品存货记录。

以前，销售量大且商品单价较低的企业多采用定期盘存制。

随着科技发展，目前这些企业也多采用永续盘存制。

实际盘点也必须在一个永续的制度下完成来使实际手头商品数目与会计记录的余额相一致。

4.2 采购、销售收入和销售成本◇商品采购——永续盘存制在永续盘存制下，所有的商品存货的赊购都要在购买时借记入商品存货账户中，例如：商品存货 xxx应付账款 xxx注意购货净额和总购买额不同。

要计算购货净额，我们需要用总采购额减去供应商提供的购货折扣，购货退回以及对供货商提供的不满意的商品的购货折让。

◇购货退回和折让在日记账中对购货退回和折让的处理如下：应付账款 xxx 商品存货 xxx◇商业折扣商业折扣是买卖双方在确定商品销售价格的谈判中达成的对价目表中所列价格的减让。

实际价格（发票价格）是用价目表中的价格减去商业折扣后得到的。

价目表中的原价和商业折扣均不出现在购销双方的账簿上，以发票价格记录交易。

商业折扣的使用使批发商和零售商节省了频繁更改价目表的成本。

会计英语(第四版)(叶建芳)05

On July 15, Play Clothes pays the full amount due to Kid’s Clothes.
Prepare the journal entry for Play Clothes.
credit terms are stated in the invoice.
2/10, n/30
Read as: “Two ten, net thirty”
YE SUN AccountingEnglish
18
Credit Terms and Cash Discounts
2/10, n/30
Percentage of Discount
• Record discount when taken.
• Net of discount
• Charge discounts not taken when paid.
YE SUN AccountingEnglish
11
Terminology
Purchase = receipt of merchandise not to placing of a purchase order.
• Tangible items that will be consumed in the course of normal operations.
• e.g., office supplies, lubricants, repair parts.
• Not sold and not accounted for as part of cost of goods sold.
• 3 types of inventories;
• Materials. • Work-in-process. • Finished goods.

叶建芳会计英语中文版1-4

第一章会计总论学习目标：1.了解会计信息系统2.应用公认会计准则3.了解财务报表4.运用会计要素5.运用会计等式6.了解会计及其环境本章讨论不同的使用者对会计信息的需求，介绍不同实体对会计职业的影响、会计职业道德及职业行为准则。

本章也将对公认会计准则以及一些相关概念和原则进行解释。

本章将介绍会计等式：资产＝负债＋所有者权益，并逐一定义会计等式中的每个要素，举例分析不同业务对会计等式的影响。

同时，本章还将简单介绍财务报表。

1.1会计是一个信息系统我们通常把会计描述为一个信息系统。

作为一个信息系统，会计计量经济活动，将信息编制成财务报表，并将财务报表传达给决策者。

会计的范围包括：确认经济事项，进行计量、记录、汇总，并把信息报告给使用者。

会计所涵盖的范围要大于簿记。

图表1－1是信息在会计系统内的流转图。

簿记是对交易和事件的记录，只是会计的一部分。

会计还包括对会计信息的分析和阐述，以帮助财务报表的外部和内部的使用者制定各项经济决策。

图表1-1 会计信息流转会计信息使用者主要是投资者和债权人，政府，工会，普通公众也会使用会计信息。

1.2组织形式企业有三种组织形式：个人独资企业是指由一个自然人投资拥有的企业组织。

个人独资企业是一个会计实体，但并不是法律实体个人独资企业的所有者对企业的债务承担无限责任，这也是个人独资企业的一个主要缺点。

合伙企业与个人独资企业的区别只在于它有两个或两个以上的所有者。

合伙企业的所有者被称为合伙人。

现实商业活动中有许多不同类型的合伙企业。

公司是依据当地法律注册成立的单独实体；公司的所有者被称为股东。

股东不对公司的债务负责。

有限责任是公司这种组织形式的一个显著优点。

公司的所有权被分为股份。

股份可以在所有者之间转让。

1.3编报财务报表的框架由于各个国家的法律和经济环境不同，各国有不同的会计模式。

在一个国家可行的会计实务在另一个国家并不一定可行。

由于各国的会计模式不同，所以我们需要制定一个互相协调的会计标准：用全球通用的会计语言来传达相关的且可靠的会计信息。

会计英语第四版叶建芳05

YE SUN AccountingEnglish
2
Inventories Definition

Asset items held for sale in the ordinary course of business or goods that will be used or consumed in the production of goods to be sold.

May have materials inventories.
YE SUN AccountingEnglish
7
Types of Companies/Inventories (Cont.)vice firms (accounting firms, legal firms)
16
Account for the purchase
YE SUN AccountingEnglish
17
Credit Terms and Cash Discounts
When manufacturers and wholesalers sell their products on account, the credit terms are stated in the invoice.

Net of discount

YE SUN AccountingEnglish
11
Terminology

Purchase = receipt of merchandise not to placing of a purchase order.

Usually title transfers when goods are shipped (FOB shipping point).

会计英语通用第2版中文翻译第五章

会计英语通用第 2 版中文翻译第五章本章主要介绍会计英语中的基本概念和术语，包括财务报表、会计科目、会计方程式、会计周期、会计政策、会计估计等内容。

下面是本店铺为大家精心编写的3篇《会计英语通用第 2 版中文翻译第五章》，供大家借鉴与参考，希望对大家有所帮助。

《会计英语通用第 2 版中文翻译第五章》篇1第五章会计英语通用5.1 会计基本概念会计是一门记录、分类、汇总和报告经济活动的语言和技巧，主要目的是提供有关企业财务状况、经营成果和现金流量的信息。

会计信息主要用于决策、投资、融资、监管和税收等方面。

5.2 会计科目会计科目是会计中的基本分类，用于记录和分类会计交易。

会计科目通常包括资产、负债、所有者权益、成本、损益和收入等。

每个科目都有一个唯一的代码和名称。

5.3 会计方程式会计方程式是会计中最基本的公式，即资产=负债 + 所有者权益。

该方程式表示了公司资产的来源，即负债和所有者权益。

会计方程式是编制财务报表的基础。

5.4 会计周期会计周期是指会计核算的时间段。

通常包括年度、季度和月度。

每个周期结束时，企业需要编制财务报表，包括利润表、资产负债表和现金流量表等。

5.5 会计政策会计政策是企业为达到会计目标所采用的原则、规则和方法。

会计政策包括会计基础、会计估计、会计分期、会计年度和会计制度等。

企业应根据实际情况选择合适的会计政策。

5.6 会计估计会计估计是指在会计处理过程中，因某些经济事项的不确定性而采用的合理的估计方法。

会计估计包括坏账准备、折旧、摊销和减值准备等。

会计估计应根据实际情况进行调整。

5.7 会计流程会计流程是指会计信息的处理过程，包括记录、分类、汇总、报告和分析等环节。

会计流程应确保会计信息的准确性、及时性和可靠性。

5.8 会计软件会计软件是指专门用于会计信息处理的计算机软件，通常包括财务报表、记账、凭证管理、成本核算和库存管理等功能。

《会计英语通用第 2 版中文翻译第五章》篇2标题：会计英语通用第 2 版第五章中文翻译第五章会计周期与财务报表5.1 会计周期会计周期是指企业进行财务核算的时间段。

会计英语中文翻译(叶建芳孙红星)第二章

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功的路。22.3.2422.3.24Thursday, March 24, 2022

会计英语课后习题答案作者叶建芳会计英语课后习题参考答案

Suggested SolutionChapter 13.4.5.(b) net income = 9,260-7,470=1,790(c) net income = 1,790+2,500=4,290Chapter 21.a.To increase Notes Payable -CRb.To decrease Accounts Receivable-CRc.To increase Owner, Capital -CRd.To decrease Unearned Fees -DRe.To decrease Prepaid Insurance -CRf.To decrease Cash - CRg.To increase Utilities Expense -DRh.To increase Fees Earned -CRi.To increase Store Equipment -DRj.To increase Owner, Withdrawal -DR2.a.Cash 1,800Accounts payable ................................................... 1,800 b.Revenue ................................................................... 4,500Accounts receivable ...................................... 4,500c.Owner’s withdrawals ................................................ 1,500Salaries Expense ............................................ 1,500 d.Accounts Receivable (750)Revenue (750)3.Prepare adjusting journal entries at December 31, the end of the year.Advertising expense 600Prepaid advertising 600Insurance expense (2160/12*2) 360Prepaid insurance 360Unearned revenue 2,100Service revenue 2,100Consultant expense 900Prepaid consultant 900Unearned revenue 3,000Service revenue 3,000 4.1. $388,4002. $22,5203. $366,6004. $21,8005.1. net loss for the year ended June 30, 2002: $60,0002. DR Jon Nissen, Capital 60,000CR income summary 60,0003. post-closing balance in Jon Nissen, Capital at June 30, 2002: $54,000Chapter 31. Dundee Realty bank reconciliationOctober 31, 2009Reconciled balance $6,220 Reconciled balance $6,2202. April 7 Dr: Notes receivable—A company 5400Cr: Accounts receivable—A company 540012 Dr: Cash 5394.5Interest expense 5.5Cr: Notes receivable 5400June 6 Dr: Accounts receivable—A company 5533Cr: Cash 553318 Dr: Cash 5560.7Cr: Accounts receivable—A company 5533Interest revenue 27.73. (a) As a whole: the ending inventory=685(b) applied separately to each product: the ending inventory=6254. The cost of goods available for sale=ending inventory + the cost of goods=80,000+200,000*500%=80,000+1,000,000=1,080,0005.(1) 24,000+60,000-90,000*0.8=12000(2) (60,000+24,000)/( 85,000+31,000)*( 85,000+31,000-90,000)=18828Chapter 41. (a) second-year depreciation = (114,000 – 5,700) / 5 = 21,660;(b) second-year depreciation = 8,600 * (114,000 – 5,700) / 36,100 = 25,800;(c) first-year depreciation = 114,000 * 40% = 45,600second-year depreciation = (114,000 – 45,600) * 40% = 27,360;(d) second-year depreciation = (114,000 – 5,700) * 4/15 = 28,880.2. (a) weighted-average accumulated expenditures (2008) = 75,000 * 12/12 + 84,000 * 9/12 + 180,000 * 8/12 + 300,000 * 7/12 + 100,000 * 6/12 = 483,000(b) interest capitalized during 2008 = 60,000 * 12% + ( 483,000 –60,000) * 10% =49,5003. (1) depreciation expense = 30,000(2) book value = 600,000 – 30,000 * 2=540,000(3) depreciation expense = ( 600,000 – 30,000 * 8)/16 =22,500(4) book value = 600,000 – 30,000 * 8 – 22,500 = 337,5004. Situation 1:Jan 1st, 2008 Investment in M 260,000Cash 260,000June 30 Cash 6000Dividend revenue 6000Situation 2:January 1, 2008 Investment in S 81,000Cash 81,000June 15 Cash 10,800Investment in S 10,800December 31 Investment in S 25,500Investment Revenue 25,5005. a. December 31, 2008 Investment in K 1,200,000Cash 1,200,000June 30, 2009 Dividend Receivable 42,500Dividend Revenue 42,500December 31, 2009 Cash 42,500Dividend Receivable 42,500b. December 31, 2008 Investment in K 1,200,000Cash 1,200,000 December 31, 2009 Cash 42,500Investment in K 42,500Investment in K 146,000Investment revenue 146,000 c. In a, the investment amount is 1,200,000net income reposed is 42,500In b, the investment amount is 1,303,500Net income reposed is 146,000Chapter 51.a. June 1: Dr: Inventory 198,000Cr: Accounts Payable 198,000 June 11: Dr: Accounts Payable 198,000Cr: Notes Payable 198,000 June 12: Dr: Cash 300,000Cr: Notes Payable 300,000b. Dr: Interest Expenses (for notes on June 11) 12,100Cr: Interest Payable 12,100Dr: Interest Expenses (for notes on June 12) 8,175Cr: Interest Payable 8,175c. Balance sheet presentation:Notes Payable 498,000 Accrued Interest on Notes Payable 20,275d. For Green:Dr: Notes Payable 198,000 Interest Payable 12,100Interest Expense 7,700Cr: Cash 217,800For Western:Dr: Notes Payable 300,000Interest Payable 8,175Interest Expense 18,825Cr: Cash 327,0002.(1) 20⨯8 Deferred income tax is a liability 2,400Income tax payable 21,600 20⨯9 Deferred income tax is an asset 600Income tax payable 26,100(2) 20⨯8: Dr: Tax expense 24,000Cr: Income tax payable 21,600 Deferred income tax 2,400 20⨯9: Dr: Tax expense 25,500Deferred income tax 600Cr: Income tax payable 26,100 (3) 20⨯8: Income statement: tax expense 24,000Balance sheet: income tax payable 21,600 20⨯9: Income statement: tax expense 25,500 Balance sheet: income tax payable 26,1003.a. 1,560,000 (20000000*12 %* (1-35%))b. 7.8% (20000000*12 %* (1-35%)/20000000)5.Notes Payable 14,400 Interest Payable 1,296 Accounts Payable 60,000 +Unearned Rent Revenue 7,200 Current Liabilities 82,896Chapter 61. Mar. 1Cash 1,200,000Common Stock 1,000,000Paid-in Capital in Excess of Par Value 200,000Mar. 15Organization Expense 50,000Common Stock 50,000Mar. 23Patent 120,000Common Stock 100,000Paid-in Capital in Excess of Par Value 20,000The value of the patent is not easily determinable, so use the issue price of $12 per share on March 1 which is the issuing price of common stock.2. July.1Treasury Stock 180,000Cash 180,000The cost of treasury purchased is 180,000/30,000=60 per share.Nov. 1Cash 70,000Treasury Stock 60,000Paid-in Capital from Treasury Stock 10,000Sell the treasury at the cost of $60 per share, and selling price is $70 per share. The treasury stock is sold above the cost.Dec. 20Cash 75,000Paid-in Capital from Treasury Stock 15,000Treasury Stock 90,000The cost of treasury is $60 per share while the selling price is $50 which is lower than the cost.3. a. July 1Retained Earnings 24,000Dividends Payable—Preferred Stock 24,000b.Sept.1Dividends Payable—Preferred Stock 24,000Cash 24,000c. Dec.1Retained Earnings 80,000Dividends Payable—Common Stock 80,000d. Dec.31Income Summary 350,000Retained Earnings 350,0004.a. Preferred stock gives its owner certain advantages over common stockholders. These benefits include the right to receive dividends before the common stockholders and the right to receive assets before the common stockholders if the corporation liquidates. Corporation pay a fixed amount of dividends on preferred stock.The 7% cumulative term indicates that the investors earn 7% fixed dividends.b. 7%*120%*20,000=504,000c. If corporation issued debt, it has obligation to repay principald. The date of declaration decrease the stockholders’ equity; the date of record and the date of payment have no effect on stockholders.5.a. Jan. 15Retained Earnings 35,000Accumulated Depreciation 35,000To correct error in prior year’s depreciation.b. Mar. 20Loss from Earthquake 70,000Building 70,000c. Mar. 31Retained Earnings 12,500Dividends Payable 12,500d. Apirl.15Dividends Payable 12,500Cash 12,500e. June 30Retained Earnings 37,500Common Stock 25,000Additional Paid-in Capital 12,500To record issuance of 10% stock dividend: 10%*25,000=2,500 shares;2500*$15=$37,500f. Dec. 31Depreciation Expense 14,000Accumulated Depreciation 14,000Original depreciation: $40,000/40=$10,000 per year. Book value on Jan.1, 2009 is $350,000(=$400,000-5*$10,000). Deprecation for 2009 is $14,000(=$350,000/25).g. The company does not need to make entry in the accounting records. But the amount of Common Stock ($10 par value) decreases 275,000, while the amount of Common Stock ($5 par value) increases 275,000.Chapter 71.Requirement 1If revenue is recognized at the date of delivery, the following journal entries would be used to record the transactions for the two years:Year 1Inventory ....................................................................................... 480,000 Cash/Accounts payable .......................................................... 480,000 To record purchase of inventoryInventory ....................................................................................... 124,000 Cash/Accounts payable .......................................................... 124,000 To record refurbishment of inventoryAccounts receivable ...................................................................... 310,000 Sales revenue ......................................................................... 310,000 To record sale of goods on accountCost of goods sold ........................................................................ 220,000 Inventory ................................................................................. 220,000 To record the cost of the goods sold as an expenseSales returns (I/S) ......................................................................... 15,500* Allowance for sales returns (B/S) ........................................... 15,500 To record provision for return of goods sold under 30-day return period* 5% of $310,000Warranty expense ......................................................................... 31,000* Provision for warranties (B/S) ................................................. 31,000 To record provision, at time of sale, for warranty expenditures* 10% of $310,000Allowance for sales returns .......................................................... 12,400 Accounts receivable ............................................................... 12,400 To record return of goods within 30-day return period.It is assumed the returned goods have no value and are disposed of.Provision for warranties (B/S) ....................................................... 18,600 Cash/Accounts payable .......................................................... 18,600 To record expenditures in year 1 for warranty workCash .............................................................................................. 297,600*Accounts receivable ............................................................... 297,600 To record collection of Accounts Receivable* $310,000 – $12,400Year 2Provision for warranties (B/S) ....................................................... 8,400 Cash/Accounts payable .......................................................... 8,400 To record expenditures in year 2 for warranty workRequirement 2If revenue is recognized only when the warranty period has expired, the following journal entries would be used to record the transactions for the two years:Year 1Inventory ....................................................................................... 480,000 Cash/Accounts payable .......................................................... 480,000 To record purchase of inventoryInventory ....................................................................................... 124,000 Cash/Accounts payable .......................................................... 124,000 To record refurbishment of inventoryAccounts receivable ...................................................................... 310,000 Inventory ................................................................................. 220,000 Deferred gross margin ............................................................ 90,000 To record sale of goods on accountDeferred gross margin .................................................................. 12,400 Accounts receivable ............................................................... 12,400 To record return of goods within the 30-day return period. It is assumed the goods haveno value and are disposed of.Deferred warranty costs (B/S) ...................................................... 18,600 Cash/Accounts payable .......................................................... 18,600 To record expenditures for warranty work in year 1. The warranty costs incurred are deferred because the related revenue has not yet been recognizedCash .............................................................................................. 297,600* Accounts receivable ............................................................... 297,600 To record collection of Accounts receivable* $310,000 – $12,400Year 2Deferred warranty costs ................................................................ 8,400 Cash/Accounts payable .......................................................... 8,400 To record warranty costs incurred in year 2 related to year 1 sales. The warranty costs incurred are deferred because the related revenue has not yet been recognized.Deferred gross margin .................................................................. **77,600Cost of goods sold ........................................................................ 220,000 Sales revenue ......................................................................... 297,600* To record recognition of sales revenue from year 1 sales and related cost of goods sold at expiry of warranty period* $310,000 – $12,400** ($90,000 – $12,400)Warranty expense ......................................................................... 27,000* Deferred warranty costs ......................................................... 27,000 To record recognition of warranty expense at same time as related sales revenue recognition* $18,600 + $8,400Requirement 3Allied Auto Parts Inc. might choose to recognize revenue only after the warranty periodhas expired if they are not able to make a good estimate, at the time of sale, of the amount of warranty work that will be required under the terms of the one-year warranty. If Allied is not able, at the time of sale, to make a good estimate of the warranty work that will be required, then the measurability criterion of revenue recognition is not met at the time of sale. The measurability criterion means that the amount of revenue can be reliably measured. If the seller is not able to estimate the amount of work that will have to be done under the warranty agreement, then it is not able to reasonably measure the profit that itwill eventually earn on the sales. The performance criteria might also be invoked here.The performance criterion means that the seller has transferred the significant risks and rewards of ownership to the buyer. As long as there is warranty work to be performed after the sale that is the responsibility of the seller, you might argue that performance is not substantially complete. However, if the seller was able to reliably estimate the amount of warranty work, then performance would be satisfied on the assumption that we could measure the risk that remains with the seller, and make a provision for it.2.Percentage-of-completion method:The first step in applying revenue recognition using the percentage-of-completion method (using costs incurred to date compared to estimated total costs to determine the percentage of completion) is to estimate the percentage of completion of the project at the end of each year. This is done in the following table (in $000s):End of 2005 End of 2006 End of 2007Total costs incurred $ 5,400 $ 12,950 $ 18,800 Total estimated costs 18,000 18,500 18,800 % completed 30% 70% 100%Once the percentage of completion at the end of each year has been calculated as above, the next step is to allocate the appropriate amount of revenue to each year, based on the percentage completed to date, less what has previously been recorded in revenue. This is done in the following table (in $000s):2005 2006 20072005 $20,000 × 30% $ 6,0002006 $20,000 × 70% $ 14,0002007 $20,000 × 100% $ 20,000 Less: Revenue recognized in prior years (0) (6,000) (14,000) Revenue for year $ 6,000 $ 8,000 $ 6,000Therefore, the profit to be recognized each year on the construction project would be:2005 2006 2007 TotalRevenue recognized $ 6,000 $ 8,000 $ 6,000 $ 20,000 Construction costs incurred (expenses) (5,400) (7,550) (5,850) (18,800) Gross profit for the year $ 600 $ 450 $ 150 $ 1,200The following journal entries are used to record the transactions under thepercentage-of-completion method of revenue recognition:2005 2006 20071. Costs of construction:Construction in progress .................. 5,400 7,550 5,850 Cash, payables, etc. ..... 5,400 7,550 5,850 2. Progress billings:Accounts receivable ............ 3,100 4,900 12,000 Progress billings ............ 3,100 4,900 12,000 3. Collections on billings:Cash .................................... 2,400 4,000 12,400 Accounts receivable ...... 2,400 4,000 12,400 4. Recognition of profit:Construction in progress ..... 600 450 150Construction expense.......... 5,400 7,550 5,850 Revenue from long-termcontract ...................... 6,000 8,000 6,000 5. To close construction in progress:Progress billings .................. 20,000 Construction in progress .20,0002005 2006 2007Balance sheetCurrent assets:Accounts receivable $ 700 $ 1,600 $ 1,200 Inventory:Construction in process 6,000 14,000 Less: Progress billings (3,100) (8,000)Costs in excess of billings 2,900 6,000Income statementRevenue from long-term contracts $ 6,000 $ 8,000 $ 6,000 Construction expense (5,400) (7,550) (5,850) Gross profit $ 600 $ 450 $ 1503.a. The three criteria of revenue recognition are performance, measurability, andcollectibility.Performance means that the seller or service provider has performed the work.Depending on the nature of the product or service, performance may mean quitedifferent points of revenue recognition. For example, for the sale of products, IAS18 defines performance as the point when the seller of the goods has transferred therisks and rewards of ownership to the buyer. Normally, this means that performance is done at the time of sale. Although the seller may have performed much of the work prior to the sale (production, selling efforts, etc.), there is still significant risk to theseller that a buyer may not be found. Therefore, from a reliability point of view,revenue recognition is delayed until the point of sale. Also, there may be significant risks remaining with the seller of the product even after the sale. Warranties given by the seller are a risk that remains with the seller. However, if this risk can be reliably estimated at the time of sale, revenue can be recognized at the point of sale.Performance is quite different under a long-term construction contract. Here,performance really is considered to be a measure of the work done. Revenue isrecognized over the production period as the work is performed. It is intended toreflect the amount of effort expended by the seller (contractor). Although legal titlewon’t transfer to the buyer until the project is completed, revenue can be recognized because there is a known and committed buyer. If the contractor is not able toestimate how much of the work has been done (perhaps because he or she can’treliably estimate how much work must still be done), then profit would not berecognized until the extent of performance is known.Measurability means that the seller or service provider must be able to reliablyestimate the amount of the revenue from the sale or service. For the sale of products this is generally known at the time of sale (the sales price is set). However, if the seller provides a return period, it may be necessary to estimate the volume of returns at the time of sale in order to measure the revenue that will be recognized.Collectibility means that the seller or the service provider has reasonable assurance that the sales price will actually be collected. In most cases for the sales of products, the seller is able to recognize revenue at the time of sale even if the sale is on account.This is because the seller has experience with its customers and is able to estimate reliably the risk of non payment. As long as the seller is able to make this estimate, it is appropriate to recognize the revenue but to offset it with a provision for possible non collection. If the seller is unable to make reliable estimates of future collection ofamounts owing, the recognition of revenue would be delayed until the cash is actually received. This is what is done using the instalment sales method of revenuerecognition.b. Because of the performance criterion of revenue recognition, it would seem to bemost appropriate to recognize most revenue as the seller or service provider performs the work. This would be the best measure of performance. This would mean, for example,that sellers of products would recognize their revenue over the whole production, selling, and post sales servicing periods. As we saw above, this is not commonly done because,in many cases, there are still significant risks that are retained by the seller (risk of not being able to sell the product, for example). There are also measurement risks (knowingthe selling price) that exist prior to the sale. The percentage-of-completion method of revenue used for some long-term construction contracts would seem to most closely recognize revenue as the work is performed. As mentioned in Part 1, we are able to recognize revenue on this basis since a contract exists which commits the purchaser tobuy the project (assuming certain conditions are met) and the sales price is known because of the existence of the contract.4.If all revenue is recognized when a student registers for the course, profit for 2007 would be:Sales Revenue1:Manuals and initial lessons (200 × $100) $ 20,000 Additional lessons ((200 × 8) × $30) 48,000 Examinations ((200 × 80%) × $130) 20,800 Total sales revenue 88,800Cost of sales:Manuals and initial lessons (200 × ($15 + $3)) 3,600 Additional lessons ((200 × 8) × $3)) 4,800Examinations ((200 × 80%) × $30) 4,800 Total cost of sales 13,200Depreciation of development costs:$180,000 × (200/1,000) 36,000Profit $ 39,6005.FINISH ENTERPRISESIncome Statementfor the year ending December 31, 2005Continuing operations (excluding the chemical division)Sales ($35,000,000 – $5,500,000) $ 29,500,000Cost of sales ($15,000,000 – $2,800,000) (12,200,000)Gross profit 17,300,000Selling & administration expenses($18,000,000 – $3,200,000) (14,800,000)Profit from operations 2,500,000Income tax expense (40%) 1,000,000Profit after tax $ 1,500,000Discontinuing operations (Chemical division)Sales 5,500,000Cost of sales (2,800,000)Gross profit 2,700,000Selling & administration expenses (3,200,000)Loss from operations (500,000)Income tax expense(40%) 200,000Loss after tax (300,000) Gain on discontinuance of the Chemical division 3,500,000Tax thereon (1,400,000)After-tax gain on discontinuance of the Chemical division 2,100,000 Enterprise net profit $ 3,300,000Chapter 81.Payment of account payable. operatingIssuance of preferred stock for cash. financingPayment of cash dividend. financingSale of long-term investment. investingAmortization of bond discount. no effectCollection of account receivable. operatingIssuance of long-term note payable to borrow cash. financing Depreciation of equipment. no effectPurchase of treasury stock. financingIssuance of common stock for cash. financingPurchase of long-term investment. investingPayment of wages to employees. operatingCollection of cash interest. investingCash sale of land. InvestingDistribution of stock dividend. no effectAcquisition of equipment by issuance of note payable. no effect Payment of long-term debt. financingAcquisition of building by issuance of common stock. no effect Accrual of salary expense. no effect2.(a) Cash received from customers = 816,000(b) Cash payments for purchases of merchandise. =468,000(c) Cash payments for operating expenses. = 268,200(d) Income taxes paid. =36,9003.Cash sales …………………………………………... $9,000 Payment of accounts payable ……………………….-48,000 Payment of income tax ………………………………-13,000 Payment of interest ……………………………..…..-16,000 Collection of accounts receivable ……………………93,000 Payment of salaries and wages ……………………….. -34,000 Cash flows from operating activitiesby the direct method -9,0004.Operating activities:Net loss -200,000 Add: loss on sale of land 250,000 Add: depreciation 300,000Add: amortization of patents 20,000Less: increases in current assets other than cash -750,000Add: increases in current liabilities 180,000Net cash flows from operating -200,000Investing activitiesSale of land -50,000Purchase of PPE -1,500,000Net cash flows from investing -1,550,000Financing activitiesIssuance of common shares 400,000Payment of cash dividend -50,000Issuance of non-current liabilities 1,000,000Net cash flows from financing 1,350,000 Net changes in cash -400,000 5.。

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会计英语课后习题答案作者叶建芳会计英语课后习题参考答案