会计专业英语习题答案.docx

Chapter.1 1 1-1 1 As in many ethics issues,there is no one right answer.The As in many ethics issues,there is no one right answer.The local local newspapernewspaper reported on this issue in these terms:The company reported on this issue in these terms:The company covered up the first report,and the local newspaper uncovered covered up the first report,and the local newspaper uncovered the companys secret.The company was forced to the companys secret.The company was forced to not locate not locate here(Collier County).It became patently clear that doing the here(Collier County).It became patently clear that doing the least that is legally allowed is not enough.least that is legally allowed is not enough.1 1-2 2 1.1.B B 2.2.B B 3.3.E E 4.4.F F 5.5.B B 6.6.F F 7.7.X X 8.8.E E 9.9.X X 10.10.B B 1 1-3 3 a.a.$96,500($25,000+$71,500)$96,500($25,000+$71,500)b.b.$67,750($82,750$67,750($82,750$15000)$15,000)c.c.$19,500($37,000$19,500($37,000$17,500)$17,500)1 1-4 4 a.a.$275,000($475,000$275,000($475,000$200,000)$200,000)b.b.$310,000($275,000+$75,000$310,000($275,000+$75,000$40,000)$40,000)c.c.$233,000($275,000$233,000($275,000$15,000$15,000$27,000)$27,000)d.d.$465,000($275,000+$125,000+$65,000)$465,000($275,000+$125,000+$65,000)e.e.Net income:$45,000($425,000 Net income:$45,000($425,000$105,000$105,000$275,0$275,000)00)1 1-5 5 a.a.owners equityowners equity b.liabilityb.liability c.assetc.asset d.assetd.asset e.owners e.owners equityequity f.f.assetasset 1 1-6 6 a.a.Increases assets and increases owners equity.Increases assets and increases owners equity.b.b.Increases assets and increases owners equity.Increases assets and increases owners equity.c.c.Decreases assets and decreases owners equity.Decreases assets and decreases owners equity.d.d.Increases assets and increases liabilities.Increases assets and increases liabilities.e.e.Increases assets and decreases assets.Increases assets and decreases assets.1 1-7 7 1.1.increaseincrease 2.2.decreasedecrease 3.3.increaseincrease 4.4.decreasedecrease 1 1-8 8 a.a.(1)(1)Sale of catering services for cash,$25,000.Sale of catering services for cash,$25,000.(2)(2)Purchase of land for cash,$10,000.Purchase of land for cash,$10,000.(3)(3)Payment ofPayment of expenses,$16,000.expenses,$16,000.(4)(4)Purchase of supplies on account,$800.Purchase of supplies on account,$800.(5)(5)Withdrawal of cash by owner,$2,000.Withdrawal of cash by owner,$2,000.(6)(6)Payment of cash to creditors,$10,600.Payment of cash to creditors,$10,600.(7)(7)Recognition of cost of supplies used,$1,400.Recognition of cost of supplies used,$1,400.b.b.$13,600($18,000$13,600($18,000$4,400)$4,400)c.c.$5,600($64$5,600($64,100,100$58,500)$58,500)d.d.$7,600($25,000$7,600($25,000$16,000$16,000$1,400)$1,400)e.e.$5,600($7,600$5,600($7,600$2,000)$2,000)1 1-9 9 It would be incorrect to say that the business had incurred a net It would be incorrect to say that the business had incurred a net loss of$21,750.The excess of the withdrawals over the net loss of$21,750.The excess of the withdrawals over the net income for the period is a decrease in income for the period is a decrease in the amount of owners the amount of owners equity in the business.equity in the business.1 1-1010 Balance sheet items:1,3,4,8,9,10Balance sheet items:1,3,4,8,9,10 1 1-1111 Income statement items:2,5,6,7Income statement items:2,5,6,7 1 1-1212 MADRAS COMPANYMADRAS COMPANY Statement of Owners EquityStatement of Owners Equity For the Month Ended April 30,2006For the Month Ended April 30,2006 Leo Perkins,capital,April 1,2006Leo Perkins,capital,April 1,2006 .$2$297,20097,200 Net income for the monthNet income for the month .$73,000$73,000 Less withdrawalsLess withdrawals .12,00012,000 Increase in owners equityIncrease in owners equity .61,00061,000 Leo Perkins,capital,April 30,2006Leo Perkins,capital,April 30,2006 .$358,200$358,200 1 1-1313 HERCULES SERVICESHERCULES SERVICES Income StatementIncome Statement For the Month Ended November 30,2006For the Month Ended November 30,2006 Fees earnedFees earned .$232,120$232,120 Operating expenses:Operating expenses:Wages expenseWages expense .$100,100$100,100 Rent expenseRent expense .35,00035,000 Supplies expenseSupplies expense .4,5504,550 Miscellaneous expenseMiscellaneous expense.3,1503,150 Total operating expensesTotal operating expenses .142,800142,800 Net incomeNet income .$89,32089,320 1 1-1414 Balance sheet:b,c,e,f,h,i,j,l,m,n,oBalance sheet:b,c,e,f,h,i,j,l,m,n,o Income statement:a,d,g,k Income statement:a,d,gk 1 1-1515 1.1.b b investing activityinvesting activity 2.2.a a operating activityoperating activity 3.3.c c financing activityfinancing activity 4.a4.a operating activityoperating activity 1 1-1616 a.a.2003:$10,209($30,011 2003:$10,209($30,011$19,802)$19,802)2002:$8,312($26,394 2002:$8,312($26,39418,082)$18,082)b.b.2003:0.52($10,209$19,802)2003:0.52($10,209$19,802)2002:2002:0.46($8,312$18,082)0.46($8,312$18,082)c.c.The ratio of liabilities to stockholders equity increased from The ratio of liabilities to stockholders equity increased from 2002 to 2003,indicating an increase in risk for creditors.2002 to 2003,indicating an increase in risk for creditors.However,the assets of The Home Depot are more than However,the assets of The Home Depot are more than sufficient to satisfy creditor claims.sufficient to satisfy creditor claims.Chapter.2 2 2-1 1 AccountAccount AccountAccount NumberNumber Accounts PayableAccounts Payable 2121 Accounts ReceivableAccounts Receivable 1212 CashCash 1111 Corey Krum,CapitalCorey Krum,Capital 3131 Corey Krum,DrawingCorey Krum,Drawing 3232 Fees EarnedFees Earned 4141 LandLand 1313 Miscellaneous ExpenseMiscellaneous Expense 5353 Supplies ExpenseSupplies Expense 5252 Wages ExpenseWages Expense 5151 2 2-2 2 Balance Sheet AccouBalance Sheet Accountsnts Income Statement AccountsIncome Statement Accounts 1.1.AssetsAssets 1111 CashCash 1212 Accounts Accounts ReceivableReceivable 1313 SuppliesSupplies 1414 Prepaid InsurancePrepaid Insurance 1515 EquipmentEquipment 2.2.LiabilitiesLiabilities 2121 Accounts PayableAccounts Payable 2222 Unearned RentUnearned Rent 3.3.Owners EquityOwners Equity 3131 Millard Fillmore,Millard Fillmore,CapitalCapital 3232 Millard Millard Fillmore,Fillmore,DrawingDrawing 4.4.RevenueRevenue 4141 Fees EarnedFees Earned 5.5.ExpensesExpenses 5151 Wages ExpenseWages Expense 5252 Rent ExpenseRent Expense 5353 Supplies ExpenseSupplies Expense 5959 Miscellaneous Miscellaneous ExpenseExpense 2 2-3 3 a.and b.a.and b.Account DebitedAccount Debited Account CreditedAccount Credited TransactionTransaction TypeType EffectEffect TypeType EffectEffect (1)(1)assetasset +owners equityowners equity +(2)(2)assetasset +assetasset (3)(3)assetasset +assetasset liabilityliability +(4)(4)expenseexpense +assetasset (5)(5)assetasset +revenuerevenue +(6)(6)liabilityliability assetasset (7)(7)assetasset +assetasset (8)(8)drawingdrawing +assetasset (9)(9)expenseexpense +assetasset Ex.2Ex.2 4 4 (1)(1)CashCash.40,00040,000 Ira Janke,CapitalIra Janke,Capital .40,00040,000 (2)(2)SuppliesSupplies .1,8001,800 CashCash.1,8001,800 (3)(3)EquipmentEquipment .24,00024,000 Accounts PayableAccounts Payable .15,00015,000 CashCash.9,0009,000 (4)(4)Operating ExpensesOperating Expenses .3,0503,050 CashCash.3,0503,050 (5)(5)Accounts ReceivableAccounts Receivable .12,00012,000 Service RevenueService Revenue .12,00012,000 (6)(6)Accounts PayableAccounts Payable .7,5007,500 CashCash.7,5007,500 (7)(7)CashCash.9,5009,500 Accounts ReceivableAccounts Receivable .9,5009,500 (8)(8)Ira Janke,DrawingIra Janke,Drawing .5,0005,000 CashCash.5,0005,000 (9)(9)Operating ExpensesOperating Expenses .1,0501,050 SuppliesSupplies .1,0501,050 2 2-5 5 1.1.debit and credit(c)debit and credit(c)2.2.debit and credit(c)debit and credit(c)3.3.debit and credit(c)debit and credit(c)4.4.credit only(b)credit only(b)5.5.debit only(a)debit only(a)6.6.debit only(a)debit only(a)7.7.debit only(a)debit only(a)2 2-6 6 a.a.LiabilityLiabilitycreditcredit f.f.RevenueRevenuecredit credit b.b.AssetAssetdebit debit g.g.AssetAssetdebitdebit c.c.AssetAssetdebitdebit h.h.ExpenseExpensedebitdebit d.d.Owners equity Owners equity i.i.AssetAssetdebitdebit (Cindy Yo(Cindy Yost,Capital)st,Capital)creditcredit j.j.ExpenseExpensedebitdebit e.e.Owners equityOwners equity (Cindy Yost,Drawing)(Cindy Yost,Drawing)debitdebit 2 2-7 7 a.a.creditcredit g.g.debitdebit b.b.creditcredit h.h.debitdebit c.c.debitdebit i.i.debitdebit d.d.creditcredit j.j.creditcredit e.e.debitdebit k.k.debitdebit f.f.creditcredit l.l.creditcredit 2 2-8 8 a.a.Debit(negative)balance of$1,500 Debit(negative)balance of$1,500($10,500($10,500$4,000$4,000$8,000).Such a negative balance means that the$8,000).Such a negative balance means that the liabilities of Seths business exceed the assets.liabilities of Seths business exceed the assets.b.b.Yes.The balance sheet prepared at December 31 Yes.The balance sheet prepared at December 31 will balance,with Seth Fite,Capital,being reported will balance,with Seth Fite,Capital,being reported in the owners equity section as in the owners equity section as a negative$1,500.a negative$1,500.2 2-9 9 a.a.The increase of$28,750 in the cash account does The increase of$28,750 in the cash account does not indicate earnings of that amount.Earnings will not indicate earnings of that amount.Earnings will represent the net change in all assets and liabilities represent the net change in all assets and liabilities from operating transactions.from operating transactions.b.b.$7,550($36,300$7,550($36,300$28,750)$28,750)2 2-1010 a.a.$40,550($7,850+$41,850$40,550($7,850+$41,850$9150)$9,150)b.b.$63,000($61,000+$17,500$63,000($61,000+$17,500$15,500)$15,500)c.c.$20,800($40,500$20,800($40,500$57,700+$38,000)$57,700+$38,000)2 2-1111 20052005 Aug.Aug.1 1 Rent ExpenseRent Expense .1,5001,500 CashCash.1,5001,500 2 2 Advertising ExpenseAdvertising Expense .700700 CashCash.700700 4 4 SuppliesSupplies .1,0501,050 CashCash.1,0501,050 6 6 Office EquipmentOffice Equipment .7,5007,500 Accounts PayableAccounts Payable .7,5007,500 8 8 CashCash.3,6003,600 Accounts ReceivableAccounts Receivable .3,6003,600 1212 Accounts PayableAccounts Payable .1,1501,150 CashCash.1,1501,150 2020 Gayle McCall,DrawingGayle McCall,Drawing .1,0001,000 CashCash.1,0001,000 2525 Miscellaneous ExpenseMiscellaneous Expense .500500 CashCash.500500 3030 Utilities Utilities ExpenseExpense .195195 CashCash.195195 3131 Accounts ReceivableAccounts Receivable .10,15010,150 Fees EarnedFees Earned .10,15010,150 3131 Utilities ExpenseUtilities Expense .380380 CashCash.380380 2 2-1212 a.a.JOURNALJOURNAL Page 43Page 43 Post.Post.DateDate DescriptionDescription Ref.Ref.DebitDebit CreditCredit 20062006 Oct.Oct.2727 SuppliesSupplies .1515 1,3201,320 Accounts PayableAccounts Payable .2121 1 1,320,320 Purchased supplies on account.Purchased supplies on account.b.,c.,d.b.,c.,d.SuppliesSupplies 1515 Post.Post.BalanceBalance DateDate ItemItem Ref.Ref.Dr.Dr.Cr.Cr.Dr.Dr.Cr.Cr.20062006 Oct.Oct.1 1 BalanceBalance .585585 .2727 .4343 1,3201,320 .1,9051,905 .Accounts PayableAccounts Payable 2121 20062006 Oct.Oct.1 1 BalanceBalance .6,1506,150 2727 .4343 .1,3201,320 .7,4707,470 2 2-1313 Inequality of trial balance totals would be caused by Inequality of trial balance totals would be caused by errors described in(b)and(d).errors described in(b)and(d).2 2-1414 ESCALADE CO.ESCALADE CO.Trial BalanceTrial Balance December 31,2006December 31,2006 CashCash .13,37513,375 Accounts ReceivableAccounts Receivable .24,60024,600 Prepaid InsurancePrepaid Insurance .8,0008,000 EquipmentEquipment .75,00075,000 Accounts Accounts PayablePayable .11,18011,180 Unearned RentUnearned Rent .4,2504,250 Erin Capelli,CapitalErin Capelli,Capital .82,42082,420 Erin Capelli,DrawingErin Capelli,Drawing .10,00010,000 Service RevenueService Revenue .83,75083,750 Wages ExpenseWages Expense .42,00042,000 Advertising ExpenseAdvertising Expense .7,2007,200 Miscellaneous ExpenseMiscellaneous Expense .1,4251,425 181,600181,600 181,600181,600 2 2-1515 a.a.Gerald Gerald Owen,DrawingOwen,Drawing .15,00015,000 Wages ExpenseWages Expense .15,00015,000 b.b.Prepaid RentPrepaid Rent .4,5004,500 CashCash.4,5004,500 2 2-1616 题题目的目的资资料不全料不全,答案略答案略.2 2-1717 a.a.KMART CORPORATIONKMART CORPORATION Income StatementIncome Statement For the Years Ending January 31,2000 and 1999For the Years Ending January 31,2000 and 1999 (in millions)(in millions)Increase(DecreaseIncrease(Decrease)20002000 19991999 AmountAmount PercentPercent 1.1.SalesSales .$37,02837,028$35,92535,925 .$1,1031,1033.1%3.1%2.2.Cost of salesCost of sales .(29,658)(29,658)(28,111)28,111).1,5471,5475.5%5.5%3.3.Selling,general,and admin.Selling,general,and admin.expensesexpenses .(7,415(7,415)(6,514(6,514)901901 13.8%13.8%4.4.Operating income(loss)Operating income(loss)before taxesbefore taxes .$(45(45)$1,3001,300$(1,345$(1,345)(103.5%)(103.5%)b.b.The horizontal analysis of Kmart Corporation reveals The horizontal analysis of Kmart Corporation reveals deteriorating operating results from 1999 to 2000.deteriorating operating results from 1999 to 2000.While sales increased by$1,103 million,a 3.1%While sales increased by$1,103 million,a 3.1%increase,cost of sales increased by$1,547 million,a increase,cost of sales increased by$1,547 million,a 5.5%increase.Selling,general,and adminis5.5%increase.Selling,general,and administrative trative expenses also increased by$901 million,a 13.8%expenses also increased by$901 million,a 13.8%increase.The end result was that operating income increase.The end result was that operating income decreased by$1,345 million,over a 100%decrease,decreased by$1,345 million,over a 100%decrease,and created a$45 million loss in 2000.Little over a and created a$45 million loss in 2000.Little over a year later,Kmart filed for bankruptcy protyear later,Kmart filed for bankruptcy protection.It has ection.It has now emerged from bankruptcy,hoping to return to now emerged from bankruptcy,hoping to return to profitability.profitability.3 3-1 1 1.1.Accrued expense(accrued liability)Accrued expense(accrued liability)2.2.Deferred expense(prepaid expense)Deferred expense(prepaid expense)3.3.Deferred revenue(unearned revenue)Deferred revenue(unearned revenue)4.4.Accrued revenue(accrued asset)Accrued revenue(accrued asset)5.5.Accrued expense Accrued expense(accrued liability)(accrued liability)6.6.Accrued expense(accrued liability)Accrued expense(accrued liability)7.7.Deferred expense(prepaid expense)Deferred expense(prepaid expense)8.8.Deferred revenue(unearned revenue)Deferred revenue(unearned revenue)3 3-2 2 Supplies ExpenseSupplies Expense .801801 SuppliesSupplies .801801 3 3-3 3$1,067($118+$949)$1,067($118+$949)3 3-4 4 a.a.Insurance expense(or expenses)will be Insurance expense(or expenses)will be understated.understated.Net income will be overstated.Net income will be overstated.b.b.Prepaid insurance(or assets)will be overstated.Prepaid insurance(or assets)will be overstated.Owners equity will be overstated.Owners equity w