西方财务会计课后习题答案

Chapter 2 Check 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 2-2

a. $12,800 b. $ 3,000 c. $56,300 d. $ 500

e. $ 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 2-3

Cash Accounts Receivable 30,000 4,000 6,000 2,000 Bal. 6,000 Bal. 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: May 1 (Accounts payable) Decreased total assets: May 2 (Cash) (10 min.) CP 2-5

Journal

DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT Apr. 15 Cash…………………………………… 50,000 Note Payable……………………… 50,000 Borrowed money from the bank. 22 Accounts Receivable………………. 9,000 Service Revenue…………………. 9,000 Performed service on account. 28 Cash…………………………………… 6,000 Accounts Receivable……………. 6,000 Received cash on account. 29 Utilities Expense……………………. 600 Accounts Payable……………….. 600 Received utility bill. 30 Salary Expense……………………… 3,000 Cash………………………………… 3,000 Paid salary expense.

57 Chapter 2 Transaction Analysis

30 Interest Expense……………………. 300 Cash………………………………… Paid interest expense.

(10-15 min.) CP 2-6

Req. 1

Journal

DATE ACCOUNT TITLES AND EXPLANATION DEBIT Supplies……………………………….. 2,000 Accounts Payable………………… Purchased supplies on account. Accounts Payable…………………… 500 Cash………………………………… Paid cash on account.

Req. 2

Accounts Payable 500 2,000 Bal. 1,500

Req. 3

Biaggi’s business owes $1,500, as shown in the Accounts Payable account. (10-15 min.) CP 2-7

Req. 1

Req. 2

DATE

Journal

ACCOUNT TITLES AND EXPLANATION

Accounts Receivable……………….. Service Revenue………………….. Performed service on account.

Cash……………………………………. Accounts Receivable…………….. Received cash on account.

DEBIT

1,200

500

300

CREDIT

2,000

500

CREDIT

1,200

500

Bal. Req. 3

a. The Center earned b. Total assets

Cash 500 500 Accounts Receivable 1,200 500 Bal. 700 Service Revenue 1,200 Bal. 1,200 $1,200: Service Revenue

$1,200: Cash………………….. $ 500

Accounts receivable. 700 Total assets…………. $1,200 58 Financial Accounting 6/e Solutions Manual

(10 min.) CP 2-8

Old Navy Trial Balance December 31, 20X8

ACCOUNT

Cash……………………….…... Other assets………………….. Accounts payable…………… Other liabilities………………. Stockholders’ equity……….. Revenues……………………... Expenses……………………... Total……………………….……

Old 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 = $100

3. Total stockholders’ equity = $53,700 ($53,800 – $100) 4. Net income

= $5,800 ($8,500 – $1,100 – $1,200 – $400)

(10 min.) CP 2-10 1. Total debits = $121,600 ($58,600 + $81,000 – $18,000)

Total credits = $ 58,600 Difference

= $ 63,000 ($121,600 – $58,600)

$63,000 / 9 = $7,000 (an integer), which suggests either a transposition or a slide 2. Total debits

Difference

= $76,600 ($58,600 + $20,000 – $2,000)

Total credits = $58,600

= $18,000 ($76,600 – $58,600)

receivable)

3. Total debits

Difference

= $56,600 ($58,600 – $ 2,000)

Total credits = $60,600 ($58,600 + $ 2,000)

= $ 4,000 ($60,600 – $56,600)

$4,000 / 2 = $2,000 (original amount of accounts receivable) $18,000 / 9 = $2,000 (original amount of accounts

DEBIT

CREDIT

$ 1 2 2 30 ___ $35 Millions $ 2 9 24 $35 59 Chapter 2 Transaction Analysis

(5 min.) CP 2-12

Cash 250,000 Accounts Payable

100,000

Computer Equipment 100,000 Common Stock

Total debits = $350,000 ($250,000 + $100,000)

Total credits = $350,000 ($100,000 + $250,000)

Exercises

250,000 (10-15 min.) E 2-1

TO: Home Office

FROM: Store Manager

During 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’s

Oklahoma City Store Balance Sheet

Date

ASSETS

LIABILITIES

Cash $ 80,000* Note payable $320,000 Supplies 10,000 Copy equipment 60,000 STOCKHOLDERS’ EQUITY Land 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 stock Revenue transaction

b. Purchase of asset on account Borrow money

c. Purchase of asset for cash Sale of asset for cash

Collection of an account receivable d. Payment of dividends to owners Expense transaction e. Pay a liability

60 Financial Accounting 6/e Solutions Manual

(10-20 min.) E 2-4

Req. 1

Analysis of Transactions

ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY

Accounts Medical Accounts Note Common Retained

Date Cash + Receivable + Supplies + Land = Payable + Payable + Stock + Earnings Oct. 6 40,000 40,000

9 (30,000) 30,000 12 2,000 2,000 15 Not a transaction of the business. 15-31 4,000 4,000 8,000 15-31 (1,400) (1,400)

(1,000) (1,000) (300) (300) 31 500 (500) 31 10,000 10,000 31 (1,500) (1,500)

Bal. 20,300 4,000 1,500 30,000 500 10,000 40,000 5,300

55,800 55,800

Type of Stockholders’ Equity Transaction Issued stock

Service revenue Salary expense Rent expense Utilities expense

Chapter 2 Transaction Analysis 61

(continued) E 2-4

Req. 2

a. $55,800

b. $4,000

c. $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.)

62 Financial Accounting 6/e Solutions Manual

(10-15 min.) E 2-5

DATE Oct. 6 9 12 15 15-31 15-31 31 31 31

Journal

ACCOUNT TITLES AND EXPLANATION

Cash……………………………………….. Common Stock………………………. Issued stock to owner.

Land………………………………………... Cash……………………………………. Purchased land.

Medical Supplies………………………… Accounts Payable…………………… Purchased supplies on account.

Not a transaction of the business.

Cash……………………………………….. Accounts Receivable…………………… Service Revenue……………………..

Performed service for cash and on account.

Salary Expense………………………….. Rent Expense…………………………….. Utilities Expense………………………… Cash……………………………………. Paid expenses.

Cash……………………………………….. Medical Supplies…………………….. Sold supplies.

Cash……………………………………….. Note Payable………………………….. Borrowed money.

Accounts Payable………………………. Cash……………………………………. Paid on account.

DEBIT

40,000

30,000

2,000

4,000 4,000

1,400 1,000 300

500

10,000

1,500

CREDIT

40,000

30,000

2,000

8,000

2,700

500

10,000

1,500

(10-15 min.) E 2-6

Req. 1

Total assets = $145 million ($100 + $60 – $55 + $35 + $26 – $21) Req. 2

Company owes $41 million [$60 – $55 + $35 + $22 – $21] Req. 3

Net income = $4 million ($26 – $22)

Chapter 2 Transaction Analysis 63

(10-20 min.) E 2-7

Req. 1 (journal entries)

Journal

DATE

ACCOUNT TITLES AND EXPLANATION

Aug. 1

Cash…………………………………………… Common Stock…………………………... Issued common stock to owner.

2 Office Supplies……………………………… Accounts Payable……………………….. Purchased office supplies on account.

4 Land…………………………………………… Cash……………………………………….. Paid cash for land.

6 Cash…………………………………………… Service Revenue………………………… Performed services for cash.

9 Accounts Payable…………………………... Cash……………………………………….. Paid cash on account.

17 Accounts Receivable………………………. Service Revenue………………………… Performed service on account.

23 Cash…………………………………………… Accounts Receivable…………………… Received cash on account.

31 Salary Expense……………………………… Rent Expense………………………………... Cash………………………………………..

Paid cash expenses.

(continued) E 2-7

Req. 2

Ending 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)

64 Financial Accounting 6/e Solutions Manual

DEBIT CREDIT

19,500

19,500

800

800

14,000

14,000

2,000

2,000

100

100

1,200

1,200

900

900

1,000 500

1,500

(20-30 min.) E 2-8

Req. 1 Aug. 1 6 23 Aug. 31 Aug. 2 Aug. 31 Aug. 9 Accounts Payable 100 Aug. 2 Aug. 31 Service Revenue Aug. 6 17 Aug. 31 Rent Expense 500 500 800 700

2,000 1,200 3,200

Aug. 31 Aug. 31

Common Stock Aug. 1 Aug. 31 Salary Expense 1,000 1,000

19,500 19,500

Office Supplies 800 800

Aug. 4 Aug. 31 Land 14,000 14,000 Cash 19,500 Aug. 4 2,000 9 900 31 6,800

14,000 100 1,500

Aug. 17 Aug. 31

Accounts Receivable 1,200 Aug. 23 300

900

Aug. 31 Aug. 31 (continued) E 2-8 Req. 2

Coaxial Electronic Systems, Inc.

Trial Balance August 31, 20X6

ACCOUNT

Cash…………………………... Accounts receivable……….. Office supplies……………… Land…………………………... Accounts payable………….. Common stock……………… Service revenue…………….. Salary expense……………… Rent expense………………... Total…………………………...

DEBIT $ 6,800 300 800 14,000

1,000 500 $23,400 CREDIT

$ 700 19,500 3,200

$23,400 Req. 3

Total assets ($6,800 + $300 + 800 + $14,000)…….. $21,900 Total liabilities…………………………………………. (700) Total stockholders’ equity ($21,900 – $700)……… $21,200

Chapter 2 Transaction Analysis 65

(10-15 min.) E 2-9

Cash………………………………….. 10,000 Common Stock………………….. Issued common stock. Cash………………………………….. 7,000 Note Payable…………………….. Borrowed money; signed note payable. Land………………………………….. 31,000 Cash……………………………….. Note Payable…………………….. Purchased land by paying cash and signing a note payable. Supplies……………………………… 600 Accounts Payable………………. Purchased supplies on account. Cash………………………………….. 100 Supplies…………………………... Sold supplies for cash. Equipment…………………………… 6,000 Cash……………………………….. Paid cash for equipment. Accounts Payable………………….. 300 Cash……………………………….. 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 2-10

Req. 1

Whirlpool Appliance Service

Trial Balance June 30, 20X6

ACCOUNT

Cash…………………………... Accounts receivable……….. Building………………………. Land…………………………... Accounts payable………….. Note payable………………… Common stock……………… Retained earnings………….. Dividends…………………….. Service revenue……………..

66 Financial Accounting 6/e Solutions Manual

DATE

1. 2. 3. 4. 5. 6. 7.

Journal

ACCOUNT TITLES AND EXPLANATION

DEBIT CREDIT

10,000

7,000

8,000 23,000

600

100

6,000

300

DEBIT $ 9,000 15,500 40,250 29,000

6,000

CREDIT

$ 4,300 13,000 48,800 21,350*

22,000

Salary expense……………… 8,000 Utilities expense……………. 1,400

Delivery expense…………… 300 Total…………………………...

$109,450 $109,450

*Total debits………………………………………… $109,450 Total credits, excluding retained earnings…… (88,100) Retained earnings………………………………… $ 21,350

(continued) E 2-10

Req. 2

Whirlpool Appliance Service

Income Statement

Month Ended June 30, 20X6

Service revenue………………... $22,000 Salary expense………………… $8,000 Utilities expense……………….. 1,400 Delivery expense………………. 300

Total expenses…………………. 9,700 Net income………………………

$12,300

(15-25 min.) E 2-11

Car Connection, Inc.

Trial Balance December 31, 20X3

ACCOUNT

DEBIT CREDIT

Cash…………………………... $ 4,600* Accounts receivable……….. 12,600* Inventory……………………... 17,000 Supplies……………………… 600 Land…………………………... 55,000

Accounts payable………….. $13,100* Common stock……………… 48,300* Sales revenue………………..

35,700

Cost of goods sold…………. 3,900 Salary expense……………… 1,700 Rent expense……………….. 800

Utilities expense……………. 900* _______ Total…………………………...

$97,100 $97,100

_____

*Explanations:

Cash: $4,200 + $400 = $4,600

Accounts Receivable: $13,000 – $400 = $12,600

Accounts Payable: $12,000 + $1,000 – $100 + $200 = $13,100 Common Stock: $47,900 + $400 = $48,300 Utilities Expense: $700 + $200 = $900

Chapter 2 Transaction Analysis 67

(5-15 min.) E 2-12

(a) Bal. (c) Bal. (e) (g) Bal.

Cash 12,500 (b) (d) (e) (g) 6,800 Office Supplies 800 800 Accounts Payable 400 (c) Bal. Dividends 2,000 2,000 Salary Expense 1,800 1,800 1,500 1,800 400 2,000

(f) Bal.

Accounts Receivable 8,300 8,300 Office Furniture 9,000 9,000 Common Stock (a) Bal. Service Revenue (f) Bal. Rent Expense 1,500 1,500

800 400

(a) Bal. 21,500 21,500 8,300 8,300 (d) Bal. (10-20 min.) E 2-13

Req. 1

(b) Bal. LaVell Oxford, Attorney

Trial Balance July 31, 20X8

ACCOUNT

Cash…………………………... Accounts receivable……….. Office supplies……………… Office furniture……………… Accounts payable………….. Common stock……………… Dividends…………………….. Service revenue…………….. Salary expense……………… Rent expense……………….. Total…………………………...

Req. 2

DEBIT $ 6,800 8,300 800 9,000

2,000

1,800 1,500 $30,200 CREDIT

$ 400 21,500

8,300

$30,200 68 Financial Accounting 6/e Solutions Manual

The business performed well during July. The result of operations was net income of $5,000, as shown by the income statement accounts:

Service revenue…………………. $ 8,300 Salary expense……….. $1,800 Rent expense…………. 1,500 Total expenses……………….. (3,300) Net income……………………….. $ 5,000

(20-30 min.) E 2-14

Reqs. 1 and 3

Cash Accounts Receivable Dec. 2 7,000 Dec. 2 500 Dec. 18 1,700 9 800 3 3,000 12 200 Bal. 4,100 Supplies Equipment Dec. 5 300 Dec. 3 3,000 Furniture Accounts Payable Dec. 4 3,600 Dec. 4 3,600 5 300 Bal. 3,900

Common Stock Dividends Dec. 2 7,000 Service Revenue Rent Expense Dec. 9 800 Dec. 2 500 18 1,700 Bal. 2,500 Utilities Expense Salary Expense Dec. 12 200 (continued) E 2-14

Req. 2

Journal

DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT

Dec. 2 Cash…………………………………….. 7,000 Common Stock…………………….. 7,000 2 Rent Expense…………………………. 500 Cash…………………………………. 500 3 Equipment……………………………... 3,000 Cash…………………………………. 3,000

Chapter 2 Transaction Analysis 69

4 Furniture……………………………….. 3,600

Accounts Payable…………………. 5 Supplies………………………………... 300

Accounts Payable…………………. 9 Cash…………………………………….. 800

Service Revenue…………………... 12 Utilities Expense……………………… 200

Cash…………………………………. 18 Accounts Receivable………………… 1,700

Service Revenue…………………...

(continued) E 2-14

Req. 4

Matthew Rogers, Certified Public Accountant, P.C.

Trial Balance December 18, 20XX

ACCOUNT

DEBIT CREDIT Cash…………………………... $ 4,100 Accounts receivable……….. 1,700 Supplies……………………… 300 Equipment…………………… 3,000 Furniture……………………... 3,600

Accounts payable………….. $ 3,900 Common stock……………… 7,000

Dividends…………………….. — Service revenue…………….. 2,500

Rent expense……………….. 500 Utilities expense……………. 200

Salary expense……………… — Total…………………………...

$13,400 $13,400

(20-40 min.) E 2-15

a. Net income for March – Given as follows:

Retained Earnings

Feb. 28 Bal. 7,000 March March dividends 15,800 net income X = $19,300 Mar. 31 Bal. 10,500

$7,000 + X – $15,800 = $10,500

X = $19,300

b. Total cash paid during March:

Cash

Feb. 28 Bal. 11,600

70 Financial Accounting 6/e Solutions Manual

3,600

300

800

200

1,700

March receipts Mar. 31 Bal.

81,200 March payments 5,000 X = $87,800

$11,600 + $81,200 – X = $ 5,000 X = $87,800

(continued) E 2-15

c. Cash collections from customers during March:

Accounts Receivable

Feb. 28 Bal. 24,300 March sales on account 49,400 March collections X = $47,000 Mar. 31 Bal. 26,700

$24,300 + $49,400 – X = $26,700 X = $47,000

d. Cash paid on a note payable during March:

Note Payable Feb. 28 Bal. 13,900 March March X =17,500 payments on note X new borrowing 25,000 Mar. 31 Bal. 21,400

$13,900 + $25,000 – X = $21,400 X = $17,500

(20-30 min.) E 2-16

Req. 1

Road Runner, Inc. Trial Balance December 31, 20X5

Cash…………………………... Accounts receivable……….. Supplies……………………… Land…………………………... Accounts payable………….. Note payable………………… Common stock……………… Retained earnings………….. Service revenue…………….. Salary expense……………… Advertising expense………. Totals………………………….

Out of balance by $3,300

Chapter 2 Transaction Analysis 71

$ 4,200 7,200 800 34,000

3,400 900 $50,500

$ 5,800 5,000 20,000 7,300 9,100

_______ $47,200

The 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 2-16

Req. 2

Road Runner, Inc. Trial Balance December 31, 20X5

Cash ($4,200 – $400)…………………… Accounts receivable

($7,200 – $3,300 + $7,000)………….. Supplies………………………………….. Land ($34,000 + $80,000)……………… Accounts payable ($5,800 + $2,000)… Note payable ($5,000 + $80,000)……... Common stock………………………….. Retained earnings……………………… Service revenue ($9,100 + $7,000)…… Salary expense ($3,400 + $400)……… Advertising expense ($900 + $2,000). Totals……………………………………...

Req. 3

a. 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 total

expenses ($6,700 = $3,800 + $2,900).

(10-15 min.) E 2-17

San Francisco:

Income statement

Medical expense…………..

Balance sheet

Cash………………………… Accounts payable…………

Bay Area:

Income statement

Service revenue…………..

Balance sheet

Cash………………………… Accounts receivable……..

72 Financial Accounting 6/e Solutions Manual

$ 3,800

10,900 800 114,000

$ 7,800 85,000 20,000 7,300 16,100 3,800 2,900 $136,200 $136,200

June

$40,000

June 30 $55,000 40,000

June $40,000

June 30 $ -0-

40,000

July

$ -0-

July 31 $23,000* 8,000**

July

$ -0-

July 31 $32,000 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

Chapter 2 Transaction Analysis 73

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