会计企业决策的基础(15)财务会计书后大题

3.6 Satka Fishing Expeditions ,Inc., recorded the following transactions in July

…………………..

Indicate the effects that each of these transactions will have upon the following six total amounts in the company’s financial statements for the month of July. Organize your answer in tabular form, using the column headings shown, and use the code letters I for increase, D for decrease, and NE for no effect.

3.7 A number of transactions of Claypool Construction are described below in terms of accounts debited and credited.

a. Indicate the effects of each transactions upon the elements of the income statement and the balance sheet. Use the code letters I for increase, D for decrease, and NE for no effect. Organize your answer in tabular form, using the column headings shown,

b. Write a one-sentence description of each transaction.

3.8 Shown below are selected transactions of the architectural firm of Baxter, Claxter, and Stone,

Inc.

a. Prepare journal entries to record the transactions in the firm’s accounting records.

b. Identify any of the above transactions that will not result in a change in the company’s net income.

3.10 Trafflet Enterprises incorporated on May 3,2009. The company engaged in the following transactions during its first month of operations:

a. Prepare journal entries, including explanations, for the above transactions.

b. Post each entry to the appropriate ledger accounts

c. Prepare a trial balance dated May 31, 2009. Assume accounts with zero balances are not

included in the trial balance.

3.11 The McMillan Corporation incorporated on September 2, 2009. The company engaged in the following transactions during its first month of operations:

a. Prepare journal entries, including explanations, for the above transactions.

b. Post each entry to the appropriate ledger accounts

c. Prepare a trial balance dated May 30, 2009. Assume accounts with zero balances are not

included in the trial balance.

Exercise 5.2

Tutors for Rent, Inc., performs adjusting entries every month, but closes its accounts only at year-end. The company’s year-end adjusted trial balance dated December 31, 2009, was:

TUTORS FOR RNET,INC.

Adjusted Trial Balance

December 31, 2009

Cash…………………………………………………………………………… $91,100

Accounts receivable…………………………………………………………… 4,500

Supplies………………………………………………………………………... 300

Equipment……………………………………………………………………… 12,000

Accumulated depreciation: equipment………………………………………… $5,000 Accounts payable……………………………………………………………… 1,500 Income taxes payable………………………………………………………….. 3,500 Capital stock…………………………………………………………………… 25,000 Retained earnings……………………………………………………………… 45,000 Dividends……………………………………………………………………… 2,000

Tutoring revenue earned……………………………………………………… 96,000 Salary expense………………………………………………………………… 52,000

Supply expense………………………………………………………………… 1,200

Advertising expense…………………………………………………………… 300

Depreciation expense: equipment……………………………………………… 1,000

Income taxes expense………………………………………………………….. 11,600 a. Prepare an income statement and statement of retained earnings for the year ended December

31, 2009. Also prepare the company’s balance sheet dated December 31, 2009.

b. Dose the company appear to be liquid? Defend your answer.

c.

Has the company been profitable in the past? Explain.

Exercise 5.3

Wilderness Guide Services, Inc., performs adjusting entries every month, but closes its accounts only at year-end. The company’s year-end adjusted trial balance dated December 31, 2009, follows:

Wilderness Guide Services, Inc.

Adjusted Trial Balance

December 31, 2009

Cash…………………………………………………………………………… $12,200

Accounts receivable…………………………………………………………… 31,000

Camping supplies……………………………………………………………… 7,900

Unexpired insurance policies………………………………………………….. 2,400

Equipment……………………………………………………………………… 70,000

Accumulated depreciation: equipment………………………………………… $60,000 Notes payable(due 4/1/10)…………………………………………………….. 18,000 Accounts payable……………………………………………………………… 9,500 Capital stock…………………………………………………………………… 25,000 Retained earnings……………………………………………………………… 15,000 Dividends……………………………………………………………………… 1,000

Guide revenue earned………………………………………………………… 102,000 Salary expense………………………………………………………………… 87,500

Camping Supply expense……………………………………………………… 1,200

Insurance expense…………………………………………………………… 9,600

Depreciation expense: equipment……………………………………………… 5,000

Interest expense………………………………………………………………… a. Prepare an income statement and statement of retained earnings for the year ended December

31, 2009. Also prepare the company’s balance sheet dated December 31, 2009.(Hint: Unprofitable companies have no income taxes expense.)

b. Dose the company appear to be liquid? Defend your answer.

c. Has the company been profitable in the past? Explain.

Exercise 5.10

ORGON FOODS

Balance Sheet

December 31, 2009

Assets

Cash…………………………………………………………………………… $6,800 Accounts receivable…………………………………………………………… 7,200 Office supplies………………………………………………………………… 700 Prepaid rent……………………………………………………………………. 1,700

Equipment……………………………………………………………………… $ 12,000

Accumulated depreciation: equipment……………………………… ……….. $7,200 Total assets…………………………………………………………..

Liabilities

Accounts payable………………………………………………………………. $2,200 Income taxes payable…………………………………………………………… Total Liabilities…………………………………………………………………. $4,000

Stockholders’ Equity

Capital stock……………………………………………………………………. $10,000 Retained earnings………………………………………………………………. Total Stockholders’ Equity…………………………………………………….. Total Liabilities and Stockholders’ Equity………………………………………

Other information provided by the company is as follows:

Total Revenue for the year ended December 31, 2009…………………………… $25,500 Total ecpense for the year ended December 31, 2009…………………………..... 20,400 Total Stockholders’ Equity, January 1, 2009……………………………………… 14,800

Compute and discuss briefly the significance of the following measures as they relate to Oregon Foods:

a. Net income percentage in 2009.

b. Return on equity in 2009.

c. Working capital on December 31, 2009.

d. Current ratio on December 31, 2009.

10.2 Listed below are eight events or transactions of GemStar Corporation.

Indicate the effects that each of these transactions on the following financial statements categories. Organize your answer in tabular form, using the column headings. Use the following code letters to indicate the effects of each transaction on the accounting element listed in the column heading: I for increase, D for decrease, and NE for no effect.

10.9 Swanson Corporation issued $8 million of 20-year, 8 percent bonds on April 1, 2009, at 102. Interest is due on March 31 and September 30 of each year, and all of the bonds in the issue mature on March 31, 2029. Swanson’s fiscal year ends on December 31. Prepare the following journal entries:

Ex. 10.9

a. 2009

Apr. 1 Cash …………………………………………….8,160,000

Premium on Bonds Payable ………………… 160,000

Bond Payable …………………………………8,000,000

To record issuance of bonds at 102.

b. 2009

Sept. 30 Bond Interest Expense ……………316,000

Premium on Bonds Payable ……… 4,000

Cash …………………………320,000

To pay interest and amortize bond premium.

Semiannual interest payment:

$8,000,000 x 8% x 1/2 ……… $320,000

Less premium amortized:

[$160,000 / 20 yrs.] x 1/2 ……

Interest expense $316,000

c. 2029

Mar. 31 Bond Interest Payable ……………160,000

Bond Interest Expense ……………158,000

Premium on Bonds Payable ………2,000

Cash …………………………………320,000

To record final interest payment and amortize

bond premium:

(1) Interest expense for 3 months in 2029 = $316,000 x 3/6 = $158,000

(2) Premium amortized in 2029 = $4,000 x 3/6 = $2,000

(3) Interest payable from 12/31/28 = $320,000 x 3/6 = $160,000

Mar. 31 Bonds Payable ……………………… 8,000,000

Cash ……………………………………8,000,000

To retire bonds at maturity.

d. (1) Amortization of a bond premium decreases annual interest expense and, consequently, increases annual net income.

(2) Amortization of a bond premium is a noncash component of the annual interest expense computation. Thus, it has no effect upon annual net cash flow from operating activities. (Receipt of cash upon issuance of bonds and payment of cash to retire bonds at maturity are both classified as financing activities.)

10.10 Mellilo Corporation issued $5 million of 20-year, 9.5 percent bonds on July 1,2009, at 98. Interest is due on June 30 and December 31 of each year, and all of the bonds in the issue mature on June 30,2009. Mellilo’s fiscal year ends on December 31. Prepare the following journal entries: Ex. 10.10

a. 2009

July 1 Cash ……………………… 4,900,000

Discount on Bonds Payable … 100,000

Bonds Payable ………………………5,000,000

To record issuance of bonds at 98.

b. 2009

Dec. 31 Bond Interest Expense ………………240,000

Discount on Bonds Payable ……………… 2,500

Cash …………………………………… 237,500

To pay interest and amortize bond discount:

Semiannual interest payment:

$5,000,000 x 9 1/2% x 1/2 …….. $237,500

Add discount amortized:

[$100,000 ? 20 yrs.] x 1/2 …… 2,500

Interest expense $240,000

c. 2029

June 30 Bond Interest Expense ……………… 240,000

Discount on Bonds Payable ……………2,500

Cash ………………………………………… 237,500

To make final interest payment and amortize bond discount

(same calculation as in part b. above).

June 30 Bond Payable …………………………5,000,000

Cash ………………………………………… 5,000,000

To retire bonds at maturity.

d. (1) Amortization of bond discount increases annual interest expense and, consequently, reduces annual net income.

(2) Amortization of bond discount is a noncash component of annual interest expense and has no effect upon annual net cash flow from

operating activities. (Receipt of cash upon issuance of bonds and payment of cash to retire bonds at maturity are both classified as financing activities.)

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