会计学：企业决策的基础exercises-chapter4答案 - 图文

Ex 4–1

Ex. 4–2

Ex. 4–3

Ex. 4–4

SOLUTIONS TO EXERCISES

a. Book value b. Materiality

c. Matching principle d. Unrecorded revenue e. Adjusting entries f. Unearned revenue g. Prepaid expenses

h.

None (This is an example of ―depreciation expense.‖)

Income Statement

Balance Sheet

Adjusting Net

Owners’ Entry

Revenue ? Expenses = Income Assets = Liabilities + Equity a NE I D D NE D b NE I D NE I D c I NE I I NE I d NE I D NE I D e NE I D D NE D f

I NE I NE D I

a. Rent Expense....................................................................................... 240,000

Prepaid Rent ........................................................................... 240,000

To record rent expense for May ($1,200,000 ? 5 months =

$240,000 per month). b. Unearned Ticket Revenue .................................................................. 148,800

Ticket Revenue ....................................................................... 148,800

To record earning portion of season ticket revenue relating to

May home games.

a. (1) Interest Expense ........................................................................... 375 Interest Payable ................................................................ 375

$50,000 x 9% annual rate x 1/12 = $375. (2) Accounts Receivable .................................................................... 10,000

Consulting Fees Earned ................................................... 10,000

To record ten days of unbilled consulting fees at $1,000 per

day.

b. $2,250 ($50,000 x 9% x 6/12 = $2,250) c. $15,000 ($25,000 - $10,000 earned in December, 2002)

Ex. 4–5 a. The balance of TWA’s Advance Ticket Sales account represents unearned revenue—

that is, amounts collected from customers prior to rendering the related services (air travel). As TWA has an obligation to render these services, the Advanced Ticket Sales account appears among the liabilities in TWA’s balance sheet.

b. TWA normally reduces the balance of this liability account by rendering services to

customers—that is, by providing flights for which the customers have purchased tickets. On some occasions, however, TWA reduces the balance of this liability by making cash refunds to customers.

Ex. 4–6

Ex. 4–7

a. 1. Interest Expense ................................................................................. 1,200

Interest Payable ...................................................................... 1,200

To record interest accrued on bank loan during December. 2. Depreciation Expense: Office Building ............................................ 1,100

Accumulated Depreciation: Office Building ........................ 1,100

To record depreciation on office building ($330,000 ? 25 years ? 1?12 = $1,100).

3. Accounts Receivable ........................................................................... 64,000

Marketing Revenue Earned................................................... 64,000

To record accrued Marketing revenue earned in December. 4. Insurance Expense ............................................................................. 150 Prepaid Insurance .................................................................. 150

To record insurance expense (1,800 ? 12 months = $150). 5. Unearned Revenue ............................................................................. 3,500

Marketing Revenue Earned................................................... 3,500

To record portion of unearned revenue that had become earned in December.

6. Salaries Expense ................................................................................. 2,400

Salaries Payable ...................................................................... 2,400

To record accrued salaries in December.

b. $62,650 ($64,000 + $3,500 ? $1,200 ? $1,100 ? $150 ? $2,400). a. The total interest expense over the life of the note is $5,400 ($120,000 ? .09 ? 6?12 =

$5,400).

The monthly interest expense is $900 ($5,400 ? 6 = $900). b. The liability to the bank at December 31, 2002, is $121,800 (Principal, $120,000 + $1,800

accrued interest). c. 2002

Oct. 31 Cash .................................................................................... 120,000

Notes Payable ........................................................ 120,000

Obtain from bank six-month loan with interest at 9%

a year.

d. Dec. 31 Interest Expense ................................................................ 900 Interest Payable ..................................................... 900

To accrue interest expense for December on note

payable ($120,000 ? 9% ? 1?12).

e. The liability to the bank at March 31, 2003, is $124,500, consisting of $120,000 principal

plus $4,500 accrued interest for five months.

a. May 1 Cash .................................................................................... Notes Payable ........................................................ Obtained a three-month loan from National Bank at

12% interest per year. May 31 Interest Expense ................................................................ Interest Payable .....................................................

To record interest expense for May on note payable to

National Bank ($300,000 ? 12% ? 1?12 = $3,000).

b. May 1 Prepaid Rent ...................................................................... Cash ........................................................................ Paid rent for six months at $30,000 per month. May 31 Rent Expense ..................................................................... Prepaid Rent ..........................................................

To record rent expense for the month of May.

c. May 2 Cash .................................................................................... Unearned Admissions Revenue ............................ Sold season tickets to the 70-day racing season. May 31 Unearned Admissions Revenue ........................................ Admissions Revenue .............................................

To record admissions revenue from the 20 racing days

in May ($910,000 ? 20?70 = $260,000).

d. May 4 No entry required.

e. May 6 Prepaid Printing ................................................................ Cash ........................................................................ Printed racing forms for first 30 racing days. May 31 Printing Expense ............................................................... Prepaid Printing ....................................................

To record printing expense for 20 racing days in May.

f. May 31 Concessions Receivable..................................................... Concessions Revenue ............................................ Earned 10% of refreshment sales of $165,000 during

May.

300,000

3,000

180,000

30,000

910,000

260,000

12,000

8,000

16,500

300,000

3,000

180,000

30,000

910,000

260,000

12,000

8,000

16,500

Ex. 4–8

Ex. 4–9

Something to Consider:

Effects of omission of May 31 adjusting entry for rent expense on May 31 financial

statements:

Revenue Not affected Expenses Understated (by May’s rent of $30,000) Net Income Overstated (because May rent expense was not recognized) Assets Overstated (Prepaid Rent should be reduced by portion expired in

May)

Liabilities Not affected Owners’ Equity Overstated (because net income is overstated)

a. Materiality refers to the relative importance of an item. An item is material if knowledge

of it might reasonably influence the decisions of users of financial statements. If an item is immaterial, by definition it is not relevant to decision makers.

Accountants must account for material items in the manner required by generally accepted accounting principles. However, immaterial items may be accounted for in the most convenient and economical manner.

b. Whether a specific dollar amount is ―material‖ depends upon the (1) size of the amount

and (2) nature of the item. In evaluating the size of a dollar amount, accountants consider the amount in relation to the size of the organization.

Based solely upon dollar amount, $2,500 is not material in relation to the financial statements of a large, publicly owned corporation. For a small business however, this amount could be material.

In addition to considering the size of a dollar amount, accountants must also consider the nature of the item. The nature of an item may make the item ―material‖ to users of the financial statements regardless of its dollar amount. Examples might include bribes paid to government officials, or theft of company assets or other illegal acts committed by management.

In summary, one cannot say whether $2,500 is a material amount. The answer depends upon the related circumstances.

c. Two ways in which the concept of materiality may save time and effort for accountants

are:

1. Adjusting entries may be based upon estimated amounts if there is little or no

possibility that the use of an estimate will result in material error. For example, an adjusting entry to reflect the amount of supplies used may be based on an estimate of the cost of supplies remaining on hand.

2. Adjusting entries need not be made to accrue immaterial amounts of unrecorded

expenses or unrecorded revenue. For example, no adjusting entries normally are made to record utility expense payable at year-end.

Ex. 4–10 a. None (or Materiality). Accounting for immaterial items is not ―wrong‖ or a ―violation‖ of

generally accepted accounting principles; it is merely a waste of time. The bookkeeper is failing to take advantage of the concept of materiality, which permits charging im-material costs directly to expense, thus eliminating the need to record depreciation in later periods.

Ex. 4–11 a. Accounts likely to have required an adjusting entry are:

1. Investments

2. Accounts Receivable 3. Inventories

4. Prepaid Expenses

5. Deferred Income Taxes 6. Buildings

7. Machinery and Equipment 8. Intangible Assets 9. Accounts Payable 10. Accrued Liabilities 11. Income Taxes Payable

12. Deferred Compensation and Other Liabilities

Note to the Instructor: The adjustments required for many of the accounts listed above are discussed in subsequent chapters. Some are beyond the scope of an introductory course. b. Matching. c. Realization.

SOLUTIONS TO PROBLEMS

20 Minutes, Easy

PROBLEM 4–1

FLORIDA PALMS COUNTRY CLUB

(Adjusting Entries) 9600960020__(1)Dec31 Salary ExpenseSalaries Payable To record accrued salaries at December 31.(2)31Accounts ReceivableGreen Fee RevenueTo record green fees owed by the Tampa Univ. golf team.(3)31Unearned Membership DuesMembership Dues EarnedTo record the portion of annual membership dues earnedin December.(4)31Depreciation Expense: CartsAccumulated Depreciation: CartsTo record December depreciation expense ($180,000 ?15 years x 1/12).(5)31Interest ExpenseInterest PayableTo record accrued interest expense in December ($45,000 ? 8% ??1/12).(6)31Insurance ExpenseUnexpired InsuranceTo record December insurance expense ($7,800 ? 1/12).(7)No adjusting entry required. Revenue is recognized whenit is earned. Entering into a contract does not constitutethe earning of revenue.(8)31Income Taxes ExpenseIncome Taxes PayableTo record income taxes accrued in December. 1800 180010600010600010001000300300 650 6501900019000

b.

1. Accruing unpaid expenses. 2. Accruing uncollected revenue. 3. Converting liabilities to revenue. 4. Converting assets to expenses. 5. Accruing unpaid expenses. 6. Converting assets to expenses. 7. No adjusting entry required. 8. Accruing unpaid expenses.

PROBLEM 4–1

FLORIDA PALMS COUNTRY CLUB (concluded)

c. The clubhouse was built in 1925 and has been fully depreciated for financial accounting purposes.

The net book value of an asset reported in the balance sheet does not reflect the asset’s fair market value. Likewise, depreciation expense reported in the income statement does not reflect a decline in fair market value, physical obsolescence, or wear-and-tear.

40 Minutes, Medium

a.General Journal(Adjusting Entries) PROBLEM 4–2

ENCHANTED FOREST (1)Dec31 Interest ReceivableInterest RevenueTo record accrued interest revenue in CD on December 31.(2)31 Interest ExpenseInterest Payable To record accrued interest expense in December ($12,000 x 8.5% x 1/12).(3)31 Depreciation Expense: Buildings Accumulated Depreciation: BuildingsTo record December depreciation expense ($600,000 ? 25 years x 1/12).(4)No adjusting entry required. Revenue is recognized whenit is earned. Entering into a contract does not constitutethe earning of revenue.(5)31Salary ExpenseSalaries PayableTo record accrued salary expense in December.(6)31Camper Revenue ReceivableCamper RevenueTo record accrued camper revenue earned in December.(7)31Unearned Camper RevenueCamper RevenueTo record revenue earned by campers paying in advance ($5,400 ? 6 months).(8)31Bus Rental ExpenseAccounts PayableTo record accrued bus rental expense in December($40 per day x 25 days).(9)31Income Taxes ExpenseIncome Taxes PayableTo record income taxes accrued in December. 400400 85 85200020001250125024002400 900 9001000 1000 84008400 b. c.

Adjustment

1. 2. 3. 4. 5. 6. 7. 8. 9. d. e.

$340 ($12,000 x 0.85% x 4/12)

1. Accruing uncollected revenue. 2. Accruing unpaid expenses. 3. Converting assets to expenses. 4. No adjusting entry required. 5. Accruing unpaid expenses. 6. Accruing uncollected revenue. 7. Converting liabilities to revenue. 8. Accruing unpaid expenses. 9. Accruing unpaid expenses.

PROBLEM 4–2

ENCHANTED FOREST (concluded)

Income Statement Net Revenue ? Expenses = Income

I NE I NE I D NE I D NE NE NE NE I D I NE I I NE I NE I D NE I D

Balance Sheet Owners’ Assets = Liabilities + Equity I NE I NE I D D NE D NE NE NE NE I D I NE I NE D I NE I D NE I D

Original cost of buildings ......................................................................................

Accumulated depreciation: buildings (prior to adjusting entry 3 in part a) ...............................................................................................................................$310,000 December depreciation expense from part a ...................................................... 2,000 Accumulated depreciation, buildings, 12/31 ....................................................... Net book value at December 31 ............................................................................

$600,000

(312,000) $288,000

15 Minutes, Medium

PROBLEM 4–6

KOYNE CORPORATION

a. Error Recorded a dividend as an expense reported in the income statement. Recorded the payment of an account payable as a debit to accounts payable and a credit to an expense account. Failed to record depreciation expense. Recorded the issue of capital stock as a debit to cash and a credit to retained earnings. Recorded the receipt of a customer deposit as a debit to cash and a credit to fees earned. Failed to record expired portion of an insurance policy. Failed to record accrued interest earned on an outstanding note receivable. Total Total Net Total Total Revenue Expenses Income Assets Liabilities NE O U NE NE Owners’ Equity NE b. NE U O O NE O c. d. NE NE U NE O NE O NE NE NE O NE e. O NE O NE U O f. NE U O O NE O g. U NE U U NE U

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