IntermediateAccountingChapter2中級會計(jì)學(xué)課后習(xí)題答案

1、chapter 02 - review of the accounting process2-1chapter 2 review of the accounting processquestions for review of key topicsquestion 2-2 according to the accounting equation, there is equality between the total economic resources of an entity, its assets, and the claims to those resources, liabiliti

2、es and equity. this implies that, since resources must always equal claims, the net effect of any transaction cannot affect one side of the accounting equation differently than the other side.question 2-5 assets are increased by debits and decreased by credits. liabilities and equity accounts are in

3、creased by credits and decreased by debits.question 2-6revenues and gains are increased by credits and decreased by debits. expenses and losses are increased by debits (thus causing owners equity to decrease) and decreased by credits (thus causing owners equity to increase).question 2-12 adjusting e

4、ntries record the effect on financial position of internal events, those that do not involve an exchange transaction with another entity. they must be recorded at the end of any period when financial statements are prepared to properly reflect financial position and results of operations according t

5、o the accrual accounting model.question 2-17income statement - the purpose of the income statement is to summarize the operating activities of the company during a particular period of time. it is a change statement that is reporting the changes in owners equity that occurred during the period as a

6、result of operating transactions (revenues, expenses, gains and losses).balance sheet - the purpose of the balance sheet is to present the financial position of the company at a particular point in time. it is an organized array of assets, liabilities, and permanent owners equity accounts.statement

7、of cash flows - the purpose of the statement of cash flows is to disclose the events that caused cash to change during the period.statement of shareholders equity - the purpose of the statement of shareholders equity is to disclose the sources of the changes in the various permanent shareholders equ

8、ity accounts that occurred during the period.chapter 02 - review of the accounting process2-2brief exercisesbrief exercise 2-41.prepaid insurance .12,000cash .12,0002.note receivable .10,000cash .10,0003.equipment .60,000cash .60,000brief exercise 2-51.insurance expense ($12,000 x 3/12).3,000prepaid

9、 insurance .3,0002.interest receivable ($10,000 x 6% x 6/12).300interest revenue .3003.depreciation expense .12,000accumulated depreciation - equipment .12,000brief exercise 2-6net income would be higher by $14,700 ($3,000 - 300 + 12,000).chapter 02 - review of the accounting process2-3brief exercis

10、e 2-12revenues $428,000*expenses: salaries(240,000) utilities(33,000)* advertising (12,000) net income$143,000*$420,000 cash received plus $8,000 increase ($60,000 52,000) in amount due from customers:cash .420,000accounts receivable (increase in account).8,000sales revenue (to balance).428,000* $35

11、,000 cash paid less $2,000 decrease in amount owed to utility company:utilities expense (to balance) .33,000utilities expense payable (decrease in account).2,000cash .35,000chapter 02 - review of the accounting process2-4exercisesexercise 2-5list alist b k 1. source documentsa. record of the dual ef

12、fect of a transaction in debit/credit form. e 2. transaction analysisb. internal events recorded at the end of a reporting period. a 3. journalc. primary means of disseminating informationto external decision makers. j 4. postingd. to zero out the owners equity temporaryaccounts. f 5. unadjusted tri

13、al balance e. determine the dual effect on the accountingequation. b 6. adjusting entriesf. list of accounts and their balances beforerecording adjusting entries. h 7. adjusted trial balanceg. list of accounts and their balances afterrecording closing entries. c 8. financial statementsh. list of acc

14、ounts and their balances afterrecording adjusting entries. d 9. closing entriesi. a means of organizing information; not partof the formal accounting system. g 10. post-closing trial balance j. transferring balances from the journal to theledger. i 11. worksheetk. used to identify and process extern

15、altransactions.chapter 02 - review of the accounting process2-5exercise 2-7 account(s) account(s) debited credited example: purchased inventory for cash 3 5 1. paid a cash dividend.10 5 2. paid rent for the next three months. 8 5 3. sold goods to customers on account.4,16 9,3 4. purchased inventory

16、on account. 3 1 5. purchased supplies for cash. 6 5 6.paid employees wages for september.15 5 7. issued common stock in exchange for cash. 5 12 8. collected cash from customers for goods sold in 3. 5 4 9.borrowed cash from a bank and signed a note. 5 1110.at the end of october, recorded the amount o

17、fsupplies that had been used during the month. 7 611.received cash for advance payment from customer. 5 1312.accrued employee wages for october.17 15exercise 2-81. prepaid insurance ($12,000 x 30/36).10,000insurance expense.10,0002. depreciation expense.15,000accumulated depreciation .15,0003. bad d

18、ebt expense ($6,500 - 2,000).4,500allowance for uncollectible accounts .4,5004. salaries expense.18,000salaries payable .18,0005. interest expense ($200,000 x 12% x 2/12).4,000interest payable.4,0006. unearned rent revenue.1,500rent revenue (1/2 x $3,000).1,500chapter 02 - review of the accounting p

19、rocess2-6exercise 2-17stanley and jones lawn service companyincome statementfor the year ended december 31, 2011sales revenue (1).$315,000operating expenses:salaries .$180,000supplies (2).24,500rent .12,000insurance (3) . 4,000miscellaneous (4) .21,000depreciation . 10,000 total operating expenses .

20、 251,500operating income .63,500other expense:interest (5). 1,500net income .$62,000(1) $320,000 cash collected less $5,000 decrease in accounts receivable.cash .320,000accounts receivable (decrease in account).5,000sales revenue (to balance).315,000(2) $25,000 cash paid for the purchase of supplies

21、 less $500 increase in supplies.supplies expense (to balance) .24,500supplies (increase in account).500cash .25,000chapter 02 - review of the accounting process2-7exercise 2-17 (concluded)(3) $6,000 cash paid for insurance less $2,000 ending balance in prepaid insurance.insurance expense (to balance

22、) .4,000prepaid insurance (increase in account).2,000cash .6,000(4) $20,000 cash paid for miscellaneous expenses plus increase in accrued liabilities.miscellaneous expense (to balance) .21,000accrued liabilities (increase in account).1,000cash .20,000(5) $100,000 x 6% x 3/12 = $1,500interest expense

23、 .1,500interest payable.1,500chapter 02 - review of the accounting process2-8cpa review questions1. d. the event is recorded as an increase to accounts receivable and an increase in revenue. an increase to accounts receivable represents an increase in assets and the increase in revenue will increase

24、 net income which will in turn increase retained earnings. 2. b. the amount accrued as commissions for each salesperson will be any commissions due over and above the fixed salary as follows: the amount accrued is $28,000. 3. b. a net decrease in accounts receivable means that cash collections excee

25、ded accrual revenue. therefore, cash basis income would be higher when compared to accrual basis. a net decrease in accrued liabilities indicates that cash payments for expenses are greater than accrual expenses. therefore, cash basis income would be lower than accrual basis income.4. a. cash basis

26、income: cash collected in may $3,200,000 accrual basis income: revenue recognized in april$3,200,000 less: expenses recognized in april(1,500,000) income$1,700,0005. d. expense recognized$437,500 add: increase in prepaid insurance 17,500 cash paid for insurance$455,000chapter 02 - review of the acco

27、unting process2-9problemsproblem 2-12requirement 1computations:sales revenue:cash collected from customers$675,000add: increase in accounts receivable 30,000 sales revenue$705,000interest revenue:cash received$4,000add: amount accrued at the end of 2011 ($50,000 x .08 x 9/12) 3,000 (c)deduct: amount

28、 accrued at the end of 2010(3,000) interest revenue$4,000cost of goods sold:cash paid for merchandise$390,000add: increase in accounts payable 12,000 purchases during 2011402,000add: decrease in inventory 18,000 cost of goods sold$420,000insurance expense:cash paid$6,000add: prepaid insurance expired during 20112,500deduct: prepaid insurance on 12/31/11 ($6,000 x 4/12) (2,000) (a) insurance expense$6,500salaries expense:cash paid$210,000add: increase in salaries payable 4,000 salaries expense$214,000