会计学：教程与案例财务会计答案solutiontoaccounting-textandcases-financialaccouting (1)Word文档下载推荐.doc

1、Owners equity80,000Total assets$120,000Total liabilities and owners equityThis problem can be used to explain certain accounting presentation conventions. For example, the use of double lines to underscore a total, the position of the dollar sign at the top of a column of numbers, and the dating of

2、the balance sheet.The purpose of this problem is to illustrate the equality of the basic accounting equation: assets equal liabilities plus owners equity.Problem 1-2The missing numbers are:Year 1Noncurrent assets$410,976Noncurrent liabilities240,518Year 2Current assets$ 90,442288,45678,585Year 3$247

3、,135Current liabilities15,583247,135Year 4$ 69,09017,539The basic accounting equation isAssets = Liabilities + Owners equityThe instructor might want to explain how this equation is used （as it is in this problem） to calculate “plug” numbers when managers construct projected balance sheets. The mana

4、ger does not have to complete every balance because the manager can plug certain balances.The instructor may also draw attention to the other equations illustrated in the problem. These include:Current assets + Noncurrent assets = Total assetsCurrent liabilities + Noncurrent liabilities = Total liab

5、ilitiesPaid-in capital + Retained earnings = Owners equity.Later in the course the instructor should explain that the additional paid-in capital account is a special account to record the excess of capital received over par value in common stock issuances. At this stage in the course it is better to

6、 simply use a descriptive term, like paid-in capital, to describe capital received from stockholders. Also it avoids the use of the term common stock, which some students many not understand.Problem 1-3Gross margin$9,000Tax expense1,120Sales$11,968Profit before taxes2,547Cost of goods sold$2,886Othe

7、r expenses6,296Other accounting equations such as the following are also illustrated by this problem:Gross margin = Sales - Cost of goods soldProfit before taxes = Gross margin - Other expensesNet income = Profit before taxes - Tax expenseThe instructor may want to point out to the students that rat

8、ios are often used by managers to construct projected financial statements. Year 4 is an example of this application.In order to estimate Year 4, the key ratios to compute are:Average 100.0% 75.0 75.0% 23.3 21.3 20.5 21.7%Net income 14.0 12.8 12.2 13.0%Tax rate 40.0$10,000Cost of goods sold 2,500Gro

9、ss margin （75% of sales）$ 7,500 5,330Profit before taxes （21.7% of sales）$ 2,170870Net income （13% of sales）$ 1,300The basic accounting equation used is: Net income = Revenues ExpensesProblem 1-4The explanation of these 11 transactions is:1. Owners invest $20,000 of equity capital in Acme Consulting

10、.2. Equipment costing $7,000 is purchased for $5,000 cash and an account payable of $2,000.3. Supplies inventory costing $1,000 is bought for cash.4. Salaries of $4,500 are paid in cash.5. Revenues of $10,000 are earned, of which $5,000 has been recovered in cash. The remaining $5,000 is owed to the

11、 company by its customers.6. Accounts payable of $1,500 are paid in cash.7. Customers pay $1,000 of the $5,000 they owe the company.8. Rent Expense of $750 is paid in cash.9. Utilities of $500 are paid in cash.10. A $200 travel expense has been incurred but not yet paid.11. Supplies inventory costin

12、g $200 are consumed.ACME CONSULTING BALANCE SHEET AS OF JULY 31, -.$12,750Accounts payable$ 700Accounts receivable4,000Supplies inventory 800_17,550700Equipment 7,000 23,850$24,550Total liabilitiesand owners equityINCOME STATEMENT JULY 1 - 31, -.RevenuesExpenses 不包含cost of good sales?Salaries4,500Re

13、nt750Utilities500Travel200Supplies 2006,150$ 3,850CASH RECEIPTS AND DISBURSEMENTS, JULY 1 - 31, -.ReceiptsOwners investment$20,000Cash sales5,000Collection of accounts receivable 1,000Total receipts$26,000DisbursementsEquipment purchase$5,000Supplies purchaseSalaries paidPayments to vendors1,500Rent

14、 paidUtilities paid 500Total disbursements$13,250Increase in cashThe change in this cash account includes the owners investment, which is not an income statement item. The income statement includes revenues and expenses that have not yet been received in cash or paid in cash. The cash paid to purcha

15、se the equipment is not reflected in the income statement. （It is probably best if the instructor does not discuss depreciation at this point in the course.）This problem illustrates several important points that managers should understand. These are:a. Every transaction involves at least two account

16、s.b. Net income is not equivalent to the net change in the cash account during an accounting period.c. Cash is influenced by both balance sheet and income statement events.d. The basic accounting equation （Assets = Liabilities + Owners equity） can be used to capture, illustrate, and explain the acco

17、unting consequences of many （but not all） transactions and events that involve a company.The cash receipts - disbursements display is used since it would be premature to introduce the cash flow statement display at this point in the course.Problem 1-5Cash+Accounts ReceivableSupplies InventoryEquipme

18、nt=Accounts Payable1.+ $25,000Investment2.- 500Rent3.+ $8,0004.+ $5005.- 750Advertising6.- 3,000Salaries7.+ 2,000+ 10,000Commissions8.- 5,0009.- 10010.+ 1,000- 1,000ExpensesBON VOYAGE TRAVELBALANCE SHEET AS OF JUNE 30, -.$17,250$ 4,0008,00040029,65025,650$ 8,000Total Assets$33,650Total liabilities I

19、NCOME STATEMENT JUNE 1-30, -.CommissionsExpenses$500Advertising3,000100Misc. Expenses1,000 5,350Net Income$ 4,650BON VOYAGE TRAVEL CASH RECEIPTS AND DISBURSEMENTS JUNE 1-30, -.$25,000Collection of commissions2,000$27,000Paid rent$ 500Bought suppliesBought advertisingPaid salariesPaid vendors$ 9,750S

20、ee Problem 1-4 for why change in cash account and the months income are not the same.The problems purpose and lessons for managers are similar to those in Problem 1-4.Case 1-1: Ribbons an Bows, Inc.Note: This case is unchanged from the Twelfth Edition.This is an introductory case and it should be taught as an introductory case. There will be plenty of time in the course for the students to learn the correct form of financial statements and details of accounting standards. In short, the instructor should be prepa