中级财务会计英文版课后答案.docx
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中级财务会计英文版课后答案
Exercise2-4
Requirement1
Salesprice=100unitsx$600=$60,000x70%=$42,000
November17,2011
Accountsreceivable42,000
Salesrevenue42,000
November26,2011
Cash(98%x$42,000)41,160
Salesdiscounts(2%x$42,000)840
Accountsreceivable42,000
Requirement2
November17,2011
Accountsreceivable42,000
Salesrevenue42,000
December15,2011
Cash42,000
Accountsreceivable42,000
Exercise7-4(concluded)
Requirement3
Requirement1,usingthenetmethod:
November17,2011
Accountsreceivable41,160
Salesrevenu6(98%x$42,000)41,160
November26,2011
Cash41,160
Accountsreceivable41,160
Requirement2,usingthenetmethod:
November17,2011
Accountsreceivable41,160
Salesrevenue(98%x$42,000)41,160
December15,2011
Cash42,000
Accountsreceivable41,160
Interestrevenue840
Exercise2-7
Requirement1
Estimatedreturns=4%x$11,500,000=$460,000
Less:
Actualreturns(450,000)
Remainingestimatedreturns$10,000
Torecordtheactualsalesreturns
Salesreturns450,000
Accountsreceivable450,000
Inventory-estimatedreturns292,500
Costofgoodssold($450,000x65%)292,500
December31,2011Torecordtheestimatedsalesreturns
Salesreturns10,000
Allowaneeforsalesreturns10,000
Inventory-estimatedreturns6,500
Costofgoodssold($10,000x65%)6,500
Note:
anotherseriesofjournalentriesthatproducethesameendresultwouldbe:
Torecordtheactualsalesreturns
Allowaneeforsalesreturns
Accountsreceivable
450,000
450,000
December31,2011Torecordtheestimatedsalesreturns
Salesreturns(4%x$11,500,000)
460,000
Allowaneeforsalesreturns
460,000
Inventory-estimatedreturns
299,000
Costofgoodssold(65%x$460,000)
299,000
Exercise2-7(continued)
Requirement2
BeginningbalaneeinallowaneeaccountAdd:
Year-endestimate
Less:
Actualreturns
$300,000
460,000
(450,000)
$310,000
Endingbalaneeinallowaneeaccount
Exercise2-8
Requirement1
Baddebtexpense=$67,500(1.5%x$4,500,000)
Requirement2
Allowaneeforuncollectibleaccounts
Balanee,beginningofyear$42,000
Add:
Baddebtexpensefor2011(1.5%x$4,500,000)67,500
Less:
End-of-yearbalanee(40,000)
Accountsreceivablewrittenoff$69,500
Requirement3
$69,500——theamountofaccountsreceivablewrittenoff.
Exercise2-9
Requirement1
Torecordthewrite-offofreceivables.
Allowaneeforuncollectibleaccounts21,000
Accountsreceivable21,000
Toreinstateanaccountpreviouslywrittenoffandtorecordthecollection.
Accountsreceivable1,200
Allowaneeforuncollectibleaccounts1,200
Cash1,200
Accountsreceivable1,200
Allowaneeforuncollectibleaccounts:
Balanee,beginningofyear$32,000
Deduct:
Receivableswrittenoff(21,000)
Add:
Collectionofreceivablepreviouslywrittenoff1,200
Balanee,beforeadjustingentryfor2011baddebts12,200
Requiredallowanee:
10%x$625,000(62,500)
Baddebtexpense$50,300
Torecordbaddebtexpensefortheyear.
Baddebtexpense50,300
Allowaneeforuncollectibleaccounts50,300
Requirement2
Currentassets:
$562,500
Accountsreceivable,netof$62,500allowaneeforuncollectibleaccounts
Exercise2-10
Usingthedirectwrite-offmethod,baddebtexpenseisequaltoactualwrite-offs.Collectionsofpreviouslywritten-offreceivablesarerecordedasrevenue.
Allowaneeforuncollectibleaccounts:
Balanee,beginningofyear
Deduct:
Receivableswrittenoff
Add:
Collectionofreceivablespreviouslywrittenoff
Less:
Endofyearbalanee
Baddebtexpensefortheyear2011
$17,280
(17,100)
2,200
(22,410)
$20,030
Exercise2-11
($inmillions)
Allowaneeforuncollectibleaccounts:
Balanee,beginningofyearAdd:
BaddebtexpenseLess:
EndofyearbalaneeWrite-offsduringtheyear
$16
14
(18)
$12*
Accountsreceivableanalysis:
Balanee,beginningofyear($1,084+16)Add:
Creditsales
Less:
Write-offs*
Less:
Balaneeendofyea($953+18)
Cashcollections
$1,100
4,271(12)
4971)$4,388
Requirement1
June30,2011
Notereceivable30,000
Salesrevenue30,000
December31,2011
Interestreceivable900
Interestrevenue($30,000x6%x6/12)900
March31,2012
Cash[$30,000+($30,000x6%x可⑵]31,350
Interestrevenue($30,000x6%x3/12)450
Interestreceivable(accruedatDecember31)900
Notereceivable30,000
Requirement2
2011incomebeforeincometaxeswouldbeunderstatedby$900
2012incomebeforeincometaxeswouldbeoverstatedby$900.
Requirement1
June30,2011
Notereceivable(faceamount)30,000
Discountonnotereceivable($30,000x8%x9/12)1,800
Salesrevenue(differenee)28,200
December31,2011
Discountonnotereceivable1,200
Interestrevenue($30,000x8%x引⑵1,200
March31,2012
Discountonnotereceivable600
Interestrevenue($30,000x8%x3/12)600
Cash30,000
Notereceivable(faceamount)30,000
Requirement2
$1,800interestfor9months—$28,200salesprice
=6.383%ratefor9months
x12/9toannualizetherate
8.511%effectiveinterestrate
Requirement1
Bookvalueofstock
Plusgainonsaleofstock=Notereceivable
Interestreportedfortheyear
Dividedbyvalueofnote
$16,000
6,000
$22,000
$2,200
=10%rate
$22,000
Requirement2
Torecordsaleofstockinexchangefornotereceivable.
January1,2011
Notereceivable22,000
Investments16,000
Gainonsaleofinvestments6,000
Toaccrueinterestonnotereceivablefortwelvemonths.
December31,2011
Interestreceivable2,200
Interestrevenue($22,000x10%)2,200
Cash(differenee)
.439,200
Financechargeexpensei.8%x$600,000)
10,800
Liability-financingarrangement
450,000
Exercise2-16
Cash(90%x$60,000)
.54,000
Lossonsaleofreceivablesftobalanee)
2,200
Receivablefromfactor($5,000fairvalue-[2%x$60,000])
3,800
Accountsreceivable(balaneesold)
60,000
Exercise2-17
Cash([90%-2%]x$60,000)52,800
Lossonsaleofreceivables(tobalanee)5,200
Receivablefromfactor($5,000fairvalue)5,000
Recourseliability3,000
Accountsreceivable(balaneesold)60,000
Exercise2-18
MountainHighretainssignificantrisksandrewardsandthereforemusttreatthetransferasasecuredborrowing.TheaccountsreceivablestayonthebalaneesheetofMountainHigh,andtheymustrecordaliability.
Cash([90%-2%]x$60,000)52,800
Financechargeexpense2%x$60,000)1,200
Liability54,000
Exercise2-19
Step1:
Accrueinterestearned.
February28,2011
Interestreceivable250
Interestrevenue($15,000x10%x如)250
Step2:
Addinteresttomaturitytocalculatematurityvalue.
Step3:
Deductdiscounttocalculatecashproceeds.
$15,000
Faceamount
750
Interesttomaturity($15,000x10%x%2)
15,750
Maturityvalue
(630)
Discount($15,750x12%x伽)
$15,120
Cashproceeds
Step4:
Torecordalossforthediffereneebetweenthecashproceedsandthenote'sbookvalue.
February28,2011
Cash(proceedsdeterminedabove)15,120
Lossonsaleofnotereceivablqdifferenee)130
Notereceivable(faceamount)15,000
Interestreceivable(accruedinterestdeterminedabove)…250
Requirement1
March17,2011
Allowaneeforuncollectibleaccounts1,700
Accountsreceivable1,700
March30,2011
Notereceivable20,000
Cash20,000
Step1:
Toaccrueinterestearnedfortwomonthsonnotereceivable
May30,2011
Interestreceivable233
Interestrevenuq$20,000x7%x2/12)233
Step2:
Addinteresttomaturitytocalculatematurityvalue.
Step3:
Deductdiscounttocalculatecashproceeds.
$20,000Faceamount
1,400Interesttomaturity($20,000x7%)
21,400Maturityvalue
_(1,427)Discount($21,400x8%x10/12)
$19,973Cashproceeds
Exercise7-21(continued)
Step4:
Torecordalossforthediffereneebetweenthecashproceedsandthenote'sbookvalue.
May30,2011
Cash(proceedsdeterminedabove.)19,973
Lossonsaleofnotereceivablgdifferenee)260
Interestreceivable(fromadjustingentry)233
Notereceivable(faceamount)20,000
June30,2011
Accountsreceivable12,000
Salesrevenue12,000
July8,2011
Cash($12,000x98%)11,760
Salesdiscounts($12,000x2%)240
Accountsreceivable12,000
August31,2011
Notesreceivable(faceamount)6,000
Discountonnotereceivable($6,000x8%x6/12)240
Investments(bookvalue)5,000
Gainonsaleofinvestments(differenee)760
December31,2011
Baddebtexpense($700,000x2%)14,000
Allowaneeforuncollectibleaccounts14,000
Exercise2-21(concluded)
Requirement2
Toaccrueinterestearnedonnotereceivable.
December31,2011
Discountonnotereceivable160
Interestrevenue($6,000x8%x4/12)160