会计学原理 第二版 英文版 wiley出版社 第5章 答案.docx
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会计学原理 第二版 英文版 wiley出版社 第5章 答案.docx
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会计学原理第二版英文版wiley出版社第5章答案
SolutionsManual
toaccompany
PrinciplesofAccounting
2ndEdition
by
JerryWeygandt,KerynChalmers,LorenaMitrione
MichelleFyfe,SusanaYuen,DonaldKieso,PaulKimmel
Chapter5
Accountingformerchandisingoperations
JohnWiley&SonsAustralia,Ltd
CHAPTER5
AccountingforRetailOperations
ASSIGNMENTCLASSIFICATIONTABLE
LearningObjectives
Questions
Brief
Exercises
Exercises
Problems
*1.Identifythedifferencesbetweenaserviceentityandaretailentity.
1,2,3,4
1
*2.Explaintheentriesforpurchasesunderaperpetualinventorysystem.
5,6,7,8
2,4
1,2,3,8
1A,2A,4A
*3.Explaintheentriesforsalesrevenuesunderaperpetualinventorysystem.
9,10,11
2,3,5,9
2,3,4,5,
8
1A,2A,4A
*4.Explainthestepsintheaccountingcycleforaretailbusiness.
12,13,14
6,7
5,6
3A,4A,8A
*5.UnderstandthesingleandtwostatementpresentationsofastatementofcomprehensiveincomeasperIAS1includinganunderstandingofthedifferentclassificationsinthestatements.
18,19
8,9
7,9
2A,3A,8A
*6.Explainthecalculationandimportanceofgrossprofit.
15,16,17
9
9
2A,5A,6A,8A
7.Determinecostofsalesunderaperiodicinventorysystem.
20
10,11
10,11
5A,6A,7A
*8.Preparetheentriesforpurchasesandsalesunderaperiodicinventorysystem.
21
12
12,13
7A
*9.Prepareaworksheetforaretailbusiness.
22
13
14
8A
*10.UnderstandthebasicprocessandmainfeaturesoftheGST.
23
*11.CompleteJournalentriestorecordGST.
14,15
15
9A
*Note:
AllasteriskedQuestions,ExercisesandProblemsrelatetomaterialcontainedintheappendicestothechapter.
ASSIGNMENTCHARACTERISTICSTABLE
Problem
Number
Description
Difficulty
Level
Time
Allotted(min.)
1
Journalisepurchaseandsalestransactionsundera
perpetualinventorysystem.
Simple
20-30
2
Journalise,postandprepareapartialincomestatement.
Simple
30-40
3
Preparefinancialstatementsandadjustingandclosingentries.
Moderate
40-50
4
Journalise,postandprepareatrialbalance.
Simple
30-40
5
Determinecostofsalesandgrossprofitunderperiodicapproach.
Moderate
40-50
6
Calculatemissingamountsandassessprofitability.
Moderate
20-30
*7
Journalise,post,andpreparetrialbalanceandpartialincomestatementusingperiodicapproach.
Simple
30-40
*8
Completeaccountingcyclebeginningwithaworksheet.
Moderate
50-60
*9
JournaliseGSTtransactions.
Moderate
50-60
BLOOM’STAXONOMYTABLE
CorrelationChartbetweenBloom’sTaxonomy,LearningObjectivesandEnd-of-ChapterExercises
andProblems
LearningObjective
Knowledge
Comprehension
Application
Analysis
Synthesis
Evaluation
*1.Identifythedifferencesbetweenaserviceentityandaretailentity.
Q5-2
Q5-1
Q5-3
Q5-4
BE5-1
*2.Explaintheentriesforpurchasesunderaperpetualinventorysystem.
Q5-5
Q5-6
Q5-7
Q5-8
BE5-2
BE5-4
E5-1
E5-2
E5-3
P5-1
P5-2
P5-4
E5-8
*3.Explaintheentriesforsalesrevenuesunderaperpetualinventorysystem.
Q5-10
Q5-11
BE5-2
BE5-3
BE5-5
BE5-9
E5-2
E5-3
E5-4
E5-5
P5-1
P5-2
P5-4
Q5-9
E5-8
*4.Explainthestepsintheaccountingcycleforaretailbusiness.
Q5-12
Q5-14
BE5-6
Q5-13
BE5-7
E5-5
E5-6
P5-4
P5-8
P5-3
*5.UnderstandthesingleandtwostatementpresentationsofastatementofcomprehensiveincomeasperIAS1includinganunderstandingofthedifferentclassificationsinthestatements.
Q5-18
Q5-19
BE5-8
BE5-9
E5-7
E5-9
P5-2
P5-8
P5-3
*6.Explainthecalculationandimportanceofgrossprofit.
Q5-17
Q5-15
Q5-16
BE5-9
E5-9
P5-2
P5-5
P5-8
P5-6
*7.Determinecostofsalesunderaperiodicsystem.
Q5-20
BE5-10
BE5-11
E5-10
P5-5
P5-7
E5-11
P5-6
*8.Explaintheentriesforpurchasesunderaperiodicinventorysystem.
Q5-21
BE5-12
E5-12
E5-13
P5-7
*9.Prepareaworksheetforaretailbusiness.
Q5-22
BE5-13
E5-14
P5-8
*10UnderstandthebasicprocessandmainfeaturesoftheGST.
Q5-23
*11CompletejournalentriestorecordGST.
BE5-14
BE5-15
E5-15
P5-9
BroadeningYourPerspective
Communication
ExploringtheWeb
InterpretingFinancial
Statements
FinancialReporting
ComparativeAnalysis
GroupDecisionCase
InterpretingFinancialStatements
GroupDecisionCase
ComparativeAnalysis
FinancialReporting
GroupDecisionCase
EthicsCase
InterpretingFinancialStatements
ANSWERSTOQUESTIONS
1.(a)Disagree.Thestepsintheaccountingcyclearethesameforbotharetailbusinessandaservicebusiness.
(b)Themeasurementofprofitisconceptuallythesame.Inbothtypesofbusinesses,profit(orloss)resultsfromthedeductingexpensesfortheperiodfromincomefortheperiod.
2.Thenormaloperatingcycleforaretailbusinessislikelytobelongerthaninaservicebusinessbecauseinventorymustfirstbepurchasedandsold,andthenthereceivablesmustbecollected.
3.(a)Thecomponentsofrevenueandexpensesdifferasfollows:
Retailer
Service
RevenueExpenses
Sales
CostofSalesandOperating
Fees,Rents,etc.
Operating(only)
(b)Therevenuemeasurementprocessisasfollows:
Sales
Revenue
Less
Costof
Sales
Equals
Gross
Profit
Less
Operating
Expenses
Equals
Profit
4.Revenuemeasurementforaretailerdiffersfromaservicebusinessasfollows:
(a)salesaretheprimarysourceofrevenueand(b)expensesaredividedintotwomaincategories:
costofsalesandotherexpenses.
5.Inaperpetualinventorysystem,costofsalesisdeterminedeachtimeasaleoccurs.
6.ThelettersFOBmeanFreeonBoard.FOBdeliverypointmeansthatgoodsareplacedfreeonboardthecarrierbytheseller.ThebuyerthenpaysthefreightanddebitsFreightin.FOBdestinationmeansthatthegoodsareplacedfreeonboardtothebuyer’splaceofbusiness.Thus,thesellerpaysthefreightanddebitsFreightout.
7.Credittermsof2/10,n/30meanthata2%cashdiscountmaybetakenifpaymentismadewithin10daysoftheinvoicedate;otherwise,theinvoicepriceisdue30daysfromtheinvoicedate.
8.July24AccountsPayable($2500–$200)2300
DiscountReceived($2300×2%)46
Cash($2300–$46)2254
9.Agree.Inaccordancewiththerevenuerecognitionprinciple,salesrevenuearegenerallyconsideredtobeearnedwhenthegoodsaretransferredfromthesellertothebuyer;thatis,whentheexchangetransactionoccurs.Theearningofrevenueisnotdependentonthecollectionofcreditsales.
10.(a)Theprimarysourcedocumentsare:
(1)cashsales—cashregistertapes,
(2)creditsales—salesinvoice,and(3)salesreturnsandallowances—creditmemoranda.
AnswerstoQuestions(continued)
(b)Theentriesare:
Debit
Credit
Cashsales—
Cash
Sales
CostofSales
Inventory
XX
XX
XX
XX
Creditsales—
AccountsReceivable
Sales
CostofSales
Inventory
XX
XX
XX
XX
Salesreturnsand
allowances
SalesReturnsandAllowances
AccountsReceivable
Inventory
CostofSales
XX
XX
XX
XX
11.July19Cash($600–$12)588
SalesDiscounts($600×2%)12
AccountsReceivable($700–$100)600
12.Theperpetualinventoryrecordsofinventorymaybeincorrectduetoavarietyofcausessuchasrecordingerrors,theft,orwaste.
13.Twoclosingentriesarerequired:
(1)Sales200000
ProfitandLossSummary200000
(2)ProfitandLossSummary145000
CostofSales145000
14.OftheretailaccountsonlyInventorywillappearinthepost-closingtrialbalance.
15.Salesrevenue$109000
Costofsales70000
Grossprofit$39000
16.Grossprofit$570000
Less:
Profit240000
Expenses$330000
17.Therearethreedistinguishingfeaturesintheincomestatementofaretailer:
(1)asalesrevenuesection,
(2)acostofsalessection,and(3)grossprofit.
18.Thefunctionalgroupingsareselling,administrativeandfinance.Theproblemwithfunctionalgroupingsisthatsomeexpensesmayhavetobeallocatedbetweenthegroups.
AnswerstoQuestions(continued)
19.Anincomestatementpreparedbyfunctionofexpenseiswhereexpensesaresubdividedintogroupingsofexpensessuchassellingexpenses,administrativeexpensesandfinanceexpenses.Insomecasessomeexpensesmayhavetobeallocatedacrossdifferentcategories,forexample,70%tosellingand30%toadministrativeexpenses.Theincomestatementpreparedbynatureofexpenseisasimplerversionasexpensesarenotreallocatedamongfunctionswithintheentity.Inthesimplerformatalldataareclassifiedintotwocategories,namely,incomeandexpenses.
20.
Accounts
Added/Deducted
NormalBalance
PurchaseReturnsandAllowances
DiscountReceived
Freightin
Deducted
Deducted
Added
Credit
Credit
Debit
*21.July24AccountsPayable($2000–$200)1800
DiscountReceived($1800×2%)36
Cash($1800–$36)1764
*22.Thecolumns
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