会计学:教程与案例财务会计答案solutiontoaccounting-textandcases-financialaccouting (1).doc
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会计学:教程与案例财务会计答案solutiontoaccounting-textandcases-financialaccouting (1).doc
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CHAPTER03-BASICACCOUNTINGCONCEPTS:
THEINCOMESTATEMENT
CHAPTER1
THENATUREANDPURPOSEOFACCOUNTING
ChangesfromTwelfthEdition
Thechapterhasbeenupdated.
Approach
Onthefirstday,theusualobjectiveistocreateinterestinthesubject,tosetthescene,andtogiveanoverviewofthecourse.Thefirstpartofthechapterdoesthis.Thesecondpartofthechaptergivesafairlyspecificintroductiontothenatureoffinancialaccounting.Instructorsprobablymaywanttobringinmaterialfromtheirownreadingorexperiencetomaketheintroductorypoints.
Cases
Thecasesareintendedtogetthestudenttostartthinkinglikeaccountantsandusersofaccountinginformation,withoutknowledgeofanyofthetechniques.Ribbonsan’Bowsgivesstudentsanopportunitytoconstructasimplesetoffinancialstatements.KimFullercanbeusedasaspringboardforanytypeofdiscussion:
usesofinformationbyvariousparties,thecostofrecordkeeping,oreventhedevelopmentofacompleteaccountingsystem.BaronCoburgillustratespracticallyallofthebasicaccountingconcepts,withoutnamingthem.Itisadifficultcase,butenlightening,evenforthosewithsomeprioraccountingtraining.
Problems
Problem1-1
CHARLESCOMPANY
BALANCESHEETASOFDECEMBER31,----.
Assets
LiabilitiesandOwners’Equity
Cash
$12,000
Bankloan
$40,000
Inventory
95,000
Owners’Equity
Otherassets
13,000
Owners’equity
80,000
Totalassets
$120,000
Totalliabilitiesandowners’equity
$120,000
Thisproblemcanbeusedtoexplaincertainaccountingpresentationconventions.Forexample,theuseofdoublelinestounderscoreatotal,thepositionofthedollarsignatthetopofacolumnofnumbers,andthedatingofthebalancesheet.
Thepurposeofthisproblemistoillustratetheequalityofthebasicaccountingequation:
assetsequalliabilitiesplusowners’equity.
Problem1-2
Themissingnumbersare:
Year1
Noncurrentassets
$410,976
Noncurrentliabilities
240,518
Year2
Currentassets
$90,442
Totalassets
288,456
Noncurrentliabilities
78,585
Year3
Totalassets
$247,135
Currentliabilities
15,583
Totalliabilitiesandowners’equity
247,135
Year4
Currentassets
$69,090
Currentliabilities
17,539
Thebasicaccountingequationis
Assets=Liabilities+Owners’equity
Theinstructormightwanttoexplainhowthisequationisused(asitisinthisproblem)tocalculate“plug”numberswhenmanagersconstructprojectedbalancesheets.Themanagerdoesnothavetocompleteeverybalancebecausethemanagercanplugcertainbalances.
Theinstructormayalsodrawattentiontotheotherequationsillustratedintheproblem.Theseinclude:
Currentassets+Noncurrentassets=Totalassets
Currentliabilities+Noncurrentliabilities=Totalliabilities
Paid-incapital+Retainedearnings=Owners’equity.
Laterinthecoursetheinstructorshouldexplainthattheadditionalpaid-incapitalaccountisaspecialaccounttorecordtheexcessofcapitalreceivedoverparvalueincommonstockissuances.Atthisstageinthecourseitisbettertosimplyuseadescriptiveterm,likepaid-incapital,todescribecapitalreceivedfromstockholders.Alsoitavoidstheuseofthetermcommonstock,whichsomestudentsmanynotunderstand.
Problem1-3
Themissingnumbersare:
Year1
Grossmargin
$9,000
Taxexpense
1,120
Year2
Sales
$11,968
Profitbeforetaxes
2,547
Year3
Costofgoodssold
$2,886
Otherexpenses
6,296
Otheraccountingequationssuchasthefollowingarealsoillustratedbythisproblem:
Grossmargin=Sales-Costofgoodssold
Profitbeforetaxes=Grossmargin-Otherexpenses
Netincome=Profitbeforetaxes-Taxexpense
Theinstructormaywanttopointouttothestudentsthatratiosareoftenusedbymanagerstoconstructprojectedfinancialstatements.Year4isanexampleofthisapplication.
InordertoestimateYear4,thekeyratiostocomputeare:
Year1
Year2
Year3
Average
Sales
100.0%
100.0%
100.0%
100.0%
Grossmargin
75.0
75.0
75.0
75.0%
Profitbeforetaxes
23.3
21.3
20.5
21.7%
Netincome
14.0
12.8
12.2
13.0%
Taxrate
40.0
40.0
40.0
40.0
Year4
Sales
$10,000
Costofgoodssold
2,500
Grossmargin(75%ofsales)
$7,500
Otherexpenses
5,330
Profitbeforetaxes(21.7%ofsales)
$2,170
Taxexpense
870
Netincome(13%ofsales)
$1,300
Thebasicaccountingequationusedis:
Netincome=Revenues–Expenses
Problem1-4
Theexplanationofthese11transactionsis:
1.Ownersinvest$20,000ofequitycapitalinAcmeConsulting.
2.Equipmentcosting$7,000ispurchasedfor$5,000cashandanaccountpayableof$2,000.
3.Suppliesinventorycosting$1,000isboughtforcash.
4.Salariesof$4,500arepaidincash.
5.Revenuesof$10,000areearned,ofwhich$5,000hasbeenrecoveredincash.Theremaining$5,000isowedtothecompanybyitscustomers.
6.Accountspayableof$1,500arepaidincash.
7.Customerspay$1,000ofthe$5,000theyowethecompany.
8.RentExpenseof$750ispaidincash.
9.Utilitiesof$500arepaidincash.
10.A$200travelexpensehasbeenincurredbutnotyetpaid.
11.Suppliesinventorycosting$200areconsumed.
ACMECONSULTING
BALANCESHEETASOFJULY31,----.
Assets
LiabilitiesandOwners’Equity
Cash
$12,750
Accountspayable
$700
Accountsreceivable
4,000
Suppliesinventory
800
______
Currentassets
17,550
Currentliabilities
700
Equipment
7,000
Owners’equity
23,850
Totalassets
$24,550
Totalliabilities
andowners’equity
$24,550
ACMECONSULTING
INCOMESTATEMENTJULY1-31,----.
Revenues
$10,000
Expenses不包含costofgoodsales?
Salaries
4,500
Rent
750
Utilities
500
Travel
200
Supplies
200
6,150
Netincome
$3,850
ACMECONSULTING
CASHRECEIPTSANDDISBURSEMENTS,JULY1-31,----.
Receipts
Owners’investment
$20,000
Cashsales
5,000
Collectionofaccountsreceivable
1,000
Totalreceipts
$26,000
Disbursements
Equipmentpurchase
$5,000
Suppliespurchase
1,000
Salariespaid
4,500
Paymentstovendors
1,500
Rentpaid
750
Utilitiespaid
500
Totaldisbursements
$13,250
Increaseincash
$12,750
Thechangeinthiscashaccountincludestheowners’investment,whichisnotanincomestatementitem.Theincomestatementincludesrevenuesandexpensesthathavenotyetbeenreceivedincashorpaidincash.Thecashpaidtopurchasetheequipmentisnotreflectedintheincomestatement.(Itisprobablybestiftheinstructordoesnotdiscussdepreciationatthispointinthecourse.)
Thisproblemillustratesseveralimportantpointsthatmanagersshouldunderstand.Theseare:
a.Everytransactioninvolvesatleasttwoaccounts.
b.Netincomeisnotequivalenttothenetchangeinthecashaccountduringanaccountingperiod.
c.Cashisinfluencedbybothbalancesheetandincomestatementevents.
d.Thebasicaccountingequation(Assets=Liabilities+Owners’equity)canbeusedtocapture,illustrate,andexplaintheaccountingconsequencesofmany(butnotall)transactionsandeventsthatinvolveacompany.
Thecashreceipts-disbursementsdisplayisusedsinceitwouldbeprematuretointroducethecashflowstatementdisplayatthispointinthecourse.
Problem1-5
Cash
+
AccountsReceivable
+
SuppliesInventory
+
Equipment
=
AccountsPayable
+
Owners’Equity
1.
+$25,000
+$25,000
Investment
2.
-500
-500
Rent
3.
+$8,000
+$8,000
4.
-500
+$500
5.
-750
-750
Advertising
6.
-3,000
-3,000
Salaries
7.
+2,000
+$8,000
+10,000
Commissions
8.
-5,000
-5,000
9.
-100
-100
10.
+1,000
-1,000
Expenses
BONVOYAGETRAVEL
BALANCESHEETASOFJUNE30,----.
Assets
LiabilitiesandOwners’Equity
Cash
$17,250
Accountspayable
$4,000
Accountsreceivable
8,000
Currentliabilities
4,000
Suppliesinventory
400
Owners’equity
29,650
Currentassets
25,650
Equipment
$8,000
______
TotalAssets
$33,650
Totalliabilities
andowners’equity
$33,650
BONVOYAGETRAVEL
INCOMESTATEMENTJUNE1-30,----.
Commissions
$10,000
Expenses
Rent
$500
Advertising
750
Salaries
3,000
Supplies
100
Misc.Expenses
1,000
5,350
NetIncome
$4,650
BONVOYAGETRAVEL
CASHRECEIPTSANDDISBURSEMENTSJUNE1-30,----.
Receipts
Owners’investment
$25,000
Collectionofcommissions
2,000
Totalreceipts
$27,000
Disbursements
Paidrent
$500
Boughtsupplies
500
Boughtadvertising
750
Paidsalaries
3,000
Paidvendors
5,000
Totaldisbursements
$9,750
Increaseincash
$17,250
SeeProblem1-4forwhychangeincashaccountandthemonth’sincomearenotthesame.
Theproblem’spurposeandlessonsformanagersaresimilartothoseinProblem1-4.
Case1-1:
Ribbonsan’Bows,Inc.
Note:
ThiscaseisunchangedfromtheTwelfthEdition.
Approach
Thisisanintroductorycaseanditshouldbetaughtasanintroductorycase.Therewillbeplentyoftimeinthecourseforthestudentstolearnthecorrectformoffinancialstatementsanddetailsofaccountingstandards.Inshort,theinstructorshouldbeprepa
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