第6版答案 Intermediate Accounting 6e Spiceland ch3
第6版答案 Intermediate Accounting 6e Spiceland ch9
12. A change from LIFO to any other inventory method is accounted for retrospectively.
True False 13. For a purchase commitment contained within a single fiscal year, if the market price is less than the
True False 16. Match each phrase with the correct term placing the letter designating the best term in the space provided
by the phrase.
1. Gross profit method
1. LCM
2. Replacement cost
3. Additional markup 4. Requires retrospective restatement 5. Conventional retail method
__ Increase in selling price.__
Losses would be recognized when values__ decline.__
__ Deducted in arriving at ending inventory at retail.__
5. Net markdown
Divide cost of goods available for sale by goods__ available at retail.__
18. Match each phrase with the correct term placing the letter designating the best term in the space provided by the phrase.
高级会计学第六版第六章课后练习答案要点
盈余 公积 2290 0
年末 未分 配利 润 1490 0
贷： 长期 股权 投资 4464 0
少数 股东 权益 1116 0 3） 抵销 集团 内部 的投 资收 益与 子公 司的 利润 分 配， 确认 少数 股东 净利 润 借： 投资 收益 8640
3） 抵消 集团 内部 的投 资收 益与 子公 司的 利润 分 配， 确认 少数 股东 净利 润。
借：投资收益 3360 少数股东净利润
840 年初未分配利润
2600 贷：提取盈余公积
420 年末未分配利润
6380
项目 （利润表部分） 营业收入 营业成本 营业税金及附加 销售费用 管理费用 财务费用 资产残值损失 投资收益 营业利润 营业外支出
资本 公积 6400
贷： 银行 存款 4000 0
20X7
年1
月1
日甲
公司
合并
财务
报表
工作
底稿
上的
相关
调整
与抵
销分
2
录：
将甲 公司 的长 期股 权投 资与 乙公 司的 净资 产抵 销， 将乙 公司 可辨 认净 资产 账面 价值 的 20% 确认 为少 数股 东权 益 借： 股本 1000 0
资本 公积 8000
第一题 1
甲企 业对 乙企 业的 长期 股权 投资 形成 了同 一控 制下 的企 业合 并 甲公 司的 投资 成本 为 4000 0万 元 甲公 司占 合并 日乙 公司 的净 资产 账面 价值 份额 =420 00*8 0%=3 3600 （万 ）
20X7 年1 月1 日， 甲公 司对 乙公 司长 期股 权投 资的 会计 分录 为 借： 长期 股权 投资 3360 0
高级会计学第六版 课后练习答案
20x8 年成 本法 下已 确认 的投 资收 益 =960 万 应追 加确 认的 投资 收益 =864 0960= 7680 万 20x8 年末 累计 应增 加的 长期 股权 投资 余额 =336 0+86 40960= 1104 0万 调整 后长 期股 权投 资的 年末 余额 =336 00+1 1040 =446 40万
年初 未分 配利 润 6380
贷： 提取 盈余 公积 1080
对股 东的 分配 1200
年末 未分 配利 润 1490 0
项目
甲公司
（利润表部分） 营业收入 营业成本 营业税金及附加 销售费用 管理费用 财务费用 资产减值损失 投资收益 营业利润 营业外支出 利润总额 所得税费用 净利润 少数股东净利润 归属于母公司股东净利润
89800
第二题
<1> 借： 贷：
长期股权投资 银行存款
40000 40000
<2> 借： 贷：
固定资产 营业成本
资本公积
4000 2000
6000
借： 贷：
股本 资本公积 盈余公积 未分配利润 商誉
长期股权投资 少数股东权益
10000 14000 21400 2600 1600
40000 9600
乙公司
43600 4000 66000 32000 40000 132000
200 9600 22200 20000
26000
317600 32000 9600
28000 40000 120000 47000 1000
78000 3200 800 32000
10000 8000 21400 2600
10040
第6版答案IntermediateAccounting6eSpicelandch10
ch10Student: ___________________________________________________________________________1.Property, plant, and equipment and intangible assets are long-term, revenue producing assets.True False2.Sales tax paid on equipment acquired for use in the business is not capitalized.True False3.Demolition costs to remove an old building from land purchased as a site for a new building are consideredpart of the cost of the new building.True False4.The initial cost of property, plant, and equipment includes all the identifiable expenditures necessary tobring the asset to its desired condition and location for use.True False5. A distinguishing characteristic of intangible assets is the degree of uncertainty about when or if they willprovide future benefits.True False6.Costs incurred after discovery of a natural resource but before production begins are reported as expensesof the period in which the expenditures are made.True False7.The relative fair values are used to determine the valuation of individual assets acquired in a lump-sumpurchase.True False8.The fair value of the asset, debt or equity securities given in a noncash acquisition should determine thevalue of the consideration received.True False9.Under current GAAP, fair value is used to measure the components of all nonmonetary exchanges.True False10.The capitalization period for a self-constructed asset ends either when the asset is substantially completeand ready for use or when interest costs no longer are being incurred.True False11.The FASB's required accounting treatment for research and development costs often understates both netincome and assets. True False12.According to International Financial Reporting Standards, all research and development expenditures areexpensed in the period incurred. True False13. A company that prepares its financial statements according to International Financial Reporting Standardsmust calculate amortization of capitalized software development costs in the same way as under U.S. GAAP. True False14.The successful efforts method of accounting for oil and gas exploration costs allows costs incurred insearching for oil and gas within a large geographical area to be capitalized. True False15.Match each phrase with the correct term placing the letter designating the best term in the space providedby the phrase. 1. Average accumulated expenditures Account credited when assets are donated to a corporation. ____2. Franchise Approximation of average outstanding debt if all construction funds were borrowed.____3. Interest cost Both the total amount and the amount capitalized should be disclosed.____4. Revenue-donation of asset Asset received is measured at fair value.____5. Exchange of nonmonetary assets Right granted to use a trademark or tradename within a geographic area.____1. Trademark Exclusive right to display a word, symbol, or emblem. ____2. Expected cash flow approach Generates inventoriable costs.____3. R&D performed for others Incorporates specific probabilities of cash flows.____4. Land Its cost includes filling, draining, and removal of old structures.____5. Noninterest-bearing note Valued at the fair value of the note or fair value of the asset received in exchange.____17.Match each phrase with the correct term placing the letter designating the best term in the space provided by the phrase. 1. Nonmonetary exchange Point in time to begin capitalization of software development costs.____2. Natural resources Expensed in the period incurred. ____3. Technological feasibility The allocation of cost for intangible assets.____4. Amortization The basic principle is to value assets acquired using fair value of consideration given.____5. Research and development costs Wasting assets.____1. Fixed asset turnover ratio A measurement of efficiency in using depreciable assets. ____2. Copyright Exclusive right of protection given to the creator of a published work.____3. Nonmonetary exchange Measured at fair value and recognized as a liability.____4. Land improvements The basic principle is to value assets acquired using fair value of consideration given.____5. Asset retirement obligations Includes parking lots, fences, and driveways, lighting and sprinkler systems.____19.Match each phrase with the correct term placing the letter designating the best term in the space provided by the phrase. 1. Depreciation Long-term assets that generally represent various types of rights.____2. Goodwill Consideration given less fair value of net identifiable assets.____3. Depletion The cost allocation of equipment.____ 4. Intangible assets The allocation of cost of natural resources. ____5. Patents Protects against infringements on manufactured products.____20.Match each phrase with the correct term placing the letter designating the best term in the space provided by the phrase. 1. Restoration costs Costs to bring back an asset to its original condition. ____2. Lump-sum purchase Revenue recorded upon receipt.____3. Donated assets Exclusive right of protection given to the creator of a published work.____4. Copyright Capitalized between points of technological feasibility and date of product release.____5. Software development costs Price allocated in proportion to relative fair values.____1. Expected cash flow approach Expensed in the period incurred. ____2. Capital budgeting Exclusive right of protection given to the creator of a published work.____3. Start-up costs Incorporates cash flow probabilities into the analysis.____4. Lump-sum purchases The basic principle is to value assets acquired using fair value of consideration given.____5. Goodwill Includes parking lots, fences, and driveways, lighting and sprinkler systems.____6. Copyright A unique intangible asset that is not separable from the company.____7. Land improvements Weighted average of construction expenditures. ____8. Trademark An exclusive right to display a word, slogan, symbol or emblem.____ 9. Average accumulated expenditures The long-term asset acquisition decision. ____10. Nonmonetary exchange Purchase price is allocated based on relative fair values.____22.Property, plant, and equipment and intangible assets are: A. Created by the normal operation of the business and include accounts receivable.B. All assets except cash and cash equivalents.C. Current and long-term assets used in the production of either goods or services.D. Long-term revenue-producing assets.23.The acquisition costs of property, plant, and equipment do not include: A. The ordinary and necessary costs to bring the asset to its desired condition and location for use.B. The net invoice price.C. Legal fees, delivery charges, installation, and any applicable sales tax.D. Maintenance costs during the first 30 days of use.24.Goodwill is:A. Amortized over the greater of its estimated life or forty years.B. Only recorded by the seller of a business.C. The excess of the fair value of a business over the fair value of all net identifiable assets.D. None of the above.25.Productive assets that are physically consumed in operations are:A. Equipment.B. Land.C. Land improvements.D. Natural resources.26.An exclusive 20-year right to manufacture a product or use a process is a:A. Patent.B. Copyright.C. Trademark.D. Franchise.27.The exclusive right to benefit from a creative work, such as a film, is a:A. Patent.B. Copyright.C. Trademark.D. Franchise.28.The exclusive right to display a symbol of product identification is a:A. Patent.B. Copyright.C. Trademark.D. Franchise.29.The capitalized cost of equipment excludes:A. Maintenance.B. Sales tax.C. Shipping.D. Installation.30.Asset retirement obligations:A. Increase the balance in the related asset account.B. Are measured at fair value in the balance sheet.C. Are liabilities associated with the restoration of a long-term asset.D. All of the above are correct.31.If a company incurs disposition obligations as a result of acquiring an asset:A. The company recognizes the obligation at fair value when the asset is acquired.B. The company recognizes the obligation at fair value when the asset is disposed.C. The company records the difference between the fair value of the asset and the obligation when the assetis acquired.D. None of the above.32.When selling property, plant, and equipment for cash:A. The seller recognizes a gain or loss for the difference between the cash received and the fair value of theasset sold.B. The seller recognizes a gain or loss for the difference between the cash received and the book value ofthe asset sold.C. The seller recognizes losses, but not gains.D. None of the above.33.Which of the following does not pertain to accounting for asset retirement obligations?A. They accrete (increase over time) at the company's credit-adjusted risk-free rate.B. They must be recognized according to GAAP.C. Statement of Financial Accounting Concepts No. 7 is applied when adjusting cash flow obligations foruncertainty.D. All of the above pertain to accounting for asset retirement obligations.Montana Mining Co. (MMC) paid $200 million for the right to explore and extract rare metals from land owned by the state of Montana. To obtain the rights, MMC agreed to restore the land to a suitablecondition for other uses after its exploration and extraction activities. MMC incurred exploration and development costs of $60 million on the project.MMC has a credit-adjusted risk free interest rate is 7%. It estimates the possible cash flows for restoringthe land, three years after its extraction activities begin, as follows:34.The asset retirement obligation (rounded) that should be recognized by MMC at the beginning of theextraction activities is:A. $8.2 millionB. $14.7 millionC. $18 millionD. $30 million35.The asset retirement obligation (rounded) that should be reported on MMC's balance sheet one year afterthe extraction activities begin is:A. $0B. $14.7 millionC. $15.7 millionD. $19.3 million36.Grab Manufacturing Co. purchased a ten-ton draw press at a cost of $180,000 with terms of 5/15, n/45.Payment was made within the discount period. Shipping costs were $4,600, which included $200 forinsurance in transit. Installation costs totaled $12,000, which included $4,000 for taking out a section of a wall and rebuilding it because the press was too large for the doorway. The capitalized cost of the ten-ton draw press is:A. $171,000.B. $183,600.C. $187,600.D. $185,760.37.Holiday Laboratories purchased a high speed industrial centrifuge at a cost of $420,000. Shipping coststotaled $15,000. Foundation work to house the centrifuge cost $8,000. An additional water line had to be run to the equipment at a cost of $3,000. Labor and testing costs totaled $6,000. Materials used up in testing cost $3,000. The capitalized cost is:A. $455,000.B. $446,000.C. $437,000.D. $435,000.38.Vijay Inc. purchased a 3-acre tract of land for a building site for $320,000. On the land was a buildingwith an appraised value of $120,000. The company demolished the old building at a cost of $12,000, but was able to sell scrap from the building for $1,500. The cost of title insurance was $900 and attorney fees for reviewing the contract was $500. Property taxes paid were $3,000, of which $250 covered the period subsequent to the purchase date. The capitalized cost of the land is:A. $336,400.B. $336,150.C. $334,650.D. $201,150.39.Juliana Corporation purchased all of the outstanding stock of Caldwell Inc., paying $2,700,000 cash.Juliana assumed all of the liabilities of Caldwell. Book values and fair values of acquired assets andliabilities were:Juliana would record goodwill of:A. $1,180,000.B. $600,000.C. $880,000.D. $100,000.ke Incorporated purchased all of the outstanding stock of Huron Company paying $950,000 cash. Lakeassumed all of the liabilities of Huron. Book values and fair values of acquired assets and liabilities were:Lake would record goodwill of:A. $0.B. $75,000.C. $445,000.D. $250,000.41.On July 1, 2011, Larkin Co. purchased a $400,000 tract of land that is intended to be the site of a newoffice complex. Larkin incurred additional costs and realized salvage proceeds during 2011 as follows:What would be the balance in the land account as of December 31, 2011?A. $400,000.B. $475,000.C. $477,000.D. $487,000.42.Assets acquired in a lump-sum purchase are valued based on:A. Their assessed valuation.B. Their relative fair values.C. The present value of their future cash flows.D. Their cost plus the difference between their cost and fair values.43.Simpson and Homer Corporation acquired an office building on three acres of land for a lump-sum price of$2,400,000. The building was completely furnished. According to independent appraisals, the fair values were $1,300,000, $780,000, and $520,000 for the building, land, and furniture and fixtures, respectively.The initial values of the building, land, and furniture and fixtures would be:A. Option aB. Option bC. Option cD. Option d44.Cantor Corporation acquired a manufacturing facility on four acres of land for a lump-sum price of$8,000,000. The building included used but functional equipment. According to independent appraisals, the fair values were $4,500,000, $3,000,000, and $2,500,000 for the building, land, and equipment,respectively. The initial values of the building, land, and equipment would be:A. Option aB. Option bC. Option cD. Option d45.Assets acquired under multi-year deferred payment contracts are:A. Valued at their fair value on the date of the final payment.B. Valued at the present value of the payments required by the contract.C. Valued at the sum of the payments required by the contract.D. None of the above.46.Assets acquired by the issuance of equity securities are valued based on:A. Their fair values.B. The fair value of the equity securities.C. A. or B. above, whichever is more reasonably determinable.D. A. or B. above, whichever is smaller.47.Donated assets are recorded at:A. Zero (memo entry only).B. The donor's book value.C. The donee's stated value.D. Fair value.48.The fixed-asset turnover ratio provides:A. The rate of decline in asset lives.B. The rate of replacement of fixed assets.C. The amount of sales generated per dollar of fixed assets.D. The decline in book value of fixed assets compared to capital expenditures.49.The balance sheets of Davidson Corporation reported net fixed assets of $320,000 at the end of 2011. Thefixed-asset turnover ratio for 2011 was 4.0 and sales for the year totaled $1,480,000. Net fixed assets at the end of 2010 were:A. $470,000.B. $370,000.C. $420,000.D. None of the above.50.The basic principle used to value an asset acquired in a nonmonetary exchange is to value it at:A. Fair value of the asset(s) given up.B. The book value of the asset given plus any cash or other monetary consideration received.C. Fair value or book value, whichever is smaller.D. Book value of the asset given.51.In a nonmonetary exchange of equipment, if the exchange has commercial substance, a gain is recognizedif:A. The fair value of the equipment received exceeds the book value of the equipment received.B. The book value of the equipment received exceeds the fair value of the equipment given up.C. The fair value of the equipment surrendered exceeds the book value of the equipment given up.D. None of the above is correct.Alamos Co. exchanged equipment and $18,000 cash for similar equipment. The book value and the fair value of the old equipment were $82,000 and $90,000, respectively.52.Assuming that the exchange has commercial substance, Alamos would record a gain/(loss) of:A. $26,000.B. $8,000.C. $(8,000).D. $0.53.Assuming that the exchange lacks commercial substance, Alamos would record a gain/(loss) of:A. $26,000.B. $8,000.C. $(8,000).D. $0.Horton Stores exchanged land and cash of $5,000 for similar land. The book value and the fair value of the land were $90,000 and $100,000, respectively.54.Assuming that the exchange has commercial substance, Horton would record land-new at and record again/(loss) of:A. Option aB. Option bC. Option cD. Option d55.Assuming that the exchange lacks commercial substance, Horton would record land-new at and record again/(loss) of:A. Option aB. Option bC. Option cD. Option d56.Bloomington Inc. exchanged land for equipment and $3,000 in cash. The book value and the fair value ofthe land were $104,000 and $90,000, respectively.Bloomington would record equipment at and record a gain/(loss) of:A. Option aB. Option bC. Option cD. Option d57.P. Chang & Co. exchanged land and $9,000 cash for equipment. The book value and the fair value of theland were $106,000 and $90,000, respectively.Chang would record equipment at and record a gain/(loss) of:A. Option aB. Option bC. Option cD. Option dBelow are data relative to an exchange of similar assets by Grand Forks Corp. Assume the exchange has commercial substance.58.In Case A, Grand Forks would record the new equipment at:A. $65,000.B. $75,000.C. $50,000.D. $60,000.59.In Case B, Grand Forks would record a gain/(loss) of:A. $5,000B. $3,000C. $(5,000)D. $(3,000)Below are listed data relative to an exchange of equipment by Pensacola Inc. Assume the exchange has commercial substance.60.In Case A, Pensacola would record the new equipment at:A. $68,000.B. $63,750.C. $67,250.D. $80,000.61.In Case B, Pensacola would record a gain/(loss) of:A. $4,000.B. $(4,000).C. $(10,000).D. None of the above is correct.62.Interest may be capitalized:A. On routinely manufactured goods as well as self-constructed assets.B. On self-constructed assets from the date an entity formally adopts a plan to build a discrete project.C. Whether or not there is specific borrowing for the construction.D. Whether or not there are actual interest costs incurred.63.Interest is eligible to be capitalized as part of an asset's cost, rather than being expensed immediately, when:A. The interest is incurred during the construction period of the asset.B. The asset is a discrete construction project for sale or lease.C. The asset is self-constructed, rather than acquired.D. All of the above are correct.64.In computing capitalized interest, average accumulated expenditures:A. Is the arithmetic mean of all construction expenditures.B. Is determined by time-weighting individual expenditures made during the asset construction period.C. Is multiplied by the company's most recent financing rates.D. All of the above are correct.65.Interest is not capitalized for:A. Assets that are constructed as discrete projects for sale or lease.B. Assets constructed for a company's own use.C. Inventories routinely and repetitively produced in large quantities.D. Interest is capitalized for all of these items.66.Average accumulated expenditures:A. Is an approximation of the average debt a firm would have outstanding if it financed all constructionthrough debt.B. Is computed as a simple average if all construction expenditures are made at the end of the period.C. Are irrelevant if the company's total outstanding debt is less than total costs of construction.D. All of the above are true statements.67.The cost of self-constructed fixed assets should:A. Include allocated indirect costs just as they are for production of products.B. Include only incremental indirect costs.C. Include only specifically identifiable indirect costs.D. Not include indirect costs.On June 1, 2010, the Crocus Company began construction of a new manufacturing plant. The plant was completed on October 31, 2011. Expenditures on the project were as follows ($ in millions):On July 1, 2010, Crocus obtained a $70 million construction loan with a 6% interest rate. The loan was outstanding through the end of October, 2011. The company's only other interest-bearing debt was a long-term note for $100 million with an interest rate of 8%. This note was outstanding during all of 2010 and 2011. The company's fiscal year-end is December 31.68.What is the amount of interest that Crocus should capitalize in 2010, using the specific interest method?A. $1.90 millionB. $1.95 millionC. $2.96 millionD. None of the above is correct.69.In computing the capitalized interest for 2011, Crocus' average accumulated expenditures are:A. $46.30 millionB. $103.54 millionC. $122.30 millionD. $124.25 million70.What is the amount of interest that Crocus should capitalize in 2011, using the specific interest method(rounded to the nearest thousand dollars)?A. $7,248,000 (rounded)B. $7,283,000 (rounded)C. $8,740,000 (rounded)D. None of the above is correct.On January 1, 2011, Kendall Inc. began construction of an automated cattle feeder system. The system was finished and ready for use on September 30, 2012. Expenditures on the project were as follows:Kendall borrowed $750,000 on a construction loan at 12% interest on January 1, 2011. This loan was outstanding throughout the construction period. The company had $4,500,000 in 9% bonds payable outstanding in 2011 and 2012.71.Average accumulated expenditures for 2011 was:A. $300,000.B. $350,000.C. $500,000.D. $400,000.72.Interest capitalized for 2011 was:A. $48,000.B. $42,000.C. $60,000.D. $36,000.73.Average accumulated expenditures for 2012 was:A. $536,000.B. $1,236,000.C. $1,200,000.D. $1,036,000.74.Interest capitalized for 2012 was:A. $104,625.B. $86,805.C. $87,875.D. $67,500.On January 1, 2011, Dreamworld Co. began construction of a new warehouse. The building was finished and ready for use on September 30, 2012. Expenditures on the project were as follows:Dreamworld had $5,000,000 in 12% bonds outstanding through both years.75.Dreamworld's average accumulated expenditures for 2011 was:A. $300,000.B. $450,000.C. $525,000.D. $600,000.76.Dreamworld's capitalized interest in 2011 was:A. $72,000.B. $63,000.C. $54,000.D. $36,000.77.The average accumulated expenditures for 2012 by the end of the construction period was:A. $1,950,000.B. $1,554,000.C. $1,254,000.D. $975,000.78.What was the final cost of Dreamworld's warehouse?A. $2,154,480.B. $2,143,860.C. $1,950,000.D. $1,254,000.79.Liddy Corp. began constructing a new warehouse for its operations during the current year. In the yearLiddy incurred interest of $30,000 on a working capital loan, and interest on a construction loan for the warehouse of $60,000. Interest computed on the average accumulated expenditures for the warehouse construction was $50,000. What amount of interest should Liddy expense for the year?A. $30,000.B. $40,000.C. $90,000.D. $140,000.80.Research and development costs for projects other than software development should be:A. Expensed in the period incurred.B. Expensed in the period they are determined to be unsuccessful.C. Deferred pending determination of success.D. Expensed if unsuccessful, capitalized if successful.81.Software development costs are capitalized if they are incurred:A. Prior to the point at which technological feasibility has been established.B. After commercial production has begun.C. After technological feasibility has been established but prior to the product availability date.D. None of the above is correct.82.Research and development (R&D) costs:A. Generally pertain to activities that occur prior to the start of production.B. May be expensed or capitalized, at the option of the reporting entity.C. Must be capitalized and amortized.D. None of the above is correct.83.Research and development expense for a given period includes:A. The full cost of newly acquired equipment that has an alternative future use.B. Depreciation on a research and development facility.C. Research and development conducted on a contract basis for another entity.D. Patent filing and legal costs.84.Amortization of capitalized computer software costs is:A. Either the percentage-of-revenue method or the straight-line method at the company's option.B. The greater of the percentage-of-revenue method or the straight-line method.C. The lesser of the percentage-of-revenue method or the straight-line method.D. Based on neither the percentage-of-revenue nor the straight-line method.85.Axcel Software began a new development project in 2010. The project reached technological feasibilityon June 30, 2011 and was available for release to customers at the beginning of 2012. Development costs incurred prior to June 30, 2011 were $3,200,000 and costs incurred from June 30 to the product release date were $1,400,000. 2012 revenues from the sale of the new software were $4,000,000 and the company anticipates additional revenues of $6,000,000. The economic life of the software is estimated at four years.2012 amortization of the software development costs would be:A. $0.B. $350,000.C. $1,840,000.D. $560,000.86.Under International Financial Reporting Standards, research expenditures are:A. Expensed in the period incurred.B. Expensed in the period they are determined to be unsuccessful.C. Capitalized if certain criteria are met.D. Expensed if unsuccessful, capitalized if successful.87.Under International Financial Reporting Standards, development expenditures are:A. Expensed in the period incurred.B. Expensed in the period they are determined to be unsuccessful.C. Capitalized if certain criteria are met.D. None of the above is correct.88.Cromartie LTD. prepares its financial statements according to International Financial Reporting Standards.During 2011 the company incurred $1,245,000 in research expenditures to develop a new product. An additional $756,000 in development expenditures were incurred after technological and commercialfeasibility was established and after the future economic benefits were deemed probable. The project was successfully completed and the new product was patented before the end of the 2011 fiscal year. Sale of the product began in 2012. What amount of the above expenditures would Cromartie expense in its 2011 income statement?A. $2,001,000.B. $756,000.C. $1,245,000.D. $0.89.In accounting for oil and gas exploration costs, companies:A. May not use the full-cost method.B. May use the successful efforts method.C. May use the slippery slope method.D. All of the above are correct.90.During 2011, the Longhorn Oil Company incurred $5,000,000 in exploration costs for each of 20 oil wellsdrilled in 2011 in west Texas. Of the 20 wells drilled, 14 were dry holes. Longhorn uses the successful efforts method of accounting. Assuming that none of the oil found is depleted in 2011, what oil exploration expense would Longhorn charge for this activity in its 2011 income statement?A. $0B. $30 millionC. $70 millionD. $100 million91.During 2011, Prospect Oil Corporation incurred $4,000,000 in exploration costs for each of 15 oil wellsdrilled in 2011. Of the 15 wells drilled, 10 were dry holes. Prospect uses the successful efforts method of accounting. Assuming that Prospect depletes 30% of the oil discovered in 2011, what amount of these exploration costs would remain in its 12/31/11 balance sheet?A. $6 millionB. $14 millionC. $20 millionD. $42 million。
（财务会计）西方财务会计课后习题答案
（财务会计）西⽅财务会计课后习题答案Chapter 6Merchandise Inventory and Cost of Goods SoldCheck Points(10 min.) CP 6-1Nissan North AmericaBalance SheetDecember 31, 20X6Current assets:Inventory (300 @ $80)…………………..$24,000Nissan North AmericaIncome StatementYear Ended December 31, 20X6Sales revenue [700 ($80 + $40)]……….$84,000Cost of goods sold (700 @ $80)………… 56,000Gross profit………………………………….$28,000Chapter 6 Merchandise Inventory and Cost of Goods Sold 379(10-15 min.) CP 6-2 1. (Journal entries) Inventory…………………………………..100,000Accounts Payable…………………….100,000 Cash ($140,000 ?.20)……………………28,000 Amounts Receivable ($140,000 ? .80).. 112,000Sales Revenue………………………...140,000 Cost of Goods Sold……………………..60,000 Inventory ($100,000 ?.60)…………..60,000 2. (Financial statements)BALANCE SHEETCurrent assets:Inventory ($100,000 –$60,000)……………….$40,000 INCOME STATEMENTSales revenue………………………………………$140,000Cost of goods sold……………………………….. 60,000Gross profit…………………………………………$ 80,000 380Financial Accounting 6/e Solutions Manual(10 min.) CP 6-3Billions Inventory………………………… 6.4Cash…………………………... 6.4 Accounts Receivable………….28.5Sales Revenue……………….28.5Cost of Goods Sold…………… 6.2Inventory……………………... 6.2 Cash………………………………26.3Accounts Receivable……….26.3Chapter 6 Merchandise Inventory and Cost of Goods Sold 381(10 min.) CP 6-41. I nventory costs are increasing from $10 to $14 to $18 per unit.2. FIFO results in the highest cost of ending inventory($360)because under FIFO the ending inventory is costed at the last costs incurred during the period. When costs are increasing, the last costs are the highest costs.FIFO results in the lowest cost of goods sold. This occurs because the oldest costs are assigned to cost of goods sold. When costs are increasing, the oldest costs are the lowest.FIFO results in the highest gross profit because cost of goods sold, the expense, is the lowest. (Sales revenue is unaffected by the inventory costing method.)3. LIFO results in the lowest cost of ending inventory($240)because under LIFO, the ending inventory is costed at the oldest costs. When costs are increasing, the oldest costs are the lowest costs.LIFO results in the highest cost of goods sold. This occurs because the last costs of the period are assigned to cost of goods sold. When costs are increasing, the last costs are the highest.LIFO results in the lowest gross profit because cost of goods sold, the expense, is the highest. (Sales revenue is unaffected by the inventory costing method.)382Financial Accounting 6/e Solutions Manual(10 min.) CP 6-5a b cAverageCost FIFO LIFO Cost of goods sold:Average (50 @ $15*) $750FIFO (10 @ $10) + (25 @ $14) + (15 @ $18) $720LIFO (25 @ $18) + (25 @ $14) $800 Ending inventory:Average (10 @ $15*) $150FIFO (10 @ $18) $180LIFO (10 @ $10) $100 _____*Average cost= ($100 + $350 + $450)= $15per unit (10 + 25 + 25)Chapter 6 Merchandise Inventory and Cost of Goods Sold 383(10-15 min.) CP 6-6Kinko’sIncome StatementYear Ended December 31, 20XXAverage FIFO LIFO Sales revenue (600 ? $20) $12,000 $12,000 $12,000 Cost of goods sold (600 ? $9.90*)5,940(100 ? $9) + (500 ? $10) 5,900(600 ? $10) 6,000 Gross profit 6,060 6,100 6,000 Operating expenses 4,000 4,000 4,000 Net income $ 2,060 $ 2,100 $ 2,000 _____*Beginning inventory (100 @ $9.20)…………..$ 920 Purchases (700 @ $10)………………………… 7,000Goods available…………………….……………$7,920 Average cost per unit $7,920 / 800 units…$ 9.90384Financial Accounting 6/e Solutions Manual(10 min.) CP 6-7Kinko’sIncome StatementYear Ended December 31, 20XXAverage FIFO LIFO Sales revenue (600 ? $20) $12,000 $12,000 $12,000 Cost of goods sold (600 ? $9.90*)5,940(100 ? $9) + (500 ? $10) 5,900(600 ? $10) ______ ______ 6,000 Gross profit 6,060 6,100 6,000 Operating expenses 4,000 4,000 4,000 Income before income tax $ 2,060Income tax expense (40%) $ 824*From CP 6-6(5 min.) CP 6-8 Lands’ End managers can delay purchases of inventory until the next year. Under LIFO, high inventory costs that would have been paid for inventory do not become expense as cost of goods sold in the current year. As a result, the current year’s income statement reports a higher net income than Lands’ End would have reported if the company had replaced inventory before year end.Chapter 6 Merchandise Inventory and Cost of Goods Sold 385(5-10 min.) CP 6-9Millions BALANCE SHEETCurrent assets:Inventories, at market (which is lower than cost).. $ 330 INCOME STATEMENTCost of goods sold [$1,001 + ($333 – $330)]…………$1,004 386Financial Accounting 6/e Solutions Manual(10 min.) CP 6-101. FIFO2. LIFO Gross profitpercentage:Gross profit= $460*= 46%$340**= 34%Net sales revenue $1,000 $1,000 _____* $1,000 – $540 = $460** $1,000 – $660 = $340Inventory turnover:Cost of goods sold= $540 $660Average inventory ($100 + $360) / 2 ($100 + $240) / 2= 2.3 times = 3.9 times3. Gross profit percentage — FIFO looks better.4. Inventory turnover — LIFO looks better.Chapter 6 Merchandise Inventory and Cost of Goods Sold 387(10-15 min.) CP 6-11 1. Beginning inventory……………………………... $ 300,000+ Purchases……………………………………….… 1,600,000 = Goods available…………………………………... 1,900,000 –Cost of goods sol d………………………………. (1,800,000) = Ending inventory……………………………….…2. Beginning inventory……………………………..+ Purchases……………………………………….…= Goods available…………………………………...–Cost of goods sold:Sales revenue……………………….$3,000,000Less estimated gross profit (40%) (1,200,000)Estimated cost of goods sold……………….= Estimated cost of ending inventory…………... $ 100,000 388Financial Accounting 6/e Solutions Manual(5-10 min.) CP 6-12CorrectAmount(Millions)a. Inventory ($333 + $3)…………………………………$ 336b. Net sales (unchanged)……………………………….$1,755c. Cost of goods sold ($1,001 –$3)…………………...$ 998d. Gross profit ($754 + $3)……………………….……..$ 757(10 min.) CP 6-13 1. Last year’s reported g ross profit was understated.Correct gross profit last year was $5.6 million ($4.0 + $1.6). 2. This year’s gross profit is overstated.Correct gross profit for this year is $3.2 million ($4.8 – $1.6).3. Lang’s perspective is better because correcting the errorchanges the trend of correct gross profit from up (good) to down (bad), as follows:MillionsLast Year This Year Trend Reported gross profit……..$4.0 $4.8 Up (Good) Correct gross profit……….$5.6 $3.2 Down (Bad) Chapter 6 Merchandise Inventory and Cost of Goods Sold 389(5-10 min.) CP 6-14 1. Ethical. There is nothing wrong with buying inventorywhenever a company wishes.2. Ethical. Same idea as 1.3. Unethical. The company falsified its reported amounts ofinventory and net income.4. Unethical. The company falsified its reported inventorypurchases, cost of goods sold, and net income in order to cheat the government (and the people) out of income tax.5. Unethical. The company falsified its reported amount ofinventory in order to cheat the government (and the people) out of taxes.390Financial Accounting 6/e Solutions ManualExercises(15-20 min.) E 6-1 Req. 1 (journal entried)Perpetual System1. Purchases: ThousandsInventory…………………….……….… 2,200Accounts Payable………………….2,2002. Sales:Cash ($3,500 ?.20) (700)Accounts Receivable ($3,500 ? .80). 2,800Sales Revenue…………….……….3,500 Cost of Goods Sold………………….. 2,100 Inventory………………….………....2,100Req. 2 (financial statement amounts)BALANCE SHEET Thousands Current assets:Inventory ($370 + $2,200 – $2,100)... $ 470 INCOME STATEMENTSales revenue…………………………….$3,500Cost of goods sold……………………… 2,100Gross profit……………………………….$1,400Chapter 6 Merchandise Inventory and Cost of Goods Sold 391(15-25 min.) E 6-2JournalDATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT1 Inventory ($640 + $1,870 + $900)……….3,410Accounts Payable………………………3,4102 Accounts Receivable (17 @ $500)……...8,500Sales Revenue…………………………..8,500 Cost of Goods Sold……………………….2,800* Inventory…………………………………2,8003 Sales revenue………………………………$8,500Cost of goods sold……………………….. 2,800Gross profit…………………………………$5,700Ending inventory ($800 + $3,410 –$2,800)……...$1,410 _____*(9 @ $160) + (8 @ $170) = $2,800392Financial Accounting 6/e Solutions Manual(10-15 min.) E 6-3 1.Cost of Goods Sold Ending Inventory(a) Specificunit cost (6 @ $160) + (11 @ $170) = $2,830 (3 @ $160) + (5 @ $180) = $1,380 (b) Averagecost 17 ? $168.40* = $2,863 8 ? $168.40* = $1,347 _____*Average cost per unit = ($800 + $640 + $1,870 + $900)= $168.40(5 + 4 + 11 + 5)(c) FIFO (9 @ $160) + (8 @ $170) = $2,800 (5 @ $180) + (3 @ $170) $1,410(d) LIFO (5 @ $180) + (11 @ $170) + (1 @ $160) $2,930 (8 @ $160) $1,2802. LIFO produces the highest cost of goods sold.FIFO produces the lowest cost of goods sold.The increase in inventory cost from $160 to $170 to $180 per unit causes the difference in cost of goods sold. Chapter 6 Merchandise Inventory and Cost of Goods Sold 393(15-20 min.) E 6-4 Cost of goods sold:LIFO ($2,930) –FIFO ($2,800)…………………………$130 Incom e tax rate……………………………………….. .35 LIFO advantage in tax savings…………………………..$ 46(15 min.) E 6-51. a. FIFOCost of goods sold:(5 @ $90) + (5 @ $95)……………...$925Ending inventory:7 @ $95………………………………$665b. LIFOCost of goods sold:10 @ $95……………………………..$950Ending inventory:(5 @ $90) + (2 @ $95)……………...$6402.VPA, Inc.Income StatementMonth Ended May 31, 20XXSales revenue (3 @ $150) + (7 @ $155)................$1,535 Cost of goods sold. (925)Gross profit (610)Operating expenses (310)Income before income tax (300)Income tax expense (40%) (120)Net income………………………………………………$ 180 394Financial Accounting 6/e Solutions Manual(15 min.) E 6-6Millions1. Gross profit: FIFO LIFOSales revenue……………………………………$4.9 $4.9 Cost of goods soldFIFO: 600,000 ?$7…………………………… 4.2LIFO: (400,000 ? $5) + (100,000 ? $6)+ (100,000 ?$7)……………………… 3.3 Gross profit………………………………………$ .7 $1.6 2. Gross profit under FIFO and LIFO differ because inventorycosts decreased during the period.If you base your prediction on the decrease in inventory unit cost, then, yes, you would predict that LIFO gross profit would be higher.But if you assume that FIFO produces higher gross profit, then, no, the actual result does not follow your prediction. Chapter 6 Merchandise Inventory and Cost of Goods Sold 395(15-20 min.) E 6-7 DATE: _____________TO: Rick TaborFROM: Student NameSUBJECT: Proposal for Saving Income TaxWe can save income tax by buying above-normal quantities of inventory before the end of the year. Inventory costs are rising, and the company uses the LIFO inventory method. Under LIFO, the higher cost of year-end purchases of inventory goes straight into cost of goods sold. This increases cost of goods sold and decreases net income and income taxes. Because our inventory levels are lower than normal, we need the inventory anyway. In effect, we can use our cash to buy inventory or to pay income taxes. I think it would be wiser to buy inventory.396Financial Accounting 6/e Solutions Manual(10-15 min.) E 6-8 Specificunit cost 1. Used to account for automobiles, jewelry, and art objects.Average 2. Provides a middle-ground measure of ending inventory and cost of goods sold.FIFO 3. Maximizes reported income.LIFO 4. Matches the most current cost of goods sold against sales revenue.LIFO 5. Results in an old measure of the cost of ending inventory.LIFO 6. Generally associated with saving income taxes. FIFO 7. Results in a cost of ending inventory that is close to the current cost of replacing the inventory.LIFO 8. Enables a company to buy high-cost inventory at year end and thereby to decrease reportedincome.LIFO 9. Enables a company to keep reported income from dropping lower by liquidating older layers ofinventory.LCM 10. Writes inventory down when replacement cost drops below historical cost.Chapter 6 Merchandise Inventory and Cost of Goods Sold 397。
西方财务会计第六章答案
西方财务会计第六章答案chapter 6 Accounting for merchandising businessesClass Discussion Questions1. Mercha ndising businesses acquire merchandise for resale to customers. It is the selling ofmerchandise, instead of a service, that makes the activities of a merchandising business dif-ferent from the activities of a service business.2. Yes. Gross profit is the excess of (net) sales over cost of merchandise sold. A net loss ariseswhen operating expenses exceed gross profit. Therefore, a business can earn a gross profit but incur operating expenses in excess of this gross profit and end up with a net loss.3. a. Incr ease c. Decreaseb. Increase d. Decrease4. U nder the periodic method, the inventory records do not show the amount available for saleor the amount sold during the period. In contrast, under the perpetual method of accounting for merchandise inventory, each purchase and sale of merchandise is recorded in the invento-ry and the cost of merchandise sold accounts. As a result, the amount of merchandise availa-ble for sale and the amount sold are continuously (perpetually) disclosed in the inventory records.5. The multiple-step form of income statement contains conventional groupings for revenuesand expenses, with intermediate balances, before concluding with the net income balance. In the single-step form, the total of all expenses is deducted from the total of all revenues, with-out intermediate balances.6. The major advantages of the single-step form of income statement are its simplicity and itsemphasis on total revenues and total expenses as the determinants of net income. The major objection to the form is that such relationships as gross profit to sales and income from opera-tions to sales are not as readily determinable as when the multiple-step form is used.7. a. 2% discount allowed if paid within ten days of date of invoice; entire amount of invoicedue within 60 days of date of invoice.b. Payment due within 30 days of date of invoice.c. Payment due by the end of the month in which the sale was made.8. a. A credit memorandum issued by the seller of merchandise indicates the amount for whichthe buyer's account is to be credited (credit to Accounts Receivable) and the reason for the sales return or allowance.b. A debit memorandum issued by the buyer of merchandise indicates the amount for whichthe seller's account is to be debited (debit to Accounts Payable) and the reason for the purchases return or allowance.9. a. The buyerb. The seller10. E xamples of such accounts include the following: Sales, Sales Discounts, Sales Returns andAllowances, Cost of Merchandise Sold, Merchandise Inventory.Ex. 6–1a. $490,000 ($250,000 + $975,000 – $735,000)b.40% ($490,000 ÷ $1,225,000)c. No. If operating expenses are less than gross profit, there will be a net income. On the otherhand, if operating expenses exceed gross profit, there will be a net loss.Ex. 6–2 : $15,710 million ( $20,946 million – $5,236 million ) Ex. 6–3a. Purchases discounts, purchases returns and allowancesb. Transportation in;c. Merchandise available for saled. Merchandise inventory (ending)Ex. 6–41. The schedule should begin with the January 1, not the December 31, merchandise inventory.2. Purchases returns and allowances and purchases discounts should be deducted from (notadded to) purchases.3. The result of subtracting purchases returns and allowances and purchases discounts frompur chases should be labeled ―net purchases.‖4. Transportation in should be added to net purchases to yield cost of merchandise purchased.5. The merchandise inventory at December 31 should be deducted from merchandise availablefor sale to yield cost of merchandise sold.A correct cost of merchandise sold section is as follows:Cost of merchandise sold:Merchandise inventory, January 1, 2006 ........ $132,000 Purchases ........................................................... $600,000Less: Purchases returns and allowances$14,000Purchases discounts .............................. 6,000 20,000 Netpurchases ..................................................... $580,000Add transportation in ....................................... 7,500Cost of merchandise purchased ................. 587,500 Merchandise available for sale ......................... $719,500 Less merchandise inventory,December 31, 2006....................................... 120,000 Cost of merchandise sold .................................. $599,500 Ex. 6–5 Net sales: $3,010,000 ( $3,570,000 – $320,000 – $240,000 ) Gross profit: $868,000 ( $3,010,000 – $2,142,000 )Ex. 6–6THE MERIDEN COMPANYIncome StatementFor the Year Ended June 30, 2006Revenues:Net sales ................................................................................. $5,400,000Rent revenue ......................................................................... 30,000Total revenues................................................................... $5,430,000 Expenses:Cost of merchandise sold ..................................................... $3,240,000Selling expenses .................................................................... 480,000 Administrative expenses ...................................................... 300,000 Interest expense .................................................................... 47,500 Total expenses ................................................................... 4,067,500 Net income ..................................................................................... $1,362,500Ex. 6–71. Sales returns and allowances and sales discounts should be deducted from (not added to)sales.2. Sales returns and allowances and sales discounts should be deducted from sales to yield "netsales" (not gross sales).3. Deducting the cost of merchandise sold from net sales yields gross profit.4. Deducting the total operating expenses from gross profit would yield income from operations(or operating income).5. Interest revenue should be reported under the caption ―Other income‖ and should be addedto Income from operations to arrive at Net income.6. The final amount on the income statement should be labeled Net income, not Gross profit.A correct income statement would be as follows:THE PLAUTUS COMPANYIncome StatementFor the Year Ended October 31, 2006Revenue from sales:Sales .................................................................... $4,200,000Less: Sales returns and allowances ............... $81,200Sales discounts ....................................... 20,300 101,500Net sales ........................................................ $4,098,500 Cost of merchandise sold ........................................ 2,093,000 Gross profit .............................................................. $2,005,500 Operating expenses:Selling expenses ................................................. $ 203,000Transportation out ............................................ 7,500Administrative expenses ................................... 122,000Total operating expenses ............................ 332,500 Incomefrom operations .......................................... $1,673,000 Other income: Interest revenue ................................................. 66,500Net income ................................................................ $1,739,500 Ex. 6–8a. $25,000 c. $477,000 e. $40,000 g. $757,500b. $210,000 d. $192,000 f. $520,000 h. $690,000Ex. 6–9a. Cash ......................................................................................... 6,900Sales ................................................................................... 6,900 Cost of Merchandise Sold ...................................................... 4,830 Merchandise Inventory .................................................... 4,830b. Accounts Receivable ............................................................... 7,500Sales ................................................................................... 7,500 Cost of Merchandise Sold ...................................................... 5,625 Merchandise Inventory .................................................... 5,625c. Cash ......................................................................................... 10,200Sales ................................................................................... 10,200 Cost of Merchandise Sold ...................................................... 6,630 Merchandise Inventory .................................................... 6,630d. Accounts Receivable—American Express ........................... 7,200Sales ................................................................................... 7,200 Cost of Merchandise Sold ...................................................... 5,040 Merchandise Inventory .................................................... 5,040e. Credit Card Expense (675)Cash (675)f. Cash ......................................................................................... 6,875Credit Card Expense (325)Accounts Receivable—American Express ..................... 7,200Ex. 6–10It was acceptable to debit Sales for the $235,750. However, using Sales Returns and Allow-ances assists management in monitoring the amount of returns so that quick action can be taken if returns become excessive.Accounts Receivable should also have been credited for $235,750. In addition, Cost of Mer-chandise Sold should only have been credited for the cost of the merchandise sold, not the selling price. Merchandise Inventory should also have been debited for the cost of the merchandise re-turned. The entries to correctly record the returns would have been as follows: Sales (or Sales Returns and Allowances) ............................. 235,750 Accounts Receivable ......................................................... 235,750 Merchandise Inventory .......................................................... 141,450 Cost of Merchandise Sold ................................................ 141,450 Ex. 6–11a. $7,350 [$7,500 –$150 ($7,500 × 2%)]b. Sales Returns and Allowances .............................................. 7,500Sales Discounts (150)Cash ................................................................................... 7,350Merchandise Inventory .......................................................... 4,500 Cost of Merchandise Sold ................................................ 4,500Ex. 6–12(1) Sold merchandise on account, $12,000.(2) Recorded the cost of the merchandise sold and reduced the merchandise inventory account,$7,800.(3) Accepted a return of merchandise and granted an allowance, $2,500.(4) Updated the merchandise inventory account for the cost of the merchandise returned,$1,625.(5) Received the balance due within the discount period, $9,405. [Sale of $12,000, less return of$2,500, l ess discount of $95 (1% × $9,500).]Ex. 6–13a. $18,000b. $18,375c. $540 (3% × $18,000)d. $17,835Ex. 6–14a. $7,546 [Purchase of $8,500, less return of $800, less discount of $154 ($7,700 × 2%)]b. Merchandise InventoryEx. 6–15Offer A is lower than offer B. Details are as follows:A BList price ............................................................................... $40,000 $40,300Less discount ......................................................................... 800 403 $39,200 $39,897 Transportation (625)$39,825 $39,897Ex. 6–16(1) Purchased merchandise on account at a net cost of $8,000.(2) Paid transportation costs, $175.(3) An allowance or return of merchandise was granted by the creditor, $1,000.(4) Paid the balance due within the discount period: debited Accounts Payable, $7,000, and cre-dited Merchandise Inventory for the amount of the discount, $140, and Cash, $6,860.Ex. 6–17a. Merchandise Inventory .......................................................... 7,500Accounts Payable ............................................................. 7,500b. Accounts Payable ................................................................... 1,200Merchandise Inventory .................................................... 1,200c. Accounts Payable ................................................................... 6,300Cash ................................................................................... 6,174Merchandise Inventory (126)a. Merchandise Inventory .......................................................... 12,000Accounts Payable—Loew Co. ......................................... 12,000b. Accounts Payable—Loew Co. ............................................... 12,000Cash ................................................................................... 11,760Merchandise Inventory (240)c. Accounts Payable*—Loew Co. ............................................. 2,940Merchandise Inventory .................................................... 2,940d. Merchandise Inventory .......................................................... 2,000Accounts Payable—Loew Co. ......................................... 2,000e. Cash (940)Accounts Payable—Loew Co. (940)*Note: The debit of $2,940 to Accounts Payable in entry (c) is the amount of cash refund due from Loew Co. It is computed as the amount that was paid for the returned merchandise, $3,000, less the purchase discount of $60 ($3,000 × 2%). The credit toAccounts Payable of $2,000 in en-try (d) reduces the debit balance in the account to $940, which is the amount of the cash refund in entry (e). The alternative entries below yield the same final results.c. Accounts Receivable—Loew Co. .......................................... 2,940Merchandise Inventory .................................................... 2,940d. Merchandise Inventory .......................................................... 2,000Accounts Payable—Loew Co. ......................................... 2,000e. Cash (940)Accounts Payable—Loew Co. ............................................... 2,000 Accounts Receivable—Loew Co. .................................... 2,940Ex. 6–19a. $10,500b. $4,160 [($4,500 – $500) ? 0.99] + $200c. $4,900d. $3,960e. $834 [($1,500 – $700) ? 0.98] + $50Ex. 6–20a. At the time of sale c. $4,280b. $4,000 d. Sales Tax PayableEx. 6–21a. Accounts Receivable ............................................................... 9,720Sales ................................................................................... 9,000Sales Tax Payable (720)Cost of Merchandise Sold ...................................................... 6,300 Merchandise Inventory .................................................... 6,300b. Sales Tax Payable ................................................................... 9,175Cash ................................................................................... 9,175a. Accounts Receivable—Beta Co. ........................................... 11,500Sales ................................................................................... 11,500 Cost of Merchandise Sold ...................................................... 6,900 Merchandise Inventory .................................................... 6,900b. Sales Returns and Allowances (900)Accounts Receivable—Beta Co. (900)Merchandise Inventory (540)Cost of Merchandise Sold (540)c. Cash ......................................................................................... 10,388Sales Discounts (212)Accounts Receivable—Beta Co. ...................................... 10,600 Ex. 6–23a. Merchandise Inventory .......................................................... 11,500Accounts Payable—Superior Co. ................................... 11,500b. Accounts Payable—Superior Co. (900)Merchandise Inventory (900)c. Accounts Payable—Superior Co. ......................................... 10,600Cash ................................................................................... 10,388Merchandise Inventory (212)Ex. 6–24a. debit c. credit e. debitb. debit d. debit f. debitEx. 6–25(b) Cost of Merchandise Sold (d) Sales (e)Sales Discounts(f) Sales Returns and Allowances (g) Salaries Expense (j) Supplies ExpenseEx. 6–26a. 2003: 2.07 [$58,247,000,000 ÷ ($30,011,000,000 + $26,394,000,000)/2]2002: 2.24 [$53,553,000,000 ÷ ($26,394,000,000 + $21,385,000,000)/2]b.These analyses indicate a decrease in the effectiveness in the use of the assets to generateprofits. This decrease is probably due to the slowdown in the U.S. economy during 2002–2003. However, a comparison with similar companies or industry averages would be helpful in making a more definitive statement on the effectiveness of the use of the assets.Ex. 6–27a. 4.13 [$12,334,353,000 ÷ ($2,937,578,000 + $3,041,670,000)/2]b. Although Winn-Dixie and Zales are both retail stores, Zales sells jewelry at a much slowervelocity than Winn-Dixie sells groceries. Thus, Winn-Dixie is able to generate $4.13 of sales for every dollar of assets. Zales, however, is only able to generate $1.53 in sales per dollar of assets. This makes sense when one considers the sales rate for jewelry and the relative cost of holding jewelry inventory, relative to groceries. Fortunately, Zales is able to counter its slow sales velocity, relative to groceries, with higher gross profits, relative to groceries. Appendix 1—Ex. 6–28a. and c.SALES JOURNALCost of MerchandiseSold Dr.Invoice Post.Accts. Rec. Dr. MerchandiseDate No. Account Debited Ref.Sales Cr. Inventory Cr.2006Aug. 3 80 Adrienne Richt ................... ?12,000 4,0008 81 K. Smith .............................. ?10,000 5,50019 82 L. Lao .................................. ?9,000 4,00026 83 Cheryl Pugh ........................ ?14,000 6,50045,000 20,000b. andc.PURCHASES JOURNALAccounts Merchandise OtherPost Payable Inventory Accounts Post.Date Account Credited Ref.Cr. Dr. Dr. Ref. Amount2006Aug. 10 Draco Rug Importers ................. ?8,000 8,00012 Draco Rug Importers ................. ?3,500 3,50021 Draco Rug Importers ................. ?19,500 19,50031,000 31,000d.Merchandise inventory, August 1 ............................................... $ 19,000Plus: August purchases ................................................................ 31,000Less: Cost of merchandise sold ................................................... (20,000)Merchandise inventory, August 31 ............................................. $ 30,000ORQuantity Rug Style Cost2 10 by 6 Chinese* $ 7,5001 8 by 10 Persian 5,5001 8 by 10 Indian 4,0002 10 by 12 Persian 13,000 $ 30,000*($4,000 + $3,500)。
高级会计学第六版课后答案
高级会计学第六版课后答案【篇一：高级会计课后作业汇总(中国人民大学会计出版社系列教材第五版)】0x7年5月，a公司以其一直用于出租的一房屋换入b公司生产的办公家具准备作为办公设备使用，b公司则将换入的房屋继续出租。
交换前a公司对该房屋采用成本模式进行后续计量，该房屋的原始成本为500 000元，累计已提折旧180 000元，公允价值为400 000元，没有计提过减值准备；b公司换入房屋后继续采用成本模式进行计量。
b公司办公家具的账面价值为280 000元，公允价值和计税价格均为300 000元，适用的增值税税率为17%。
b公司另外支付a公司49 000元的补价。
假设该交换不涉及其他相关税费。
要求：分别编制a公司和b公司与该项资产交换相关的会计分录。
分析：a公司换入的办公家具流动性强，能够在较短的时间内产生现金流量，而换出的用于出租的房屋要在较长的时间内产生现金流量，且两者的风险不同，因此两者之间的交换具有商业实质，而且出租房屋和办公家具的公允价值均能可靠计量。
支付的货币性资产占换入资产公允价值=49 000/400 000=12.25%25% （或占换出资产公允价值与支付的货币性资产之和）的比例因此，该交换属于涉及补价的非货币性资产交换1（1） a公司会计处理：换入资产的入账金额=换出资产的公允价值-收到的补价+应支付的相关税费 =400 000-49 000=351 000（元）换入资产入账金额（不含税）=351 000/(1+17%)=300 000(元)换入资产可抵扣的增值税进项税额=300 000x17%=51 000（元）该项交换应确认损益=换出资产的公允价值-换出资产的账面价值=400 000-（500 000-180 000）=80 000（元）编制会计分录：借：其他业务成本 320 000投资性房地产累计折旧180 000贷：投资性房地产 500 000 借：固定资产-办公设备300 000应交税费-应交增值税（进项税额）51 000银行存款 49 000贷：其他业务收入400 000（2）b公司会计处理：换入资产的入账金额=换出资产的公允价值+支付的补价+应支付的相关税费 =300 000+49 000+51 000（300 000x17%）=400 000（元）该项交换应确认损益=换出资产的公允价值-换出资产的账面价值=300 000-280 000=20 000（元）编制会计分录：应交税费=300 000x17%=51 000（元）借：投资性房地产-房屋 400 000主营业务成本 280 000贷：银行存款 49 000主营业务收入300 000应交税费-应交增值税（销项）51 000库存商品-办公家具280 0002.20x7年9月，x公司的生产经营出现资金短缺，为扭转财务困难，遂决定将其正在建造的一办公楼及购买的办公设备与y公司的一项专利技术及其对z公司的一项长期股权投资进行交换。
电工学第六版课后答案
第一章习题1－1 指出图1－1所示电路中A 、B 、C 三点的电位。
图1－1 题 1－1 的电路解：图（a ）中，电流 mA I 51226.=+=, 各点电位 V C = 0 V B = 2×1.5 = 3V V A = (2+2)×1.5 = 6V图（b ）中，电流mA I 1246=+=， 各点电位 V B = 0 V A = 4×1 = 4VV C =－ 2×1 = －2V图（c ）中，因S 断开，电流I = 0， 各点电位 V A = 6V V B = 6VV C = 0图（d ）中，电流mA I 24212=+=， 各点电位 V A = 2×(4+2) =12V V B = 2×2 = 4V V C = 0图（e ）的电路按一般电路画法如图，电流mA I 12466=++=， 各点电位 V A = E 1 = 6VV B = (－1×4)+6 = 2V V C = －6V1－2 图1－2所示电路元件P 产生功率为10W ，则电流I 应为多少? 解：由图1－2可知电压U 和电流I 参考方向不一致，P = －10W ＝UI 因为U ＝10V , 所以电流I ＝－1A图 1－2 题 1－2 的电路1－3 额定值为1W 、10Ω的电阻器，使用时通过电流的限额是多少？ 解：根据功率P = I 2 R A R P I 3160101.===1－4 在图1－3所示三个电路中，已知电珠EL 的额定值都是6V 、50mA ，试问哪个电珠能正常发光？图 1－3 题 1－4 的电路解：图（a ）电路，恒压源输出的12V 电压加在电珠EL 两端，其值超过电珠额定值，不能正常发光。
图（b ）电路电珠的电阻Ω=Ω==120120506K R .，其值与120Ω电阻相同，因此电珠EL 的电压为6V ，可以正常工作。
图（c ）电路，电珠与120Ω电阻并联后，电阻为60Ω，再与120Ω电阻串联，电珠两端的电压为V 4126012060＝＋⨯小于额定值，电珠不能正常发光。
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employees but not yet paid.
True False 9. The criteria for determining which items comprise cash equivalents often is disclosed in the summary of
3. Debt to equity ratio
If four to one, 80% of assets are debt__ financed.__
4. Inventories
Goods to be sold in the ordinary course of__ business.__
5. Disclaimer
24. Match each phrase with the correct term placing the letter designating the best term in the space provided by the phrase.
revenue.
True False 19. Match each phrase with the correct term placing the letter designating the best term in the space provided
by the phrase.
1. Current liabilities
2. Qualified opinion
__ Related to the debt to equity ratio.__
3. Accrued liabilities
Relates to the amount of time before an__ asset is converted to cash or a liability is paid.__
1. Cash equivalent
2. Current assets
3. Property, plant, and equipment
4. Short-term investments
5. Subsequent events
__ One-month U.S. Treasury bill.__
Occurs after the fiscal year-end, but before the__ statements are issued.__
Liquid investments not classified as cash__ equivalents.__
Items expected to be converted to cash or__ consumed within one year or the operating cycle.__
True False 6. Property, plant, and equipment includes machinery, equipment, and inventories.
True False 7. Intangible assets usually are reported in the balance sheet as current assets.
1. Proxy statement
Includes disclosures of executive__ compensation.__
2. Summary of significant accounting policies
Important in comparing financial__ information across companies.__
months or the operating cycle, if that is longer than one year.
True False 4. The balance of net receivables represents the amount expected to be collected.
True False 5. Prepaid expenses are classified as current assets if the services purchased are expected to expire within
twelve months or the operating cycle, if that is longer.
__ Includes buildings and machinery.__
22. Match each phrase with the correct term placing the letter designating the best term in the space provided by the phrase.
True False
12. Illegal acts will only need to be disclosed if the impact of the act is material.
True False 13. The ultimate responsibility for the financial statements lies with the auditors.
ch3
Student: ___________________________________________________________________________
1. The balance sheet reports a company's financial position at a point in time.
20. Match each phrase with the correct term placing the letter designating the best term in the space provided by the phrase.
1. Long-term solvency
__ Scope limitation or a departure from GAAP.__
4. Liquidity
__ Recorded when an expense is incurred but not yet paid.__
5. Intangible asset
__ Ownership of an exclusive right.__
21. Match each phrase with the correct term placing the letter designating the best term in the space provided by the phrase.
Given by an auditor when information__ is insufficient to express an opinion.__
23. Match each phrase with the correct term placing the letter designating the best term in the space provided by the phrase.
appropriate total, or base amount, within the same year.
True False 16. Liquidity refers to the riskiness of a company with regard to the amount of liabilities in its capital structure.
True False 17. A payment on account has no effect on working capital but will increase the current ratio if it is already
greater than 1.0.
True False 18. Segment reporting requires disclosure of each customer that accounts for more than 5% of total enterprise
True False 14. The compensation of top executives is disclosed in the proxy statement.
True False 15. Horizontal analysis involves expressing each item in the financial statements as a percentage of an
notes.
True False 11. Subsequent events are significant developments that take place after a firm's year-end, and after the
financial statements are issued or available to be issued.
__ Presented fairly in conformity with GAAP.__
The larger the better from a debt holder's__ perspective.__
__ Supported by a negotiable instrument.__
__ Expenses incurred but not yet paid.__