国际会计双语期末复习

Chap 1

1. The amounts of the assets and liabilities of Chickadee Travel Service at April 30, 2006, the end of the current year, and its revenue and expenses for the year are listed below. The capital of Adam Cellini, owner, was $50,000 at May 1, 2005, the beginning of the current year, and the owner withdrew $30,000 during the current year.

Accounts payable $ 12,200 Supplies $ 3,350

Accounts receivable 31,350 Supplies expense 7,100

Cash 53,050 Taxes expense 5,600

Fees earned 263,200 Utilities expense 22,500 Miscellaneous expense 2,950 Wages expense 131,700

Rent expense 37,800

Instructions

1. Prepare an income statement for the current year ended April 30, 2006.

2. Prepare a statement of owner’s equity for the current year ended April 30, 2006.

3. Prepare a balance sheet as of April 30, 2006.

答案：

1.

CHICKADEE TRAVEL SERVICE

Income Statement

For the Year Ended April 30, 2006

Fees earned $263,200

Expenses:

Wages expense $131,700

Rent expense 37,800

Utilities expense 22,500

Supplies expense 7,100

Taxes expense 5,600

Miscellaneous expense 2,950

Total expenses 207,650

Net income $55,550 2.

CHICKADEE TRAVEL SERVICE

Statement of Owner's Equity

Adam Cellinic, capital,

$50,000

May 1, 2009 2005

Net income for the year $55,550

Less withdrawals 30,000

Increase in owner's equity 25,550

Adam Cellinic, capital,

$75,550

April 30, 2006

3.

Chap 2

1. The Zuni Co. has the following accounts in its ledger: Cash; Accounts Receivable;

Supplies; Office Equipment; Accounts Payable; Gayle McCall, Capital; Gayle McCall, Drawing; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense.

Journalize the following selected transactions for August 2005 in a two-column journal. Journal entry explanations may be omitted. August 1. Paid rent for the month, $1,500.

2. Paid advertising expense, $700. 4. Paid cash for supplies, $1,050.

6. Purchased office equipment on account, $7,500. 8. Received cash from customers on account, $3,600. 12. Paid creditor on account, $1,150.

20. Withdrew cash for personal use, $1,000.

25. Paid cash for repairs to office equipment, $500. 30. Paid telephone bill for the month, $195.

31. Fees earned and billed to customers for the month, $10,150. 31. Paid electricity bill for the month, $380.

答案：

2005

August 1. Rent Expense (1500)

Cash................................................................ 1500 2. Advertising Expense..... . (700)

Cash................................................................ 700 4. Supplies.. (1050)

Cash................................................................ 1050 6. Office Equipment (7500)

Accounts Payable..........................................7500 8. Cash. (3600)

Accounts Receivable.................................... 3600 12. Accounts Payable.............. .. (1150)

Cash................................................................ 1150 20. Gayle McCall, Drawing. (1000)

CHICKADEE TRAVEL SERVICE

Balance Sheet April 30,2006

Assets

Liabilities

Cash

$53,050

Accounts payable

$12,200

Accounts receivable 3,150

Supplies

3,350

Owner's Equity $ 75,550

Total assets

$87,750 Total liabilities and owner's equity

$87,750

Cash.............................. . (1000)

25. Miscellaneous Expense (500)

Cash (500)

30. Utilities Expense........ (195)

Cash (195)

31. Cash................................ (10150)

Fees Earned (10150)

31. Utilities Expense (380)

Cash (380)

Chapter 3 ? The Matching Concept and the Adjusting Process PROBLEM 3-5A

Greco Service Co., which specializes in appliance repair services, is owned and operated

by Curtis Loomis. Greco Service Co.’s accounting clerk prepared the following

trial balance at December 31, 2006:

Greco Service Co.

Trial Balance

December 31, 2006

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,200

Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,600

Prepaid Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000

Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,450

Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000

Building . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161,500 Accumulated Depreciation—Building . . . . . . . . . . . . . . . . . . . . . . . . . . 75,700

Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,100 Accumulated

Depreciation—Equipment . . . . . . . . . . . . . . . . . . . . . . . . 35,300 Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,500

Unearned Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,200

Curtis Loomis, Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157,100

Curtis Loomis, Drawing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000

Fees Earned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 257,200

Salaries and Wages Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101,800

Utilities Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,200 Advertising Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000

Repairs Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,100 Miscellaneous Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,050

540,000

540,000

The data needed to determine year-end adjustments are as follows:

a. Depreciation of building for the year, $3,600.

b. Depreciation of equipment for the year, $2,400.

c. Accrued salaries and wages at December 31, $2,170.

d. Unexpired insurance at December 31, $3,500.

e. Fees earned but unbilled on December 31, $4,350.

f. Supplies on hand at December 31, $375.

g. Rent unearned at December 31, $2,800.

Instructions

1. Journalize the adjusting entries. Add additional accounts as needed.

2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance.

答案:

1.

a. Depreciation Expense - Building 3,600

Accumulated Depreciation - Building 3,600

b. Depreciation Expense - Equipment 2,400

Accumulated Depreciation - Equipment 2,400

c. Salaries and Wages Expense 2,170

Salaries and Wages Payable 2,170

d. Insurance Expense 2,500

Prepaid Insurance 2,500

e. Accounts Receivable 4,350

Fees Earned 4,350

f. Supplies Expense 1,075

Supplies 1,075

g. Unearned Rent 4,400

Rent Revenue 4,400 2.

GRECO SERVICES CO.

Adjusted Trial Balance

December 31, 2006

Cash 4,200

Accounts Receivable 24,950

Prepaid Insurance 3,500

Supplies 375

Land 100,000

Building 161,500

Accumulated Depreciation - Building 79,300 Equipment 80,100

Accumulated Depreciation - Equipment 37,700 Accounts Payable 7,500

Salaries and Wages Payable 2,170

Unearned Rent 2,800

Cindy Latty, Capital 157,100 Cindy Latty, Drawing 5,000

Fees Earned 261,550 Rent Revenue 4,400

Salaries and Wages Expense 103,970

Utilities Expense 28,200

Advertising Expense 15,000

Repairs Expense 12,100

Depreciation Expense - Equipment 2,400

Insurance Expense 2,500

Depreciation Expense - Building 3,600

Supplies Expense 1,075

Miscellaneous Expense 4,050

552,520 552,520

Chapter 4 Completing the Accounting Cycle

1. Ithaca Services Co. offers cleaning services to business clients. Complete the following work sheet for Ithaca Services Co，and prepare an income statement, statement of owner’s equity, balance sheet, and the closing entries for Ithaca Services Co.

Ithaca Services Co.

Work Sheet

For the Year Ended January 31, 2006

Account Title Adjusted

Trial Balance

Income

Statement

Balance Sheet

Dr. Cr. Dr. Cr. Dr. Cr. Cash 8

Accounts Receivable 57

Supplies 3

Prepaid Insurance 6

Land 50

Equipment 32

Accumulated Depr.—Equip. 7

Accounts Payable 26

Wages Payable 1

Terry Dagley, Capital 112

Terry Dagley, Drawing 8

Fees Earned 67

Wages Expense 17

Rent Expense 8

Insurance Expense 6

Utilities Expense 6

Depreciation Expense 5

Supplies Expense 5

Miscellaneous Expense 2

Totals 213 213

Net income (loss)

答案：

ITHACA SERVICES CO.

Income Statement

For the Year Ended January 31, 2006

Fees earned................................................................. ....... $67 Expenses:

Wages expense........................................................... $17

Rent expense (8)

Insurance expense (6)

Utilities expense (6)

Supplies expense (5)

Depreciation expense (5)

Miscellaneous expense (2)

Total expenses..................................... .. (49)

Net income.......................................................... ................ $ 18

ITHACA SERVICES CO.

Statement of Owner’s Equity

For the Year Ended January 31, 2006

Terry Dagley, capital, ........... .............. $112

Net income for the year..................................................... $18

Less withdrawals (8)

Increase in owner’s equity............................... .. (10)

Terry Dagley, capital, October 31, 2010........ .................. $122

ITHACA SERVICES CO.

Balance Sheet

January 31, 2006

Assets Liabilities

Current assets: Current liabilities: Cash.............................. $ 8 Accounts payable......... $26 Accounts receivable.... 57 Wages payable....... . (1)

Supplies........................ 3 Total liabilities................... $ 27 Prepaid insurance.. (6)

Total current assets.. $ 74

Property, plant, and

equipment: Land............................... $ 50

Equipment...............$32

Less accum. depr.... 7 Owner’s Equity

Total property, plant, Terry Dagley, capital (122)

and equipment... ...75 Total liabilities and

Total assets................ ...... $149 owner’s equity.... $149 2006

Jan. 31 Fees Earned (67)

Income Summary (67)

31 Income Summary (49)

Wages Expense (17)

Rent Expense (8)

Insurance Expense (6)

Utilities Expense (6)

Supplies Expense (5)

Depreciation Expense (5)

Miscellaneous Expense (2)

31 Income Summary (18)

Terry Dagley, Capital (18)

31 Gloria Millard, Capital (8)

Terry Dagley, Drawing (8)

Chapter 6 ? Accounting for Merchandising Businesses PROBLEM 6-5A

The following were selected from among the transactions completed by Ingress Company during January of the current year:

Jan. 3. Purchased merchandise on account from Pynn Co., list price $16,000, trade discount 35%, terms FOB shipping point, 2/10, n/30, with prepaid transportation costs of $320 added to the invoice.

5. Purchased merchandise on account from Wilhelm Co., $8,000, terms FOB destination, 1/10,

n/30.

6. Sold merchandise on account to Sievert Co., list price $12,500, trade discount 40%, terms 2/10, n/30. The cost of the merchandise sold was $4,500.

7. Returned $1,800 of merchandise purchased on January 5 from Wilhelm Co.

13. Paid Pynn Co. on account for purchase of January 3, less discount.

15. Paid Wilhelm Co. on account for purchase of January 5, less return of January 7 and discount.

16. Received cash on account from sale of January 6 to Sievert Co., less discount.

19. Sold merchandise on nonbank credit cards and reported accounts to the card company, American Express, $6,450. The cost of the merchandise sold was $3,950.

22. Sold merchandise on account to Elk River Co., $3,480, terms 2/10, n/30. The cost of the merchandise sold was $1,400.

23. Sold merchandise for cash, $9,350. The cost of the merchandise sold was $5,750.

25. Received merchandise returned by Elk River Co. from sale on January 22, $1,480. The cost of the returned merchandise was $600.

31. Received cash from American Express for nonbank credit card sales of January 19, less $225 service fee.

Instructions

Journalize the transactions.

答案：

1.Jan. 3 Merchandise Inventory............................. 10,720

Accounts Payable—Pynn Co. .................................. 10,720

[$16,000 – ($16,000 × 35%)] = $10,400;

$10,400 + $320 = $10,720.

5 Merchandise Inventory....................................... 8,000

Accounts Payable—Wilhelm Co. ............. .............. 8,000

6 Accounts Receivable—Sievert Co. ....................... 7,500

Sales .................................................................... 7,500

[$12,500– ($12,500× 40%)] = $7,500

6 Cost of Merchandise Sold.................................. 4,500

Merchandise Inventory .................................. .......... 4,500

7 Accounts Payable—Wilhelm Co. .................. 1,800

Merchandise Inventory ........................... ...... 1,800

13 Accounts Payable—Pynn Co. .................... 10,720

Cash.............................................. .................. 10,512

Merchandise Inventory (208)

15 Accounts Payable—Wilhelm Co. .................. 6,200

Cash............................................. ...................6,138

Merchandise Inventory (62)

16 Cash..................................................................... 7,350

Sales Discount (150)

Accounts Receivable—Sievert Co. .. ................ 7,500

19 Accounts Receivable--American Express ...... 6,450

Sales ................................... ............................ 6,450

19 Cost of Merchandise Sold..................................3,950

Merchandise Inventory ........ .........................3,950

22 Accounts Receivable—Elk River Co. ........... 3,480

Sales .......................... ..................................... 3,480

22 Cost of Merchandise Sold.................................. 1,400

Merchandise Inventory ............ .....................1,400

23 Cash.....................................................................9,350

Sales ....................................... ........................ 9,350 Dec. 23 Cost of Merchandise Sold.......................... 5,750

Merchandise Inventory ........ ......................... 5,750

25 Sales Returns and Allowances.......................... 1,480

Accounts Receivable—Elk River Co. ... ... 1,480

25 Merchandise Inventory (600)

Cost of Merchandise Sold .............. .. (600)

31 Credit Card Expense (225)

Cash................................. . (225)

Cash................................. ...................6,450

Accounts Receivable--American Express ...... 6,450 Questions of chap 7 Inventories

1. The units of an item available for sale during the year were as follows:

Jan. 1 Inventory 42 units at $120

Mar. 4 Purchase 58 units at $130

Aug. 7 Purchase 20 units at $136

Nov. 15 Purchase 30 units at $140

There are 36 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods, presenting your answers in the following form:

Cost

Inventory Method Merchandise Inventory Merchandise Sold

a. First-in, first-out $ $

b. Last-in, first-out

c. Average cost

答案：Cost

Merchandise Merchandise

Inventory Method Inventory Sold

a. FIFO ..................... $5,016 $14,484

b. LIFO ..................... 4,320 15,180

c. Average cost ....... 4,680 14,820

Cost of merchandise available for sale:

42 units at $120 .......................................................... $5,040

58 units at $130 .......................................................... 7,540

20 units at $136 .......................................................... 2,720

30 units at $140.......................................................... 4,200

150 units (at average cost of $130) ............................ $19,500

a. First-in, first-out:

Merchandise inventory:

30 units at $140 .......................................................... $4,200 6 units at $136. (816)

36 units ..................................................................... $5,016 Merchandise sold:

$19,500 – $5,016 ......................................................... $14,484 b. Last-in, first-out:

Merchandise inventory:

36 units at $120 .......................................................... $4,320 Merchandise sold:

$19,500 – $4,320......................................................... $15,180 c. Average cost:

Merchandise inventory:

36 units at $130($19,500/150 units) ........................... $4,680 Merchandise sold:

$19,750 – $4,680......................................................... $14,820

Commodity Inventory Unit cost

price Unit market

price

Cost Market Lower

M76 8 150 160 1200 1250 1200 T53 20 75 70 1500 1400 1400 A19 10 275 260 2750 2600 2600 J81 15 50 40 750 600 600 K10 25 101 105 2525 2625 2525

8325

Chap 8

1. The following data were accumulated for use in reconciling the bank account of Kidstock Co. for March:

a. Cash balance according to the depositor’s records at March 31, $7,671.45.

b. Cash balance according to the bank statement at March 31, $4,457.25.

c. Checks outstanding, $2,276.20.

d. Deposit in transit, not recorded by bank, $5,780.40.

e. A check for $145 in payment of an account was erroneously recorded in the

check register as $451.

f. Bank debit memorandum for service charges, $16.00.

Prepare a bank reconciliation, using the format shown in Exhibit 7.

And journalize the entry or entries that should be made by the depositor.

答案：

Kidstock CO.

Bank Reconciliation

March 31, 20—

Cash balance according to bank statement................................. $4457.25

Add deposit in transit, not recorded by bank............................... 5780.4

$17,850

Deduct outstanding checks........................................................... 2276.2

Adjusted balance............................................................................. $7961.45

Cash balance according to company’s records........................... $7671.45

Add error in recording check (306)

$13,695

Deduct bank service charge (16)

Adjusted balance............................................................................. $7961.45

Entries

Cash (306)

Accounts Payable (306)

Miscellaneous Administrative Expense (16)

Cash (16)

Chap9

1、For a business that makes advance provision for uncollectible receivables

(a) Journalize the entries to record the following:

(1) Record the adjusting entry at December 31, the end of the fiscal year, to provide for

doubtful accounts. The accounts receivable account has a balance of $800,000, and

the contra asset account before adjustment has a debit balance of $600. Analysis of

the receivables indicates doubtful accounts of $18,000.

(2) In March of the following fiscal year, the $350 owed by Fronk Co. on account is

written off as uncollectible.

(3) Eight months later, $200 of the Fronk Co. account is reinstated and payment of that

amount is received.

(4) In October, $400 is received on the $600 owed by Dodger Co. and the remainder is

written off as uncollectible.

(b) Based on the data in (a) (1) above, what is the net realizable value of the accounts receivable

as reported on the balance sheet as of December 31?

(c) Assuming that the business had been following the direct write-off procedure in accounting

for uncollectible receivables, journalize the entries to record the following:

(1) Recorded the write-off of account of Fronk Co. [(a) (2) above].

(2) Reinstated account of Fronk Co. for $200 and recorded payment of that amount

received [(a) (3) above].

(3) Recorded the receipt of $400 from Dodger Co. in (a) (4) above and wrote off the

remainder owed as uncollectible.

2.Watson Company issued a 60-day, 8% note for $18,000, dated April 5, to Laker Company on account.

(Assume a 360-day year when calculating interest.)

(a) Determine the due date of the note.

(b) Determine the maturity value of the note.

(c) Journalize the entries to record the following:

(1) receipt of the note by the payee, and

(2) receipt by the payee of the amount due on the note at maturity. Round answers to the

nearest $1.

答案：

1、

(a)

(1) Uncollectible Accounts Expense 18,600

Allowance for Doubtful Accounts 18,600

(2) Allowance for Doubtful Accounts 350

Accounts Receivable-Fronk Co 350

(3) Accounts Receivable-Fronk Co 200

Allowance for Doubtful Accounts 200

Cash 200

Accounts Receivable-Fronk Co 200

(4) Cash 400

Allowance for Doubtful Accounts 200

Accounts Receivable-Dodger Co 600

(b) $782,000 ($800,000 - $18,000)

(c)

(1) Uncollectible Accounts Expense 350

Accounts Receivable-Fronk Co 350

(2) Accounts Receivable-Fronk Co 200

Uncollectible Accounts Expense 200

Cash 200

Accounts Receivable-Fronk Co 200

(3) Cash 400

Uncollectible Accounts Expense 200

Accounts Receivable-Dodger Co 600 2、

(a) June 4

(b) $18,240

(c) Note Receivable-Watson Co 18,000

Account Receivable-Watson Co 18,000 Cash 18,240

Note Receivable-Watson Co 18,000 Interest Revenue 240 Chap10

Getco Co. has a sales representative who must travel a substantial amount. A car for this purpose was acquired January 2 four years ago at a cost of $20,000. It is estimated to have a total useful life of 4 years or 100,000 miles and no re-sidual value.

Instructions:

(1) Record the annual depreciation on Getco’s car at the end of the first and third years of ownership using the straight-line method and a December 31 year end. (2) Record the annual depreciation on Getco’s car at the end of the first and third years of ownership using the double-declining-balance method and a December 31 year end.

(3) Record the annual depreciation on Getco’s car at the end of the first and third years of ownership using the units-of-production method, assuming no residual value, and using a December 31 year end. The car was driven 35,000 miles in the first year and 28,000 miles in the third year.

答案：

(1) Dec. 31 Depreciation Expense—Automobile.....................5,000*

Accumulated Depreciation—Automobile........ 5,000

*($20,000/4)

Dec. 31 Depreciation Expense—Automobile..................... 5,000

Accumulated Depreciation—Automobile........ 5,000

(2) Dec. 31 Depreciation Expense—Automobile..................... 10,000*

Accumulated Depreciation—Automobile........ 10,000 *($20,000 ×50%)

Dec. 31 Depreciation Expense—Automobile..................... 2,500*

Accumulated Depreciation—Automobile........ 2,500 *[($20,000 –$10,000 –$5,000) ×50%]

(3) Dec. 31 Depreciation Expense—Automobile..................... 7,000*

Accumulated Depreciation—Automobile........ 7,000 *(35,000 miles ×$0.20)

Dec. 31 Depreciation Expense—Automobile..................... 5,600*

Accumulated Depreciation—Automobile........ 5,600 *(28,000 miles ×$0.20)

Chapter 11—Current Liabilities and Payroll

1.On January 2nd, Premier Sales borrows $13,500 cash on a note payable from Trusted Lenders with

terms 90 days, 12%. Premier Sales and Trusted Lenders uses a 360-day year for interest calculations.

Premier Sales makes adjusting entries at the end of each calendar quarter. Journalize the initiation of the loan, the recognition of interest expense for the quarter and the payment of the note on its due date.

2.On August 1, Batson Company issued a 60-day note with a face amount of $120,000 to Jergens Company

for merchandise inventory. (Assume a 360-day year is used for interest calculations.)

a. Determine the proceeds of the note assuming the note carries an interest rate of 6%.

b. Determine the proceeds of the note assuming the note is discounted at 6%.

答案：

1. ANS:

Jan 2 Cash 13,500

Notes Payable - Trusted Lenders 13,500 Mar 31 Interest Expense 396

Interest Payable 396 Apr 2 Notes Payable 13,500

Interest Payable 396

Interest Expense 9

Cash 13,905 March 31 Calculations: $13,500 x 12% x (88/360 days) = $396

April 2 Calculations: $13,500 x 12% x (2/360 days) = $9

2. On August 1, Batson Company issued a 60-day note with a face amount of $120,000 to Jergens

Company for merchandise inventory. (Assume a 360-day year is used for interest calculations.)

a. Determine the proceeds of the note assuming the note carries an interest rate of 6%.

b. Determine the proceeds of the note assuming the note is discounted at 6%.

2.

ANS:

a. $120,000

b. $118,800 $120,000 - ($120,000 ? 6% ? 60/360)

Chap 12

1. A company had stock outstanding as follows during each of its first three years of operations:

2,500 shares of $10, $100 par, cumulative preferred stock and 50,000 shares of $10 par common stock. The amounts distributed as dividends are presented below. Determine the total and per share dividends for each class of stock for each year by completing the schedule.

Preferred Common Year Dividends Total Per Share Total Per Share

1 $10,000 _________ _________ _________ _________

2 25,000 _________ _________ _________ _________

3 60,000 _________ _________ _________ _________

2. On May 1, 10,000 shares of $10 par common stock were issued at $30, and on May 7, 5,000

shares of $50 par preferred stock were issued at $111. Journalize the entries for May 1 and May 7.

3. A corporation purchased for cash 5,000 shares of its own $10 par common stock at $26 a share. In

the following year, it sold 2,000 of the treasury shares at $29 a share for cash.

(a) Journalize the entries to record the purchase (treasury stock is recorded at cost).

(b) Journalize the entries to record the sale of the stock.