会计专业英语习题答案

Chapter.11-1Asinmanyethicsissues,thereisnoonerightanswer.Thelocalnewspaperreportedonthisissueintheseterms:Thecompanycoveredupthefirstreport,andthelocalnewspaperuncoveredthecompany'ssecret.Thecompanywasforcedtonotlocatehere(CollierCounty).Itbecamepatentlyclearthatdoingtheleastthatislegallyallowedisnotenough.1-21.B2.B3.E4.F5.B6.F7.X8.E9.X10.B1-3a.$96,500($25,000+$71,500)b.$67,750($82,750–$15,000)c.$19,500($37,000–$17,500)1-4a.$275,000($475,000–$200,000)b.$310,000($275,000+$75,000–$40,000)c.$233,000($275,000–$15,000–$27,000)d.$465,000($275,000+$125,000+$65,000)e.Netincome:$45,000($425,000–$105,000–$275,000)1-5a.owner'sequityb.liabilityc.assetd.assete.owner'sequityf.asset1-6a.Increasesassetsandincreasesowner’sequity.b.Increasesassetsandincreasesowner’sequity.c.Decreasesassetsanddecreasesowner’sequity.d.Increasesassetsandincreasesliabilities.e.Increasesassetsanddecreasesassets.1-71.increase2.decrease3.increase4.decrease1-8a.(1)Saleofcateringservicesforcash,$25,000.(2)Purchaseoflandforcash,$10,000.(3)Paymentofexpenses,$16,000.(4)Purchaseofsuppliesonaccount,$800.(5)Withdrawalofcashbyowner,$2,000.(6)Paymentofcashtocreditors,$10,600.(7)Recognitionofcostofsuppliesused,$1,400.b.$13,600($18,000–$4,400)c.$5,600($64,100–$58,500)d.$7,600($25,000–$16,000–$1,400)e.$5,600($7,600–$2,000)1-9Itwouldbeincorrecttosaythatthebusinesshadincurredanetlossof$21,750.Theexcessofthewithdrawalsoverthenetincomefortheperiodisadecreaseintheamountofowner’sequityinthebusiness.1-10Balancesheetitems:1,3,4,8,9,101-11Incomestatementitems:2,5,6,71-12MADRASCOMPANYStatementofOwner’sEquityFortheMonthEndedApril30,2006LeoPerkins,capital,April1,2006......$297,200Netincomeforthemonth................$73,000Lesswithdrawals...........................12,000Increaseinowner’sequity................61,000LeoPerkins,capital,April30,2006....$358,2001-13HERCULESSERVICESIncomeStatementFortheMonthEndedNovember30,2006Feesearned................................$232,120Operatingexpenses:Wagesexpense..........................$100,100Rentexpense.............................35,000Suppliesexpense........................4,550Miscellaneousexpense..................3,150Totaloperatingexpenses.............142,800Netincome..................................$89,3201-14Balancesheet:b,c,e,f,h,i,j,l,m,n,oIncomestatement:a,d,g,k1-151.b–investingactivity2.a–operatingactivity3.c–financingactivity4.a–operatingactivity1-16a.2003:$10,209($30,011–$19,802)2002:$8,312($26,394–$18,082)b.2003:0.52($10,209÷$19,802)2002:0.46($8,312÷$18,082)c.Theratioofliabilitiestostockholders’equityincreasedfrom2002to2003,indicatinganincreaseinriskforcreditors.However,theassetsofTheHomeDepotaremorethansufficienttosatisfycreditorclaims.Chapter.22-1AccountAccountNumberAccountsPayable21AccountsReceivable12Cash11CoreyKrum,Capital31CoreyKrum,Drawing32FeesEarned41Land13MiscellaneousExpense53SuppliesExpense52WagesExpense512-2BalanceSheetAccountsIncomeStatementAccounts1.Assets11Cash12AccountsReceivable13Supplies14PrepaidInsurance15Equipment2.Liabilities21AccountsPayable22UnearnedRent3.Owner'sEquity31MillardFillmore,Capital32MillardFillmore,Drawing4.Revenue41FeesEarned5.Expenses51WagesExpense52RentExpense53SuppliesExpense59MiscellaneousExpense2-3a.andb.AccountDebitedAccountCreditedTransactionTypeEffectTypeEffect(1)asset+owner'sequity+(2)asset+asset–(3)asset+asset–liability+(4)expense+asset–(5)asset+revenue+(6)liability–asset–(7)asset+asset–(8)drawing+asset–(9)expense+asset–Ex.2–4(1)Cash......................................40,000IraJanke,Capital...................40,000(2)Supplies.................................1,800Cash...................................1,800(3)Equipment...............................24,000AccountsPayable...................15,000Cash...................................9,000(4)OperatingExpenses...................3,050Cash...................................3,050(5)AccountsReceivable..................12,000ServiceRevenue.....................12,000(6)AccountsPayable......................7,500Cash...................................7,500(7)Cash......................................9,500AccountsReceivable...............9,500(8)IraJanke,Drawing.....................5,000Cash...................................5,000(9)OperatingExpenses...................1,050Supplies..............................1,0502-51.debitandcredit(c)2.debitandcredit(c)3.debitandcredit(c)4.creditonly(b)5.debitonly(a)6.debitonly(a)7.debitonly(a)2-6a.Liability—creditf.Revenue—creditb.Asset—debitg.Asset—debitc.Asset—debith.Expense—debitd.Owner'sequityi.Asset—debit(CindyYost,Capital)—creditj.Expense—debite.Owner'sequity(CindyYost,Drawing)—debit2-7a.creditg.debitb.credith.debitc.debiti.debitd.creditj.credite.debitk.debitf.creditl.credit2-8a.Debit(negative)balanceof$1,500($10,500–$4,000–$8,000).SuchanegativebalancemeansthattheliabilitiesofSeth’sbusinessexceedtheassets.b.Yes.ThebalancesheetpreparedatDecember31willbalance,withSethFite,Capital,beingreportedintheowner’sequitysectionasanegative$1,500.2-9a.Theincreaseof$28,750inthecashaccountdoesnotindicatee