会计英语练习题

Chapter11.TheMillRunGolf&CountryClubdetailsthefollowingaccountsinitsfinancialstatements.(a)(b)Accountspayableandaccruedliabilities________Accountsreceivable________Property,plant,andequipment________Foodandbeverageoperationsrevenue________Golfcourseoperationsrevenue________Inventory________Long-termdebt________Officeandgeneralexpense________Professionalfeesexpense________Wagesandbenefitsexpense________Instructions.(a)Classifyeachoftheaboveaccountsasanasset(A),liability(L),stockholders’equity(SE),revenue(R),orexpense(E)item.(b)Classifyeachoftheaboveaccountsasafinancingactivity(F),investingactivity(I),oroperatingactivity(O).Ifyoubelieveaparticularaccountdoesn’tfitinanyoftheseactivities,explainwhy.2.Thefollowinginformationwastakenfromthe2004financialstatementsofpharmaceuticalgiantMerckandCo.Alldollaramountsareinmillions.Retainedearnings,January1,2004$34,142.0Materialsandproductionexpense4,959.8Marketingandadministrativeexpense7,346.3Dividends3,329.1Salesrevenue22,938.6Researchanddevelopmentexpense4,010.2Taxexpense2.161.1Otherrevenue1,352.2Instructions.(a)Afteranalyzingthedata,prepareanincomestatementandaretainedearningsstatementfortheyearendingDecember31,2004.(b)SupposethatMerckdecidedtoreduceitsresearchanddevelopmentexpenseby50%.Whatwouldbetheshort-termimplications?Whatwouldbethelong-termimplications?Howdoyouthinkthestockmarketwouldreact?3.KelloggCompanyistheworld’sleadingproducerofready-to-eatcerealandaleadingproducerofgrain-basedconveniencefoodssuchasfrozenwafflesandcerealbars.Thefollowingitemsweretakenfromits2004incomestatementandbalancesheet.Alldollarsareinmillions._____Retainedearnings$2,701.3_____Long-termdebt$3,892.6_____Costofgoodssold5,298.7_____Inventories681.0_____Sellingandadministrativeexpense2,634.1_____Netsales9,613.9_____Cash417.4_____Accountspayable767.2_____Notespayable709.7_____Commonstock103.8_____Interestexpense308.6_____Incometaxexpense475.3_____Otherexpense6.6Instructions.Performeachofthefollowing.(a)Ineachcaseidentifywhethertheitemisanasset(A),liability(L),stockholders’equity(SE),revenue(R),orexpense(E).(b)PrepareanincomestatementforKelloggCompanyfortheyearendedDecember31,2004.4.ThefollowingitemsweretakenfromthebalancesheetofNike,Inc.(1)Cash$828.0(7)Inventories$1,633.6(2)Accountsreceivable2,120.2(8)Incometaxespayable118.2(3)Commonstock890.6(9)Property,plant,andequipment1,586.9(4)Notespayable146.0(10)Retainedearnings3,891.1(5)Otherassets1,722.9(11)Accountspayable763.8(6)Otherliabilities2,081.9Instructions.Performeachofthefollowing.(a)Classifyeachoftheseitemsasanasset,liability,orstockholders’equity.(Alldollarsareinmillions.)(b)DetermineNike’saccountingequationbycalculatingthevalueoftotalassets,totalliabilities,andtotalstockholders’equity.(c)TowhatextentdoseNikerelyondebtversusequityfinancing?Chapter2.1．TheseitemsaretakenfromthefinancialstatementsofDonovanCo.atDecember31.2007Building$105,800Accountsreceivable12,600Prepaidinsurance4,680Cash16,840Equipment82,400Land61,200Insuranceexpense780Depreciationexpense5,300Interestexpense2,600Commonstock62,000Retainedearnings(January1,2007)40,000Accumulateddepreciation-building45,600Accountspayable9,500Mortgagepayable93,600Accumulateddepreciation-equipment18,720Interestpayable3,600Bowlingrevenues19,180Instructions.Prepareaclassifiedbalancesheet.Assumethat$13,600ofthemortgagepayablewillbepaidin2008.2.Thefollowingitemsweretakenfromthe2004financialstatementsofTexasInstruments,Inc.(Alldollarsareinmillions.)Long-termdebt$368Cash$2,668Commonstock2,488Accumulateddepreciation5,655Prepaidexpense326Accountspayable1,444Property,plant,andequipment9,573Othernoncurrentassets1,927Othercurrentassets554Othernoncurrentliabilities943Othercurrentliabilities470Retainedearnings10,575Long-terminvestments264Accountsreceivable1,696Short-terminvestments3,690Inventories1,256Loanspayablein200511Instructions.PrepareaclassifiedbalancesheetingoodformasofDecember31,2004.3.ThesefinancialstatementitemsareforSnyderCorporationatyear-end,July31,2007.Salariespayable$2,080Salariesexpense51,700Utilitiesexpense22,600Equipment18,500Accountspayable4,100Commissionrevenue61,100Rentrevenue8,500Long-termnotepayable1,800Commonstock16,000Cash24,200Accountsreceivable9,780Accumulateddepreciation6,000Dividends4,000Depreciationexpense4,000Retainedearnings(beginningoftheyear)35,200Instructions.(a)Prepareanincomestatementandaretainedearningsstatementfortheyear.SnyderCorporationdidnotissueanynewstockduringtheyear.(b)PrepareaclassifiedbalancesheetatJuly31.(c)Computethecurrentratioanddebttototalassetsratio.(d)SupposethatyouarethepresidentofAlliedEquipment.Yoursalesmanagerhasapproachedyouwithaproposaltosell$20,000ofequipmenttoSnyder.HewouldliketoprovidealoantoSnyderintheformofa10%,5-yearnotepayable.EvaluatehowthisloanwouldchangeSnyder’scurrentratioanddebttototalassetsratio,anddiscusswhetheryouwouldmakethesale.4.Thechieffinancialofficer(CFO)ofSuperCleanCorporationrequestedthattheaccountingdepartmentprepareapreliminarybalancesheetonDecember30,007,sothattheCFOcouldgetanideaofhowthecompanystood.Heknowsthatcerta