Chapter 13-1
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Chapter 13诵读Life changes on the day生活在那一天改变了One day, when I was a freshman in high school, I saw a boy from my class walking home from school. His name was Kyle. It looked like he was carrying all of his books. As I was walking, I saw some boys running toward him. They ran at him, knocking all his books out of his arms and tripping him so he landed in the dirt. His glasses went flying. He looked up and I saw tears in his eyes.当我上高一的时候,有一天,我看见我们班的一个男孩从学校步行回家。
他的名字叫凯尔。
看起来他带着所有的书。
当我走的时候,我看见一些男孩向他跑来。
他们向他冲过来,把他所有的书都从他的怀里撞了出来,把他绊倒了,于是他倒在了地上。
他的眼镜飞了起来。
他抬起头来,我看见他眼里含着泪水。
I walked over to him and handed him his glasses. He looked at me and said, “Hey,thanks!” There was a smile on his face. I helped him pick up his books, and got to know that he lived near my home. I asked him if he wanted to play football on Saturday with me and my friends. He said yes.我走过去,把眼镜递给他。
Chapter 13Consumption and Saving Multiple Choice Questions1. Consumption is an important element of aggregate demand because ita. Is the most volatile componentB. Accounts for roughly 70 percent of aggregate demandc. Is very interest sensitived. Is greatly affected by stock market activitye. All of the aboveDifficulty: Easy2. When the aggregate consumption function is defined as C = C o + cYD, thena. The mpc increases with higher levels of disposable incomeB. The mpc is constant at all levels of disposable incomec. The apc is constant at all levels of disposable incomed. The apc increases with higher levels of disposable incomee. The expenditure multiplier is less than oneDifficulty: Easy3. According to the simplified life-cycle theory of consumption, a retired person with zero income from labor woulda. Only consume the interest on accumulated wealthB. Consume a fraction of accumulated wealth based upon her/his life expectancyc. Have to decrease consumption sharply in order not to run out of funds too soond. Expect to be financially supported by her/his childrene. Consume more than during her/his working years since she/he does not expect to live much longerDifficulty: Medium4. The long-run marginal propensity to consume (mpc) isA. Larger than the short-run mpcb. Slightly smaller than the short-run mpcc. About half the size of the short-run mpcd. Identical to the short-run mpce. Always equal to 1Difficulty: Easy5. The debate about different consumption theories can be viewed as a debate over whethera. The consumption of durable or non-durable goods should be consideredb. Random events that can change consumption behavior really do occurc. Liquidity constraints do ever existD. The marginal propensity to consume is large or smalle. The average propensity to consume is less or greater than 1Difficulty: Easy6. The life-cycle theory of consumption implies thata. The mpc out of wealth is very smallb. The mpc out of permanent income is larger than the mpc out of transitory incomec. A large change in stock values can affect the economy, but the effect is fairly smalld. An individual's mpc out of permanent income changes with ageE. All of the aboveDifficulty: Medium7. According to the life-cycle theory of consumption, an individual'sa. Mpc out of wealth is fairly largeb. Mpc out of labor income increases with increasing age, until it becomes zero at retirement ageC. Mpc out of transitory income is fairly smalld. Level of consumption will decrease if his/her retirement age is increasede. None of the aboveDifficulty: Medium8. The life-cycle theory of consumption can be summarized as follows:a. Retired people need less so they can save more than working peopleb. People want instant gratification and seldom worry about the futurec. People always tend to consume almost all of their current incomeD. People plan their consumption and saving patterns to optimize the lifetime benefit from their disposable incomee. People adjust their current consumption constantly to keep a stable saving pattern over their lifetimeDifficulty: Medium9. According to the life-cycle theory of consumption, what should have occurred after the stock market crash of 1987?A. A decrease in current consumptionb. No change in current consumption since only nominal wealth was lostc. No change in aggregate consumption since most people do not invest in the stock marketd. An increase in consumption since people were afraid to savee. Both B and CDifficulty: Medium10. In 1968, President Johnson and Congress implemented a temporary surcharge on personal and corporate income taxes. What was the effect of this?a. Economic activity declined sharply and the economy entered a recessionb. Consumption and investment spending declined significantlyC. Households decreased their savings and aggregate demand was hardly affected at alld. Consumption and saving declined, while investment was not affectede. Both A and BDifficulty: Medium11. If we compare the life-cycle theory of consumption with the permanent-income theory we can conclude that they bothA. Pay careful attention to microeconomic foundationsb. Agree that temporary tax cuts can be used to stimulate the economyc. Have similar theoretical bases but disagree widely in their policy implicationsd. Explain why large changes in current income cause large changes in current consumptione. None of the aboveDifficulty: Medium12. Which of the following theories of consumption behavior was introduced by Milton Friedman?a. The absolute-income hypothesisb. The relative-income hypothesisC. The permanent-income hypothesisd. The life-cycle hypothesise. The random-walk hypothesisDifficulty: Easy13. The life-cycle theory of consumption was first advanced bya. James Duesenberryb. Milton Friedmanc. Robert Halld. John Maynard KeynesE. Franco ModiglianiDifficulty: Easy14. The permanent-income theory of consumption implies thatA. The short-run multiplier is smaller than the long-run multiplierb. The short-run multiplier is larger than the long-run multiplierc. The short-run multiplier is identical to the long-run multiplierd. The long-run multiplier is equal to 1e. The short-run multiplier is less than 1Difficulty: Easy15. According to the permanent-income theorya. Increases in current income lead to proportionate increases in consumption and savingb. A rise in income affects consumption only after a delay of several yearsc. A person's consumption in any given year will be strongly affected by interest rate changesd. A person's consumption in any year will always be closely tied to his/her highest previous level of consumptionE. None of the aboveDifficulty: Medium16. If you are age 20, have no accumulated wealth, and have an expected average annual income of $36,000, how much should you consume each year if you want to retire at age 65 and expect to live until age 80? You desire to leave no estate and to consume an equal amount in each of the next 60 years.a. $36,000b. $31,000C. $27,000d. $22,000e. $20,000Difficulty: Medium17. Assume a worker at age 25 with annual earnings of $45,000 who wants to retire at age 65 and expects to live until age 75. How much would the worker consume annually?a. $40,000B. $36,000c. $32,000d. $30,000e. $28,000Difficulty: Medium18. The permanent-income theory of consumption asserts that people prefer a stable level of consumption throughout their lives anda. Will forego temporary or transitory opportunities to obtain higher income and consumption B. Calculate their level of consumption from the information they have regarding their average expected lifetime incomec. Will only change their consumption behavior significantly if there is a transitory change in their incomed. This implies that the short-run mpc is greater than the long-run mpce. Therefore always save the same fraction of their current incomeDifficulty: Easy19. According to the permanent-income theory of consumption, a person whose income fluctuates widely from year to year will havea. A higher apc in high-income years than in low-income yearsB. A lower apc in high-income years than in low-income yearsc. A consistently high apc year after yeard. A consistently low apc year after yeare. An apc that is equal to 1Difficulty: Medium20. According to the permanent-income theory, if individuals A and B have the same average annual income but A's income fluctuates greatly from year to year while B receives an almost even flow of income each year, thena. A will spend less than B out of permanent incomeb. B will spend less than A out of permanent incomeC. A will weigh current income less heavily in making consumption decisions than Bd. B will weigh current income less heavily in making consumption decisions than Ae. A's consumption will always be less than B'sDifficulty: Easy21. According to the permanent-income theory, which of the following would have the greatest impact on the current consumption of a 45 year-old tenured college professor?A. A promotion to full professor combined with a $5,000 raiseb. A $5,100 advance payment for a book that will take two years to writec. Winning $5,200 in the Reader's Digest Sweepstakesd. A loss of a stamp collection worth $5,400e. An inheritance of $5,500 from a distant uncleDifficulty: Easy22. If a worker gets a large one-time Christmas bonus, most likely the following will occur:a. An immediate substantial increase in family consumptionb. Permanent family income will increase substantiallyc. Transitory family income will not be affectedD. Family saving will increase that yeare. All of the aboveDifficulty: Easy23. What does the permanent-income theory of consumption predict you would most likely do with $25,000 that you just won on a TV game show?a. Travel throughout Europe and eat in five-star restaurantsb. Invite all your friends to a big bashC. Put the money in the bank to finance your next year in colleged. Take a trip to Las Vegas to try and double your winningse. None of the aboveDifficulty: Easy24. Assume you unexpectedly inherit $20,000. Which of the following fits the life-cycle or permanent-income theory of consumption?a. You buy yourself some blue chip stocksb. You pay back part of your student loanc. You spend $600 on a new Playstation and use the rest to buy government bondsd. You deposit $1,000 in your checking account and $19,000 in your savings accountE. All of the aboveDifficulty: Medium25. According to the permanent-income theory of consumptiona. Permanent income is always lower than transitory incomeb. The mpc out permanent income is close to zeroc. The mpc out of transitory income is close to 1d. All of the aboveE. None of the aboveDifficulty: Medium26. A temporary tax change will significantly affect current consumptiona. But only if it does not come as a surpriseB. If liquidity constraints existc. But only for the elderlyd. As long as it does not lead to a budget deficite. None of the aboveDifficulty: Medium27. Assume you define your permanent income as the average of your income over the most recent five years, and you always consume 90% of your permanent income. What is your current consumption if your income was $30,000 in the first of these five years and each year from then on you got a raise of $2,000?a. $36,000b. $34,200C. $30,600d. $28,800e. $27,000Difficulty: Difficult28. The random-walk theory of consumption predicts thatA. The slope of a line relating C(t+1) to C(t) is equal to 1b. The slope of a line relating C(t+1) to C(t) is equal to 0c. The slope of a line relating C(t+1) to C(t) is close to 0d. The slope of a line relating C(t) to Y(t) is close to 1e. None of the aboveDifficulty: Medium29. Robert E. Hall's theory of consumption behavior is calleda. The absolute-income hypothesisb. The permanent-income theoryC. The random-walk theoryd. The buffer-stock theorye. The life-cycle theoryDifficulty: Easy30. Hall's random walk-theory of consumption states that consumption tomorrow should equala. Income tomorrow minus income today plus some random errorb. Income today minus consumption today plus some random errorC. Consumption today plus some random errord. Permanent income plus some random errore. Income tomorrow plus some random errorDifficulty: Easy31. The random-walk theory of consumption asserts that changes in consumption arise from unexpected changes in income. This approacha. Clearly contradicts Modigliani's theoryb. Clearly contradicts Friedman's theoryc. Contradicts Modigliani's theory but supports Friedman's theoryd. Supports Modigliani's theory but contradicts Friedman's theoryE. Supports Modigliani's and Friedman's theoriesDifficulty: Medium32. Actual consumption behavior exhibits both "excess smoothness" and "excess sensitivity," which means thata. Consumption responds too strongly to surprise changes in incomeb. Consumption responds too little to predictable changes in incomec. Consumption always follows a random walkd. Consumption always adjusts with long lagsE. None of the aboveDifficulty: Medium33. The fact that consumption exhibits "excess sensitivity" implies that consumptionA. Responds too strongly to predictable changes in incomeb. Responds too little to predictable changes in incomec. Responds too little to surprise changes in incomed. Is never affected by liquidity constraintse. Never behaves as Keynes predictedDifficulty: Medium34. The sensitivity of current consumption to changes in current income arises fromA. Liquidity constraintsb. The close relation between current consumption and permanent incomec. Income changes that tend to be mostly random and unpredictabled. The close relation between current and lagged consumptione. None of the aboveDifficulty: Medium35. The sensitivity of current consumption to changes in current income can be explained byA. Myopiab. The absence of liquidity constraintsc. The fact that consumers have the opportunity to borrowd. The fact that consumers always realize when a permanent change in income has occurrede. None of the aboveDifficulty: Medium36. Buffer-stock savingA. Is consistent with the life-cycle hypothesis if uncertainty about future needs is includedb. Disproves the life-cycle hypothesisc. Is the result of a permanent increase in income that is not immediately consumedd. Explains the wealth effecte. None of the aboveDifficulty: Medium37. If uncertainty about future income and future needs is incorporated into the life-cycle theory of consumption, thena. Buffer-stock saving can no longer be explainedb. The fact that consumption is interest sensitive can be explainedC. The fact that people rarely use up their lifetime saving can be explainedd. The fact that saving is interest sensitive can be explainede. It is significantly different from the permanent-income theoryDifficulty: Medium38. Empirical studies of aggregate consumption have shown thata. 100% of the variation in consumption can be explained by changes in current incomeB. Wealth effects generally account for only a small amount of consumer expendituresc. Wealth effects generally are very large, which explains the large variations in consumption from year to yeard. Changes in wealth have a bigger impact on consumption than changes in incomee. The marginal propensity to consume out of wealth is close to oneDifficulty: Medium39. The theory of consumption of durable goodsA. Is basically a theory of investment applied to householdsb. States those durable goods purchases are very insensitive to interest rate changesc. Can be explained very well by the life-cycle theory, since people spread their durable goods purchases equally over their lifetimesd. Suggests that expenditures on durable goods do not increase utility as much as expenditures on other consumption goodse. None of the aboveDifficulty: Medium40. Liquidity constraints explaina. Why consumers may spend less than the permanent-income theory predicts as their current income fallsb. Why consumption may increase more than the life-cycle hypothesis predicts when income recovers after a recessionc. Why consumers may sometimes behave in a manner predicted by the simple Keynesian consumption functionD. All of the abovee. None of the aboveDifficulty: Medium41. Assume the government announces an income tax surcharge of 10% for next year only and the Fed announces that it will keep interest rates constant. What effect do you think this will have on the economy?a. Households will immediately curtail their spending and aggregate demand will decline significantly, causing a recessionb. Households will reduce their spending significantly starting next yearC. Households will not significantly alter their spending behavior this or next year and the effect on the economy will be minimald. Households will spend a lot more this year, causing a temporary boome. Households will save a lot more this year so they won't have to reduce their spending next yearDifficulty: Medium42. If the interest rate increases,a. Consumption of non-durable goods will decrease substantiallyb. Saving will increase substantiallyc. Consumption of durable goods will increase substantiallyd. Both B and CE. None of the aboveDifficulty: Medium43. There is empirical evidence for the fact thata. An increase in interest rates significantly reduces the level of consumption of non-durable goodsb. An increase in wealth has no effect on the level of consumptionC. The effects of interest rate changes on saving are small and hard to determined. An increase in interest rates significantly increases the level of savinge. None of the aboveDifficulty: Difficult44. When examining the impact of changes in the interest rate on saving, which of the following is true?a. Higher interest rates may make saving more attractiveb. Higher interest rates allow individuals to save less each year to reach their retirement saving goalc. Empirical evidence does not suggest that interest rate changes significantly affect saving D. All of the abovee. None of the aboveDifficulty: Medium45. In the Fisher diagram, which gives a microeconomic explanation of why an increase in the rate of interest (i) can lead to either an increase or a decrease in current consumption, the budget constraint can be formulated asA. C later = (1 + i) (Y now - C now)b. C later = (1 + i) (Y later - Y now)c. C later = i (Y now - C now)d. C later = (Y now - C now)/ (1 + i)e. C later = (Y now - C now)Difficulty: Difficult46. Any policy designed to increase business saving will most likelya. Not affect national saving since personal saving will decline proportionallyb. Not affect national saving since the resulting budget deficit will reduce government saving C. Increase national saving since personal saving will decrease by less than the increase in business savingd. Reduce national saving since personal saving will decrease by more than the increase in business savinge. Reduce national saving due to the decline in personal and government savingDifficulty: Medium47. The Barro-Ricardo equivalence propositiona. States that debt-financing merely postpones taxation and therefore in many instances is equivalent to current taxationb. Relies on the absence of liquidity constraints and the presence of an operational bequest motivec. Implies that a cut in current taxes that carries with it an implied increase in future taxes will lead to an increase in private savingd. Was not supported by events of the 1980s as taxes were cut, budget deficits increased, and private saving declinedE. All of the aboveDifficulty: Medium48. The proposition that financing debt by issuing bonds merely postpones taxation and is therefore in many instances equivalent to current taxation is known as thea. Balanced budget theoremb. Rational expectations propositionC. Barro-Ricardo equivalence propositiond. Reagan theory of taxatione. None of the aboveDifficulty: Easy49. The Barro-Ricardo equivalence proposition relies ona. The presence of an operational bequest motiveb. The absence of liquidity constraintsc. The presence of liquidity constraintsD. Both A and Be. Both A and CDifficulty: Medium50. The Barro-Ricardo equivalence proposition implies that tax cutsa. Always lead to a reduction in the budget deficitb. Always lead to the crowding out of investment spendingC. That lead to higher budget deficits do not stimulate consumption since people will save in anticipation of future tax increasesd. Provide important incentives for economic growthe. Ease people's liquidity constraints so they consume moreDifficulty: Medium。
Chapter 13一.Chapter Summary1. Liner transport is the import transport of cargoes from one seaport to another along regular maritime routes according to a schedule. Liner rates usually include the stevedoring charges for loading and unloading.2. Liner transport freight covers basic freight and various kinds of surcharges. Basic freight may be collected according to weight, measurement, weight or measurement, ad, val., weight/measure or ad val. Surcharges include bunker adjustment factor, port surcharges, transshipment surcharges, heavy lift and long length additional, etc.3. Charter transport is a tramp service, picking up cargo only when it is chartered(hired)from the ship owner. There are two types of charter transport’ voyage charter and time charter.4. Under a voyage-charter party, the vessel remains under the control of the ship owner who is responsible for equipping and manning the vessel. Some terms used specially in voyage charter-party are: liner terms, FI(Free In), FO(Free Out), FIO(Free In and Out), lay days, dispatch money and demurrage.5. Time charter means the ship owner agrees to charter a vessel to the charter for a specified period of time.6. Rail transport is a major mode of transport in terms of capacity, only second to ocean transport. It is popular in multimodal transport and transshipment and widely used in landbridges.7. Air transport has the benefits of faster delivery, better security, less packaging and lower insurance, though it is generally perceived as expensive. There are three types of air transport services: schedule airline, chartered carriers, and consolidated consignments by freight forwarders.8.Intermodal transport involves the transport of freight in an intermodal container or vehicle, using multiple modes of transport(rail, ship, and truck), without any handling of the freight itself when changing modes.9. Containerization has the advantages of lowing charges, risks and improving efficiency. The modes of container services include CY/CY,CY/CFS,CFS/CY and FS/CFS. Container capacity is measuredin twenty-foot equivalent units(TEU, or sometimes teu). Most containers today are of the 40-ft(12.2m)variety and are known as 40-foot containers.10. The three functions performed by a bill of lading are: receipt for the goods, evidence of the contract of carriage and document of title to the goods. There are a number of different types of bill of lading including shipped (on board) B/L, received for shipment B/L, clean B/L and unclean B/L, straight B/L, blank B/L and order B/L, direct B/L, transshipment B/L, through B/L, liner B/L,charter-party B/L, container B/L, long form B/L, short form B/l, on deck, B/L, stale B/L, ante-datedB/L and advanced B/L.11. The three rules governing bill of lading are the Hague, Hague-Visby and Hamburg Rules, The Hague Rules were generally well received and have been adopted 58 maritime nations. There are some weakness of the Hague Rules. The Hague-Visby Rules 1968 made some important amendments to the Hague Rules. Hamburg Rules drafted in 1978 and came into force on November 1,1992, and several major amendments were made in the Rules.12. Sea waybill is receipt or the goods, an evidence of contract of carriage, but it is not a document of title. The functions of air waybill are the same as sea waybill. Multimodal transport documents evidence the contract of carriage of goods by at least two modes of transport.13. Shipment clause usually includes time of shipment, port(place) of shipment and destination, partialshipment and transshipment,etc. 二.Review QuestionsA. Brief define the concepts1. liner transport2. voyage charter3. charter-party4. lay days5. dispatch money6. demurrage7. time charter8. landbridge transport9. Intermodal transport(multimodal transport)10. Bill of lading11.shipped B/L12. Received for shipment B/L13. Clean B/L14.unclean B/L15.straight B/L16.blank B/L17.order B/L18.blank endoresment19.direct B/L20.transshipment B/L21.through B/L22. Liner B/L23.charterparty B/L24.container B/L25.long form B/L (or blank back B/L)27. On deck B/L28.stale B/L29.ante-dated B/L30,advanced B/L31.sea waybill32.Air waybillB.Questions and problems1.What are the functions performed by ocean Bs/L?2.In international trade ,why do the importer usually require the exporter to provide "clean on board B/L made out to order and blank endorsed"?3.What are the differences between a "through B/L"and a "multimodal transport document"?4.What is the virtue of containerization?C.Multiple-choice questions1.The most commonly used mode of transport in international trade is______a .air transport.b . road transport c.ocean transport d.railway transport2.If an item is marked with "M" in the tariff , the the liner rate for this item is collected on ____a. its unit. b .its weight c. its capacity d. its measurement3.FIO in the voyage charter-party means that the shipowner is ____a .only responsible for the charges of loadingB. Only responsible for the charges of unloadingC. Responsible for both the loading and unloading chargesD.responsible neither for the loading charges nor for the unloading charges.4.Liner terms in the voyage charge-party means that the shipowner is _____a .only responsible for of loading chargesB. Only responsible for unloading chargesC. Responsible for both the loading and unloading chargesD.responsible neither for the loading charges nor for the unloading charges.5. In voyage charter ,the shipowner is only responsible for loading under____a . FI b. FO c.FIO d. Liner terms6. Lay days are commonly expressed as ____a. Running daysb. Working daysc. Weather working daysd. Eight hour's working days7.Which of the following modes provides door-to-door container service or house-to-house container service?a.CY/CY container serviceb.CY/CFS container servicec.CFS/CY container serviced.CFS/CFS container service8.Container capacity is measured in ___A.FEU(Forty-foot Equivalent Units)b.TEU(Twenty-foot Equivalent Units)C.EEU(Eight-foot Equivalent Units)d.NEU(Nineteen-foot Equivalent Units)9.The document which can be transferred by endorsement is ____A.rail waybillB.Air waybillC.Sea waybillD.Order bill of lading10.Which of the following are NOT rules governing bill of lading?a.The Hague Rulesb.The Hague-Visby Rulesc.The Hamburg Rulesd.The New York Rules11. In the filed of consignee of a B/L ,"To order of ABC CO.Ltd"is marked . This B/L is____A.a straight B/LB.A blank B/LC. An order B/LD. A direct B/L12.Marine Bs/L perform a number of functions except____A. Evidence of the contract of carriageB. Receipt for the goods shippedC. Doucment of title to the goodsD. Non-negotiable document13.Which of the following terms on the B/L shows that the Bill of Lading is a clean B/L?A. One carton shortB. Insufficient packingC. In apparent good order and condituionD. Miss safety seal14.The issuance of ___is unlawfulA. Stale Bs/LB. On deck Bs/LC. Ante-date Bs/LD. Charter-party Bs/L15. The air freight forwarder assembles a number of individual shipments into one consignment and dispatched them on one air waybill .This type of air transport service is called____A. ConsolidationB. Scheduled airlineC. Chartered carrierD. Air express serviceD.True or false questions1.Ocean transport is a very fast mode of transport.2.FIO indicates that the shipowner is responsible for the costs of loading goods onto the vessel and unloading goods from the vessel.3.Time charter generally dose not include loading and unloading costs in the charter rate.4.In voyage charter ,the vessel is under the control of the charterer who is responsible for equipping and manning the vessel.5.A "B/L blank endorsed"refers to the B/L without any endorsement6.All bills of lading are transferable7.A bill of lading with a notation of "insufficient packing"is a foul bill of lading8.A short form bill of lading is usually not acceptable9.According to the GISG, in the absence of terms as to whether transshipment is allowed or not in the contract ,transshipment is to construed as allowed.10.Time charter means that the charterer hires the vessel for a period of time without crew11.Dispatch money and demurrage clause normally appear in the time charter-partyE.Calculationpany A exported 200 cartons of Goods X to Australia .The gross weight and measurement for each carton was 80kg and 100cm*4cm*25cm respectively.Suppose that the freight for the goods was calculated on W/M. The basic was US$80 per freight ton .Surcharges including 10% of port surcharges nd 15%of transshipment surcharges were also collected .How much should Company A pay for the freight?pany A exported 20 metric tons of Goods X to Japan . The goods were packed in cartons each containing 20 kilograms. The total gross weight of this batch of goods was 22060 kilograms and themeasurement of each carton was 42cm*28cm*25cm. The export price of the goods was US$570 per M/T CFR Kuwait. The freight was collected on W/M, the basic freight rate was US$70 ,and port surcharges were 20%.Calculate the FOB price for the exports.V. Answers to review questionsA. Briefly define the concepts1.liner transport:The transport of cargoes from one seaport to another regular maritime routes according to a schedule.2.Voyage charter :Transport vessel or vehicle charter for one or a specified number of trips(voyages)3.Charter-party:Written contract between the shipowner and the chartery days:Also called lay time .The number of days allowed by the ship owner to load or unload cargo without incurring demurrage or late charges5.Dispatch money: When so agreed in the charter-party ,this is paid by the shipowner to the charterer as a result of the vessel completing loading or discharging before the stipulated time6.Demurrage :Penalty paid by the charter to the shipowner for exceeding lay days in loading or unloading.7.Time charter :Transport vessel or vehicle charter for a fixed period instead of for a certain number of voyages or trips.ndbridge transport :Transportation from one seaport to another by railway across continents instead of by ocean ship.9.Intermodal transport (multimodal transport):Transport of freight in an intermodal container or vehicle ,using multiple modes of transport(rail,ship ,and truck),without any handing of the freightitself when changing modes10.Bill of landing (B/L):A transport document issued by an ocean carrier to a shipper with whom the carrier has entered into a contract for the carriage of goods.11.Shipped B/L:B/L issued by the shipping company after the goods are actually shipped on board the designated vessel12.Received for shipment B/L: A received for shipment B/L arises where the word "shipped"dose not appear on the bill of lading. It merely ackonwledges that the goods have been received by the carrier for shipment.13.Clean B/L:B/L that is free from any adverse remarks,made by the shipping company, about the condition ,packaging ,or quantity of the goods being shipped.14.Unclean B/L:B/L with adverse remarks or notations (called "clauses")by the carrier that the goods received for shipping (or their packaging )look wet, or otherwise in doubtful condition ,or not ofcorrect quantity.15.Straight B/L:B/L with designated consignee16.Blank B/L:Also called Open B/L or Bearer B/L ,means that there is no definite consignee of the goods17.Order B/L :B/L that the goods are consigned or destined to the order of a named person18.Blank endorsement: An open endorsement that carries only the signature of the endorser and dose not specify in whose favor it is made (who is the endorsee)19.Direct B/L: B/L that indicates the goods are shipped from the port of loading direct to the port of destination without involving transshipment.20.Transshipment B/L:B/L that indicates the goods need to be transshipped at an intermediate port21.Through B/L:B/L issued for containerized door-to door shipments that have to use different shipsand /or different means of transport(aircraft, railcars, ships ,trucks,etc.)from origin to destination .Unlike in case of a multimodal Bill Of Lading, the principal carrier or the freight-forwarder (whoissued the through B/L)is liable under a contract of carriage only for its own phase of the journey, and acts as an agent for the carriers executing the other phases.22.Liner B/L:B/L issued by a liner company for shipment on scheduled port calls through scheduled routes.23.Charter-party B/L:B/L issued by the carrier (or its agent)based on the charter-party.24.Container B/L:B/L issued when the goods are conveyed by container25.Long form B/L:B/L more detailed with the terms and conditions of carriage which are printed onthe back of the page26.Short from B/L(or blank back B/L):An abbreviated type of B/L27.On deck B/L:B/L containing the notation that the goods have been loaded on the deck of the vessel28.Stale B/L:B/L presented to the consignee or buyer or its bank after the stipulated expiry date of presentation or after the goods are due the port of destination29.Ante-dated B/L:B/L which is dated before the date on which it is issued30.Advanced B/L:B/L issued before the shipment hasn't yet been effected31.Sea waybill:A non-negotiable document that constitutes evidence of the contract of carriage and of the receipt of the goods by the carrier32.Air waybill :The consignment note used for the carriage of goods by airB.Questions and problems1. The B/L performed as a receipt for the goods, an evidence of contract of carriage and document of title to the goods.1) Receipt for goods: The bill of exchange acts as a receipt for the goods received. A bill oflading describes the goods put on board a vessel ,states the quantity ,and their condition2) Evidence of the contract of carriage: The B/L is an evidence of the contract of carriagebetween the shipper and the carrier .The bill becomes conclusive evidence of the terms of the contract of carriage once it is negotiated to a good faith third party.3) Document of title to the goods : The named consignee or the holder of a bill of loading ,provided he has receiver it in good faith through due negotiation , has a claim to title and ,by surrendering the bill ,to delivery of the goods2."Clean on board B/L made out to order and blank "endorsed" is a B/L issued when the goods are actually shipped on board the designated vessel and it is free from any adverse remarks.Moreover, it is a negotiable instrument and can be transferred by only carring the signature of the endorser. As such , the importer is ensured that goods had been shipped on board and were in apparent good order and condition when the shipment was effected and the B/L is easy to be transferred.3.Multimodal transport document could be regarded as an extension of the through bill of lading . The essential difference is that under a through bill of lading , the principal carrier concludes several separate contracts carriage for subsequent segments of the transport as agent for the shipper or as agent for the on-carriers . It doses not normally accept responsibility for segments undertaken by the other carriers involved. The multimodal transport document goes a step further . Under this contract of carriage,the multimodal transport operator or freight forwarder takes responsibility as pricipal for the entire carriage. The multimodal transport operator may in fact offer a complete service but often the principal carrier will subcontract with other carriers.It does this not as an agent of the shipper but as the principal party to the subcontracts. So far as the shipper is concerned it can rely on one contract ofcarriage withe the multimodal transport operator4.The virtue of containerization is that by simplifying and speeding up the cargo-handling process at each transfer point , it minimizes interruptions and restores as many efficiencies as possible.C.Multiple-choice questions1.c2.d3. d4.c5.b6.c7.a8.b9.d 10.d 11.c 12,d 13.c 14.c 15.aD.True of false questions1.F2.F3.T4.F5.F6.F7.T8.F9.F 10.F 11.FE.Calculation1. 1)Total weight:0.08M/T*200=16M/T2) Total volume:100/100*40/100*25/100*200=20cm^33)As the total volume was greater than the total weight, thus volume was the basis for collecting freight.4) Total freight=total weight *(basic freight rate +surcharges)2. 1)Total carton :20M/T*1000/20kg=1000cartons2) Total weight:22260kg/1000=22.26M/T3)Total volume :42cm/100*28cm/100*25cm/100*1000=29.4cm^34) As the total volume was greater than the total weight, thus volume was the basis for collecting freight.5) Total freight=total volume *(basic freight rate +surcharges)=29.4*(70+70*20%)=US$2469.66)Freight per M/T=US$2469.6/20=I=US$123.487)FOB price=CFR-F=570-123.48=US$446.52。
Chapter 1MY father's family name being Pirrip, and my christian name Philip, my infant tongue could make of both names nothing longer or more explicit than Pip. So, I called myself Pip, and came to be called Pip. I give Pirrip as my father's family name, on the authority of his tombstone and my sister - Mrs Joe Gargery, who married the blacksmith. As I never saw my father or my mother, and never saw any likeness of either of them (for their days were long before the days of photographs), my first fancies regarding what they were like, were unreasonably derived from their tombstones. The shape of the letters on my father's, gave me an odd idea that he was a square, stout, dark man, with curly black hair. From the character and turn of the inscription, `Also Georgiana Wife of the Above,' I drew a childish conclusionthat my mother was freckled and sickly. To five little stone lozenges, each about a foot and a half long, which were arranged in a neat row beside their grave, and were sacred to the memory of five little brothers of mine - who gave up trying to get a living, exceedingly early in that universal struggle - I am indebted for a belief I religiously entertained that they had all been born on their backs with their hands in their trousers-pockets, and had never taken them out in this state of existence.Ours was the marsh country, down by the river, within, as the river wound, twenty miles of the sea. My first most vivid and broad impression of the identity of things, seems to me to have been gained on a memorable raw afternoon towards evening. At such a time I found out for certain, that this bleak place overgrown with nettles was the churchyard; and that PhilipPirrip, late of this parish, and also Georgiana wife of the above, were dead and buried; and that Alexander, Bartholomew, Abraham, Tobias, and Roger, infant children of the aforesaid, were also dead and buried; and that the dark flat wilderness beyond the churchyard, intersected with dykes and mounds and gates, with scattered cattle feeding on it, was the marshes; and that the low leaden line beyond, was the river; and that the distant savage lair from which the wind was rushing, was the sea; and that the small bundle of shivers growing afraid of it all and beginning to cry, was Pip.`Hold your noise!' cried a terrible voice, as a man started up from among the graves at the side of the church porch. `Keep still, you little devil, or I'll cut your throat!'A fearful man, all in coarse grey, with a great iron on his leg. A man with no hat, and with broken shoes, and with an oldrag tied round his head. A man who had been soaked in water, and smothered in mud, and lamed by stones, and cut by flints, and stung by nettles, and torn by briars; who limped, and shivered, and glared and growled; and whose teeth chattered in his head as he seized me by the chin.`O! Don't cut my throat, sir,' I pleaded in terror. `Pray don't do it, sir.'`Tell us your name!' said the man. `Quick!'`Pip, sir.'`Once more,' said the man, staring at me. `Give it mouth!' `Pip. Pip, sir.'`Show us where you live,' said the man. `Pint out the place!'I pointed to where our village lay, on the flat in-shore among the alder-trees and pollards, a mile or more from thechurch.The man, after looking at me for a moment, turned me upside down, and emptied my pockets. There was nothing in them but a piece of bread. When the church came to itself - for he was so sudden and strong that he made it go head over heels before me, and I saw the steeple under my feet - when the church came to itself, I say, I was seated on a high tombstone, trembling, while he ate the bread ravenously.`You young dog,' said the man, licking his lips, `what fat cheeks you ha' got.'I believe they were fat, though I was at that time undersized for my years, and not strong.`Darn Me if I couldn't eat em,' said the man, with a threatening shake of his head, `and if I han't half a mind to't!' I earnestly expressed my hope that he wouldn't, and heldtighter to the tombstone on which he had put me; partly, to keep myself upon it; partly, to keep myself from crying.`Now lookee here!' said the man. `Where's your mother?' `There, sir!' said I.He started, made a short run, and stopped and looked over his shoulder.`There, sir!' I timidly explained. `Also Georgiana. That's my mother.'`Oh!' said he, coming back. `And is that your father alonger your mother?'`Yes, sir,' said I; `him too; late of this parish.'`Ha!' he muttered then, considering. `Who d'ye live with - supposin' you're kindly let to live, which I han't made up my mind about?'`My sister, sir - Mrs Joe Gargery - wife of Joe Gargery,the blacksmith, sir.'`Blacksmith, eh?' said he. And looked down at his leg. After darkly looking at his leg and me several times, he came closer to my tombstone, took me by both arms, and tilted me back as far as he could hold me; so that his eyes looked most powerfully down into mine, and mine looked most helplessly up into his.`Now lookee here,' he said, `the question being whether you're to be let to live. You know what a file is?'`Yes, sir.'`And you know what wittles is?'`Yes, sir.'After each question he titled me over a little more, so as to give me a greater sense of helplessness and danger.`You get me a file.' He tilted me again. `And you get mewittles.' He tilted me again. `You bring 'em both to me.' He tilted me again. `Or I'll have your heart and liver out.' He tilted me again.I was dreadfully frightened, and so giddy that I clung to him with both hands, and said, `If you would kindly please to let me keep upright, sir, perhaps I shouldn't be sick, and perhaps I could attend more.'He gave me a most tremendous dip and roll, so that the church jumped over its own weather-cock. Then, he held me by the arms, in an upright position on the top of the stone, and went on in these fearful terms:`You bring me, to-morrow morning early, that file and them wittles. You bring the lot to me, at that old Battery over yonder. You do it, and you never dare to say a word or dare to make a sign concerning your having seen such a person as me, or anyperson sumever, and you shall be let to live. You fail, or you go from my words in any partickler, no matter how small it is, and your heart and your liver shall be tore out, roasted and ate. Now, I ain't alone, as you may think I am. There's a young man hid with me, in comparison with which young man I am a Angel. That young man hears the words I speak. That young man has a secret way pecooliar to himself, of getting at a boy, and at his heart, and at his liver. It is in wain for a boy to attempt to hide himself from that young man. A boy may lock his door, may be warm in bed, may tuck himself up, may draw the clothes over his head, may think himself comfortable and safe, but that young man will softly creep and creep his way to him and tear him open. I am a keeping that young man from harming of you at the present moment, with great difficulty. I find it wery hard to hold that young man off of your inside. Now, what do you say?'I said that I would get him the file, and I would get him what broken bits of food I could, and I would come to him at the Battery, early in the morning.`Say Lord strike you dead if you don't!' said the man.I said so, and he took me down.`Now,' he pursued, `you remember what you've undertook, and you remember that young man, and you get home!'`Goo-good night, sir,' I faltered.`Much of that!' said he, glancing about him over the cold wet flat. `I wish I was a frog. Or a eel!'At the same time, he hugged his shuddering body in both his arms - clasping himself, as if to hold himself together - and limped towards the low church wall. As I saw him go, picking his way among the nettles, and among the brambles that bound the green mounds, he looked in my young eyes as if he wereeluding the hands of the dead people, stretching up cautiously out of their graves, to get a twist upon his ankle and pull him in.When he came to the low church wall, he got over it, like a man whose legs were numbed and stiff, and then turned round to look for me. When I saw him turning, I set my face towards home, and made the best use of my legs. But presently I looked over my shoulder, and saw him going on again towards the river, still hugging himself in both arms, and picking his way with his sore feet among the great stones dropped into the marshes here and there, for stepping-places when the rains were heavy, or the tide was in.The marshes were just a long black horizontal line then, as I stopped to look after him; and the river was just another horizontal line, not nearly so broad not yet so black; and thesky was just a row of long angry red lines and dense black lines intermixed. On the edge of the river I could faintly make out the only two black things in all the prospect that seemed to be standing upright; one of these was the beacon by which the sailors steered - like an unhooped cask upon a pole - an ugly thing when you were near it; the other a gibbet, with some chains hanging to it which had once held a pirate. The man was limping on towards this latter, as if he were the pirate come to life, and come down, and going back to hook himself up again. If gave me a terrible turn when I thought so; and as I saw the cattle lifting their heads to gaze after him, I wondered whether they thought so too. I looked all round for the horrible young man, and could see no sings of him. But, now I was frightened again, and ran home without stopping.我父亲的姓是皮利普,而我的教名是菲利普。
Solutions Manualto accompanyPrinciples of Accounting2nd editionbyJerry Weygandt, Keryn Chalmers, Lorena Mitrione Michelle Fyfe, Susana Yuen, Donald Kieso, Paul KimmelChapter 13Accounting for partnershipsJohn Wiley & Sons Australia, LtdCHAPTER 13 Accounting for Partnerships ASSIGNMENT CLASSIFICATION TABLELearning Objectives QuestionsBriefExercises Exercises Problems1. Identify thecharacteristics of thepartnership form ofbusiness entity.1, 2, 32. Explain the accountingentries for the formationof a partnership.4 1, 2 1 1, 33. Identify the bases fordividing profit or loss. 5, 6, 7, 8,93, 4, 5 2 2, 35. Explain the effects ofthe entries when a newpartner is admitted.11,12,13 6, 7 4,5,6, 46. Describe the effects ofthe entries when apartner withdraws fromthe partnership.14,15,16,17 8, 9 7,8,9 54. Describe the form andcontent of partnershipfinancial statements.10 3 1, 27. Explain the effects ofthe entries to record theliquidation of apartnership. 18,19,20,21,2210 10,11,12,136,7ASSIGNMENT CHARACTERISTICS TABLEProblemNumber Description DifficultyLevelTimeAllotted (min.)1 Prepare entries for formation of a partnership and astatement of financial position.Simple 20-302 Journalise divisions of profit and prepare a partnershipstatement of changes in equity.Moderate 30-403 Prepare entries for formation of a partnership, statementof financial position and show division of profit andprepare partners current accounts.Moderate 30-404 Journalise admission of a partner under differentassumptions.Moderate 30-405 Journalise withdrawal of a partner under differentassumptions.Moderate 30-406 Prepare entries and schedule of cash payments inliquidation of a partnership.Moderate 30-407 Journalise entries in a liquidation of a partnership withcapital deficiency.Moderate 30-4013-4✓ Accuracy checkedBLOOM’S TA XONOMY TABLECorrelation Chart between Bloom’s Taxonomy, Learning Objectives and End -of-Chapter Exercises and ProblemsLearning Objective Knowledge Comprehension ApplicationAnalysis SynthesisEvaluation1. Identify the characteristics of the partnership form of business organisation. Q13-1 Q13-2 Q13-32. Explain the accounting entries for the formation of a partnership. Q13-4 BE13-1 BE13-2 E13-1P13-13. Identify the bases for dividing profit or loss. Q13-5 Q13-6 Q13-8 Q13-7 Q13-9 BE13-3 BE13-4 BE13-5 E13-2P13-2P13-35. Explain the effects of the entries when a new partner is admitted. Q13-11 Q13-12 Q13-13 BE13-7 BE13-8E13-4 E13-5 E13-6 P13-46. Describe the effects of the entries when a partner withdraws from the partnership. Q13-14 Q13-15 Q13-16 Q13-17 BE13-9 BE13-10E13-7 E13-8 E13-9P13-5*4. Describe the form and content of partnership financial statements. Q13-10 E13-3E13-27. Explain the effects of the entries to record the liquidation of a partnership. Q13-18 Q13-19 Q13-20 Q13-21 Q13-22 BE13-6 E13-10 E13-11 E13-12E13-13P13-6P13-7Broadening Your Perspective Exploring the Web Group Decision CaseCommunication Group DecisionCaseEthics CaseANSWERS TO QUESTIONS1.(a) Association of individuals. A partnership is a voluntary association of two or moreindividuals based on as simple an act as a handshake. Preferably, however, theagreement should be in writing. A partnership is an accounting entity, but it is not ataxable entity.(b) Limited life. A partnership does not have unlimited life. A partnership may be endedvoluntarily or involuntarily. Thus, the life of a partnership is indefinite. Any change in themembers of a partnership results in the dissolution of the partnership.(c) Co-ownership of property. Partnership assets are co-owned by all the partners. If thepartnership is terminated, the assets do not legally revert to the original contributor.Each partner has a claim on total assets equal to his or her capital balance. This claimdoes not attach to specific assets the individual partner contributed to the partnership.2.(a) Mutual agency. This characteristic means that the act of any partner is binding on allother partners when engaging in partnership business. This is true even when thepartners act beyond the scope of their authority, so long as the act appears to beappropriate for the partnership.(b) Unlimited liability. Each partner is personally and individually liable for all partnershipliabilities. Creditors’ claims attach first to partnership assets and then to personalresources of any part ner, irrespective of that partner’s equity in the partnership.3.The advantages of a partnership are: (1) combining skills and resources of two or moreindividuals,(2) ease of formation, (3) not subject to as much governmental regulation as companies, (4) ease of decision making, and (5) no taxation of partnership profit.Disadvantages are: (1) mutual agency, (2) limited life, (3) unlimited liability, and (4) partners may not be able to work together.4.The capital balance should be $112 000, comprised of land $75 000, and equipment$57 000, less debt $20 000.5.When the partnership agreement does not specify the division of profit or loss, profit and lossshould be divided equally.6.Factors to be considered in determining how profit and loss should be divided are: (1) afixed ratio is easy to apply and it may be an equitable basis in some circumstances; (2) capital balance ratios when the funds invested in the partnership are considered the most critical factor; and (3) salary allowance and/or interest allowance coupled with a fixed ratio. This last approach gives specific recognition to differences that may exist among partners by providing salary allowances for time worked and interest allowances for capital invested.7.The profit of $24 000 should be divided equally — $12 000 to M. Marion and $12 000 to R.Hood.8.(a) Account debited: Profit and Loss Summary; accounts credited: S. Tortoise, Current andF. Hare, Current.(b) Account debited: S. Tortoise, Drawings; account credited: Cash.ANSWERS TO QUESTIONS (continued)9.Division of ProfitT. Ng R. Hong TotalSalary AllowanceDeficiency:($5000), ($50 000 – $55 000) T. Ng (60% × $5000)R. Hong (40% × $5000)Total division $30 000(3 000)$27 000)$25 000(2 000)$23 000)$55 000(3 000)(2 000)$50 000Insert the answer to 10 here.11.This transaction represents the purchase of a partner’s interest. It is a personaltransaction that has no effect on partnership net assets.12.Partnership net assets increase $25 000. No, Derek Hodges does not necessarilyacquire a 1/6 profit and loss ratio. Unless stated otherwise, profit or loss is divided evenly.13.Mary Garden, Capital .......................................................................... 63 000Isabella Dillon, Capital ................................................................. 63 000 14.Montgomery Smith, Capital ................................................................. 37 000Rebecca Barrett, Capital .............................................................. 37 000 15.Taylor’s share of the bonus is $6 000 computed as follows:Partnership assets ....................................................................... $89 000Capital credit, Jacobs ................................................................. 77 000Bonus to retiring partner .............................................................. 12 000Allocated to:Garland: $12 000 × 1/2 = ..................................................... $6 000Taylor: $12 000 × 1/2 = ..................................................... 6 000 12 000............................................................................................ $0 16.It is important to provide the withdrawing partner with their share of the partnershipassets. Having an independent valuation ensures that the partner receives or shares in any market value changes that their efforts have caused.17.When a p artner dies, it is usually necessary to determine the partner’s equity at the date ofdeath by: (1) determining the profit or loss for the year to date, (2) closing the books, and (3) preparing financial statements. The partnership agreement may also require an audit of the financial statements by independent auditors and a revaluation of assets by an independent appraisal firm.10.The financial statements of a partnership are similar to those of a proprietorship. Thedifferences are generally related to the fact that a number of partners are involved in a partnership. The income statement for a partnership is identical to the income statement for a proprietorship except for the division of profit. The statement of changes in equity shows the changes in each partner’s capital account and in total partnership equity during the year. On the statement of financial position each partner’s capital balance is re ported in the owners’ equity se ction.18.Liquidation of a partnership ends the life of the entity. In the dissolution of a partnership,the economic life of the entity continues.19.No, Jerry is not correct. All gains and losses on liquidation should be allocated to thepartners on the basis of their profit-and loss-sharing ratio. However, final cashdistributions should be based on their capital balances.20.Yes, Dean is correct. Capital balances are used because they represent the individualpartner’s equity in the partnership. The objective of the distribution is to eliminate thebalance in each p artner’s capital account.21.Total cash after paying liabilities ....................................................................... $119 000Total capital balances ($34 000 + $31 000 + $28 000) ..................................... 93 000Excess (gain on sale of noncash assets) .......................................................... $26 000Allocated to Mooney ($26 000 × 3/10) .............................................................. $7 800Cash to Mooney ($31 000 + $7800) ................................................................. $38 80022.Capital deficiency M. Davey ........................................................................... $7 200Loss allocated to:L. Dong, capital ($7200 × 45%) ........................................... $3 240Cash to L. Dong ($23 200 – $3240) ................................................................. $19 960The following accounts may assist in the determination of the amount paid to Dong.RealisationNon-cash assets 71 000 Cash 75 000 Capital – Peters 2 000Capital – Dong 1 200Capital – Davey 80075 000 75 000CashBalance 25 000 Liabilities 55 000 Realisation 75 000 Capital – Peters 25 040Capital – Dong 19 960100 000 100 000 Peters CapitalCapital – Davey 3 960 Balance 27 000 Cash 25 040 Realisation 2 00029 000 29 000Dong CapitalCapital – Davey 3 240 Balance 22 000 Cash 19 960 Realisation 1 20023 200 23 200Davey CapitalBalance 8 000 Realisation 800Capital – Peters 3 960Capital – Dong 3 2408 000 8 000The share of the deficiency is calculated using the Garner v. Murray Rule. Deficiency is$7200 split between Peters and Dong based on the capital balances before liquidation(rounded).Calculated as follows: Peters — $7200 x 27 000/49 000 = $3960Dong — $7200 x 22 000/49 000 = $3240.SOLUTIONS TO BRIEF EXERCISESBRIEF EXERCISE 13-1Cash ....................................................................................................... 10 000 Equipment................................................................................................ 9 000 Andy Moran, Capital ....................................................................... 19 000 BRIEF EXERCISE 13-2Accounts Receivable ............................................................................... $32000Less: Allowance for impairment .............................................................. 7000 $25000 Equipment (22000)Accumulated depreciation should not be shown because a new business cannot have any accumulated depreciation.BRIEF EXERCISE 13-3The division is: Lauren $30 000 ($50 000 × 60%) and Daniel $20 000 ($50 000 × 40%). The entry is:Profit and Loss Summary ............................................................... 50 000 Lauren, Current .................................................................... 30 000Daniel, Current ..................................................................... 20 000 BRIEF EXERCISE 13-4Division of ProfitCharlie Sonja Nedh TotalSalary allowance Remaining profit, $ 44000: ($ 71500 - 27500)C ($44000 × 50%)S ($44000 × 30%)N ($44000 × 20%)Total remainder Total division$ 1650022000$38500$ 550013200$ 18700$ 55008800$14300$ 2750044000$71500BRIEF EXERCISE 13-5Division of ProfitBob Ray TotalSalary allowanceInterest allowanceRemaining deficiency, ($13 000): [($25 000 + $12 000) – $24 000] Bob ($13 000 × 50%)Ray ($13 000 × 50%)Total remainderTotal division $15 0007 000(6 500)$15 500$10 0005 000(6 500)$8 500$25 00012 000(13 000)$24 000BRIEF EXERCISE 13-6Foe, Capital (22000)Fum, Capital (22000)BRIEF EXERCISE 13-7Cash ........................................................................................................... 42 000Carina, Capital (50% × $17 400*)................................................................. 8 700Adam, Capital (50% × $17 400) ................................................................... 8 700 Ricky, Capital (45% × $132 000) ........................................................ 59 400 *[($40 000 + $50 000 + $42 000) × 45%] – $42 000 = $17 400.BRIEF EXERCISE 13-8Elroy, Capital ............................................................................................... 20 000 George, Capital .................................................................................. 10 000Jane, Capital ...................................................................................... 10 000BRIEF EXERCISE 13-9Elroy, Capital ............................................................................................... 20 000George, Capital (50% × $8000) ................................................................... 4 000Jane, Capital (50% × $8000) ........................................................................ 4 000 Cash................................................................................................... 28 000 BRIEF EXERCISE 13-10R, Capital (15000)E, Capital (10500)O, Capital (6000)Cash (31500)SOLUTIONS TO EXERCISESEXERCISE 13-1Jan. 1 Cash (18000)Accounts Receivable (21000)Equipment (26250)Allowance for impairment (4500)Fred Flintstone, Capital (60750)EXERCISE 13-2(a) (1) DIVISION OF PROFITF. AinsleyG. Ng TotalSalary allowance .................................................... Interest allowanceF. Ainsley ($50 000 × 10%) .............................G. Ng ($40 000 × 10%) ...................................Total interest ............................................ Total salaries and interest ...................................... Remaining profit, $14 000 ($55 000 – $41 000) .....F. Ainsley ($14 000 × 60%) .............................G. Ng ($14v000 × 40%) ..................................Total remainder ........................................ Total division .......................................................... $20 0005 000000 00025 0008 400$33 400$12 0004 000000 00016 0005 600$21 600$32 0009 00041 00014 000$55 000(2) DIVISION OF PROFITF. AinsleyG. Ng TotalSalary allowance ........................................... Interest allowance ......................................... Total salaries and interest ............................. Remaining deficiency, ($11,000)($41,000 – $30,000)F. Ainsley ($11,000 × 60%) ...................G. Ng ($11,000 × 40%) .........................Total remainder ............................. Total division $20 000( 5 000)25 000(6 600)($18 400)$12 0004 000)16 000(4 400)($11 600)$32 0009 00041 000(11 000$30 000)(b) (1) Profit and Loss Summary .......................................................... 55 000F. Ainsley, Current .......................................................... 33 400G. Ng, Current ................................................................. 21 600(2) Profit and Loss Summary .......................................................... 30 000F. Ainsley, Current .......................................................... 18 400G. Ng, Current ................................................................. 11 600(a) AMAZING SOAPSPartnership Statement of Changes in EquityFor the Year Ending 30 June 2011M. Rowling D. Martin TotalCapital, 1 January Add: ProfitLess: Drawings Capital, 31 December $20 00016 00036 0008 000$28 000$18 00016 00034 0005 000$29 000$38 00032 00070 00013 000$57 000(b) AMAZING SOAPSPartial Statement of Financial Positionas at 30 June 2011Owners’ equityM. Rowling, Capital .................................................................... $28 000D. Martin, Capital ....................................................................... 29 000T otal owners’ equity ......................................................... $57 000 EXERCISE 13-4(a) J. Kirk, Capital ($64 000 × 50%) (32000)P. Armstrong, Capital (32000)(b) M. Spock, Capital ($ 52 000 × 50%) .................................................... 26 000P. Armstrong, Capital .................................................................. 26 000 (c) F. Scott, Capital ($30 000 × 33 1/3%) .. (10000)P. Armstrong, Capital .................................................................. 10 000(a) Cash.................................................................................................... 110 000G. Zeus, Capital (6/10 × $20 900) ................................................. 12 540R. Apollo, Capital (4/10 × $ 20 900) (8360)K. Athena, Capital (89100)Total capital of existing partnership ......................... $187 000Investment by new partner Athena ......................... 110 000Total capital of new partnership ............................... $297 000Athena’s capital credit ............................................. $89 100(30% × $297 000)Investment by new partner Athena ......................... $110 000Athena’s capital credit ............................................. 89 100Bonus to old partners .............................................. $20 900(b) Cash................................................................................................... 39 600G. Zeus, Capital (6/10 × $28 380) ...................................................... 17 028R. Apollo, Capital (4/10 × $28 380) ..................................................... 11 352 K. Athena, Capital ........................................................................ 67 980 Total capital of existing partnership ......................... $187 000Investment by new partner Athena ......................... 39 600Total capital of new partnership ............................... $226 600Athena’s capital credit (30% × $226 600) ................ $67 980Investment by new partner Athena ......................... $39 600Athena’s capital credit ............................................. 67 980Bonus to new partner .............................................. $28 380EXERCISE 13.6(a) Dr Capital – S. Spencer ................................................................... 20 000Cr Capital – R. Roberts ............................................................. 20 000 (b) Dr Cash ........................................................................................... 24 000Cr Capital – S. Spencer ($1670 x 2/5) (668)Cr Capital – L. Loren ($1670 x 2/5) (668)Cr Capital – D. Donaldson ($1670 x 1/5) (334)Cr Capital – R. Roberts ............................................................. 22 330 Total capital of existing partnership .................................... $110 000Investment by new partner, R. Roberts .............................. 24 000Total capital of new partnership ................................ $134 000R. Robert’s capital credit ($134 000 x 1/6) ......................... 22 330 (rounded)Investment by new partner, R. Roberts .............................. 24 000R. Roberts capital credit ..................................................... 22 330Bonus to old partners ............................................... $ 1 670(c) Dr Cash .......................................................................................... 20 800Dr Capital – S. Spencer ($1000 x 2/5) (400)Dr Capital – L. Loren ($1000 x 2/5) (400)Dr Capital – D. Donaldson ($1000 x 1/5) (200)Cr Capital – R. Roberts .......................................................... 21 800 Total capital of existing partnership .................................... $110 000Investment by new partner R. Roberts ............................... 20 800Total capital of new partnership ......................................... $130 800R. Robert’s capital credit ($130 800 x 1/6) ......................... 21 800 (rounded)Investment by new partner R. Roberts ............................... 20 800R. Roberts capital credit ..................................................... 21 800Bonus to new partner ......................................................... $ 1 000EXERCISE 13-71. S. Michael, Capital ............................................................................. 30 000B. Amber, Capital...................................................................... 15 000V. Colin, Capital ........................................................................ 15 000 2. S. Michael, Capital ............................................................................. 30 000V. Colin, Capital ........................................................................ 30 0003. S. Michael, Capital ............................................................................. 30 000B. Amber, Capital...................................................................... 30 000H. Wong, Capital ($10 500 × 4/7) ........................................................ 6 000R. Cameo, Capital ($10 500 × 3/7) ...................................................... 4 500 Cash .......................................................................................... 85 500 Capital balance of withdrawing partner ....................... $75 000Payment to withdrawing partner ................................. 85 500Bonus to retiring partner ............................................. $10 500Allocation of bonusWong, Capital ............................... $6 000($10 500 × 4/7)Cameo, Capital ............................. 4 500 $10 500($10 500 × 3/7)2. T. Prince, Capital ................................................................................. 75 000H. Wong, Capital ($7000 × 4/7) ................................................. 4 000R. Cameo, Capital ($7000 × 3/7) ............................................... 3 000Cash .......................................................................................... 68 000 Capital balance of withdrawing partner ....................... $75 000Payment to withdrawing partner ................................. 68 000Bonus to remaining partners ...................................... $7 000Allocation of bonusWong, Capital ................................. $4 000($7000 × 4/7)Cameo, Capital ............................... 3 000 $7 000($7000 × 3/7)Cr Cash .................................................................................... 20 000 (2) Dr Capital – Peter ............................................................................ 20 000Dr Capital – Paul ............................................................................. 2 500Dr Capital – Mary ............................................................................ 2 500Cr Cash .................................................................................... 25 000 Capital balance of withdrawing partner ..................... $20 000Payment to withdrawing partner ............................... 25 000Bonus to retiring partner ............................... $5 000Allocation of bonusPaul ($5 000 × .5) .............................................. 2 500Mary ($5 000 × .5) ............................................. 2 500 5 000(3) Dr Capital – Peter ............................................................................ 20 000Cr Capital – Paul ...................................................................... 1 250 Cr Capital – Mary ...................................................................... 1 250 Cr Cash .................................................................................... 17 500 Capital balance of withdrawing partner .................... $20 000Payment to withdrawing partner .......................... 17 500Bonus to retiring partner .............................. $2 500Allocation of bonusPaul ($2 500 × .5) ............................................. 1 250Mary ($2 500 × .5) ............................................ 1 250 2 500EXERCISE 13-10THE APPLE PARTNERSHIPSchedule of Cash PaymentsItem Cash NoncashAssets LiabilitiesCassandraCapitalPenelopeCapitalBalances before liquidation Sale of noncash assets and allocation of gainNew balancesPay liabilitiesNew balancesCash distribution to partners Final balances $20 000120 000140 000(55 00085 000(85 000$0))$100 000(100 000)$0)$55 000(0000 00)55 000(55 000)$0)$45 00012 00057 0000000 0057 000(57 000)$ 0$20 0008 00028 0000000 0028 000(28 000)$ 0Noncash Assets ..................................................................... 100 000Realisation ............................................................................. 20 000 (b) Realisation ..................................................................................... 20 000Cassandra, Capital ($20 000 × 60%) ..................................... 12 000Penelope, Capital ($20 000 × 40%) ....................................... 8 000 (c) Liabilities ........................................................................................ 55 000Cash ...................................................................................... 55 000 (d) Cassandra, Capital ........................................................................ 57 000Penelope, Capital .......................................................................... 28 000 Cash ..................................................................................... 85 000 EXERCISE 13-12(a) (1) Cash ........................................................................................... 2 200Humphries, Capital .............................................................. 2 200(2) Ming, Capital ............................................................................... 18 700Polka, Capital ............................................................................. 16 500Cash .................................................................................... 35 200 (b) (1) Ming, Capital ($2 200 × 60%) ..................................................... 1 320Polka, Capital ($ 2 200 × 40%) (880)Humphries, Capital .............................................................. 2 200(2) Ming, Capital ($18 700 - $1 320) ................................................. 17 380Polka, Capital ($16 500 - 880) .................................................... 15 620Cash .................................................................................... 33 000。
小王子英语阅读记录chapter 13句子在《小王子》这本书中,第十三章是讲述小王子和狐狸之间的故事。
在这一章中,狐狸向小王子传授了关于友谊和责任的重要教训。
以下是一些值得注意的句子:
1. "And now here is my secret, a very simple secret: It is only with the heart that one can see rightly; what is essential is invisible to the eye."(“这是我的一个秘密,很简单的秘密:只有用心才能看到真相;重要的东西眼睛是看不见的。
”)这句话告诉我们,真正重要的东西是无法用眼睛看到的,只有用心去感受才能理解。
2. "It is the time you have wasted for your rose that makes your rose so important."(“你为你玫瑰浪费的时间使得你的玫瑰变得如此重要。
”)这句话告诉我们,时间是我们最宝贵的财富之一,我们应该珍惜每一刻。
3. "Men have forgotten this truth. But you must not forget it. You become responsible, forever, for what you have tamed."(“人们已经忘记了这个真理。
但是你不能忘记它。
你必须永远对你驯服的东西负责。
”)这句话告诉我们,当我们驯服某个事物时,我们就必须对它负责。