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第四章课后习题复习思考题1.会计科目就是对会计要素的具体内容进行科学分类的项目为了准确的记录每一项经济业务发生后引起的会计要素中个别数量发生的数量变动必须对会计要素包括的具体内容进行科学分类并赋予每个类别一个特定的名称这个名称就是会计科目所以会计科目就是对会计要素的具体内容进行科学分类的项目2.第一必须结合会计要素的特点全面反映会计要素的内容第二既要符合企业内部经济管理的要求又要符合对外报告满足宏观经济管理的要求第三会计科目的设臵既要保持统一性又要考虑灵活性第四会计科目的设臵既要适应社会发展的需要又要保障持相应的稳定性第五会计科目的设臵应保持会计科目总体上的完整性和会计科目之间的互斥性3.可将其分为资产类会计科目所有者权益类会计科目负债类会计科目共同类会计科目损益类会计科目成本类会计科目4.账户是对会计要素的具体内容进行科学分类反应和监督并具有一定格式的工具它是用来分类连续系统的记录和反映各种会计要素增减变化情况及其结果的一种手段如果把企业发生的经济业务连续系统全面的反映和监督下来提供各种会计信息就需要一个记录的载体这个载体就是按照会计科目所规范的内容而设臵的会计账户5.会计账户与会计科目二者既有区别又有联系二者都是对会计要素具体内容的分类会计科目是账户的名称两者分类的口径和反映的经济内容一致区别表现在会计科目只有名称仅说明反映的经济内容是什么而账户既有名称又有结构具有一定的格式既能说明账户反映的经济内容是什么又系统的监督和反映经济业务的增减变化会计科目主要是为了开设账户和填制会计凭证之用而账户则是系统的提供某一个具体会计要素的会计资料是为了编制会计报表和经济管理之用6.账户的经济内容是指会计核算和核算的具体内容按经济内容可以分为资产类账户所有者权益类账户负债类账户成本费用类账户收入类账户利润类账户7.账户的用途是指通过在账户中的记录能够提供哪些会计核算指标也是设臵和运用账户的目的账户的结构是指在账户中怎样记录经济业务如何取得所需的会计核算资料也就是账户的借方登记什么贷方登记什么期末账户有没有余额在一般情况下余额在哪一方描述什么样的经济内容意义为了正确的运用账户来记录经济业务掌握账户在提供核算指标方面的规律性有必要在账户按会计要素分类的基础上进一步对账户按用途和结构分类8.账户按用途和结构可以分为盘存类账户财务成果类账户计价对比类账户成本呢计算类账户调整类账户跨期摊提类账户资本类账户结算类账户练习题一填空题1.会计科目格式会计科目企业实际2.账户性质3.会计要素4.财政部资产类负债类共同类所有者权益类成本类损益类5.会计科目增加减少增加额减少额6.财务成果形成财务成果计算7.债权结算债务结算债权债务结算8.是截至到本月至的利润或亏损“本年利润”“利润分配”9.抵减附加抵减附加10.借二单项选择题1.D2.D3.B4.A （5700+800-5600=900）5.B6.B7.A8.A9.A10.B11.C12.D13.A14.D三多项选择题1.A B C D2.A C3.A C E4.A B C D E5.A B C D E6.A D E7.A B C8.A B C9.B C10.A B D11.A C12.A C13.A B C四判断改错题1.错2.错3.对4.错（会计科目没有格式）5.错6.错7.对8.错（可以编多借多贷的会计分录尽量不编多借多贷会计分录）9.对10.对11.错12.错13.对14.对15.错（年终结转后。
Chapter 6Merchandising Activitie s Ex. 6.41PROBLEM 6.1AClaypool earned a gross profit rate of 32%, which is significantly higher than the industry average. Claypool’s sales were above the industry average, and it earned $77,968 more gross profit than the “average” store of its size. This higher gross profit was earned even though its cost of goods sold was $18,000 to $20,000 higher than the industry average because of the additional transportation charges.To have a higher-than-average cost of goods sold and still earn a much larger-than-average amount of gross profit, Claypool must be able to charge substantially higher sales prices than most hardware stores. Presumably, the company could not charge such prices in a highly competitive environment. Thus, the remote location appears to insulate it from competition and allow it to operate more profitably than hardware stores with nearby competitors.PROBLEM 6.5Ac. Yes. Sole Mates should take advantage of 1/10, n/30 purchase discounts, even if itmust borrow money for a short period of time at an annual rate of 11%. Bytaking advantage of the discount, the company saves 1% by making payment 20 days early. At an interest rate of 11% per year, the bank charges only 0.6%interest over a 20-day period (11% X 20/365 = 0.6%). Thus, the cost of passing up the discount is greater than the cost of short-term borrowing.Chapter 7 Financial assetsChapter 8 Inventories and the cost of goods soldSupplementary ProblemChapter 91617。
会计学-企业决策的基础答案管理会计作业（chapter16-20）Chapter 16 P757 16.5AChapter 16 P761 16.4BChapter 17 P802 17.3Aa. Department One overhead application rate based on machine-hours:Manufacturing Overhead= $420,000= $35 per machine-hourMachine-Hours 12,000Department Two overhead application rate based on direct labor hours:Manufacturing Overhead= $337,500= $22.50 per direct labor hourDirect Labor Hours 15,000Chapter 17 P805 17.8Ad. The Custom Cuts product line is very labor intensive in comparison to the BasicChunks product line. Thus, the company’s current practice of using direct laborhours to allocate overhead results in the assignment of a disproportionate amount of total overhead to the Custom Cuts product line. If pricing decisions are set as a fixed percentage above the manufacturing costs assigned to each product, the Custom Cuts product line is overpriced in the marketplace whereas the Basic Chunks product line is currently priced at an artificially low price in the marketplace. This probablyexplains why sales of Basic Chunks remain strong while sales of Custom Cuts are on the decline.e. The benefits the company would achieve by implementing an activity-based costingsystem include: (1) a better identification of its operating inefficiencies, (2) a betterunderstanding of its overhead cost structure, (3) a better understanding of theresource requirements of each product line, (4) the potential to increase the sellingprice of Basic Chunks to make it more comparable to competitive brands and possibly do so without having to sacrifice significant market share, and (5) the ability todecrease the selling price of Custom Cuts without having to sacrifice product quality.Chapter 18 P835 18.1a. job costing (each project of a construction company is unique)B. Ex.18.1b. both job and process costing (institutional clients may represent uniquejobs)c. job costing (each set of equipment is uniquely designed andmanufactured)d. process costing (the dog houses are uniformly manufactured in highvolumes)e. process costing (the vitamins and supplements are uniformlymanufactured in high volumes)Chapter 18 P841 18.3Ab4,000 EU @ $13.50 = $54,000Chapter 18 P845 18.2Ba. (1) $49 [($192,000 + $48,000 + $54,000) ÷ 6,000 units](2) $109 [($480,000 + $108,000 + $66,000) ÷ 6,000 units](3) $158 ($49 + $109)(4) $32 ($192,000 ÷ 6,000 units)(5) $18 ($108,000 ÷ 6,000 units)b. In evaluating the overall efficiency of the Engine Department, management wouldlook at the monthly per-unit cost incurred by that department, which is the cost of assembling and installing an engine ($109 in part a).Chapter 20 P918 20.1Ad. No. With a unit sales price of $94, the break-even sales volume in units is 54,000 units:Unit contribution margin = $94 - $84 variable costs = $10Break-even sales volume (in units) = $540,000$10= 54,000 unitsUnless Thermal Tent has the ability to manufacture 54,000 units (or lower fixed and/or variable costs), setting the unit sales price at $94 will not enable Thermal Tent to break even.Chapter 20 P918 20.2AChapter 20 P920 20.6ASales volume required to maintain current operating income:Sales Volume =Fixed Costs + Target Operating IncomeUnit Contribution Margin=$390,000 + $350,000= $20,000 units$37。
管理会计作业(chapter16-20 ) Chapter 16 P757b. HILLSDALE MANUFACTURING CORP.Schedule of the Cost of Fini shed Goods Man ufacturedChapter 16 P761Costs of fini shed goods man ufactured:Total inven tor y$ 149,00Chapter 17 P802a.Department One overhead application rate based onmachi ne-hours:Departme nt Two overhead applicati on rate based on direct labor hours:Manu facturi ng Overhead = $337,500= $ per direct labor hourDirect Labor Hours15,000Manu facturi ngOverheadMachi ne-Hours =$420,000 12,000= $35 per machi ne-hourChapter 17 P805d. The Custom Cuts product line is very labor intensive in comparison to the BasicChunks product line. Thus, the company s current practice of using direct labor hours to allocate overhead results in the assig nment of a disproporti on ate amount of total overhead to the Custom Cuts product line. If pricing decisions are set as a fixed perce ntage above the manu facturi ng costs assig ned to each product, the Custom Cuts product line is overpriced in the marketplace whereas the Basic Chunks product line iscurre ntly priced at an artificially low price in the marketplace. This probably expla ins why sales of Basic Chunks remai n strong while sales of Custom Cuts are on the decline.e. The ben efits the compa ny would achieve by impleme nting an activity-based costi ngsystem include: (1) a better identification of its operating inefficiencies, (2)a better understanding of its overhead cost structure, (3) a better understanding of the resourcerequireme nts of each product line, (4) the pote ntial to in crease the selling price of BasicChunks to makeit more comparable to competitive brands and possibly do so without having to sacrifice significant market share, and (5) the ability to decrease the selling price of Custom Cuts without having tosacrifice product quality.Chapter 18 P835a job costi ng (each project of a con struct ion compa ny is unique)B. Ex.b both job and process costi ng (in stituti onal clie nts may represe nt unique jobs)c job cost ing (each set of equipme nt is uniq uely desig ned and manu factured)d process costing (the dog houses are uniformly manufactured in high volumes)e process costi ng (the vitam ins and suppleme nts are uni formly manu factured inhigh volumes)Chapter 18 P841b4,000 EU @ $ = $54,000Chapter 18 P845a. (1) $49 [($192,000 + $48,000 + $54,000) - 6,000 un its](2) $109 [($480,000 + $108,000 + $66,000) - 6,000 un its](3) $158 ($49 + $109)(4) $32 ($192,000 - 6,000 un its)(5) $18 ($108,000 - 6,000 un its)b. In evaluating the overall efficiency of the Engine Department, managementwould look at the mon thly per- unit cost in curred by that departme nt, which is the cost of assembli ng and in stalli ng an engine ($109 in part a).Chapter 20 P918d. No. With a unit sales price of $94, the break-even sales volume in units is 54,000un its:Un it co ntributio n margin = $94 - $84 variable costs = $10$540,000 Break-eve n sales volume (in un its) =—' ) $10= 54,000 un its Uni ess Thermal Tent has the ability to manufacture 54,000 un its (or lower fixedand/or variable costs), setting the unit sales price at $94 will not enableThermal Tent to break eve n.Chapter 20 P918Chapter 20 P920Sales volume required to maintain curre nt operati ng in come:$390,000 + $350,000=$20,000 un its。
会计第四章课后习题及答案会计第四章课后习题及答案在学习会计的过程中，课后习题是非常重要的一部分，可以帮助我们巩固所学的知识，提高解决问题的能力。
本文将为大家提供会计第四章的课后习题及答案，希望能对大家的学习有所帮助。
一、选择题1. 会计的基本任务是什么？A. 记账B. 做账C. 核算D. 预测答案：C. 核算2. 会计的基本原则包括以下哪些？A. 实体性原则B. 会计平衡原则C. 成本原则D. 所有选项都对答案：D. 所有选项都对3. 会计的记账方法有哪几种？A. 单式记账法B. 复式记账法C. 摊销记账法D. 所有选项都对答案：D. 所有选项都对4. 会计的账簿有哪几种？A. 总账B. 明细账C. 日记账D. 所有选项都对答案：D. 所有选项都对5. 会计的账户分为哪几类？A. 资产类账户B. 负债类账户C. 所有者权益类账户D. 所有选项都对答案：D. 所有选项都对二、填空题1. 会计的基本任务是对企业的经济活动进行_________和_________。
答案：核算、监督2. 会计的基本原则是_________原则、_________原则和_________原则。
答案：实体性、会计平衡、成本3. 会计的记账方法包括_________记账法、_________记账法和_________记账法。
答案：单式、复式、摊销4. 会计的账簿包括_________、_________和_________。
答案：总账、明细账、日记账5. 会计的账户分为_________类账户、_________类账户和_________类账户。
答案：资产、负债、所有者权益三、简答题1. 请简述会计的基本任务是什么？答案：会计的基本任务是对企业的经济活动进行核算和监督。
核算是指对企业的经济业务进行分类、计量、记录和汇总，以便形成财务报表。
监督是指对企业的经济活动进行监督和检查，确保企业的财务活动合法、规范和真实。
2. 请简述会计的基本原则有哪些？答案：会计的基本原则包括实体性原则、会计平衡原则和成本原则。
第四章练习参考答案一、填空题1.现金收付制（现金收付基础）、权责发生制（应计基础）、应计基础2.资产类，实际采购成本3.采购成本，生产成本，销售成本4.根据市场经济需要组织产品生产，满足社会生产与消费的需要，同时根据生产经营活动获取利润，为国家提供财政收入并满足企业自身发展的需要。
5.本期发生的、不能直接或间接归入某种产品成本的各项费用，管理费用，财务费用和销售费用6.营业利润，投资收益，营业外收支净额，所得税费用7.买价，其他采购费用8.已销产品的实际生产成本，产品销售成本=产品销售数量×产品单位生产成本9.产品生产过程中发生的与产品生产有关的一切生产费用的总和，直接材料、直接人工、制造费用二、单项选择1.B2.B3.C4.C5.B6.D7.C8.A三、多项选择1.ABCD2.ABC3.ABC4.ABCD5.AC6.CD7.ACD四、判断改错1.F应贷记“长期借款”账户。
2.F不应计入，不构成3.F删除“制造费用”4.F营业利润=主营业物利润+其他业务利润—营业税金及附加—销售费用—财务费用—管理费用—资产减值损失±公允价值变动损益±投资收益5.T6.T7.T8.F除主营业物以外的其他经营活动实现的收入。
9.T10.T五、业务核算题习题一1借：其他应收款—张三400贷：银行存款4002借：材料采购—甲材料4500—乙材料2000应交税费—应交增值税1105贷；银行存款76053借：材料采购—甲材料300—乙材料200贷：银行存款5004借：材料采购—丙材料5000应交税费—应交增值税850贷：应付账款58505借：材料采购—丙材料500贷：银行存款5006借：应付账款—南湖工厂5850贷：银行存款58507借：材料采购—丁材料5200应交税费—应交增值税850贷：应付票据—中南工厂5850库存现金2008借：管理费用—差旅费365库存现金35贷：其他应收款——张三4009借：原材料—甲材料4800—乙材料2200—丙材料5500—丁材料5200贷：材料采购—甲材料4800—乙材料2200—丙材料5500—丁材料5200习题二1借：生产成本—A产品7125—B产品8225制造费用500贷：原材料—甲材料8200—乙材料76502借：管理费用600贷：银行存款6003借：生产成本—A产品25000—B产品25000制造费用2000管理费用8000贷：应付职工薪酬600004借：生产成本—A产品3500—B产品3500制造费用280管理费用1120贷：应付职工薪酬—职工福利费8400 5借：库存现金60000贷：银行存款600006借：应付职工薪酬60000贷：库存现金600007借：管理费用1000贷：银行存款10008借：管理费用800贷：银行存款8009借：制造费用300贷：银行存款30010借：管理费用1000制造费用2500贷：银行存款350011借：银行存款100000贷：短期借款10000012借：管理费用1000制造费用3500贷：累计折旧450013借：财务费用1000贷：应付利息100014借：生产成本—A产品4540—B产品4540贷：制造费用908015借：库存商品—A产品40165—B产品41265贷；生产成本—A产品40165—B产品41265习题三1借：银行存款93600贷：主营业务收入80000应交税费—应交增值税136002借：应收账款56160贷：主营业务收入48000应交税费—应交增值税81603借：销售费用—广告费1000贷：银行存款10004借：财务费用—汇兑手续费900贷：银行存款9005借：主营业务成本—A产品40000—B产品35000贷：库存商品—A产品40000—B产品350006借：银行存款56160贷：应收账款561607借：销售费用5000贷：银行存款50008借：银行存款7020贷：其他业务收入6000应交税费—应交增值税10209借：其他业务成本5000贷：原材料—丙材料500010借：营业税金及附加—城市维护建设税500—教育费附加80贷：应交税费—城市维护建设税500—教育费附加80 11借：银行存款10000贷：投资收益1000012借：主营业务收入128000投资收益10000其他业务收入6000贷：本年利润14400013借：本年利润97680贷：主营业务成本75000营业税金及附加580销售费用6000管理费用10200财务费用—汇兑手续费900其他业务成本5000 14借：所得税费用13896贷：应交税费—应交所得税1389615借：利润分配—提取法定盈余公积3242.4—提取任意盈余公积1621.2贷：盈余公积—法定盈余公积3242.4—任意盈余公积1621.216借：利润分配5000贷：应付股利5000习题四1借：材料采购—甲材料30000应交税费—应交增值税5100贷：银行存款351002借：材料采购—乙材料9000应交税费—应交增值税1530贷：应付账款—光明工厂105303借：材料采购—甲材料400—乙材料180贷：银行存款5804借：应付账款—光明工厂10530贷：银行存款10530 5借：材料采购—甲材料100—乙材料45贷：库存现金1456借：原材料—甲材料30500—乙材料9225贷：材料采购—甲材料30500—乙材料9225 7借：生产成本—A产品18300—B产品6150贷：原材料—甲材料18300—乙材料61508借：应收账款—红星工厂46800贷：主营业务收入40000应交税费—应交增值税6800 9借：销售费用—广告费800贷：银行存款80010借：应付职工薪酬15800贷：银行存款1580011借：其他应收款——王立300贷：库存现金300 12借：管理费用280库存现金20贷：其他应收款——王立300 13借：管理费用5000贷：银行存款500014借：财务费用200贷；应付利息20015借：管理费用600制造费用1800贷：累计折旧240016借：管理费用1000制造费用1288贷：银行存款228817借：银行存款58500贷：主营业务收入50000应交税费—应交增值税8500 18借：生产成本—A产品8000—B产品5000制造费用800管理费用2000贷：应付职工薪酬1580019借：生产成本—A产品1120—B产品700制造费用112管理费用280贷：应付职工薪酬—福利费316—养老保险费1896 20借：生产成本—A产品3000—B产品1000贷：制造费用400021借：库存商品—A产品29300—B产品12150贷：生产成本—A产品29300—B产品1215022借：销售费用—运杂费6000贷：银行存款600023借：主营业务成本—A产品32700—B产品9256贷：库存商品—A产品32700—B产品9256 24借：银行存款1404贷：其他业务收入1200应交税费—应交增值税20425借：其他业务成本1000贷：原材料100026借：营业外支出20000贷：银行存款2000027借：营业外支出1000贷：库存现金100028借：银行存款10000贷：投资收益1000029借：主营业务收入90000其他业务收入1200投资收益10000贷：本年利润10120030借：本年利润80116贷：主营业务成本41956营业外支出21000其他业务成本1000销售费用6800管理费用9160财务费用20031.利润总额=101200-80116=21084所得税费用=21084*33%=6957.72借：所得税费用6957.72贷：应交税费——应交所得税6957.7232.税后利润=21084-6957.72=14126.28法定盈余公积=14126.28*10%=1412.63任意盈余公积=14126.28*5%=706.31借：利润分配——法定公益金1412.63——任意公益金706.31贷：盈余公积——法定公益金1412.63——任意公益金706.3133.借：利润分配——应付股利10000贷：应付股利10000参考答案的提供感谢侯露、杨其瑞同学。
Ex. 1.7i. Financial accountingh. Management accountingb. Financial reportingf. Financial statementsg. General-purpose assumptionc. Integritye. Internal controld. Public accountinga. BookkeepingCASE 1.1FANNIE MAESeveral factors prevent a large publicly owned corporation such as Fannie Mae from issuing misleading financial statements, no matter how desperately the company needs investors’ capital. To begin with, there is the basic honesty and integrity of the company’s management and its accounting personnel. Many people participate in the preparation of the financial statements of a large corporation. For these statements to be prepared in a grossly misleading manner, all of these people would have to knowingly participate in an act of criminal fraud.Next, there is the audit of Fannie Mae's financial statements by a firm of independent CPAs. These CPAs, too, would have to participate in a criminal conspiracy if the company were to supply creditors and investors with grossly misleading financial statements.If personal integrity is not sufficient to deter such an act of fraud, the federal securities laws provide for criminal penalties as well as financial liability for all persons engaged in the preparation and distribution of fraudulent financial statements. All that would be necessary for the SEC to launch an investigation would be a “tip” from but one individual within the company’s organization or its auditing firm. An investigation also would be launched automatically if the company declared bankruptcy or became insolvent shortly after issuing financial statements that did not indicate a shaky financial position.Problem 2.1 AProblem 3.8AExercise 4.2Exercise 4.14Problem 4.5AProblem 5.2AProblem 5.5A。
SOLUTIONS TO EXERCISESEx 4–1 a. Book valueb. Materialityc. Matching principled. Unrecorded revenuee. Adjusting entriesf. Unearned revenueg. Prepaid expensesh. None (This is an example of ―depreciation expense.‖)Ex. 4–2 Income Statement Balance SheetAdjustingEntryab NE I D NE I Dc I NE I I NE Id NE I D NE I De NE I D D NE Df I NE I NE D I Ex. 4–3 a. Rent Expense....................................................................................... 240,000Prepaid Rent ........................................................................... 240,000 To record rent expense for May ($1,200,000 ÷ 5 months =$240,000 per month).b. Unearned Ticket Revenue .................................................................. 148,800Ticket Revenue ....................................................................... 148,800 To record earning portion of season ticket revenue relating toMay home games.Ex. 4–4 a. (1) Interest Expense (375)Interest Payable (375)$50,000 x 9% annual rate x 1/12 = $375.(2) Accounts Receivable .................................................................... 10,000Consulting Fees Earned ................................................... 10,000 To record ten days of unbilled consulting fees at $1,000 perday.b. $2,250 ($50,000 x 9% x 6/12 = $2,250)c. $15,000 ($25,000 - $10,000 earned in December, 2002)Ex. 4–5 a. The balance of TWA’s Advance Ticket Sales account represents unearned rev enue—that is, amounts collected from customers prior to rendering the related services (airtravel). As TWA has an obligation to render these services, the Advanced Ticket Salesaccount appears among the liabilities in TWA’s balance sheet.b. TWA normally reduces the balance of this liability account by rendering services tocustomers—that is, by providing flights for which the customers have purchased tickets.On some occasions, however, TWA reduces the balance of this liability by making cashrefunds to customers.Interest Payable ...................................................................... 1,200 To record interest accrued on bank loan during December.2. D epreciation Expense: Office Building ............................................ 1,100Accumulated Depreciation: Office Building ........................ 1,100 To record depreciation on office building ($330,000 ÷ 25 years ⨯1/12 = $1,100).3. A ccounts Receivable ........................................................................... 64,000Marketing Revenue Earned................................................... 64,000 To record accrued Marketing revenue earned in December.4. I nsurance Expense (150)Prepaid Insurance (150)To record insurance expense (1,800 ÷ 12 months = $150).5. U nearned Revenue ............................................................................. 3,500Marketing Revenue Earned................................................... 3,500 To record portion of unearned revenue that had become earnedin December.6. S alaries Expense ................................................................................. 2,400Salaries Payable ...................................................................... 2,400 To record accrued salaries in December.b. $62,650 ($64,000 + $3,500 - $1,200 - $1,100 - $150 - $2,400).Ex. 4–7 a. The total interest expense over the life of the note is $5,400 ($120,000 ⨯ .09 ⨯6/12= $5,400).The monthly interest expense is $900 ($5,400 ÷ 6 = $900).b. The liability to the bank at December 31, 2002, is $121,800 (Principal, $120,000 + $1,800accrued interest).c. 2002Oct. 31 Cash .................................................................................... 120,000Notes Payable ........................................................ 120,000 Obtain from bank six-month loan with interest at 9%a year.d. Dec. 31 Interest Expense (900)Interest Payable (900)To accrue interest expense for December on notepayable ($120,000 ⨯ 9% ⨯1/12).e. The liability to the bank at March 31, 2003, is $124,500, consisting of $120,000 principalplus $4,500 accrued interest for five months.Notes Payable ........................................................ 300,000 Obtained a three-month loan from National Bank at12% interest per year.May 31 Interest Expense ................................................................ 3,000Interest Payable ..................................................... 3,000 To record interest expense for May on note payable toNational Bank ($300,000 ⨯ 12% ⨯1/12 = $3,000).b. May 1 Prepaid Rent ...................................................................... 180,000Cash ........................................................................ 180,000 Paid rent for six months at $30,000 per month.May 31 Rent Expense ..................................................................... 30,000Prepaid Rent .......................................................... 30,000 To record rent expense for the month of May.c. May 2 Cash .................................................................................... 910,000Unearned Admissions Revenue ............................ 910,000 Sold season tickets to the 70-day racing season.May 31 Unearned Admissions Revenue ........................................ 260,000Admissions Revenue ............................................. 260,000 To record admissions revenue from the 20 racing daysin May ($910,000 ⨯ 20/70 = $260,000).d. May 4 No entry required.e. May 6 Prepaid Printing ................................................................ 12,000Cash ........................................................................ 12,000 Printed racing forms for first 30 racing days.May 31 Printing Expense ............................................................... 8,000Prepaid Printing .................................................... 8,000 To record printing expense for 20 racing days in May.f. May 31 Concessions Receivable..................................................... 16,500Concessions Revenue ............................................ 16,500 Earned 10% of refreshment sales of $165,000 duringMay.Something to Consider:Effects of omission of May 31 adjusting entry for rent expense on May 31 financialstatements:Revenue Not affectedExpenses Understated (by May’s rent of $30,000)Net Income Overstated (because May rent expense was not recognized)Assets Overstated (Prepaid Rent should be reduced by portion expired inMay)Liabilities Not affectedOwners’ Equity Overstated (because net income is overstated)Ex. 4–9 a. Materiality refers to the relative importance of an item. An item is material if knowledge of it might reasonably influence the decisions of users of financial statements. If an itemis immaterial, by definition it is not relevant to decision makers.Accountants must account for material items in the manner required by generallyaccepted accounting principles. However, immaterial items may be accounted for in themost convenient and economical manner.b. Whether a specific dollar amount is ―material‖ depends upon the (1) size of the amountand (2) nature of the item. In evaluating the size of a dollar amount, accountants considerthe amount in relation to the size of the organization.Based solely upon dollar amount, $2,500 is not material in relation to the financialstatements of a large, publicly owned corporation. For a small business however, thisamount could be material.In addition to considering the size of a dollar amount, accountants must also considerthe nature of the item. The nature of an item may make the item ―material‖ to users ofthe financial statements regardless of its dollar amount. Examples might include bribespaid to government officials, or theft of company assets or other illegal acts committedby management.In summary, one cannot say whether $2,500 is a material amount. The answer dependsupon the related circumstances.c. Two ways in which the concept of materiality may save time and effort for accountantsare:1. Adjusting entries may be based upon estimated amounts if there is little or nopossibility that the use of an estimate will result in material error. For example, anadjusting entry to reflect the amount of supplies used may be based on an estimateof the cost of supplies remaining on hand.2. Adjusting entries need not be made to accrue immaterial amounts of unrecordedexpenses or unrecorded revenue. For example, no adjusting entries normally aremade to record utility expense payable at year-end.Ex. 4–10 a. None (or Materiality). Accounting for immaterial items is not ―wrong‖ or a ―violation‖ of generally accepted accounting principles; it is merely a waste of time. The bookkeeperis failing to take advantage of the concept of materiality, which permits charging im-material costs directly to expense, thus eliminating the need to record depreciation in laterperiods.b. Matching.c. Realization.Ex. 4–11 a. Accounts likely to have required an adjusting entry are:1. Investments2. Accounts Receivable3. Inventories4. Prepaid Expenses5. Deferred Income Taxes6. Buildings7. Machinery and Equipment8. Intangible Assets9. Accounts Payable10. Accrued Liabilities11. Income Taxes Payable12. Deferred Compensation and Other LiabilitiesNote to the Instructor: The adjustments required for many of the accounts listed aboveare discussed in subsequent chapters. Some are beyond the scope of an introductorycourse.SOLUTIONS TO PROBLEMS20 Minutes, Easy PROBLEM 4–1FLORIDA PALMS COUNTRY CLUBPROBLEM 4–1 FLORIDA PALMS COUNTRY CLUB (concluded)b.1. Accruing unpaid expenses.2. Accruing uncollected revenue.3. Converting liabilities to revenue.4. Converting assets to expenses.5. Accruing unpaid expenses.6. Converting assets to expenses.7. No adjusting entry required.8. Accruing unpaid expenses.c. The clubhouse was built in 1925 and has been fully depreciated for financial accounting purposes.The net book value of an asset reported in the balance sheet does not reflect the asset’s fair market value. Likewise, depreciation expense reported in the income statement does not reflect a decline in fair market value, physical obsolescence, or wear-and-tear.40 Minutes, Medium PROBLEM 4–2PROBLEM 4–2ENCHANTED FOREST (concluded)b.1. Accruing uncollected revenue.2. Accruing unpaid expenses.3. Converting assets to expenses.4. No adjusting entry required.5. Accruing unpaid expenses.6. Accruing uncollected revenue.7. Converting liabilities to revenue.8. Accruing unpaid expenses.9. Accruing unpaid expenses.c. Income Statement Balance SheetAdjustment Revenue Expenses =NetIncome Assets = Liabilities +Owners’Equity1. I NE I I NE I2. NE I D NE I D3. NE I D D NE D4. NE NE NE NE NE NE5. NE I D NE I D6. I NE I I NE I7. I NE I NE D I8. NE I D NE I D9. NE I D NE I Dd. $340 ($12,000 x 0.85% x 4/12)e. Original cost of buildings ......................................................................................$600,000Accumulated depreciation: buildings (prior to adjusting entry 3 in parta) ...............................................................................................................................$310,000December depreciation expense from part a ...................................................... 2,000Accumulated depreciation, buildings, 12/31 .......................................................(312,000) Net book value at December 31 ............................................................................$288,000SEA CAT a. (1) Age of the catamaran in months = accumulated depreciation÷monthly depreciation.Useful life is given as 10 years, or 120 months.Cost $46,200 ÷ 120 months = $385 monthly depreciation expense.Accumulated depreciation of $9,240 ÷ $385 monthly depreciation = 24 months.(2) Tickets used in June (145)Tickets outstanding on June 30 ($825 ÷ (55)Tickets sold to resort hotel on June 1 (200)(3) Prepaid rent of $6,000 ÷expense.(4) $1,400 x 12/8 = $2,100 original cost.Since 4 months of the 12-month life of the policy have expired, the $1,400 of unexpiredinsurance applies to the remaining 8 months. This indicates a monthly cost of $175,computed as $1,400 ÷ 8. Therefore, the 12-month policy originally cost $2,100, or 12 x $175.PROBLEM 4–4CAMPUS THEATER (concluded) b. (1) Eight months (bills received January through August). Utilities bills are recorded asmonthly bills are received. As of August 31, eight monthly bills should have been received.(2) Seven months (January through July). Depreciation expense is recorded only in month-endadjusting entries. Thus, depreciation for August is not included in the August unadjustedtrial balance.(3) Twenty months ($14,000 $700 per month).c. Corporations must pay their income taxes in several installment payments throughout the year.The balance in the Income Taxes Expense account represents the total amount of income taxes expense recognized since the beginning of the year. But Income Taxes Payable represents only the portion of this expense that has not yet been paid. In the example at hand, the $4,740 in income taxes payable probably represents only the income taxes expense accrued in July, as Pickwood should have paid taxes accrued in the first two quarters by June 15.50 Minutes, Strong PROBLEM 4–5KEN HENSLEY ENTERPRISES, INC.PROBLEM 4–5 KEN HENSLEY ENTERPRISES, INC. (continued)c. Monthly rent expense for the last two months of 2002 was $2,000 ($6,000 ÷ 3 months). The$21,000 rent expense shown in the studio’s trial balance includes a $2,000 rent expense forNovember, which means that total rent expense for January through October was $19,000($21,000 - $2,000). The monthly rent expense in these months must have been $1,900 ($19,000 ÷10 months). Thus, it appears that the studio’s monthly rent increased by $100 (from $1,900 t o$2,000) in November and December.15 Minutes, Medium PROBLEM 4–6KOYNE CORPORATION。
