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约翰怀尔德会计学原理全文共四篇示例，供读者参考第一篇示例：约翰怀尔德（John Wild）是一位著名的会计学家，他对会计学原理的研究和贡献被广泛认可。
他在他的著作中系统地探讨了会计学的基本原理和理论，帮助人们更好地理解和应用会计学知识。
会计学原理是会计学的基础，是会计科学的根本。
约翰怀尔德在他的著作中详细阐述了会计学原理的重要性，并提出了许多深刻的见解。
他指出，会计学原理是指导会计学实践的准则和规则，其作用是维护会计学的准确性、可靠性和公正性。
在他的著作中，约翰怀尔德强调了会计学原理在企业经营管理中的重要性。
他认为，只有建立在正确的会计学原理基础之上的会计信息才能为企业决策提供准确的参考。
他还指出，遵循正确的会计学原理可以帮助企业提高内部管理效率，加强企业的风险控制能力，提高企业的经营绩效。
约翰怀尔德的著作对会计学原理的研究和理解做出了重要贡献。
他的思想为会计学界和企业管理者提供了宝贵的启示，对促进会计学的发展和提升会计学的实践水平具有重要意义。
希望更多的人可以关注会计学原理的研究，深入理解和应用约翰怀尔德等会计学家的研究成果，为企业的可持续发展和社会的进步做出更大的贡献。
第二篇示例：约翰·怀尔德是一位著名的会计学家，他对会计学原理的研究和贡献被誉为经济学领域的里程碑之一。
怀尔德的研究不仅深刻地影响了当代会计学的发展，也为未来的学者们提供了重要的启示。
本文将对怀尔德的会计学原理进行介绍和分析。
怀尔德认为，会计学原理是会计学的基础，是会计学家应该遵循的核心准则。
在怀尔德看来，会计学原理主要包括：货币计量、持续经营、历史成本、收入确认、费用匹配等几个方面。
这些原则不仅是会计师在日常工作中的行为准则，也是保障会计信息质量和经济运作有序的重要基础。
货币计量原则是指所有的财务信息应该用货币单位进行衡量和记录。
怀尔德认为，货币单位是衡量财务状况和经营业绩的唯一标准，只有将所有的资产、负债、收入和支出都转化为货币单位，才能使这些信息具有可比性和可信度。
会计学入门读物哪本比较好？会计学入门读物哪本比较好？会计学入门读物哪本比较好？国内的教材感觉都比较枯燥，为了提高对此学科的兴趣，暂且决定先从国外的教材开始入门。
我自己也查阅到了一些国外的会计学教材，我先列举自己查阅到的书籍，还请会计界的各位前辈帮我做些参考。
《会计学原理》作者：约翰·J.怀尔德（貌似这两个版本是一样的，好像就是中英文的区别？）《会计学原理》韦安特《会计学》查尔斯·T·亨格瑞《会计学》查尔斯·T·亨格瑞(这两个貌似是先后版本不同，但价格差距很大，第8版是59.3，第六版是119.5，这是怎么回事？）《财务会计教程》查尔斯·T·亨格瑞《会计学基础》罗伯特·N.安东尼（这个好像也是版本相同，只是中英文的区别？）《会计学:数字意味着什么》戴维?马歇尔（这个好像也是版本相同，只是中英文的区别？）请教各位会计界的前辈以上哪本作为会计学的入门读物更好？如果还有更好的书籍作为会计学的入门读物还请各位前辈推荐指教，先谢过！（本人非专业人士！）（注：本人不是为了考证，我只是想对此学科入门之前，先提高对此学科的兴趣，而后系统性的对此学科有所认知。
因此，我非常需要一个趣味性较强而又在知识上综合连贯的书或教材或者是一份书单，谢谢！）会计学入门读物哪本比较好？国内的教材感觉都比较枯燥，为了提高对此学科的.兴趣，暂且决定先从国外的教材开始入门。
我自己也查阅到了一些国外的会计学教材，我先列举自己查阅到的书籍，还请会计界的各位前辈帮我做些参考。
《会计学原理》作者：约翰·J.怀尔德工商管理经典译丛?会计与财务系列:会计学原理(第19版)/约翰?J?怀尔德 (John J.Wild)-图书<="" bdsfid="102" i="">普通高等教育"十一五"国家级规划教材?教育部高校工商管理类教材指导委员会双语教学推荐教材?工商管理经典教材?会计与财务系列?会计学原理(第19版)(英文版)/崔学刚<="" bdsfid="104" i=""> （貌似这两个版本是一样的，好像就是中英文的区别？）《会计学原理》韦安特会计学原理(附光盘1张)/韦安特<="" bdsfid="109" i="">《会计学》查尔斯·T·亨格瑞会计学(第8版)/查尔斯·T·亨格瑞(Charles T.Horngren)-图书<=""bdsfid="113" i="">《会计学》查尔斯·T·亨格瑞会计学(第6版)(套装上下册)/享格瑞<="" bdsfid="116" i=""> (这两个貌似是先后版本不同，但价格差距很大，第8版是59.3，第六版是119.5，这是怎么回事？）《财务会计教程》查尔斯·T·亨格瑞财务会计教程(第8版)/亨格瑞<="" bdsfid="120" i="">。
怀尔德会计学原理第21版课后习题答案SMChap012第12章课后习题答案12.1 问题回顾1. 在现代企业管理中，有哪些主要类型的财务会计信息用户？答：主要类型的财务会计信息用户包括内部管理层、外部投资者、债权人、监管机构和其他利益相关者等。
2. 财务报表是通过哪种组织结构来提供财务会计信息的？答：财务报表是通过资产负债表、利润表、现金流量表和股东权益变动表等组织结构来提供财务会计信息的。
3. 资产负债表的目的是什么？相关的主要问题是什么？答：资产负债表的目的是展示企业在特定日期的资产、负债和股东权益的情况。
相关的主要问题包括：企业拥有哪些资源？谁向企业提供了这些资源？企业如何使用这些资源？4. 利润表的目的是什么？相关的主要问题是什么？答：利润表的目的是展示企业在特定期间的收入、费用和净利润等情况。
相关的主要问题包括：企业从哪些业务活动中获取了收入？企业的费用总额是多少？企业的净利润是多少？5. 现金流量表的目的是什么？相关的主要问题是什么？答：现金流量表的目的是展示企业在特定期间的现金流量情况。
相关的主要问题包括：企业的现金流入和流出分别来自于哪些活动？企业的净现金流量是多少？12.2 简答题1. 请简要介绍一下资产负债表。
答：资产负债表是一份会计报表，用于展示企业在特定日期的资产、负债和股东权益的情况。
资产负债表的核心思想是资产=负债+股东权益，即企业的资金来源必须等于资金的运用。
资产负债表通常分为两个部分：资产部分和负债和股东权益部分。
资产部分展示了企业拥有的资源，包括现金、应收账款、固定资产等；而负债和股东权益部分则展示了企业所欠债务和股东的权益。
通过资产负债表，用户可以了解企业的财务状况和资金运用情况。
2. 请简要介绍一下利润表。
答：利润表是一份会计报表，用于展示企业在特定期间的收入、费用和净利润等情况。
利润表的核心思想是收入-费用=净利润，即企业从业务活动中获取的收入减去费用后得到的净利润。
国际经济与贸易专业培养方案一、培养目标及要求培养目标：培养系统掌握国际贸易与跨国经营基本理论与实务技能，熟悉通行的涉外经济规则和惯例，具有解决实际问题的专业能力和较强的听说读写能力的专业人才；培养具有创新能力、实践能力，能在涉外经济贸易部门、外资企业及政府机构从事实际业务、管理的外向型复合人才；培养具有一定学术潜质，能运用专业理论与方法进行独立研究的研究型人才。
培养要求：面向市场，强化应用，以“宽口径、厚基础、重能力和综合素质培养”为基本办学思路，突出国际经济与贸易的专业特色，要求学生能够较全面、系统、准确地理解和掌握国际贸易相关的基本理论；熟悉国际贸易流程和操作；强化英语优势，要求学生能够熟练地应用英语进行国际贸易的听、说、读、写、译；同时强化社会科学、人文科学、自然科学等基础教育，使学生具有宽阔的知识视野、良好的文化素养。
二、学制与学位授予类型学制：四年学位授予类型：经济学学士（Bachelor of economics）三、主要课程教材及参考书课程名称：微观经济学Microeconomics教材：《Economics—上册，Macroeconomics》（美）斯蒂格利茨，中国人民大学出版社，2008年版参考书：1、《Microeconomics》（美）曼昆，中国人民大学出版社，2008年版2、《Microeconomics》（美）Robert.S.Pindyck，清华大学学出版社2007年版3、《Microeconomics》（美）哈伯德，机械工业出版社2007年版4 、《经济学》（美）萨缪尔森，华夏出版社2006年版5、《西方经济学》第三版，高鸿业编，中国人民大学出版社；2007年版6、《西方经济学学习与教学手册》，高鸿业编，中国人民大学出版社；2007年版7、《现代西方经济学教程》上册，魏埙主编，南开大学出版社，2005年版课程名称：宏观经济学Macroeconomics教材：《Macroeconomics》（美）曼昆，中国人民大学出版社，2008年版参考书： 1、《Economics—下册，Macroeconomics》（美）斯蒂格利茨，中国人民大学出版社，2008年版2、《Macroeconomics》（美）哈伯德，机械工业出版社2007年版3、《经济学》（美）萨缪尔森，华夏出版社2006年版4、《西方经济学》第三版，高鸿业编，中国人民大学出版社；2007年版5、《西方经济学学习与教学手册》，高鸿业编，中国人民大学出版社；2007年版6、《现代西方经济学教程》上册，魏埙主编，南开大学出版社，2005年版课程名称：管理学 Management教材：《管理学》，周三多主编，高教出版社，2000版。
hawai Chapter 6Inventories and Cost of SalesQUICK STUDIESQ uick Study 6-1 (25 minutes)a. FIFODate Goods Purchased Cost of Goods Sold Inventory Balance1/ 1 320 @ $6.00 = $1,9201/ 9 85 @ $6.40 320 @ $6.00= $2,46485 @ $6.401/25 110 @ $6.60 320 @ $6.0085 @ $6.40 = $3,190110 @ $6.601/26 320 @ $6.00 = $1,92045 @ $6.40= $1,01440 @ $6.40 = 256110 @ $6.60360 $2,176b. LIFODate Goods Purchased Cost of Goods Sold Inventory Balance1/ 1 320 @ $6.00 = $1,9201/ 9 85 @ $6.40 320 @ $6.00= $2,46485 @ $6.401/25 110 @ $6.60 320 @ $6.0085 @ $6.40 = $3,190110 @ $6.601/26 110 @ $6.60 = $ 726155 @ $6.00 = $ 93085 @ $6.40 = 544165 @ $6.00 = 990360 $2,260c. Weighted AverageDate Goods Purchased Cost of Goods Sold Inventory Balance1/ 1 320 @ $6.00 = $1,920 1/ 9 85 @ $6.40 320 @ $6.0085 @ $6.40 = $2,464(avg. cost is $6.084*)1/25 110 @ $6.60 320 @ $6.00©McGraw-Hill Companies, 2009 Solutions Manual, Chapter 6 32985 @ $6.40 = $3,190110 @ $6.60(avg. cost is $6.194*)1/26 360 @ $6.194 = $2,230*155 @ $6.194 = $ 960* *roundedAlternate solution format(a) FIFO: 110 @ $6.60 = $ 72645@ $6.40 = 288155 $1,014Ending inventory cost(b) LIFO:155 @ $6.00 = $ 930Ending inventory cost(c) Weighted average:320 @ $6.00 = $1,92085 @ $6.40 = 544110@ $6.60 = 726515 $3,190Cost of goods available for sale$3,190/515 = $6.194 (rounded) weighted average cost per unit155 units @ $6.194 = $ 960 Ending inventory cost (rounded)©McG330Q uick Study 6-2 (10 minutes)Beginning inventory.....................................10 units @ $28 $ 280Plus 1st week purchase.......................................10 units @ $30 3002nd week purchase......................................10 units @ $31 3103rd week purchase.......................................10 units @ $32 3204th week purchase.......................................10 units @ $34 340Units Available for sale................................50 unitsCost of Goods Available for Sale................$1,550Q uick Study 6-3 (25 minutes)a. FIFODate Goods Purchased Cost of Goods Sold Inventory Balance12/ 7 10 @ $ 9 = $ 90 10 @ $ 9 = $ 9012/14 20 @ $10 = $200 10 @ $ 920 @ $10 = $29012/15 10 @ $ 9 12 @ $10 = $1208 @ $10 = $17012/21 15 @ $12 = $180 12 @ $10= $300____ 15 @ $12$170b. LIFODate Goods Purchased Cost of Goods Sold Inventory Balance12/ 7 10 @ $ 9 = $ 90 10 @ $ 9 = $ 9012/14 20 @ $10 = $200 10 @ $ 920 @ $10 = $29012/15 18 @ $10 = $180 10 @ $ 92 @ $10 = $11012/21 15 @ $12 = $180 10 @ $ 92 @ $10 = $290____ 15 @ $12$180©McGraw-Hill Companies, 2009 Solutions Manual, Chapter 6 331c. Weighted AverageDate Goods Purchased Cost of Goods Sold Inventory Balance12/ 7 10 @ $ 9 = $ 90 10 @ $ 9 = $ 9012/14 20 @ $10 = $200 10 @ $ 9= $29020 @ $ 10(avg cost is $9.667)12/15 18 @ $9.667 =$17412 @ $9.667 = $11612/21 15 @ $12 = $180 12 @ $9.667= $296____15 @ $ 12$174(avg cost is $10.963)d. Specific identification(3 units x $9) + (9 units x $10) + (15 units x $12) = $297.Quick Study 6-4 (10 minutes)1. FIFO2. Specific identification3. LIFO4. LIFO5. LIFOQ uick Study 6-5 (10 minutes)1. The consignor is Jabar Company. The consignee is Chi Company. Theconsignor, Jabar Company, should include any unsold and consigned goods in its inventory.2. Title will pass at “destination” which is Kwon Company’s receiving dock.Liu should show the $750 in its inventory at year-end as Liu retains title until the goods reach Kwon Company.©McG332Cost..............................................................................................$17,500PlusTransportation-in (300)Import duties.............................................................................1,000 Insurance.. (250)Inventory cost...........................................................................$19,050The $400 advertising cost and the $3,000 cost for sales staff salaries are included in operating expenses—not part of inventory costs. Those two costs are unnecessary to get the vehicle in a place and condition for sale.Q uick Study 6-7 (20 minutes)Per Unit Total Total LCM applied to Inventory Items Units Cost Market Cost Market Items Whole Mountain bikes 20 $650 $500$13,000$10,000$10,000 Skateboards 22 400 4508,8009,9008,800790 34,000 31,600 31,600_______850Gliders 40$55,800$51,500$50,400$51,500a. LCM for inventory as a whole...................................................$51,500b. LCM applied to each product ..................................................$50,400Q uick Study 6-8(15 minutes)a.Overstates 2009 cost of goods sold.b.Understates 2009 gross profit.c.Understates 2009 net income.d.Overstates 2010 net income.e.The understated 2009 net income and the overstated 2010 net incomecombine to yield a correct total income for the two-year period.f.The 2009 error will not affect years after 2010.©McGraw-Hill Companies, 2009 Solutions Manual, Chapter 6 333Quick Study 6-9A (15 minutes)ofCostEndingSold InventoryGoodsa. FIFO(45 x $6.40) + (110 x $6.60)................................. $1,014(320 x $6.00) + (40 x $6.40)................................. $2,176b. LIFO(155 x $6.00)......................................................... $ 930(110 x $6.60) + (85 x $6.40) + (165 x $6.00)....... $2,260c. Weighted Average ($3,190/ 515 = $6.194* cost per unit)(155 x $6.194)....................................................... $ 960*(360 x $6.194)....................................................... $2,230**rounded©McGraw-Hill Companies, 2009Fundamental Accounting Principles, 19th Edition334EXERCISESExercise 6-1 (30 minutes)a. Specific identificationEnding inventory—100 units from January 30, 80 units from January 20, and45 units from beginning inventoryEnding Cost of Computations Inventory Goods Sold (100 x $5.00) + (80 x $6.00) + (45 x $7.00).......$1,295$2,800 - $1,295..................................................$1,505b. Weighted average perpetualDate Goods Purchased Cost of Goods Sold Inventory Balance1/ 1 140 @ $7.000 = $ 980 1/10 90 @ $ 7.00 = $ 630 50 @ $7.000 = $ 350 1/20 220 @ $6.00 50 @ $7.000= $1,670220 @ $6.000(avg. cost is $6.185)1/25 145 @ $6.185 = $ 897*125 @ $6.185 = $ 773*1/30 100 @ $5.00 _____125 @ $6.185= $1,273$1,527100 @ $5.000(avg. cost is $5.658) *roundedc. FIFO PerpetualDate Goods Purchased Cost of Goods Sold Inventory Balance1/ 1 140 @ $7.00 = $ 980 1/10 90 @ $7.00 = $ 630 50 @ $7.00 = $ 350 1/20 220 @ $6.00 50 @ $7.00220 @ $6.00 = $1,670 1/25 50 @ $7.0095 @ $6.00 = $ 920 125 @ $6.00 = $ 750 1/30 100 @ $5.00 _____ 125 @ $6.00$1,550 100 @ $5.00 = $1,250, 2009335E xercise 6-1 (Continued)d. LIFO PerpetualDate Goods Purchased Cost of Goods Sold Inventory Balance1/ 1 140 @ $7.00 = $ 9801/10 90 @ $7.00 = $ 630 50 @ $7.00 = $ 3501/20 220 @ $6.00 50 @ $7.00220 @ $6.00 = $1,6701/25 145 @ $6.00 = $ 870 50 @ $7.0075 @ $6.00 = $ 8001/30 100 @ $5.00 _____ 50 @ $7.00$1,50075 @ $6.00 = $1,300100 @ $5.00Alternate Solution Format for FIFO and LIFO PerpetualEnding Cost ofComputations Inventory Goods Soldc. FIFO(125 x $6.00) + (100 x $5.00)............................................$1,250(90 x $7.00) + (50 x $7.00) + (95 x $6.00)........................$1,550d. LIFO(50 x $7.00) + (75 x $6.00) + (100 x $5.00)...................... $1,300(90 x $7.00) + (145 x $6.00)............................................. $1.500E xercise 6-2(20 minutes)LIBERTY COMPANYIncome StatementsFor Month Ended January 31Specific Identification WeightedAverage FIFO LIFOSales.................................$3,525 $3,525 $3,525 $3,525 (235 units x $15 price)Cost of goods sold......... 1,505 1,527 1,550 1,500 Gross profit.....................2,020 1,998 1,975 2,025 Expenses......................... 1,250 1,250 1,250 1,250 Income before taxes.......770 748 725 775 Income tax expense (30%).. 231 224* 218* 233* Net income......................$ 539 $ 524 $ 507 $ 542 * Rounded to nearest dollar.©McG336Exercise 6-2 (Concluded)1. LIFO method results in the highest net income of $542.2. Weighted average net income of $524 falls between the FIFO netincome of $507 and the LIFO net income of $542.3. If costs were rising instead of falling, then the FIFO method would yieldthe highest net income.Exercise 6-3 (30 minutes)a. FIFO PerpetualDate Goods Purchased Cost of Goods Sold Inventory Balance1/ 1 126 @ $ 8 = $1,008 1/10 113 @ $ 8 = $ 904 13 @ $ 8 = $ 104 3/14 315 @ $13 = $4,095 13 @ $ 8315 @ $13 = $4,199 3/15 13 @ $ 8 148 @ $13 = $1,924167 @ $13 = $ 2,2757/30 250 @ $18 = $4,500 148 @ $13250 @ $18 = $6,424 10/ 5 148 @ $13230 @ $18 = $ 6,064 20 @ $18 = $ 360 10/26 50 @ $23 = $1,150 20 @ $18______ 50 @ $23 = $1,510$9,243, 2009337E xercise 6-3 (Concluded)a. LIFO PerpetualDate Goods Purchased Cost of Goods Sold Inventory Balance1/ 1 126 @ $ 8 = $1,0081/10 113 @ $ 8 = $ 904 13 @ $ 8 = $ 1043/14 315 @ $13 = $4,095 13 @ $ 8315 @ $13 = $4,1993/15 13 @ $ 8180 @ $13 = $2,340135 @ $13 = $1,8597/30 250 @ $18 = $4,500 13 @ $ 8135 @ $13 = $6,359250 @ $1810/ 5 250 @ $18 = $4,500 13 @ $ 8128 @ $13 = 1,664 7 @ $13 = $ 195$6,16410/26 50 @ $23 = $1,150 13 @ $ 87 @ $13 = $1,345_____ 50 @ $23$9,408Alternate Solution FormatofCostEndingSold InventoryGoodsa. FIFO(20 x $18) + (50 x $23)...........................................................$1,510(113 x $8) + (13 x $8) + (167 x $13) + (148 x $13) +(230 x $18)............................................................................$9,243b. LIFO(13 x $8) + (7 x $13) + (50 x $23).......................................... $1,345(113 x $8) + (180 x $13) + (250 x $18) + (128 x $13)............. $9,408FIFO Gross MarginSales revenue (671 units sold x $40 selling price).................$26,840Less: FIFO cost of goods sold................................................ 9,243Gross profit................................................................................$17,597LIFO Gross MarginSales revenue (671 units sold x $40 selling price).................$26,840Less: LIFO cost of goods sold................................................ 9,408Gross profit................................................................................$17,432©McG338a. Specific identification method—Cost of goods soldCost of goods available for sale.......................................$10,753 Ending inventory under specific identification3/14 purchase ( 5 @ $13) ........................................$ 657/30 purchase ( 15 @ $18) (270)10/26 purchase ( 50 @ $23)......................................... 1,150Total ending inventory under specific identification.... 1,485 Cost of goods sold under specific identification..........$ 9,268b. Specific identification method—Gross marginSales revenue (671 units sold x $40 selling price)..........$26,840 Less: Specific identification cost of goods sold............ 9,268 Gross profit.........................................................................$17,572E xercise 6-5 (15 minutes)Per Unit Total Total LCM applied to Inventory Items Units Cost Market Cost Market Products Whole Helmets.........19 $45 $49$ 855$ 931$ 855 Bats...............12 73 67876804804 Shoes............33 90 862,9702,8382,838 Uniforms.......37 31 31 1,147 1,147 1,147$5,848$5,720$5,644 $5,720a. Lower of cost or market of inventory as a whole = $5,720b. Lower of cost or market of inventory by product = $5,644©McGraw-Hill Companies, 2009 Solutions Manual, Chapter 6 3391. Correct gross profit = $1,100,000 - $700,000 = $400,000 (for each year)2. Reported income figuresYear 2008 Year 2009 Year 2010 Sales.....................................$1,100,000$1,100,000$1,100,000Cost of goods soldBeginning inventory........$280,000$262,000$280,000Cost of purchases............ 700,000 700,000 700,000Good available for sale...980,000962,000980,000Ending inventory.............. 262,000 280,000 280,000Cost of goods sold.......... 718,000 682,000 700,000Gross profit.........................$ 382,000$ 418,000$ 400,000E xercise 6-7A (20 minutes)CostofEndingGoodsSold Inventorya. Specific Identification(100 x $5.00) + (80 x $6.00) + (45 x $7)........................ $1,295$2,800 - $1,295.............................................................. $1,505b. Weighted Average($2,800 / 460 units = $6.087* average cost per unit)225 x $6.087.................................................................. $1,370*235 x $6.087.................................................................. $1,430*c. FIFO(100 x $5.00) + (125 x $6.00)........................................ $1,250(140 x $7.00) + (95 x $6.00).........................................$1,550©McG340d. LIFO(140 x $7.00) + (85 x $6.00).......................................... $1,490(100 x $5.00) + (135 x $6.00)........................................ $1,310 *roundedExercise 6-8A (20 minutes)Ending InventoryCost of Goods Solda. Specific identification(135 x $2.70) + (135 x $2.60) + (135 x $2.30).......$1,026$8,976 - $1,026.......................................................$7,950 b. Weighted average ($8,976/3,780 = $2.375*)405 x $2.375...........................................................962*$8,976 - $962..........................................................8,014* c. FIFO(390 x $2.70) + (15 x $2.60) ..................................1,092(270 x $1.90) + (540 x $2.05) + (1,350 x $2.30) +(1,215 x $2.60)..................................................7,884 d. LIFO(270 x $1.90) + (135 x $2.05).................................790*(390 x $2.70) + (1,230 x $2.60) + (1,350 x $2.30)+ (405 x $2.05).....................................................8,186* *RoundedIncome effect: FIFO provides the lowest cost of goods sold, thehighest gross profit, and the highest net income.©McGraw-Hill Companies, 2009 Solutions Manual, Chapter 6 341PROBLEM SET AProblem 6-1A (40 minutes)Instructor note: In the first printing, Requirement 3 in the book for specific identification reads “—units sold consist of…,” which should read “—ending inventory consists of…”1. Compute cost of goods available for sale and units available for saleBeginning inventory......................... 770 units @ $50$38,500 Feb. 10............................................... 420 units @ $4117,220 Mar. 13............................................... 260 units @ $256,500 Aug. 21............................................... 180 units @ $498,820 Sept. 5............................................... 585 units @ $42 24,570 Units available................................... 2,215 unitsCost of goods available for sale $95,6102. Units in ending inventoryUnits available (from part 1).............2,2151,420Less: Units sold (770 + 650).............Ending Inventory (units) (795)©McG3423a. FIFO perpetualDate Goods Purchased Cost of Goods Sold Inventory Balance1/ 1 770 @ $50 = $38,5002/10 420 @ $41 = $17,220 770 @ $50420 @ $41 = $55,720 3/13 260 @ $25 = $ 6,500 770 @ $50420 @ $41 = $62,220260 @ $253/15 770 @ $50 = $38,500 420 @ $41260 @ $25 = $23,7208/21 180 @ $49 = $ 8,820 420 @ $41260 @ $25 = $32,540180 @ $499/ 5 585 @ $42 = $24,570 420 @ $41260 @ $25 = $57,110180 @ $49585 @ $429/10 420 @ $41230 @ $25 = $22,970_______ 30 @ $25180 @ $49585 @ $42 = $34,140$61,470FIFO Alternate Solution FormatCost of goods available for sale $95,610 Less: Cost of sales 770 @ $50 $38,500420 @ $41 17,220230 @ $25 5,75061,470 Total cost of goods soldEndingInventory $34,140 Proof of Ending Inventory30 @ $25 180 @ $49 $ 7508,820585 @ $42 24,570EndingInventory............... 795 units $34,140©McGraw-Hill Companies, 2009 Solutions Manual, Chapter 6 3433b. LIFO perpetualDate Goods Purchased Cost of Goods Sold Inventory Balance1/ 1 770 @ $50 = $38,500 2/10 420 @ $41 = $17,220 770 @ $50420 @ $41 = $55,720 3/13 260 @ $25 = $ 6,500 770 @ $50420 @ $41 = $62,220260 @ $253/15 260 @ $25420 @ $41 = $28,22090 @ $50680 @ $50 = $34,0008/21 180 @ $49 = $ 8,820 680 @ $50180 @ $49 = $42,820 9/ 5 585 @ $42 = $24,570 680 @ $50180 @ $49 = $67,390585 @ $429/10 585 @ $4265 @ $49 = $27,755_______680 @ $50115 @ $49 = $39,635$55,975LIFO alternate solution formatCost of goods available for sale $95,610Less: Cost of sales 260 @ $25 $ 6,500420 @ 41 17,22090 @ 50 4,500585 @ 42 24,57065 @ 49 3,18555,975 Cost of Goods SoldEndingInventory $39,635 Proof of Ending Inventory680 @ $50 $34,0005,635115 @ 49EndingInventory………..795 units $39,635©McGraw-Hill Companies, 2009Fundamental Accounting Principles, 19th Edition 3443c. Specific IdentificationCost of goods available for sale...........$95,610Less: Cost of Goods Sold675 @ $50..................................$33,750245 @ $41.................................. 10,045190 @ $25..................................4,750180 @ $49..................................8,820130 @ $42.................................. 5,460Total cost of goods sold........................ 62,825Ending Inventory....................................$32,785Proof of Ending Inventory95 @ $50 $ 4,750175 @ $41 7,17570 @ $25 1,750455 @ $42 19,110Ending Inventory…………. 795 units $32,785, 2009345P roblem 6-1A (Continued)3d. Weighted AverageDate Goods Purchased Cost of Goods Sold Inventory Balance1/ 1 770 @ $50.00 = $38,500 2/10 420 @ $41 = $17,220 770 @ $50.00420 @ $41.00 = $55,720(avg. cost is $46.824*)3/13 260 @ $25 = $ 6,500 770 @ $50.00420 @ $41.00 = $62,220260 @ $25.00(avg. cost is $42.910*)3/15 770 @ $42.910* = $33,041**680 @ $42.910* = $29,179** 8/21 180 @ $49 = $ 8,820 680 @ $42.910*180 @ $49.000 = $37,999(avg. cost is $44.185*)9/ 5 585 @ $42 = $24,570 680 @ $42.910*180 @ $49.000585 @ $42.000 = $62,569(avg. cost is $43.300*)9/10 650 @ $43.300 = $28,145**795 @ $43.300 = $34,424$61,186* rounded to three decimals** rounded to nearest dollar4.FIFO LIFO SpecificIdentifi-cationWeightedAverageSales (1,420 x $75)................$106,500$106,500$106,500 $106,500 Less: Cost of goods sold..... 61,470 55,975 62,825 61,186 Gross profit............................$ 45,030$ 50,525$ 43,675 $ 45,3145. The manager would likely prefer the LIFO method since this method’sgross profit is the largest at $50,525. This would give the manager the highest bonus based on gross profit.©McG346a. Lower of cost or market for the inventory as a whole = $275,948b. Lower of cost or market for the inventory by major category =$95,011 + $148,699 + $27,752 = $271,462 c. Lower of cost or market for inventory applied separately = $264,007, 2009347P art 1(a)Cost of goods sold 2008 2009 2010 Reported......................................$ 623,000$ 955,000 $ 780,000 Adjustments: 12/31/2008 error.....- 56,000+ 56,00012/31/2009 error..... + 25,000 - 25,000 Corrected....................................$ 567,000$1,036,000 $ 755,000 (b)Net income 2008 2009 2010 Reported......................................$ 230,000$ 275,000 $ 250,000 Adjustments: 12/31/2008 error.....+ 56,000- 56,00012/31/2009 error..... - 25,000 + 25,000 Corrected....................................$ 286,000$ 194,000 $ 275,000 (c)Total current assets 2008 2009 2010 Reported......................................$1,247,000$1,360,000 $1,230,000 Adjustments: 12/31/2008 error.....+ 56,00012/31/2009 error..... - 25,000 Corrected....................................$1,303,000$1,335,000 $1,230,000 (d)Equity 2008 2009 2010 Reported......................................$1,387,000$1,580,000 $1,245,000 Adjustments: 12/31/2008 error.....+ 56,00012/31/2009 error....._________ - 25,000 Corrected....................................$1,443,000$1,555,000 $1,245,000 P art 2Total net income for the combined three-year period ($755,000) is not affected by the errors. This is because these errors are "self-correcting"—that is, each overstatement (or understatement) of net income is offset by a matching understatement (or overstatement) in the following year.P art 3The understatement of inventory by $56,000 results in an overstatement of cost of goods sold by that same amount. The $56,000 overstatement of cost of goods sold results in an understatement of gross profit by the same amount. This understatement of gross profit carries through to an understatement of net income. Since the understated net income is closed to equity, the final equity figure is understated by the amount of the inventory understatement.©McG348。
Chapter 3Adjusting Accounts and Preparing1. The cash basis of accounting reports revenues when cash is received while theaccrual basis reports revenues when they are earned. The cash basis reports expenses when cash is paid while the accrual basis reports expenses when they are incurred and matched with revenues they generated.2. The accrual basis of accounting generally provides a better indication of companyperformance and financial condition than does the cash basis. Also, the accrual basis increases the comparability of financial statements from one period to the next.Thus, business decision makers generally prefer the accrual basis.3. Businesses that have major seasonal variations in sales are most likely to select thenatural business year as the fiscal year.4. A prepaid expense is an item paid for in advance of receiving its benefits. As such, itis reported as an asset on the balance sheet.5. Long-term tangible plant assets such as equipment, buildings, and machinery leadto adjustments for depreciation. Generally, land is the only long-term tangible plant asset that does not require depreciation.6. The Accumulated Depreciation contra account is used for depreciation. It providesfinancial statement users with additional information about the relative age of the assets. Without the contra account information, the reader would not be able to tell whether the assets are new or in need of replacement.7. Unearned revenue refers to cash received in advance of providing products andservices. Another name for unearned revenue is deferred revenue. It is reported asa liability on the balance sheet.8. Accrued revenue is revenue that is earned but is not yet received in cash (and/orother assets) and the customer has not been billed prior to the end of the period.Therefore, end-of-period adjustments are made to record accrued revenue.Examples are interest income that has been earned but not collected and revenues from services performed that are neither collected nor billed.9.A If prepaid expenses are initially recorded with debits to expense accounts, then theprepaid expenses asset accounts are debited in the adjusting entries.10. For Best Buy, all of the accounts under the category of Property and Equipment(except for Land), require adjusting entries. The expense related to the depreciation expense account would be understated on the income statement if Best Buy fails to adjust these asset accounts. If the adjusting entries are not made, net income would be overstated. Note: Students might also correctly identify accounts receivable, goodwill, and tradenames as needing adjustment.11. Circuit City must make adjusting entries to Prepaid expenses and other currentassets; Deferred income taxes; Accrued expenses and other current liabilities;Accrued income taxes; and possibly other assets and liabilities such as Receivables for bad debts. (It is also possible that Circuit City would need to adjust Goodwill and Other intangible assets.)12. RadioShack would need to debit interest receivable and credit interest revenue.13. The Accrued Wages Expense would be reported as part of “Accrued Expenses” onCash AccountingRevenues (cash receipts) ...................................................... $52,000Expenses (cash payments: $37,500 - $6,000 + $3,250) ...... 34,750Net income ............................................................................. $17,250 Accrual AccountingRevenues (earned) ................................................................ $60,000Expenses (incurred) .............................................................. 37,500Net income .............................................................................. $22,500 Quick Study 3-2 (10 minutes)a. AE Accrued expensesb. PE Prepaid expensesc. UR Unearned revenuesd. PE Prepaid expenses (Depreciation)e. AR Accrued revenuesa. Debit Unearned Revenue Balance SheetCredit Revenue Earned Income Statementb. Debit Wages Expense Income StatementCredit Wages Payable Balance Sheetc. Debit Accounts Receivable Balance SheetCredit Revenue Earned Income Statementd. Debit Insurance Expense Income StatementCredit Prepaid Insurance Balance Sheete. Debit Depreciation Expense Income StatementCredit Accumulated Depreciation Balance SheetQuick Study 3-4 (15 minutes)a. Insurance Expense ....................................................... 3,000Prepaid Insurance ................................................. 3,000 To record 6-month insurance coverage expired.b. Supplies Expense ......................................................... 4,150Supplies .................................................................. 4,150 To record supplies used during the year.($900 + $4,000 – [?] = $750)Quick Study 3-5 (15 minutes)a. Depreciation Expense—Equipment ............................ 8,400Accumulated Depreciation—Equipment ............. 8,400 To record depreciation expense for the year.($45,000 - $3,000) / 5 years = $8,400b. No depreciation adjustments are made for land asit is expected to last indefinitely.Salaries Expense (400)Salaries Payable (400)To record salaries incurred but not yet paid.[One student earns $100 x 4 days, Mondaythrough Thursday]Quick Study 3-7 (15 minutes)a. Unearned Revenue ........................................................ 22,500Legal Revenue ....................................................... 22,500 To recognize legal revenue earned (30,000 x 3/4).b. Unearned Subscription Revenue ................................ 1,200Subscription Revenue ........................................... 1,200 To recognize subscription revenue earned.[100 x ($24 / 12 months) x 6 months]1. Accrue salaries expense e ga f2. Adjust the Unearned Services Revenue accountto recognize earned revenueb f3. Record the earning of services revenue for whichcash will be received the following periodQuick Study 3-9 (10 minutes)The answer is a.ExplanationThe debit balance in Prepaid Insurance was reduced by $400, implying a $400 debit to Insurance Expense. The credit balance in Interest Payable increased by $800, implying an $800 debit to Interest Expense.The answer is 2.ExplanationInsurance premium errorUnderstates expenses (and overstates assets) by .......... $1,600 Accrued salaries errorUnderstates expenses (and understates liabilities) by .... 1,000The collective effects from this company’s errors follow:Understates expenses by ..................................................... $2,600Overstates assets by ............................................................. $1,600Understates liabilities by ...................................................... $1,000 Quick Study 3-11 (10 minutes)Profit margin = $78,750 / $630,000 = 12.5%Interpretation: For each dollar that records as revenue, it earns 12.5 cents in net income. Miller’s 12.5% is markedly lower than competitors’ average profit margin of 15%—it must improve performance.Quick Study 3-12A (5 minutes)1. B 4. A2. F 5. D3. C 6. EExercise 3-2 (25 minutes)a. Depreciation Expense—Equipment ................................ 16,000Accumulated Depreciation—Equipment..................... 16,000 To record depreciation expense for the year.b. Insurance Expense ........................................................... 5,360Prepaid Insurance* ....................................................... 5,360 To record insurance coverage that expired($6,000 - $640).c. Office Supplies Expense .................................................. 3,422Office Supplies**............................................................ 3,422 To record office supplies used ($325 + $3,480 - $383).d. Unearned Fee Revenue .................................................... 3,000Fee Revenue .................................................................. 3,000 To record earned portion of fee received in advance($15,000 x 1/5).e. Insurance Expense ........................................................... 6,160Prepaid Insurance ......................................................... 6,160 To record insurance coverage that expired.f. Wages Expense ................................................................. 2,700Wages Payable .............................................................. 2,700 To record wages accrued but not yet paid.a. Unearned Fee Revenue .................................................... 5,000Fee Revenue .................................................................. 5,000 To record earned portion of fee received in advance($15,000 x 1/3).b. Wages Expense ................................................................. 7,500Wages Payable .............................................................. 7,500 To record wages accrued but not yet paid.c. Depreciation Expense—Equipment ................................ 17,251Accumulated Depreciation—Equipment..................... 17,251 To record depreciation expense for the year.d. Office Supplies Expense .................................................. 5,682Office Supplies*............................................................. 5,682 To record office supplies used ($240 + $6,102 - $660).e. Insurance Expense ........................................................... 2,700Prepaid Insurance†........................................................ 2,700 To record insurance coverage expired ($4,000 - $1,300).f. Interest Receivable ......................................................... 1,400Interest Revenue ........................................................ 1,400 To record interest earned but not yet received.g. Interest Expense ............................................................. 2,000Interest Payable........................................................... 2,000 To record interest incurred but not yet paid.a. Adjusting entry2009Dec. 31 Wages Expense (825)Wages Payable (825)To record accrued wages for one day.(5 workers x $165)b. Payday entry2010Jan. 4 Wages Expense.......................................................2,475Wages Payable (825)Cash .....................................................................3,300To record accrued and current wages.Wages expense = 5 workers x 3 days x $165Cash = 5 workers x 4 days x $165Exercise 3-5 (15 minutes)a. $ 2,000b. $ 6,607c. $11,987d. $ 1,375Proof: (a) (b) (c) (d) Supplies available – prior year-end ......... $ 350 $1,855 $ 1,576 $1,375 Supplies purchased in current year ........ 2,450 6,307 11,987 6,907 Total supplies available ............................ 2,800 8,162 13,563 8,282 Supplies available – current year-end ..... (800) (6,607) (2,056) (800) Supplies expense for current year........... $2,000 $1,555 $11,507 $7,482a.Apr. 30 Legal Fees Expense ........................................... 4,500Legal Fees Payable ..................................... 4,500 To record accrued legal fees.May 12 Legal Fees Payable ............................................ 4,500Cash ............................................................. 4,500 To pay accrued legal fees.b.Apr. 30 Interest Expense ................................................. 1,900Interest Payable .......................................... 1,900 To record accrued interest expense($5,700 x 10/30).May 20 Interest Payable .................................................. 1,900Interest Expense ................................................. 3,800Cash ............................................................. 5,700 To record payment of accrued and currentinterest expense ($5,700 x 20/30).c.Apr. 30 Salaries Expense ................................................ 4,800Salaries Payable.......................................... 4,800 To record accrued salaries($12,000 x 2/5 week).May 3 Salaries Payable ................................................. 4,800Salaries Expense ................................................ 7,200Cash ............................................................. 12,000 To record payment of accrued andcurrent salaries ($12,000 x 3/5 week).Basis*Basis Basis**Basis Dec. 31, 2007 ........$14,450 $0 2007 ..........$ 850 $15,300 Dec. 31, 2008 ........9,350 0 2008 ..........5,100 0 Dec. 31, 2009 ........4,250 0 2009 .......... 5,100 0 Dec. 31, 2010 ........0 0 2010 .......... 4,250 0$15,300 $15,300 Explanations:*Accrual asset balance equals months left in the policy x $425 per month (monthly cost is computed as $15,300 / 36 months).Months Left Balance12/31/2007 .. 34 $14,45012/31/2008 .. 22 9,35012/31/2009 .. 10 4,25012/31/2010 .. 0 0**Accrual insurance expense equals months covered in the year x $425 per month.Months Covered Expense2007 ............ 2 $ 8502008 ............12 5,1002009 ............12 5,1002010 ............10 4,250$15,300Dec. 31 Accounts Receivable ............................................. 1,980Fees Earned ..................................................... 1,980 To record earned but unbilled fees (30% x $6,600).31 Unearned Fees ........................................................ 4,620Fees Earned ..................................................... 4,620 To record earned fees collected in advance(70% x $6,600).31 Depreciation Expense—Computers ..................... 1,650Accumulated Depreciation-Computers ........ 1,650 To record depreciation on computers.31 Depreciation Expense—Office Furniture ............. . 1,925A ccumulated Depreciation—Office Furniture ... 1,925To record depreciation on office furniture.31 Salaries Expense .................................................... 2,695Salaries Payable.............................................. 2,695 To record accrued salaries.31 Insurance Expense.................................................. 1,430Prepaid Insurance ........................................... 1,430 To record expired prepaid insurance.31 Rent Expense (700)Rent Payable (700)To record accrued rent expense.31 Office Supplies Expense (528)Office Supplies (528)To record use of office supplies.31 Advertising Expense (500)Advertising Payable (500)To record accrued advertising expense.31 Utilities Expense (77)Utilities Payable (77)To record incurred and unpaid utility costs.a. $ 6,039 / $ 52,970 = 11.4%b. $100,890 / $ 471,430 = 21.4%c. $106,880 / $ 301,920 = 35.4%d. $ 67,140 / $1,721,520 = 3.9%e. $ 84,780 / $ 513,800 = 16.5%Analysis and Interpretation: Company c has the highest profitability according to the profit margin ratio. Company c earns 35.4 cents in net income for every one dollar of net sales earned.Exercise 3-10A (30 minutes)a.Dec. 1 Supplies Expense ................................................... 2,000Cash ................................................................. 2,000 Purchased supplies.b.Dec. 2 Insurance Expense ................................................. 1,540Cash ................................................................. 1,540 Paid insurance premiums.c.Dec. 15 Cash ......................................................................... 13,000Remodeling Fees Earned ............................... 13,000 Received fees for work to be done.d.Dec. 28 Cash ......................................................................... 3,700Remodeling Fees Earned ............................... 3,700 Received fees for work to be done.e.Dec. 31 Supplies .................................................................. 1,840Supplies Expense ........................................... 1,840 Adjust expenses for unused supplies.f.Dec. 31 Prepaid Insurance .................................................. 1,200Insurance Expense ......................................... 1,200 Adjust expenses for unexpired coverage($1,540 - $340).g.Dec. 31 Remodeling Fees Earned ..................................... 11,130Unearned Remodeling Fees .......................... 11,130 Adjusted revenues for unfinished projects($13,000 + 3,700 - $5,570).a. Initial credit recorded in the Unearned Fees accountJuly 1 Cash ....................................................................... 2,800Unearned Fees .............................................. 2,800 Received fees for work to be done for Solana.6 Cash ....................................................................... 8,100Unearned Fees .............................................. 8,100 Received fees for work to be done for Haru.12 Unearned Fees ...................................................... 2,800Fees Earned ................................................... 2,800 Completed work for Solana.18 Cash ....................................................................... 7,300Unearned Fees .............................................. 7,300 Received fees for work to be done for Jordan.27 Unearned Fees ...................................................... 8,100Fees Earned ................................................... 8,100 Completed work for customer Haru.31 No adjusting entries required.b. Initial credit recorded in the Fees Earned accountJuly 1 Cash ....................................................................... 2,800Fees Earned ................................................... 2,800 Received fees for work to be done for Solana.6 Cash ....................................................................... 8,100Fees Earned ................................................... 8,100 Received fees for work to be done for Haru.12 No entry required.18 Cash ....................................................................... 7,300Fees Earned ................................................... 7,300 Received fees for work to be done for Jordan.27 No entry required.31 Fees Earned .......................................................... 7,300Unearned Fees .............................................. 7,300 Adjusted to reflect unearned fees for unfinishedjob for Jordan.c. Under the first method (and using entries from a)Unearned Fees = $2,800 + $8,100 - $2,800 + $7,300 - $8,100 = $7,300 Fees Earned = $2,800 + $8,100 = $10,900Unearned Fees = $7,300Fees Earned = $2,800 + $8,100 + $7,300 - $7,300 = $10,9001. I 5. G 9. H2. D 6. C 10. E3. F 7. I 11. H4. B 8. A 12. BProblem 3-2A (35 minutes)Part 1Adjustment (a)Dec. 31 Office Supplies Expense ................................ 12,325Office Supplies ......................................... 12,325 To record cost of supplies used($2,900 + $11,977 - $2,552).Adjustment (b)31 Insurance Expense .......................................... 12,280Prepaid Insurance .................................... 12,280B 290 ($10,440/36 mo.) 9 2,610C 770 ($ 9,240 /12 mo.) 5 3,850Total $12,280Adjustment (c)31 Salaries Expense ............................................. 3,660Salaries Payable....................................... 3,660 To record accrued but unpaid wages(2 days x $1,830).Adjustment (d)Dec. 31 Depreciation Expense—Building ................... 18,875Accumulated Depreciation—Building ... 18,875 To record annual depreciation expense[($800,000 -$45,000) / 40 years = $18,875]Adjustment (e)31 Rent Receivable ............................................ 3,000Rent Earned ........................................... 3,000 To record earned but unpaid Dec. rent.Adjustment (f)31 Unearned Rent .............................................. 5,436Rent Earned ........................................... 5,436 To record the amount of rent earned forNovember and December (2 x $2,718).Part 2Cash Payment for (c)Jan. 6 Salaries Payable ........................................... 3,660Salaries Expense* ........................................ 5,490Cash ....................................................... 9,150 To record payment of accrued andcurrent salaries. *(3 days x $1,830)Cash Payment for (e)15Cash ............................................................... 6,000Rent Receivable .................................... 3,000Rent Earned ........................................... 3,000 To record past due rent for two months.Part 2Adjustment (a)Dec. 31 Insurance Expense ...............................................3,000Prepaid Insurance ...........................................3,000 To record the insurance expired.Adjustment (b)31 Teaching Supplies Expense ................................9,000Teaching Supplies ..........................................9,000 To record supplies used ($11,000 - $2,000).Adjustment (c)31 Depreciation Expense—Equipment ....................10,000Accumulated Depreciation—Equipment ............10,000 To record equipment depreciation.Adjustment (d)31 Depreciation Expense—Profess. Library ...........5,000A ccumul. Depreciation—Profess. Library.........5,000To record professional library depreciation.Adjustment (e)31 Unearned Training Fees .......................................5,000Training Fees Earned .....................................5,000 To record 2 months’ training fees earnedthat were collected in advance.Adjustment (f)31 Accounts Receivable ............................................4,000Tuition Fees Earned........................................4,000 To record tuition earned($1,600 x 2 1/2 months).Adjustment (g)31 Salaries Expense (480)Salaries Payable (480)To record accrued salaries(2 days x $120 x 2 employees).Adjustment (h)31 Rent Expense ........................................................2,178Prepaid Rent ....................................................2,178 To record expiration of prepaid rent.Part 3WELLS TEACHING INSTITUTEAdjusted Trial BalanceDecember 31, 2009Debit Credit Cash .......................................................................... $ 28,064Accounts receivable ................................................ 4,000Teaching supplies ................................................... 2,000Prepaid insurance .................................................... 13,000Prepaid rent 0Professional library ................................................. 33,000 Accumulated depreciation—Professional library ... $ 15,000 Equipment ................................................................ 75,800 Accumulated depreciation—Equipment ................ 25,000 Accounts payable .................................................... 39,500 Salaries payable . (480)Unearned training fees ............................................ 7,500 T. Wells, Capital ....................................................... 71,000 T. Wells, Withdrawals .............................................. 44,000Tuition fees earned .................................................. 115,000 Training fees earned ................................................ 46,000 Depreciation expense—Professional library ........ 5,000 Depreciation expense—Equipment ....................... 10,000Salaries expense ..................................................... 52,480Insurance expense................................................... 3,000Rent expense ............................................................ 26,136Teaching supplies expense .................................... 9,000 Advertising expense ................................................ 8,000Utilities expense....................................................... 6,000 _______ Totals ........................................................................ $319,480 $319,480Part 4WELLS TEACHING INSTITUTEIncome StatementFor Year Ended December 31, 2009RevenuesTuition fees earned ............................................ $115,000Training fees earned .......................................... 46,000Total revenues .................................................... $161,000 ExpensesDepreciation expense—Professional library ... 5,000Depreciation expense—Equipment .................. 10,000Salaries expense ................................................ 52,480Insurance expense ............................................. 3,000Rent expense ...................................................... 26,136Teaching supplies expense ............................... 9,000Advertising expense .......................................... 8,000Utilities expense ................................................. 6,000Total expenses ................................................... 119,616 Net income ............................................................ $ 41,384WELLS TEACHING INSTITUTEStatement of Owner’s EquityFor Year Ended December 31, 2009T. Wells, Capital, December 31, 2008 ................................. $ 71,000 Plus: Net income .................................................................. 41,384112,384 Less: Withdrawals by owner ............................................... 44,000 T. Wells, Capital, December 31, 2009 ................................. $ 68,384Problem 3-3A (Concluded)WELLS TEACHING INSTITUTEBalance SheetDecember 31, 2009AssetsCash ................................................................................. $ 28,064 Accounts receivable ...................................................... 4,000 Teaching supplies .......................................................... 2,000 Prepaid insurance .......................................................... 13,000 Professional library ........................................................ $33,000 Accumulated depreciation—Professional library ....... (15,000) 18,000 Equipment ....................................................................... 75,800 Accumulated depreciation—Equipment ...................... (25,000) 50,800 Total assets ..................................................................... $115,864LiabilitiesAccounts payable ........................................................... $ 39,500 Salaries payable . (480)Unearned training fees .................................................. 7,500 Total liabilities ................................................................ 47,480EquityT. Wells, Capital .............................................................. 68,384 Total liabilities and equity ............................................. $115,864Problem 3-4A (45 minutes) —Part 1Cash ......................................... $ 86,000 $ 86,000 Accounts receivable ........... 15,000 (a) 4,000 19,000Office supplies ...................... 17,800 (b) 8,800 9,000Prepaid insurance ................ 6,040 (c) 2,080 3,960Office equipment .................. 87,000 87,000 Accumulated depreciation—Office equipment ........... $ 24,000 (d) 2,000 $ 26,000 Accounts payable ................ 9,100 (e) 14,900 24,000 Interest payable ..................... (f) 2,500 2,500 Salaries payable ................... (g) 15,000 15,000 Unearned consulting fees .20,000 (h) 7,000 13,000 Long-term notes payable .. 54,000 54,000 K. Jenkins, Capital ............... 46,000 46,000 K. Jenkins, Withdrawals .... 10,000 10,000Consulting feesearned .................................... 165,000 (a)(h)4,0007,000 176,000Depreciation expense—Office equipment ................ (d) 2,000 2,000Salaries expense .................. 67,990 (g) 15,000 82,990Interest expense ................... 1,270 (f) 2,500 3,770 Insurance expense .............. (c) 2,080 2,080Rent expense ........................ 14,540 14,540Office supplies expense .... (b) 8,800 8,800 Advertising expense ........... 12,460 _______ (e) 14,900 ______ 27,360 _______ Totals ........................................ $318,100 $318,100 $56,280 $56,280 $356,500 $356,500 Adjustment description(a) Earned but uncollected revenues.(b) Cost of office supplies used.(c) Cost of expired insurance coverage.(d) Depreciation expense on office equipment.(e) Incurred but unpaid advertising expense.(f) Incurred but unpaid interest expense.(g) Incurred but unpaid salaries expense.(h) Earned revenues previously received in advance.。
hawai Chapter 2Analyzing and Recording TransactionsQUICK STUDIESQ uick Study 2-1 (5 minutes)The likely source documents include:b. Telephone billc. Sales ticketf. Invoice from supplierh. Bank statementQ uick Study 2-2 (10 minutes)a. I Income statementb. E Statement of owner’s equityc. B Balance sheetd. B Balance sheete. B Balance sheetstatementf. I Incomeg. B Balance sheeth. B Balance sheeti. B BalancesheetQuick Study 2-3 (10 minutes)a. Debit d. Debit g. Creditb. Debit e. Debit h. Debitc. Credit f. Debit i. Credit Quick Study 2-4 (10 minutes)©McGraw-Hill Companies, 2009 Solutions Manual, Chapter 2 55a. Debit e. Debit i. Creditb. Debit f. Credit j. Debitc. Credit g. Credit k. Debitd. Credit h. Debit l. CreditQ uick Study 2-5 (10 minutes)a. Debit e. Debit i. Creditb. Credit f. Credit j. Debitc. Debit g. Creditd. Credit h. CreditQ uick Study 2-6 (15 minutes)Jan.13 Cash.......................................................................... 80,000Equipment...............................................................30,000Capital...............................................110,000 D.Tyler,Owner invests cash and equipment.21Supplies (820)OfficePayable (820)AccountsPurchased office supplies on credit.29Cash..........................................................................8,700Revenue....................8,700 LandscapingServicesReceived cash for landscaping services.30Cash..........................................................................4,000Services Revenue..4,000UnearnedLandscapingReceived cash in advance for landscaping services.Q uick Study 2-7 (10 minutes)The correct answer is c.Explanation: If a $2,250 debit to Rent Expense is incorrectly posted as a credit, the effect is to understate the Rent Expense debit balance by $4,500.This causes the Debit column total on the trial balance to be $4,500 lessthan the Credit column total.Q uick Study 2-8 (10 minutes)a. I e. B i. Bb. I f. I j. I©McG56c. I g. B k. Ed. B h. B l. B©McGraw-Hill Companies, 2009 Solutions Manual, Chapter 2 57EXERCISESE xercise 2-1 (15 minutes) Type of Increase Normal Account Account (Dr. or Cr.) Balancea. Owner Capital.............................equity credit creditb. Accounts Receivable.................asset debit debitc. Owner Withdrawals....................equity debit debitd. Cash............................................asset debit debite. Equipment..................................asset debit debitf. Fees Earned................................revenue credit creditg. Wages Expense..........................expense debit debith. Unearned Revenue....................liability credit crediti. Accounts Payable......................liability credit creditj. Postage Expense.......................expense debit debitk. Prepaid Insurance......................asset debit debitl. Land............................................asset debit debitE xercise 2-2 (15 minutes) a. Beginning cash balance (debit).............................................$ ?Cash received in October (debits)........................................104,750Cash disbursed in October (credits).....................................(101,607)Ending cash balance (debit)..................................................$ 17,069Beginning cash balance (debit).............................................$ 13,926b. Beginning accounts receivable (debit).................................$ 83,250Sales on account in October (debits)................................... ?Collections on account in October (credits)........................(75,924)Ending accounts receivable (debit)......................................$ 85,830Sales on account in October (debits)...................................$ 78,504c. Beginning accounts payable (credit)....................................$148,000Purchases on account in October (credits).........................271,876Payments on accounts in October (debits).......................... ( ?)Ending accounts payable (credit).........................................$137,492Payments on accounts in October (debits)..........................$282,384 ©McG58The company would make the following entry (not required for answer): Cash..................................................................12,000Equipment......................................90,000 ComputerNote Payable..............................................37,000Services Revenue......................................65,000 Accepted cash, equipment and note for services.Thus, of the a through f items listed, the following effects should be included:a. $37,000 increase in a liability account.b. $12,000 increase in the Cash account.e. $65,000 increase in a revenue account.Explanation: This transaction reflects $65,000 in revenue, which is the value of the service provided. Payment is received in the form of a $12,000 increase in cash, an $90,000 increase in computer equipment, and a $37,000 increase in its liabilities. The net value received by the company is $65,000.Exercise 2-4 (25 minutes)Aug.1Cash.................................................................. 14,250Photography Equipment.................................61,275M. Harris, Capital.......................................75,525Owner investment in business.2Prepaid Insurance............................................3,300Cash............................................................3,300Acquired 24 months of insurance coverage.5Office Supplies.................................................2,707Cash............................................................2,707Purchased office supplies.20Cash.................................................................. 3,250Photography Fees Earned........................3,250Collected photography fees.31 Utilities Expense (871)Cash (871)Paid for August utilities.©McGraw-Hill Companies, 2009 Solutions Manual, Chapter 2 59Cash Photography EquipmentAug. 1 14,250 Aug. 23,300Aug. 1 61,27520 3,250 52,70731871M. Harris, CapitalBalance 10,622 Aug. 1 75,525 Office Supplies Photography Fees Earned3,25020 Aug.52,707 Aug.Prepaid Insurance Utilities ExpenseAug.87131Aug.23,300SPECIAL PICSTrial BalanceAugust 31Debit Credit Cash...............................................................................$10,622Office supplies..............................................................2,707Prepaid insurance.........................................................3,300 Photography equipment...............................................61,275M. Harris, Capital...........................................................$75,525 Photography fees earned.............................................3,250 Utilities expense............................................................ 871_______ Totals..............................................................................$78,775 $78,775©McGraw-Hill Companies, 2009Fundamental Accounting Principles, 19th Edition 60Cash Accounts Payable(a) 14,000 (b) 406(e) 7,742 (c) 7,7427,742Balance(e)(d) 1,652510(h) 1,246(g)1,200(i)Balance 7,040 S. Amena, Capital(a) 14,00014,000Balance Accounts Receivable S. Amena, Withdrawals(f) 2,968 (h) 1,246(i) 1,200Balance 1,722 Balance 1,200Office Supplies Fees Earned1,652 (b) 406 (d) Balance 406 (f) 2,968Balance4,620 Office Equipment Rent Expense(c) 7,742 (g) 510Balance 7,742 Balance 510Exercise 2-7 (15 minutes)AMENA COMPANYTrial BalanceMay 31, 2009Debit Credit Cash.........................................................................................$ 7,040Accounts receivable...............................................................1,722Office supplies (406)Office equipment....................................................................7,742Accounts payable...................................................................$ 0S. Amena, Capital...................................................................14,000S. Amena, Withdrawals..........................................................1,200Fees earned.............................................................................4,620 Rent expense.......................................................................... 510______ Totals.......................................................................................$18,620 $18,620©McGraw-Hill Companies, 2009 Solutions Manual, Chapter 2 61Transactions that created expenses:b. Salaries Expense.........................................1,233Cash.......................................................1,233 Paid salary of receptionist.d. Utilities Expense (870)Cash (870)Paid utilities for the office.[Note: Expenses are outflows or using up of assets (or the creation ofliabilities) that occur in the process of providing goods or services tocustomers.]Transactions a, c, and e are not expenses for the following reasons:a. This transaction decreased assets in settlement of a previouslyexisting liability, and equity did not change. Cash payment does notmean the same as using up of assets (expense was recorded when thesupplies were used).c. This transaction involves the purchase of an asset. The form of thecompany’s assets changed, but total assets did not change, and theequity did not decrease.e. This transaction is a distribution of cash to the owner. Even thoughequity decreased, the decrease did not occur in the process ofproviding goods or services to customers.©McG62TECH TALKIncome StatementFor Month Ended October 31RevenuesConsulting fees earned......................... $25,620 ExpensesSalariesexpense................................... $12,405expense......................................... 6,859Rentexpense (560)TelephoneMiscellaneousexpenses (280)expenses...................................... 20,104 TotalNet income.................................................. $ 5,516Exercise 2-10 (15 minutes)TECH TALKStatement of Owner’s EquityFor Month Ended October 31D. Shabazz, Capital, October 1.................. $ 0Add: Investments by owner.................... 124,114income5,516 Net(from Exercise 2-10)......129,630 Less: Withdrawals by owner.................... 2,000D. Shabazz, Capital, October 31................ $127,630Exercise 2-11 (15 minutes)TECH TALKBalance SheetOctober 31Assets Liabilities Cash...............................$ 12,614 Accounts payable................$ 12,070 Accounts receivable.... 25,648Office supplies.............. 4,903 EquityOffice equipment.......... 27,147 D. Shabazz, Capital............. 127,630* Land............................... 69,388Total assets...................$139,700 Total liabilities & equity......$139,700 * Computation shown in Exercise 2-11.©McGraw-Hill Companies, 2009 Solutions Manual, Chapter 2 63a. Assets -Liabilities = EquityBeginning of the year..........$131,000 -$56,159 = $74,841End of the year.....................180,000 -72,900 = 107,100Net increase in equity..........$32,259Net Income............................$ ?Plus owner investments 0Less owner withdrawals 0Change in equity..................$32,259Therefore, income must equal $32,259.b. Netincome.........................................................................$ ?ownerinvestments 0PlusLess owner withdrawals ($650/mo. x 12 mo.)................. (7,800)Change in equity...............................................................$32,259Therefore, net income must equal ($32,259 + $7,800) = $40,059income.........................................................................$ ?c. Netinvestments................................................... 45,000ownerPlusLess owner withdrawals 0Change in equity...............................................................$32,259Therefore, the net loss must equal ($32,259 - $45,000) = $(12,741)income.........................................................................$ ?d. Netinvestments................................................... 25,000PlusownerLess owner withdrawals ($650/mo. x 12 mo.)................. (7,800)Change in equity...............................................................$32,259Therefore, income must equal ($32,259+$7,800-$25,000)= $15,059©McGraw-Hill Companies, 2009Fundamental Accounting Principles, 19th Edition64Exercise 2-13 (15 minutes)(d)(c)(b)(a)Answers $(45,000) $64,665 $71,347 $(47,000)Computations:Equity, Dec. 31, 2008.....$ 0 $ 0 $ 0 $ 0Owner investments.......112,500 64,665 85,347 201,871Owner withdrawals........(45,000) (51,000)(8,000) (53,000)Net income (loss).......... 27,000 78,000 (6,000) (47,000)Equity, Dec. 31, 2009.....$94,500 $91,665 $71,347 $101,871Exercise 2-14 (25 minutes)a. Belle created a new business and invested $12,000 cash, $15,200 ofequipment, and $24,000 in automobiles.b. Paid $4,800 cash in advance for insurance coverage.c. Paid $2,000 cash for office supplies.d. Purchased $300 of office supplies and $9,700 of equipment on credit.e. Received $9,000 cash for delivery services provided.f. Paid $4,600 cash towards accounts payable.g. Paid $820 cash for gas and oil expenses.Exercise 2-15 (30 minutes)a. Cash...........................................................................12,000Equipment.................................................................15,200Automobiles..............................................................24,000Capital.................................................51,200D.Belle,Owner invested in business.b. Prepaid Insurance.....................................................4,800Cash....................................................................4,800 Purchased insurance coverage.©McGraw-Hill Companies, 2009Solutions Manual, Chapter 2 65c. Office Supplies..........................................................2,000Cash....................................................................2,000 Purchased supplies with cash.d. Office Supplies (300)Equipment.................................................................9,700Payable.............................................10,000 AccountsPurchased supplies and equipment on credit.e. Cash...........................................................................9,000Revenue...............................9,000 ServicesDeliveryReceived cash from customer.Payable.....................................................4,600f. AccountsCash....................................................................4,600 Made payment on payables.g. Gas and Oil Expense (820)Cash (820)Paid for gas and oil.©McG66Exercise 2-16 (20 minutes)Description(1)DifferencebetweenDebit andCreditColumns(2)Columnwith theLargerTotal(3)Identifyaccount(s)incorrectlystated(4)Amount that account(s)is overstated orunderstateda. $1,870 debit to RentExpense is posted asa $1,780 debit. $90 credit Rent Expense Rent Expense isunderstated by $90b. $3,560 credit to Cashis posted twice as twocredits to Cash. $3,560 credit Cash Cash is understated by$3,560c. $7,120 debit to theWithdrawals account is debited to Owner’s Capital. $0 ––Owner,CapitalOwner,WithdrawalsOwner, Capital isunderstated by $7,120Owner, Withdrawals isunderstated by $7,120d. $1,630 debit toPrepaid Insurance isposted as a debit to Insurance Expense. $0 ––PrepaidInsuranceInsuranceExpensePrepaid Insurance isunderstated by $1,630Insurance Expense isoverstated by $1,630e. $31,150 debit toMachinery is posted as a debit to Accounts Payable. $0 ––MachineryAccountsPayableMachinery isunderstated by $31,150Accounts Payable isunderstated by $31,150f. $4,460 credit toServices Revenue isposted as a $446credit. $4,014 debit ServicesRevenueServices Revenue isunderstated by $4,014g. $820 debit to StoreSupplies is notposted. $820 credit StoreSuppliesStore Supplies isunderstated by $820©McGraw-Hill Companies, 2009Solutions Manual, Chapter 2 67PROBLEM SET AP roblem 2-1A (90 minutes) Part 1 a. Cash.............................................................101 195,000 Office Equipment........................................163 8,200 Drafting Equipment....................................164 80,000 J. Lancet, Capital................................301 283,200Owner invested cash and equipment.b. Land.............................................................172 52,000 Cash.....................................................101 8,900 Note Payable.......................................250 43,100Purchased land with cash and note payable.c. Building.......................................................170 55,000 Cash.....................................................101 55,000Purchased building.d. Prepaid Insurance......................................108 2,300 Cash.....................................................101 2,300Purchased 18-month insurance policy.e. Cash.............................................................101 6,600 Engineering Fees Earned ..................402 6,600Collected cash for completed work.f. Drafting Equipment....................................164 24,000 Cash.....................................................101 9,600 Note Payable.......................................250 14,400Purchased equipment with cash and notepayable.g. Accounts Receivable.................................106 14,500 Engineering Fees Earned ..................402 14,500Completed services for client.h. Office Equipment........................................163 1,100 Accounts Payable...............................201 1,100Purchased equipment on credit.©McG 68Problem 2-1A (Part 1 Continued)i. Accounts Receivable.................................106 23,000Engineering Fees Earned..................402 23,000 Billed client for completed work.j. Equipment Rental Expense.......................602 1,410Payable...............................201 1,410 AccountsIncurred equipment rental expense.Cash.............................................................101 8,000k.Receivable.........................106 8,000 AccountsCollected cash on account.Expense..........................................601 2,500Wagesl.Cash.....................................................101 2,500 Paid assistant’s wages.Payable......................................201 1,100m. AccountsCash..................................................101 1,100 Paid amount due on account.Expense........................................604 970n.RepairsCash..................................................101 970 Paid for repair of equipment.o. J. Lancet, Withdrawals...............................302 10,450Cash.....................................................101 10,450 Owner withdrew cash.Expense..........................................601 2,000Wagesp.Cash.....................................................101 2,000 Paid assistant’s wages.Expense..................................603 2,400Advertisingq.Cash.....................................................101 2,400 Paid for advertising expense.©McGraw-Hill Companies, 2009 Solutions Manual, Chapter 2 69Problem 2-1A (Continued)Part 2Cash No. 101Accounts Payable No. 201 Date PR Debit Credit Balance Date PR Debit Credit Balance(a) 195,000 195,000 (h)1,100 1,100(b) 8,900 186,100(j) 1,410 2,510(c) 55,000 131,100(m)1,1001,410(d) 2,300 128,800(e) 6,600 135,400Notes Payable No. 250(f) 9,600 125,800Date PR Debit Credit Balance (k) 8,000 133,800 (b)43,100 43,100 (l) 2,500 131,300 (f) 14,400 57,500 (m) 1,100 130,200(n) 970 129,230(o) 10,450 118,780J. Lancet, Capital No. 301 (p) 2,000 116,780Date PR Debit Credit Balance (q) 2,400 114,380 (a)283,200 283,200 Accounts Receivable No. 106J. Lancet, Withdrawals No. 302 Date PR Debit Credit Balance Date PR Debit Credit Balance (g) 14,500 14,500 (o)10,450 10,450 (i) 23,000 37,500(k) 8,000 29,500Engineering Fees Earned No. 402Date PR Debit Credit Balance Prepaid Insurance No. 108(e)6,600 6,600 Date PR Debit Credit Balance (g)14,500 21,100 (d) 2,300 2,300(i) 23,000 44,100 Office Equipment No. 163Wages Expense No. 601 Date PR Debit Credit Balance Date PR Debit Credit Balance (a) 8,200 8,200 (l) 2,5002,500 (h) 1,100 9,300 (p)2,0004,500 Drafting Equipment No. 164Equipment Rental Expense No. 602 Date PR Debit Credit Balance Date PR Debit Credit Balance (a) 80,000 80,000 (j) 1,4101,410 (f) 24,000 104,000Building No. 170Advertising Expense No. 603 Date PR Debit Credit Balance Date PR Debit Credit Balance (c) 55,000 55,000 (q)2,4002,400 Land No. 172Repairs Expense No. 604 Date PR Debit Credit Balance Date PR Debit Credit Balance (b) 52,000 52,000 (n)970970©McGraw-Hill Companies, 2009Fundamental Accounting Principles, 19th Edition 70Problem 2-1A (Concluded)Part 3LANCET ENGINEERINGTrial BalanceJune 30Debit CreditCash............................................................. $114,380Accounts receivable.................................. 29,500Prepaid insurance...................................... 2,300Office equipment........................................ 9,300Drafting equipment.................................... 104,000Building....................................................... 55,000Land............................................................. 52,000Accounts payable....................................... $ 1,410Notes payable............................................. 57,500J. Lancet, Capital........................................ 283,200J. Lancet, Withdrawals............................... 10,450Engineering fees earned............................ 44,100Wages expense.......................................... 4,500Equipment rental expense......................... 1,410Advertising expense.................................. 2,400Repairs expense (970)Totals........................................................... $386,210 $386,210©McGraw-Hill Companies, 2009 Solutions Manual, Chapter 2 71。
