financial accounting 习题答案文档(3)

a.Insurance Expense ............................................................ Prepaid Insurance ...............................................

1,215

1,215

1,215 1,215

b.Insurance Expense ............................................................ Prepaid Insurance ............................................... 3-6

Unearned Fees ...................................................................... Fees Earned ......................................................... 3-7

a.Salary Expense .................................................................. Salaries Payable ..................................................

9,570

9,570

9,360

12,480

9,360 12,480

b.Salary Expense .................................................................. Salaries Payable .................................................. 3-8

$59,850 ($63,000 – $3,150) 3-9

$195,816,000 ($128,776,000 + $67,040,000) 3-10 Error (a)

Error (b)

Over- stated

Revenue for the year would be ............... Expenses for the year would be ............. Net income for the year would be .......... Assets at December 31 would be ........... Liabilities at December 31 would be ...... Owner’s equity at December 31

would be ...................................................

$ 0

0 0 0 6,900

0

Under- Over- Under- stated stated stated $6,900 $ 0 $ 0

0 0 3,740 6,900 3,740 0

0 0 0 0 0 3,740 6,900

3,740

0

1.

2. 3. 4. 5. 6.

3-11

$175,840 ($172,680 + $6,900 – $3,740) 3-12

a.Accounts Receivable ......................................................... Fees Earned .........................................................

11,500

11,500

b. No. If the cash basis of accounting is used, revenues are recognized

only when the cash is received. Therefore, earned but unbilled revenues would not be recognized in the accounts, and no adjusting entry would be necessary. 3-13

a. Fees earned (or revenues) will be understated. Net income will be

understated.

b. Accounts (fees) receivable (or assets) will be understated. Owner’s

equity will be understated. 3-14

Depreciation Expense .......................................................... 5,200

Accumulated Depreciation .................................

3-15

a. $204,600 ($318,500 – $113,900)

b. No. Depreciation is an allocation of the cost of the equipment to the

periods benefiting from its use. It does not necessarily relate to value or loss of value. 3-16

a. $2,268,000,000 ($5,891,000,000 – $3,623,000,000)

b. No. Depreciation is an allocation method, not a valuation method.

That is, depreciation allocates the cost of a fixed asset over its useful life. Depreciation does not attempt to measure market values, which may vary significantly from year to year. 3-17

a.Depreciation Expense ....................................................... 7,500

Accumulated Depreciation .................................

b. (1) Depreciation expense would be understated. Net income would

be overstated. (2) Accumulated depreciation would be understated, and total assets

would be overstated. Owner’s equity would be overstated.

3-18

1.Accounts Receivable ......................................................... 4

Fees Earned .........................................................

5,200

7,500

4

2.Supplies Expense .............................................................. 3

Supplies ...............................................................

3.Insurance Expense ............................................................ 8 Prepaid Insurance ...............................................

4.Depreciation Expense ....................................................... 5 Accumulated Depreciation—Equipment ...........

5.Wages Expense .................................................................. 1 Wages Payable ....................................................

3-19

a. Dell Computer Corporation Amount Percent Net sales

$35,404,000 100.0 Cost of goods sold (29,055,000) 82.1 Operating expenses (3,505,000) 9.9 Operating income (loss)

$ 2,844,000 8.0 b. Gateway Inc.

Amount Percent Net sales

$ 4,171,325 100.0 Cost of goods sold (3,605,120) 86.4 Operating expenses (1,077,447) 25.8 Operating income (loss)

$ (511,242) (12.2)

c. Dell is more profitable than Gateway. Specifically, Dell’s cost of

goods sold of 82.1% is significantly less (4.3%) than Gateway’s cost of goods sold of 86.4%. In addition, Gateway’s operating expenses are over one-fourth of sales, while Dell’s operating expenses are 9.9% of sales. The result is that Dell generates an operating income of 8.0% of sales, while Gateway generates a loss of 12.2% of sales. Obviously, Gateway must improve its operations if it is to remain in business and remain competitive with Dell. 4-1

e, c, g, b, f, a, d 4-2

a. Income statement: 3, 8, 9

b. Balance sheet: 1, 2, 4, 5, 6, 7, 10

3 8 5 1

4-3

a. Asset: 1, 4, 5, 6, 10 b. Liability: 9, 12 c. Revenue: 2, 7 d. Expense: 3, 8, 11

4-4 1. f 2. c 3. b 4. h 5. g 6. j 7. a 8. i 9. d

10. e

4–5

ITHACA SERVICES CO.

Work Sheet

For the Year Ended January 31, 2006

Adjusted

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