financial accounting 习题答案文档(6)

Ex. 8–15

1. The interest receivable should be reported separately as a current

asset. It should not be deducted from notes receivable. 2. The allowance for doubtful accounts should be deducted from

accounts receivable.

A corrected partial balance sheet would be as follows:

PEMBROKE COMPANY

Balance Sheet July 31, 2006

Assets Current assets: Cash ............................................................................. 43,750 Notes receivable ......................................................... Accounts receivable ................................................... Less allowance for doubtful accounts .............. 504,980 Interest receivable ......................................................

$

300,000 $576,180 71,200 18,000

Ex. 8–16

a. 2003: 53.0 {$9,953,530 ÷ [($216,200 + $159,477) ÷ 2]}

b. The accounts receivable turnover indicates an increase in the

efficiency of collecting accounts receivable by increasing from 44.8 to 53.0, a favorable trend. Before reaching a more definitive conclusion, the ratios should be compared with industry averages and similar firms.

2002: 44.8 {$9,518,231 ÷ [($159,477 + $265,515) ÷ 2]}

Appendix Ex. 8–17

a. $20,300

b. 60 days

c. $271 ($20,300 × 0.08 × 60/360)

d. $20,029 ($20,300 – $271)

e. Cash ................................................................................ Interest Revenue ....................................................... Notes Receivable ......................................................

20,029

29 20,000

Ex. 9–1

Switching to a perpetual inventory system will strengthen Onsite Hardware’s internal controls over inventory, since the store managers will be able to keep track of how much of each item is on hand. This should minimize shortages of good-selling items and excess inventories of poor-selling items.

On the other hand, switching to a perpetual inventory system will not eliminate the need to take a physical inventory count. A physical inventory must be taken to verify the accuracy of the inventory records in a perpetual inventory system. In addition, a physical inventory count is needed to detect shortages of inventory due to damage or theft.

Ex. 9–2

Include in inventory: c, e, g, i

Exclude from inventory: a, b, d, f, h

Ex. 9–3

a.

Balance Sheet $1,950 understated $1,950 understated $1,950 understated $1,950 understated

Merchandise inventory Current assets Total assets

Owner’s equity

b.

Income Statement $1,950 overstated $1,950 understated $1,950 understated

Cost of merchandise sold Gross profit Net income

Ex. 9–4

When an error is discovered affecting the prior period, it should be corrected. In this case, the merchandise inventory account should be debited and the owner’s capital account credited for $12,800.

Failure to correct the error for 2005 and purposely misstating the inventory and the cost of merchandise sold in 2006 would cause the balance sheets and the income statements for the two years to not be comparable.

Ex. 9–5

Date Purchases Unit Total Quantity Cost Cost Portable CD Players Cost of Merchandise Sold Unit Total Quantity Cost Cost Inventory Unit Quantity Cost Total Cost April 1 5 11 21 28 30 15 53 54 795 378 26 50 1,300 450 159 212 9 3 4 50 53 53 35 9 9 15 12 8 8 7 50 50 50 53 53 53 53 54 2,121 1,750 450 450 795 636 424 424 378 7 Total cost of merchandise sold .....................................................

Inventory, April 30: $802 ($424 + $378)

Ex. 9–6

Date Purchases Unit Total QuantitCost Cost y Cell Phones Cost of Merchandise Sold Unit Total Quantity Cost Cost Inventory Unit Cost Quantity Total Cost Mar. 1 5 9 13 20 94 1,880 18 2 18 94 94 90 1,692 188 1,620 25 25 20 25 2 7 90 90 94 90 94 90 2,250 2,250 1,880 2,250 188 630 Date Purchases Unit Total QuantitCost Cost y Cell Phones Cost of Merchandise Sold Unit Total Quantity Cost Cost Quantity Inventory Unit Cost Total Cost 21 31 15 95 1,425 8 95 760 7 15 7 7 90 95 90 95 4,260 630 1,425 630 665 Total cost of merchandise sold .....................................................

Inventory, March 31: $1,295 ($630 + $665)

Ex. 9–7

a. $700 ($50 × 14 units)

b. $663 [($45 × 5 units) + ($47 × 4 units) + ($50 × 5 units)]

Ex. 9–8

a. $360 (8 units at $33 plus 3 units at $32) b. $318 (6 units at $28 plus 5 units at $30) c. $341 (11 units at $31; $1,240 ÷ 40 units = $31)

Cost of merchandise available for sale:

6 units at $28 ........................................................... 12 units at $30 ........................................................... 14 units at $32 ........................................................... 8 units at $33 ........................................................... 40 units (at average cost of $31) .............................

$ 168

360 448 264 $1,240 Ex. 9–9

1. a. LIFO inventory

2. Under the lifo conformity rule a company selecting lifo for tax

purposes must also use lifo for financial reporting purposes. Thus, in periods of rising prices the reported net income would be lower than b. LIFO cost of goods sold

sold c. LIFO net income d. LIFO income tax

< (less than) > (greater than) < (less than) < (less than)

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