financial accounting 习题答案文档(7)

Ratio of cost to retail price:

Sales for June (net) 875,000 $ 840,000?70%

$1,200,000

Merchandise inventory, June 30, at retail price $ 325,000 Merchandise inventory, June 30, at estimated cost ($325,000 × 70%) 227,500

$Ex. 9–13

a. Merchandise inventory, Jan. 1

$180,000

$930,000 $1,250,000

$117,500 437,500 812,500

750,000 Purchases (net), Jan. 1–May 17 Merchandise available for sale Sales (net), Jan. 1–May 17

Estimated cost of merchandise sold

Less estimated gross profit ($1,250,000 × 35%) Estimated merchandise inventory, May 17

b. The gross profit method is useful for estimating inventories for monthly or quarterly financial statements. It is also useful in estimating the cost of merchandise destroyed by fire or other disasters.

Ex. 9–14

a. Apple: 147.8 {$4,139,000,000 ÷ [($45,000,000 + $11,000,000) ÷ 2]}

American Greetings: 3.1 {$881,771,000 ÷ [($278,807,000 +

$290,804,000) ÷ 2]}

b. Lower. Although American Greetings’ business is seasonal in nature, with most of its revenue generated during the major holidays, much of its nonholiday inventory may turn over very slowly. Apple, on the other hand, turns its inventory over very fast because it maintains a low inventory, which allows it to respond quickly to customer needs. Additionally, Apple’s computer products can quickly become obsolete, so it cannot risk building large inventories.

Ex. 9–15

Inventory, end of period

Cost of goods sold/365a. Number of days’ sales in inventory =

Albertson’s,

$2,973 = 43 days

$25,242/365

Kroger,

$4,175 = 40 days

$37,810/365$2,558 = 42 days

$22,303/365

Safeway,

Inventory turnover =

Cost of goods sold

Average inventory

Albertson’s,

$25,242 = 8.2

($2,973?$3,196)/2

Kroger,

$37,810 = 9.1

($4,175?$4,178)/2$22,303 = 8.9

($2,558?$2,437)/2

Safeway,

b. The number of days’ sale in inventory and inventory turnover ratios

are consistent. Albertson’s has slightly more inventory than does Safeway. Kroger has relatively less inventory (2–3 days) than does Albertson’s and Safeway.

Ex. 9–21 Concluded

c. If Albertson’s matched Kroger’s days’ sales in inventory, then its

hypothetical ending inventory would be determined as follows,

Number of days’ sales in inventory =

Inventory, end of period

Cost of goods sold/365

40 days =

X

$25,242/365

X = 40 ? ($25,242/365) X = $2,766

Thus, the additional cash flow that would have been generated is the difference between the actual ending inventory and the hypothetical ending inventory, as follows:

Actual ending inventory .......................... Hypothetical ending inventory ................ Positive cash flow potential ....................

$ 2,973 million 2,766 $ 207 million

That is, a lower ending inventory amount would have required less cash than actually was required.

Ex. 10–1

a. No. The $859,600 represents the original cost of the equipment. Its

replacement cost, which may be more or less than $859,600, is not reported in the financial statements.

b. No. The $317,500 is the accumulation of the past depreciation

charges on the equipment. The recognition of depreciation expense has no relationship to the cash account or accumulation of cash funds.

Ex. 10–2

$18,000 [($312,000 – $42,000) ÷ 15]

Ex. 10–3

$345,000 ? $18,00075,000 hours = $4.36 depreciation per hour

1,250 hours at $4.36 = $5,450 depreciation for July

Ex. 10–4

a.

Credit to

Accumulated Truck No. Rate per Mile Miles Operated Depreciation

1 20.0 cents 40,000 $ 8,000

2 21.0 12,000 2,100* 3 4 20.0 21,000

4,200

Total .............................................................................................. $20,600

* Mileage depreciation of $2,520 (21 cents × 12,000) is limited to $2,100, which reduces the book value of the truck to $6,600, its residual value.

b. Depreciation Expense—Trucks ...................................... 20,600

Accumulated Depreciation—Trucks ...................

20,600

Ex. 10–5

First Year Second Year a. 8 1/3% of $84,000 = $7,000 8 1/3% of $84,000 = $7,000

b. 16 2/3% of $84,000 = $14,000

16 2/3% of $70,000* = $11,667

*$84,000 – $14,000

Ex. 10–6

a. Year 1: 9/12 × [($54,000 – $10,800) ÷ 12] = $2,700

Year 2: ($54,000 – $10,800) ÷ 12 = $3,600

b. Year 1: 9/12 × 16 2/3% of $54,000 = $6,750

Year 2: 16 2/3% of ($54,000 – $6,750) = $7,875

17.5

Ex. 10–7

a. Current Preceding

Year Year

Land and buildings

$ 426,322,000 $ 418,928,000 Machinery and equipment 1,051,861,000 1,038,323,000 Total cost

$1,478,183,000 $1,457,251,000 Accumulated depreciation 633,178,000 582,941,000

Book value $ 845,005,000 $ 874,310,000

A comparison of the book values of the current and preceding years indicates that they decreased. A comparison of the total cost and accumulated depreciation reveals that Interstate Bakeries purchased $20,932,000 ($1,478,183,000 – $1,457,251,000) of additional fixed assets, which was offset by the additional depreciation expense of $50,237,000 ($633,178,000 – $582,941,000) tak …… 此处隐藏：3621字，全部文档内容请下载后查看。喜欢就下载吧 ……