會(huì)計(jì)英語(yǔ)課后習(xí)題參考答案(編輯修改稿)
2025-07-04 14:57 本頁(yè)面
【文章內(nèi)容簡(jiǎn)介】 xed dividends.b. 7%*120%*20,000=504,000c. If corporation issued debt, it has obligation to repay principald. The date of declaration decrease the stockholders’ equity。 the date of record and the date of payment have no effect on stockholders.5.a. Jan. 15Retained Earnings 35,000 Accumulated Depreciation 35,000To correct error in prior year’s depreciation.b. Mar. 20Loss from Earthquake 70,000 Building 70,000c. Mar. 31Retained Earnings 12,500 Dividends Payable 12,500d. Dividends Payable 12,500 Cash 12,500e. June 30Retained Earnings 37,500 Common Stock 25,000 Additional Paidin Capital 12,500 To record issuance of 10% stock dividend: 10%*25,000=2,500 shares。 2500*$15=$37,500f. Dec. 31 Depreciation Expense 14,000Accumulated Depreciation 14,000 Original depreciation: $40,000/40=$10,000 per year. Book value on , 2009 is $350,000(=$400,0005*$10,000). Deprecation for 2009 is $14,000(=$350,000/25).g. The pany does not need to make entry in the accounting records. But the amount of Common Stock ($10 par value) decreases 275,000, while the amount of Common Stock ($5 par value) increases 275,000. Chapter 71.Requirement 1If revenue is recognized at the date of delivery, the following journal entries would be used to record the transactions for the two years:Year 1Inventory 480,000 Cash/Accounts payable 480,000To record purchase of inventory Inventory 124,000 Cash/Accounts payable 124,000To record refurbishment of inventoryAccounts receivable 310,000 Sales revenue 310,000To record sale of goods on accountCost of goods sold 220,000 Inventory 220,000To record the cost of the goods sold as an expenseSales returns (I/S) 15,500* Allowance for sales returns (B/S) 15,500To record provision for return of goods sold under 30day return period* 5% of $310,000Warranty expense 31,000* Provision for warranties (B/S) 31,000To record provision, at time of sale, for warranty expenditures* 10% of $310,000Allowance for sales returns 12,400 Accounts receivable 12,400To record return of goods within 30day return period. It is assumed the returned goods have no value and are disposed of.Provision for warranties (B/S) 18,600 Cash/Accounts payable 18,600To record expenditures in year 1 for warranty workCash 297,600* Accounts receivable 297,600To record collection of Accounts Receivable* $310,000 – $12,400Year 2Provision for warranties (B/S) 8,400 Cash/Accounts payable 8,400To record expenditures in year 2 for warranty workRequirement 2If revenue is recognized only when the warranty period has expired, the following journal entries would be used to record the transactions for the two years:Year 1Inventory 480,000 Cash/Accounts payable 480,000To record purchase of inventory Inventory 124,000 Cash/Accounts payable 124,000To record refurbishment of inventoryAccounts receivable 310,000 Inventory 220,000 Deferred gross margin 90,000To record sale of goods on accountDeferred gross margin 12,400 Accounts receivable 12,400To record return of goods within the 30day return period. It is assumed the goods have no value and are disposed of.Deferred warranty costs (B/S) 18,600 Cash/Accounts payable 18,600To record expenditures for warranty work in year 1. The warranty costs incurred are deferred because the related revenue has not yet been recognizedCash 297,600* Accounts receivable 297,600To record collection of Accounts receivable* $310,000 – $12,400Year 2Deferred warranty costs 8,400 Cash/Accounts payable 8,400To record warranty costs incurred in year 2 related to year 1 sales. The warranty costs incurred are deferred because the related revenue has not yet been recognized.Deferred gross margin **77,600Cost of goods sold 220,000 Sales revenue 297,600*To record recognition of sales revenue from year 1 sales and related cost of goods sold at expiry of warranty period* $310,000 – $12,400** ($90,000 – $12,400)Warranty expense 27,000* Deferred warranty costs 27,000To record recognition of warranty expense at same time as related sales revenue recognition* $18,600 + $8,400Requirement 3Allied Auto Parts Inc. might choose to recognize revenue only after the warranty period has expired if they are not able to make a good estimate, at the time of sale, of the amount of warranty work that will be required under the terms of the oneyear warranty. If Allied is not able, at the time of sale, to make a good estimate of the warranty work that will be required, then the measurability criterion of revenue recognition is not met at the time of sale. The measurability criterion means that the amount of revenue can be reliably measured. If the seller is not able to estimate the amount of work that will have to be done under the warranty agreement, then it is not able to reasonably measure the profit that it will
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