會(huì)計(jì)英語課后習(xí)題參考答案-資料下載頁
2025-06-07 14:57本頁面
【正文】 , the seller is able to recognize revenue at the time of sale even if the sale is on account. This is because the seller has experience with its customers and is able to estimate reliably the risk of non payment. As long as the seller is able to make this estimate, it is appropriate to recognize the revenue but to offset it with a provision for possible non collection. If the seller is unable to make reliable estimates of future collection of amounts owing, the recognition of revenue would be delayed until the cash is actually received. This is what is done using the instalment sales method of revenue recognition.b. Because of the performance criterion of revenue recognition, it would seem to be most appropriate to recognize most revenue as the seller or service provider performs the work. This would be the best measure of performance. This would mean, for example, that sellers of products would recognize their revenue over the whole production, selling, and post sales servicing periods. As we saw above, this is not monly done because, in many cases, there are still significant risks that are retained by the seller (risk of not being able to sell the product, for example). There are also measurement risks (knowing the selling price) that exist prior to the sale. The percentageofpletion method of revenue used for some longterm construction contracts would seem to most closely recognize revenue as the work is performed. As mentioned in Part 1, we are able to recognize revenue on this basis since a contract exists which mits the purchaser to buy the project (assuming certain conditions are met) and the sales price is known because of the existence of the contract.4. If all revenue is recognized when a student registers for the course, profit for 2007 would be:Sales Revenue1:Manuals and initial lessons (200 $100) $ 20,000Additional lessons ((200 8) $30) 48,000Examinations ((200 80%) $130) 20,800Total sales revenue 88,800Cost of sales:Manuals and initial lessons (200 ($15 + $3)) 3,600Additional lessons ((200 8) $3)) 4,800Examinations ((200 80%) $30) 4,800Total cost of sales 13,200Depreciation of development costs:$180,000 (200/1,000) 36,000Profit $ 39,6005. FINISH ENTERPRISESIne Statementfor the year ending December 31, 2005Continuing operations (excluding the chemical division)Sales ($35,000,000 – $5,500,000) $ 29,500,000Cost of sales ($15,000,000 – $2,800,000) (12,200,000)Gross profit 17,300,000Selling amp。 administration expenses ($18,000,000 – $3,200,000) (14,800,000)Profit from operations 2,500,000Ine tax expense (40%) 1,000,000Profit after tax $ 1,500,000Discontinuing operations (Chemical division)Sales 5,500,000Cost of sales (2,800,000)Gross profit 2,700,000Selling amp。 administration expenses (3,200,000)Loss from operations (500,000)Ine tax expense(40%) 200,000Loss after tax (300,000)Gain on discontinuance of the Chemical division 3,500,000Tax thereon (1,400,000)Aftertax gain on discontinuance of the Chemical division 2,100,000Enterprise net profit $ 3,300,000 Chapter 81.Payment of account payable. operatingIssuance of preferred stock for cash. financingPayment of cash dividend. financingSale of longterm investment. investingAmortization of bond discount. no effectCollection of account receivable. operatingIssuance of longterm note payable to borrow cash. financingDepreciation of equipment. no effectPurchase of treasury stock. financingIssuance of mon stock for cash. financingPurchase of longterm investment. investingPayment of wages to employees. operatingCollection of cash interest. investingCash sale of land. Investing Distribution of stock dividend. no effectAcquisition of equipment by issuance of note payable. no effect Payment of longterm debt. financing Acquisition of building by issuance of mon stock. no effectAccrual of salary expense. no effect2. (a) Cash received from customers = 816,000 (b) Cash payments for purchases of merchandise. =468,000 (c) Cash payments for operating expenses. = 268,200 (d) Ine taxes paid. =36,9003.Cash sales …………………………………………... $9,000 Payment of accounts payable ………………………. 48,000Payment of ine tax ……………………………… 13,000Payment of interest ……………………………..….. 16,000Collection of accounts receivable …………………… 93,000Payment of salaries and wages ……………………….. 34,000Cash flows from operating activities by the direct method 9,0004. Operating activities:Net loss 200,000 Add: loss on sale of land 250,000Add: depreciation 300,000Add: amortization of patents 20,000Less: increases in current assets other than cash 750,000Add: increases in current liabilities 180,000Net cash flows from operating 200,000Investing activitiesSale of land 50,000Purchase of PPE 1,500,000Net cash flows from investing 1,550,000Financing activitiesIssuance of mon shares 400,000Payment of cash dividend 50,000Issuance of noncurrent liabilities 1,000,000Net cash flows from financing 1,350,000Net changes in cash 400,0005.
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