最新中级财务会计英文版课后答案chap2.docx
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最新中级财务会计英文版课后答案chap2.docx
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最新中级财务会计英文版课后答案chap2
Exercise2-4
Requirement1
Salesprice=100unitsx$600=$60,000x70%=$42,000
November17,2011
Accountsreceivable42,000
Salesrevenue42,000
November26,2011
Cash(98%x$42,000)41,160
Salesdiscounts(2%x$42,000)840
Accountsreceivable42,000
Requirement2
November17,2011
Accountsreceivable42,000
Salesrevenue42,000
December15,2011
Cash42,000
Accountsreceivable42,000
Exercise7-4(concluded)
Requirement3
Requirement1,usingthenetmethod:
November17,2011
Accountsreceivable41,160
Salesrevenue(98%x$42,000)41,160
November26,2011
Cash41,160
Accountsreceivable41,160
Requirement2,usingthenetmethod:
November17,2011
Accountsreceivable41,160
Salesrevenue(98%x$42,000)41,160
December15,2011
Cash42,000
Accountsreceivable41,160
Interestrevenue840
Exercise2-7
Requirement1
Estimatedreturns=4%x$11,500,000=$460,000
Less:
Actualreturns(450,000)
Remainingestimatedreturns$10,000
Torecordtheactualsalesreturns
Salesreturns450,000
Accountsreceivable450,000
Inventory–estimatedreturns292,500
Costofgoodssold($450,000x65%)292,500
December31,2011Torecordtheestimatedsalesreturns
Salesreturns10,000
Allowanceforsalesreturns10,000
Inventory–estimatedreturns6,500
Costofgoodssold($10,000x65%)6,500
Note:
anotherseriesofjournalentriesthatproducethesameendresultwouldbe:
Torecordtheactualsalesreturns
Allowanceforsalesreturns450,000
Accountsreceivable450,000
December31,2011Torecordtheestimatedsalesreturns
Salesreturns(4%x$11,500,000)460,000
Allowanceforsalesreturns460,000
Inventory-estimatedreturns299,000
Costofgoodssold(65%x$460,000)299,000
Exercise2-7(continued)
Requirement2
Beginningbalanceinallowanceaccount$300,000
Add:
Year-endestimate460,000
Less:
Actualreturns(450,000)
Endingbalanceinallowanceaccount$310,000
Exercise2-8
Requirement1
Baddebtexpense=$67,500(1.5%x$4,500,000)
Requirement2
Allowanceforuncollectibleaccounts
Balance,beginningofyear$42,000
Add:
Baddebtexpensefor2011(1.5%x$4,500,000)67,500
Less:
End-of-yearbalance(40,000)
Accountsreceivablewrittenoff$69,500
Requirement3
$69,500—theamountofaccountsreceivablewrittenoff.
Exercise2-9
Requirement1
Torecordthewrite-offofreceivables.
Allowanceforuncollectibleaccounts21,000
Accountsreceivable21,000
Toreinstateanaccountpreviouslywrittenoffandtorecordthecollection.
Accountsreceivable1,200
Allowanceforuncollectibleaccounts1,200
Cash1,200
Accountsreceivable1,200
Allowanceforuncollectibleaccounts:
Balance,beginningofyear$32,000
Deduct:
Receivableswrittenoff(21,000)
Add:
Collectionofreceivablepreviouslywrittenoff1,200
Balance,beforeadjustingentryfor2011baddebts12,200
Requiredallowance:
10%x$625,000(62,500)
Baddebtexpense$50,300
Torecordbaddebtexpensefortheyear.
Baddebtexpense50,300
Allowanceforuncollectibleaccounts50,300
Requirement2
Currentassets:
Accountsreceivable,netof$62,500allowance
foruncollectibleaccounts$562,500
Exercise2-10
Usingthedirectwrite-offmethod,baddebtexpenseisequaltoactualwrite-offs.Collectionsofpreviouslywritten-offreceivablesarerecordedasrevenue.
Allowanceforuncollectibleaccounts:
Balance,beginningofyear$17,280
Deduct:
Receivableswrittenoff(17,100)
Add:
Collectionofreceivablespreviouslywrittenoff2,200
Less:
Endofyearbalance(22,410)
Baddebtexpensefortheyear2011$20,030
Exercise2-11
($inmillions)
Allowanceforuncollectibleaccounts:
Balance,beginningofyear$16
Add:
Baddebtexpense14
Less:
Endofyearbalance(18)
Write-offsduringtheyear$12*
Accountsreceivableanalysis:
Balance,beginningofyear($1,084+16)$1,100
Add:
Creditsales4,271
Less:
Write-offs*(12)
Less:
Balanceendofyear($953+18)(971)
Cashcollections$4,388
Exercise2-12
Requirement1
June30,2011
Notereceivable30,000
Salesrevenue30,000
December31,2011
Interestreceivable900
Interestrevenue($30,000x6%x6/12)900
March31,2012
Cash[$30,000+($30,000x6%x9/12)]31,350
Interestrevenue($30,000x6%x3/12)450
Interestreceivable(accruedatDecember31)900
Notereceivable30,000
Requirement2
2011incomebeforeincometaxeswouldbeunderstatedby$900
2012incomebeforeincometaxeswouldbeoverstatedby$900.
Exercise2-13
Requirement1
June30,2011
Notereceivable(faceamount)30,000
Discountonnotereceivable($30,000x8%x9/12)1,800
Salesrevenue(difference)28,200
December31,2011
Discountonnotereceivable1,200
Interestrevenue($30,000x8%x6/12)1,200
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