西方财务会计课后习题答案精品Word格式.docx
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西方财务会计课后习题答案精品Word格式.docx
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Thecompanyearnedanetincome(ratherthananet
loss).
Thisyear’snetincomeismorethanlastyear’s.
Netsalesrevenueisincreasingfromyeartoyear.
Studentresponsesmayvary.
(5min.)CP1-2
Accountingistheinformationsystemthatmeasuresbusinessactivities,processesdataintoreports,andcommunicatesresultstopeople.
Bookkeepingisonlyapartofaccounting.Bookkeepingisrelatedtoaccountingasarithmeticisrelatedtomathematics.
(5min.)CP1-3
Standardsofprofessionalconductaredesignedtoproducerelevantandreliableinformationfordecisionmaking.Peopleneedrelevantandreliableinformationinordertomakewisedecisions.
Ifaccountantshadnoethicalguidelines,companiescould
reportinaccurateinformation.Thiscouldcausepeopletoinvestinthewrongcompaniesandlosemoney.
(5min.)CP1-4
1.NovakcanbemisledintobelievingthatYUM!
Brandsownsmoreassetsthanitactuallyhas.
2.Theentityconceptapplies.
3.ApplicationoftheentityconceptwillseparateNovak’spersonalassetsfromtheassetsofYUM!
Brands.ThiswillhelpNovak,investors,andlendersknowhowmuchinassetsthebusinesscontrols,andthisknowledgewillhelpallpartiesevaluatethebusinessrealistically.
(5min.)CP1-5
1.Owners’Equity=Assets–Liabilities
Thiswayofdeterminingtheamountofowners’equityappliestoeBay,Coca-Cola,yourhousehold,aPizzaHutrestaurant,oranyotherorganization.
2.Liabilities=Assets–Owners’Equity
3.TotalAssets=TotalLiabilities+TotalOwners’Equity
(5min.)CP1-6
1.Assetsaretheeconomicresourcesofabusinessthatareexpectedtoproduceabenefitinthefuture.
Owners’equityrepresentstheinsiderclaimsofabusiness,theowners’interestinitsassets
Assetsandowners’equitydifferinthatowners’equityisaclaimtoassets,whereasassetsareresources.
Assetsmustbeatleastaslargeasowners’equity,soequitycanbesmallerthanassets.
2.Bothliabilitiesandowners’equityareclaimstoassets.
Liabilitiesaretheoutsiderclaimstotheassetsofabusiness;
theyareobligationstopaycreditors.Owners’equityrepresentstheinsiderclaimstotheassetsofthebusiness,theowners’interestinitsassets.
(5-10min.)CP1-7
a.
AccountsreceivableA
g.
AccountspayableL
b.
Long-termdebtL
h.
CommonstockE
c.
MerchandiseinventoryA
i.
SuppliesA
d.
NotespayableL
j.
Retainedearnings
E
e.
ExpensespayableL
k.
LandA
f.
EquipmentA
l.
PrepaidexpensesA
(5min.)CP1-8
1.Revenuesandexpenses
2.Netincome(ornetloss)
3.Totalassetsarenotusedtomeasurenetincome.Onlyrevenuesandgains,expensesandlossesenterintothemeasurementofnetincome.
(10min.)CP1-9
2003
2002
Percentageofcost
=
$2,300
$7,441
30.9%
$2,109
$6,891
30.6%
ofgoodssoldto
companysales
ThistrendisunfavorableforYUMbecausecostofgoodssold(anexpense)consumedahigherpercentageofsalesrevenuein2003.Thatcouldcauseadecreaseinprofits.
(5min.)CP1-10
IHOPCorp.
StatementofRetainedEarnings
YearEndedDecember31,2003
Millions
Retainedearnings:
Balance,beginningofyear…………...
$274
Netincome($405–$368)…….……….
37
Less:
Dividends………………………...
(16)
Balance,endofyear…………………...
$295
(10-15min.)CP1-11
TobyLandscapingServices
BalanceSheet
December31,2008
ASSETS
Currentassets:
Cash……………………………………………………
$13,000
Receivables…………………………………………...
2,000
Inventory………………………………………………
40,000
Totalcurrentassets…………………………………
55,000
Equipment……………………………………………….
85,000
Otherassets……………………………………………..
10,000
Totalassets……………………………………………...
$150,000
LIABILITIES
Currentliabilities:
Accountspayable……………………………………
$8,000
Short-termnotespayable………………………….
12,000
Totalcurrentliabilities……………………………...
20,000
Long-termliabilities:
Long-termdebt………………………………………
80,000
STOCKHOLDERS’EQUITY
Commonstock………………………………………….
15,000
Retainedearnings………………………………………
35,000*
Totalstockholders’equity…………………………
50,000
Totalliabilitiesandstockholders’equity…………..
$1
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