会计学:教程与案例财务会计答案solutiontoaccounting-textandcases-financialaccouting (1).doc
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会计学:教程与案例财务会计答案solutiontoaccounting-textandcases-financialaccouting (1).doc
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CHAPTER03-BASICACCOUNTINGCONCEPTS:
THEINCOMESTATEMENT
CHAPTER1
THENATUREANDPURPOSEOFACCOUNTING
ChangesfromTwelfthEdition
Thechapterhasbeenupdated.
Approach
Onthefirstday,theusualobjectiveistocreateinterestinthesubject,tosetthescene,andtogiveanoverviewofthecourse.Thefirstpartofthechapterdoesthis.Thesecondpartofthechaptergivesafairlyspecificintroductiontothenatureoffinancialaccounting.Instructorsprobablymaywanttobringinmaterialfromtheirownreadingorexperiencetomaketheintroductorypoints.
Cases
Thecasesareintendedtogetthestudenttostartthinkinglikeaccountantsandusersofaccountinginformation,withoutknowledgeofanyofthetechniques.Ribbonsan’Bowsgivesstudentsanopportunitytoconstructasimplesetoffinancialstatements.KimFullercanbeusedasaspringboardforanytypeofdiscussion:
usesofinformationbyvariousparties,thecostofrecordkeeping,oreventhedevelopmentofacompleteaccountingsystem.BaronCoburgillustratespracticallyallofthebasicaccountingconcepts,withoutnamingthem.Itisadifficultcase,butenlightening,evenforthosewithsomeprioraccountingtraining.
Problems
Problem1-1
CHARLESCOMPANY
BALANCESHEETASOFDECEMBER31,----.
Assets
LiabilitiesandOwners’Equity
Cash
$12,000
Bankloan
$40,000
Inventory
95,000
Owners’Equity
Otherassets
13,000
Owners’equity
80,000
Totalassets
$120,000
Totalliabilitiesandowners’equity
$120,000
Thisproblemcanbeusedtoexplaincertainaccountingpresentationconventions.Forexample,theuseofdoublelinestounderscoreatotal,thepositionofthedollarsignatthetopofacolumnofnumbers,andthedatingofthebalancesheet.
Thepurposeofthisproblemistoillustratetheequalityofthebasicaccountingequation:
assetsequalliabilitiesplusowners’equity.
Problem1-2
Themissingnumbersare:
Year1
Noncurrentassets
$410,976
Noncurrentliabilities
240,518
Year2
Currentassets
$90,442
Totalassets
288,456
Noncurrentliabilities
78,585
Year3
Totalassets
$247,135
Currentliabilities
15,583
Totalliabilitiesandowners’equity
247,135
Year4
Currentassets
$69,090
Currentliabilities
17,539
Thebasicaccountingequationis
Assets=Liabilities+Owners’equity
Theinstructormightwanttoexplainhowthisequationisused(asitisinthisproblem)tocalculate“plug”numberswhenmanagersconstructprojectedbalancesheets.Themanagerdoesnothavetocompleteeverybalancebecausethemanagercanplugcertainbalances.
Theinstructormayalsodrawattentiontotheotherequationsillustratedintheproblem.Theseinclude:
Currentassets+Noncurrentassets=Totalassets
Currentliabilities+Noncurrentliabilities=Totalliabilities
Paid-incapital+Retainedearnings=Owners’equity.
Laterinthecoursetheinstructorshouldexplainthattheadditionalpaid-incapitalaccountisaspecialaccounttorecordtheexcessofcapitalreceivedoverparvalueincommonstockissuances.Atthisstageinthecourseitisbettertosimplyuseadescriptiveterm,likepaid-incapital,todescribecapitalreceivedfromstockholders.Alsoitavoidstheuseofthetermcommonstock,whichsomestudentsmanynotunderstand.
Problem1-3
Themissingnumbersare:
Year1
Grossmargin
$9,000
Taxexpense
1,120
Year2
Sales
$11,968
Profitbeforetaxes
2,547
Year3
Costofgoodssold
$2,886
Otherexpenses
6,296
Otheraccountingequationssuchasthefollowingarealsoillustratedbythisproblem:
Grossmargin=Sales-Costofgoodssold
Profitbeforetaxes=Grossmargin-Otherexpenses
Netincome=Profitbeforetaxes-Taxexpense
Theinstructormaywanttopointouttothestudentsthatratiosareoftenusedbymanagerstoconstructprojectedfinancialstatements.Year4isanexampleofthisapplication.
InordertoestimateYear4,thekeyratiostocomputeare:
Year1
Year2
Year3
Average
Sales
100.0%
100.0%
100.0%
100.0%
Grossmargin
75.0
75.0
75.0
75.0%
Profitbeforetaxes
23.3
21.3
20.5
21.7%
Netincome
14.0
12.8
12.2
13.0%
Taxrate
40.0
40.0
40.0
40.0
Year4
Sales
$10,000
Costofgoodssold
2,500
Grossmargin(75%ofsales)
$7,500
Otherexpenses
5,330
Profitbeforetaxes(21.7%ofsales)
$2,170
Taxexpense
870
Netincome(13%ofsales)
$1,300
Thebasicaccountingequationusedis:
Netincome=Revenues–Expenses
Problem1-4
Theexplanationofthese11transactionsis:
1.Ownersinvest$20,000ofequitycapitalinAcmeConsulting.
2.Equipmentcosting$7,000ispurchasedfor$5,000cashandanaccountpayableof$2,000.
3.Suppliesinventorycosting$1,000isboughtforcash.
4.Salariesof$4,500arepaidin
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