中级财务会计英文版.课后答案(chap2).doc
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中级财务会计英文版.课后答案(chap2).doc
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Chapter02-CashandReceivables
Exercise2-4
Requirement1
Salesprice=100unitsx$600=$60,000x70%=$42,000
November17,2011
Accountsreceivable 42,000
Salesrevenue 42,000
November26,2011
Cash(98%x$42,000) 41,160
Salesdiscounts(2%x$42,000) 840
Accountsreceivable 42,000
Requirement2
November17,2011
Accountsreceivable 42,000
Salesrevenue 42,000
December15,2011
Cash 42,000
Accountsreceivable 42,000
Exercise7-4(concluded)
Requirement3
Requirement1,usingthenetmethod:
November17,2011
Accountsreceivable 41,160
Salesrevenue(98%x$42,000) 41,160
November26,2011
Cash 41,160
Accountsreceivable 41,160
Requirement2,usingthenetmethod:
November17,2011
Accountsreceivable 41,160
Salesrevenue(98%x$42,000) 41,160
December15,2011
Cash 42,000
Accountsreceivable 41,160
Interestrevenue 840
Exercise2-7
Requirement1
Estimatedreturns=4%x$11,500,000= $460,000
Less:
Actualreturns (450,000)
Remainingestimatedreturns $10,000
Torecordtheactualsalesreturns
Salesreturns 450,000
Accountsreceivable 450,000
Inventory–estimatedreturns 292,500
Costofgoodssold($450,000x65%) 292,500
December31,2011 Torecordtheestimatedsalesreturns
Salesreturns 10,000
Allowanceforsalesreturns 10,000
Inventory–estimatedreturns 6,500
Costofgoodssold($10,000x65%) 6,500
Note:
anotherseriesofjournalentriesthatproducethesameendresultwouldbe:
Torecordtheactualsalesreturns
Allowanceforsalesreturns 450,000
Accountsreceivable 450,000
December31,2011 Torecordtheestimatedsalesreturns
Salesreturns(4%x$11,500,000) 460,000
Allowanceforsalesreturns 460,000
Inventory-estimatedreturns 299,000
Costofgoodssold(65%x$460,000) 299,000
Exercise2-7(continued)
Requirement2
Beginningbalanceinallowanceaccount $300,000
Add:
Year-endestimate 460,000
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.
Allowanceforuncollectibleaccounts 21,000
Accountsreceivable 21,000
Toreinstateanaccountpreviouslywrittenoffandtorecordthecollection.
Accountsreceivable 1,200
Allowanceforuncollectibleaccounts 1,200
Cash 1,200
Accountsreceivable 1,200
Allowanceforuncollectibleaccounts:
Balance,beginningofyear $32,000
Deduct:
Receivableswrittenoff (21,000)
Add:
Collectionofreceivablepreviouslywrittenoff 1,200
Balance,beforeadjustingentryfor2011baddebts 12,200
Requiredallowance:
10%x$625,000 (62,500)
Baddebtexpense $50,300
Torecordbaddebtexpensefortheyear.
Baddebtexpense 50,300
Allowanceforuncollectibleaccounts 50,300
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:
Collectionofreceivablespreviouslywrittenoff 2,200
Less:
Endofyearbalance (22,410)
Baddebtexpensefortheyear2011 $20,030
Exercise2-11
($inmillions)
Allowanceforuncollectibleaccounts:
Balance,beginningofyear $16
Add:
Baddebtexpense 14
Less:
Endofyearbalance (18)
Write-offsduringtheyear $12*
Accountsreceivableanalysis:
Balance,beginningofyear($1,084+16) $1,100
Add:
Creditsales 4,271
Less:
Write-offs* (12)
Less:
Balanceendofyear($953+18) (971)
Cashcollections $4,388
Exercise2-12
Requirement1
June30,2011
Notereceivable 30,000
Salesrevenue 30,000
December31,2011
Interestreceivable 900
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
Notereceivable 30,000
Requirement2
2011incomebeforeincometaxeswouldbeunderstatedby$900
2012incomebeforeincometaxeswouldbeoverstatedby$900.
Exercise2-13
Requirement1
June30,2011
Notereceivable(faceamount) 30,000
Discountonnotereceivable($30,000x8%x9/12) 1,800
Salesre
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