AssignmentWednesdayWord下载.docx
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Instructions
Identifybynumbertheaccountingassumption,principle,orconstraintthatdescribeseachsituationonthenextpage.Donotuseanumbermorethanonce.
(a)Allocatesexpensestorevenuesintheproperperiod.
(b)Indicatesthatfairvaluechangessubsequenttopurchasearenotrecordedintheaccounts.(Donotuserevenuerecognitionprinciple.)
(c)Ensuresthatallrelevantfinancialinformationisreported.
(d)Rationalewhyplantassetsarenotreportedatliquidationvalue.(Donotusehistoricalcostprinciple.)
(e)Anticipatesalllosses,butreportsnogains.
(f)Indicatesthatpersonalandbusinessrecordkeepingshouldbeseparatelymaintained.
(g)Separatesfinancialinformationintotimeperiodsforreportingpurposes.
(h)Permitstheuseoffairvaluevaluationincertainindustries.(Donotusefairvalueprinciple.)
(i)Requiresthatinformationsignificantenoughtoaffectthedecisionofreasonablyinformedusersshouldbedisclosed.(Donotusefulldisclosureprinciple.)
(j)Assumesthatthedollaristhe“measuringstick”usedtoreportonfinancialperformance.
E3-6(AdjustingEntries)StephenKing,D.D.S.,openedadentalpracticeonJanuary1,2010.Duringthefirstmonthofoperationsthefollowingtransactionsoccurred.
1.Performedservicesforpatientswhohaddentalplaninsurance.AtJanuary31,$750ofsuchserviceswasearnedbutnotyetbilledtotheinsurancecompanies.
2.UtilityexpensesincurredbutnotpaidpriortoJanuary31totaled$520.
3.PurchaseddentalequipmentonJanuary1for$80,000,paying$20,000incashandsigninga$60,000,
3-yearnotepayable.Theequipmentdepreciates$400permonth.Interestis$500permonth.
4.Purchasedaone-yearmalpracticeinsurancepolicyonJanuary1for$15,000.
5.Purchased$1,600ofdentalsupplies.OnJanuary31,determinedthat$400ofsupplieswereonhand.
PreparetheadjustingentriesonJanuary31.(Omitexplanations.)Accounttitlesare:
AccumulatedDepreciation—DentalEquipment;
DepreciationExpense;
ServiceRevenue;
AccountsReceivable;
InsuranceExpense;
InterestExpense;
InterestPayable;
PrepaidInsurance;
Supplies;
SuppliesExpense;
UtilitiesExpense;
andUtilitiesPayable.
Week2-3Financialstatements
E4-4(Multiple-stepandSingle-step)TwoaccountantsforthefirmofAllenandWrightarearguingaboutthemeritsofpresentinganincomestatementinamultiple-stepversusasingle-stepformat.Thediscussioninvolvesthefollowing2010informationrelatedtoWebsterCompany($000omitted).
Administrativeexpense
Officers’salaries
Depreciationofofficefurnitureandequipment
Costofgoodssold
Rentalrevenue
Sellingexpense
Transportation-out
Salescommissions
Depreciationofsalesequipment
Sales
Incometax
Interestexpense
$4,900
3,960
63,570
17,230
2,690
7,980
6,480
96,500
7,580
1,860
(a)Prepareanincomestatementfortheyear2010usingthemultiple-stepform.Commonsharesoutstandingfor2010total40,550(000omitted).
(b)Prepareanincomestatementfortheyear2010usingthesingle-stepform.
(c)Whichonedoyouprefer?
Discuss.
P5-3(BalanceSheetAdjustmentandPreparation)TheadjustedtrialbalanceofEastwoodCompanyandotherrelatedinformationfortheyear2010arepresentedonthenextpage.
Additionalinformation:
1.TheLIFOmethodofinventoryvalueisused.
2.Thecostandfairvalueofthelong-terminvestmentsthatconsistofstocksandbondsisthesame.
3.TheamountoftheConstructionWorkinProgressaccountrepresentsthecostsexpendedtodateonabuildingintheprocessofconstruction.(Thecompanyrentsfactoryspaceatthepresenttime.)Thelandonwhichthebuildingisbeingconstructedcost$85,000,asshowninthetrialbalance.
4.Thepatentswerepurchasedbythecompanyatacostof$40,000andarebeingamortizedonastraight-linebasis.
5.Oftheunamortizeddiscountonbondspayable,$2,000willbeamortizedin2011.
6.Thenotespayablerepresentbankloansthataresecuredbylong-terminvestmentscarriedat$120,000.Thesebankloansareduein2011.
7.Thebondspayablebearinterestat8%payableeveryDecember31,andaredueJanuary1,2021.
8.600,000sharesofcommonstockofaparvalueof$1wereauthorized,ofwhich500,000shareswereissuedandoutstanding.
PrepareabalancesheetasofDecember31,2010,sothatallimportantinformationisfullydisclosed.
Week4Cashandreceivables
E7-5(RecordSalesGrossandNet)OnJune3,BoltonCompanysoldtoArquetteCompanymerchandisehavingasalepriceof$2,000withtermsof2/10,n/60,f.o.b.shippingpoint.Aninvoicetotaling$90,termsn/30,wasreceivedbyArquetteonJune8fromJohnBoothTransportServiceforthefreightcost.OnJune12,thecompanyreceivedacheckforthebalanceduefromArquetteCompany.
(a)PreparejournalentriesontheBoltonCompanybookstorecordalltheeventsnotedaboveundereachofthefollowingbases.
(1)Salesandreceivablesareenteredatgrosssellingprice.
(2)Salesandreceivablesareenteredatnetofcashdiscounts.
(b)Preparethejournalentryunderbasis2,assumingthatArquetteCompanydidnotremitpaymentuntilJuly29.
P7-2(Bad-DebtReporting)Presentedbelowareaseriesofunrelatedsituations.
1.HalenCompany’sunadjustedtrialbalanceatDecember31,2010,includedthefollowingaccounts.
Allowancefordoubtfulaccounts
Netsales
Debit
$4,000
Credit
$1,200,000
HalenCompanyestimatesitsbaddebtexpensetobe1.5%ofnetsales.Determineitsbaddebtexpensefor2010.
2.AnanalysisandagingofStuartCorp.accountsreceivableatDecember31,2010,disclosedthefollowing.
Amountsestimatedtobeuncollectible
Accountsreceivable
Allowancefordoubtfulaccounts(perbooks)
$180,000
1,750,000
125,000
WhatisthenetrealizablevalueofStuart’sreceivablesatDecember31,2010?
3.ShoreCo.providesfordoubtfulaccountsbasedon3%ofcreditsales.Thefollowingdataare
availablefor2010.
Creditsalesduring2010
Allowancefordoubtfulaccounts1/1/2010
Collectionofaccountswrittenoffinprioryears
(customercreditwasreestablished)
Customeraccountswrittenoffasuncollectibleduring2010
$2,400,000
17,000
8,000
30,000
WhatisthebalanceintheAllowanceforDoubtfulAccountsatDecember31,2010?
4.Attheendofitsfirstyearofoperations,December31,2010,DardenInc.reportedthefollowinginformation.
Accountsreceivable,netofallowancefordoubtfulaccounts
Baddebtexpensefor2010
$950,000
24,000
84,000
WhatshouldbethebalanceinaccountsreceivableatDecember31,2010,beforesubtractingthe
allowancefordoubtfulaccounts?
5.ThefollowingaccountsweretakenfromBullockInc.’strialbalanceatDecember31,2010.
Netcreditsales
$14,000
310,000
$750,000
Ifdoubtfulaccountsare3%ofaccountsreceivable,determinethebaddebtexpensetobereportedfor2010.
Answerthequestionsrelatingtoeachofthefiveindependentsituationsasrequested.
Week5-6Inventories
E8-17(FIFOandLIFO—PeriodicandPerpetual)ThefollowingisarecordofCannondaleCompany’stransactionsforBostonTeapotsforthemonthofMay2010.
(a)Assumingthatperpetualinventoriesarenotmaintainedandthataphysicalcountattheendofthemonthshows510unitsonhand,whatisthecostoftheendinginventoryusing
(1)FIFOand
(2)LIFO?
(b)Assumingthatperpetualrecordsaremaintainedandtheytieintothegeneralledger,calculatetheendinginventoryusing
(1)FIFOand
(2)LIFO.
E9-4(Lower-of-Cost-or-Market—JournalEntries)DoverCompanybeganoperationsin2010anddetermined
itsendinginventoryatcostandatlower-of-cost-or-marketatDecember31,2010,andDecember
31,2011.Thisinformationispresentedbelow.
12/31/10
12/31/11
Cost
$346,000
410,000
Lower-of-Cost-or-Market
$322,000
390,000
(a)PreparethejournalentriesrequiredatDecember31,2010,andDecember31,2011,assumingthattheinventoryisrecordedatlower-of-cost-or-market,andaperpetualinventorysystem(directmethod)isused.
(b)PreparejournalentriesrequiredatDecember31,2010,andDecember31,2011,assumingthattheinventoryisrecordedatcostandanallowanceaccountisadjustedateachyear-endunderaperpetualsystem.
(c)Whichofthetwomethodsaboveprovidesthehighernetincomeineachyear?
Week9-10Property,Plant,andEquipment
P10-8(NonmonetaryExchanges)HolyfieldCorporationwishestoexchangeamachineusedinitsoperations.Holyfieldhasreceivedthefollowingoffersfromothercompaniesintheindustry.
1.DorsettCompanyofferedtoexchangeasimilarmachineplus$23,000.(Theexchangehascommercialsubstanceforbothparties.)
2.WinstonCompanyofferedtoexchangeasimilarmachine.(Theexchangelackscommercialsubstanceforbothparties.)
3.ListonCompanyofferedtoexchangeasimilarmachine,butwanted$3,000inadditiontoHolyfield’smachine.(Theexchangehascommercialsubstanceforbothparties.)
Inaddition,Holyfiel
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