会计学原理Financial Accounting by Robert Libby第八版 第六章 答案.docx

会计学原理Financial Accounting by Robert Libby第八版 第六章 答案.docx

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会计学原理FinancialAccountingbyRobertLibby第八版第六章答案

Chapter6

ReportingandInterpretingSalesRevenue,Receivables,andCash

ANSWERSTOQUESTIONS

1.Thedifferencebetweensalesrevenueandnetsalesincludestheamountofgoodsreturnedbycustomersbecausethegoodswereeitherunsatisfactoryornotdesired,salesdiscountsgiventobusinesscustomers,andcreditcardfeeschargedbycreditcardcompanies（alsorefertotheanswersgivenbelowtoquestions3,4and5）.

2.Grossprofitorgrossmarginonsalesisthedifferencebetweennetsalesandcostofgoodssold.Forexample,assumingsalesof$100,000,andcostofgoodssoldof$60,000,thegrossprofitonsaleswouldbe$40,000.

3.Acreditcarddiscountisthefeechargedbythecreditcardcompanyforservices.Whenacompanydepositsitscreditcardreceiptsinthebank,itonlyreceivescreditforthesalesamountlessthediscount.Thecreditcarddiscountaccounteitherdecreasesnetsales（itisacontrarevenue）orincreasessellingexpense.

4.Asalesdiscountisadiscountgiventocustomersforpaymentofaccountswithinaspecifiedshortperiodoftime.Salesdiscountsariseonlywhengoodsaresoldoncreditandthesellerextendscredittermsthatprovideforacashdiscount.Forexample,thecredittermsmaybe1/10,n/30.Thesetermsmeanthatifthecustomerpayswithin10days,1%canbedeductedfromtheinvoicepriceofthegoods.Alternatively,ifpaymentisnotmadewithinthe10-dayperiod,nodiscountispermittedandthetotalinvoiceamountisduewithin30daysfromthepurchase,afterwhichthedebtispastdue.Toillustrate,assumea$1,000salewiththeseterms.Ifthecustomerpaidwithin10days,$990wouldhavebeenpaid.Thus,asalesdiscountof$10wasgrantedforearlypayment.

5.Asalesallowanceisanamountallowedtoacustomerforunsatisfactorymerchandiseorforanoverchargeinthesalesprice.Asalesallowancereducestheamountthecustomermustpay,orifalreadypaid,acashrefundisrequired.Salesallowancesmayoccurwhetherthesalewasforcashorcredit.Incontrast,asalesdiscountisacashdiscountgiventoacustomerwhohasboughtoncredit,withpaymentmadewithinthespecifiedperiodoftime.（RefertoexplanationofsalesdiscountinQuestion4,above.）

6.Anaccountreceivableisanamountowedtothebusinessonopenaccountbyatradecustomerformerchandiseorservicespurchased.Incontrast,anotereceivableisashort-termobligationowedtothecompanybasedonaformalwrittendocument.

7.Inconformitywiththeexpensematchingprinciple,theallowancemethodrecordsbaddebtexpenseinthesameperiodinwhichthecreditwasgrantedandthesalewasmade.

8.Usingtheallowancemethod,baddebtexpenseisrecognizedintheperiodinwhichthesalerelatedtotheuncollectibleaccountwasrecorded.

9.Thewrite-offofbaddebtsusingtheallowancemethoddecreasestheassetaccountsreceivableandthecontra-assetallowancefordoubtfulaccountsbythesameamount.Asaconsequence,（a）netincomeisunaffectedand（b）accountsreceivable,net,isunaffected.

10.Anincreaseinthereceivablesturnoverratiogenerallyindicatesfastercollectionofreceivables.Ahigherreceivablesturnoverratioreflectsanincreaseinthenumberoftimesaveragetradereceivableswererecordedandcollectedduringtheperiod.

11.Cashincludesmoneyandanyinstrument,suchasacheck,moneyorder,orbankdraft,whichbanksnormallywillacceptfordepositandimmediatecredittothedepositor’saccount.Cashequivalentsareshort-terminvestmentswithoriginalmaturitiesofthreemonthsorlessthatarereadilyconvertibletocash,andwhosevalueisunlikelytochange（e.g.,bankcertificatesofdepositandtreasurybills）.

12.Theprimarycharacteristicsofaninternalcontrolsystemforcashare:

（a）separationofthefunctionsofcashreceivingfromcashpayments,（b）separationofaccountingforcashreceivingandcashpaying,（c）separationofthephysicalhandlingofcashfromtheaccountingfunction,（d）depositallcashreceiptsdailyandmakeallcashpaymentsbycheck,（e）requireseparateapprovalofallchecksandelectronicfundstransfers,and（f）requiremonthlyreconciliationofbankaccounts.

13.Cash-handlingandcash-recordingactivitiesshouldbeseparatedtoremovetheopportunityfortheftofcashandacover-upbyalteringtherecords.Thisseparationisaccomplishedbestbyassigningtheresponsibilityforcashhandlingtoindividualsotherthanthosewhohavetheresponsibilityforrecord-keeping.Infact,itusuallyisdesirablethatthesetwofunctionsbeperformedindifferentdepartmentsofthebusiness.

14.Thepurposesofabankreconciliationare（a）todeterminethe“true”cashbalanceand（b）toprovidedatatoadjusttheCashaccounttothatbalance.AbankreconciliationinvolvesreconcilingthebalanceintheCashaccountattheendoftheperiodwiththebalanceshownonthebankstatement（whichisnotthe“true”cashbalance）attheendofthatsameperiod.Seldomwillthesetwobalancesbeidenticalbecauseofsuchitemsasdepositsintransit;thatis,depositsthathavebeenmadebythecompanybutnotyetenteredonthebankstatement.Anothercauseofthedifferenceisoutstandingchecks,thatis,checksthathavebeenwrittenandrecordedintheaccountsofthecompanythathavenotclearedthebank（andthushavenotbeendeductedfromthebank'sbalance）.Usuallythereconciliationofthetwobalances,perbooksagainstperbank,requiresrecordingofoneormoreitemsthatarereflectedonthebankstatementbuthavenotbeenrecordedintheaccountingrecordsofthecompany.Anexampleistheusualbankservicecharge.

15.Thetotalamountofcashthatshouldbereportedonthebalancesheetisthesumof（a）thetruecashbalancesinallcheckingaccounts（verifiedbyabankreconciliationofeachcheckingaccount）,（b）cashheldinall“cashonhand”（or“pettycash”）funds,and（c）anycashphysicallyonhand（anycashnottransferredtoabankfordeposit—usuallycashheldforchangepurposes）.

16.（ChapterSupplement）Underthegrossmethodofrecordingsalesdiscounts,theamountofsalesdiscounttakenisrecordedatthetimethecollectionoftheaccountisrecorded.

ANSWERSTOMULTIPLECHOICE

1.b）

2.c）

3.b）

4.d）

5.c）

6.c）

7.d）

8.b）

9.d）

10.c）

Authors'RecommendedSolutionTime

（Timeinminutes）

Mini-exercises

Exercises

Problems

AlternateProblems

CasesandProjects

No.

Time

No.

Time

No.

Time

No.

Time

No.

Time

1

5

1

15

1

25

1

35

1

25

2

5

2

15

2

35

2

35

2

30

3

10

3

15

3

35

3

50

3

35

4

10

4

20

4

50

4

40

4

20

5

10

5

20

5

40

5

45

5

35

6

10

6

15

6

45

6

45

7

5

7

15

7

45

7

*

8

10

8

15

8

45

9

15

10

15

11

20

12

20

13

20

ContinuingCase

14

20

1

30

15

20

16

30

17

30

18

15

19

15

20

20

21

20

22

20

23

30

24

30

*Duetothenatureofthesecasesandprojects,itisverydifficulttoestimatetheamountoftimestudentswillneedtocompletetheassignment.Aswithanyopen-endedproject,itispossibleforstudentstodevotealargeamountoftimetotheseassignments.Whilestudentsoftenbenefitfromtheextraeffort,wefindthatsomebecomefrustratedbytheperceiveddifficultyofthetask.Youcanreducestudentfrustrationandanxietybymakingyourexpectationsclear.Forexample,whenourgoalistosharpenresearchskills,wedevoteclasstimetodiscussingresearchstrategies.Whenwewantthestudentstofocusonarealaccountingissue,weoffersuggestionsaboutpossiblecompaniesorindustries.

MINI-EXERCISES

M6–1.

Transaction

PointA

PointB

（a）Saleofinventorytoabusinesscustomeronopenaccount

x

Shipment

Collectionofaccount

（b）Computersoldbymailordercompanyonacreditcard

x

Shipment

Delivery

（c）Airlineticketssoldbyanairlineonacreditcard

Pointofsale

x

Completionofflight

M6–2.

Ifthebuyerpayswithinthediscountperiod,theincomestatementwillreport$9,405asnetsales（$9,500x0.99）.

M6–3.

Creditcardsales（R）

$9,400.00

Less:

Creditcarddiscount（XR）

282.00

Netcreditcardsales

$9,118.00

Salesonaccount（R）

$12,000.00

Less:

Salesreturns（XR）

650.00

11,350.00

Less:

Salesdiscounts（1/2x$11,350x2%）（XR）

113.50

Netsalesonaccount

11,236.50

Netsales（reportedonincomestatement）

$20,354.50

M6–4.

（a）Allowancefordoubtfulaccounts（–XA,+A）14,500

Accountsreceivable（–A）14,500

Towriteoffspecificbaddebts.

（b）Baddebtexpense（+E,–SE）16,000

Allowancefordoubtfulaccounts（+XA,–A）16,000

Torecordestimatedbaddebtexpense.

M6–5.

Assets

Liabilities

Stockholders’Equity

（a）

Allowancefordoubtfulaccounts–15,000

Baddebtexpense–15,000

（b）

Allowancefordoubtfulaccounts+9,500

Accountsreceivable–9,500

M6–6.

+

（a）

Grantedcreditwithshorterpaymentdeadlines.

+

（b）

Increasedeffectivenessofcollectionmethods.

–

（c）

Grantedcredittolesscreditworthycustomers.

M6–7.

ReconcilingItem

Company’sBooks

BankStatement

（a）Outstandingchecks

–

（b）Bankservicecharge

–

（c）Depositintransit

+

M6–8.（Supplement）

A$6,000creditsalewithterms,3/10,n/30,shouldberecordedasfollows:

Accountsreceivable（+A）6,000

Salesrevenue（+R,+SE）6,000

Thisentryrecordsthesaleatthegrossamount.Ifthecu