经济学Intermediate AccountingChapter 5.docx
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经济学Intermediate AccountingChapter 5.docx
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经济学IntermediateAccountingChapter5
Exercise5-1
Requirement1
Costofgoodssold(1,000,000-400,000)600,000
Add:
Grossprofitifusecostrecoverymethod100,000
Cashcollected700,000
Requirement2
400,000
Grossprofitpercentage==40%
1,000,000
CashcollectedxGrossprofitpercentage=Grossprofitrecognized
700,000x40%=280,000grossprofit
Exercise5-2
Requirement1
2006Costrecovery%:
234,000
=60%(grossprofit%=40%)
390,000
2007Costrecovery%:
247,000
=65%(grossprofit%=35%)
380,000
2006grossprofit:
Cashcollectionfrom2006salesof150,000x40%=60,000
2007grossprofit:
Cashcollectionfrom2006salesof100,000x40%=40,000
+Cashcollectionfrom2007salesof120,000x35%=42,000
Total2007grossprofit82,000
Exercise5-2(continued)
Requirement2
2006deferredgrossprofitbalance:
2006initialgrossprofit(390,000-234,000)156,000
Less:
Grossprofitrecognizedin2006(60,000)
Balanceindeferredgrossprofitaccount96,000
2007deferredgrossprofitbalance:
2006initialgrossprofit(390,000-234,000)156,000
Less:
Grossprofitrecognizedin2006(60,000)
Grossprofitrecognizedin2007(40,000)
2007initialgrossprofit(380,000-247,000)133,000
Less:
Grossprofitrecognizedin2007(42,000)
Balanceindeferredgrossprofitaccount147,000
Exercise5-3
2006Torecordinstallmentsales
Installmentreceivables390,000
Inventory234,000
Deferredgrossprofit156,000
2006Torecordcashcollectionsfrominstallmentsales
Cash150,000
Installmentreceivables150,000
2006Torecognizegrossprofitfrominstallmentsales
Deferredgrossprofit60,000
Realizedgrossprofit60,000
2007Torecordinstallmentsales
Installmentreceivables380,000
Inventory247,000
Deferredgrossprofit133,000
2007Torecordcashcollectionsfrominstallmentsales
Cash220,000
Installmentreceivables220,000
2007Torecognizegrossprofitfrominstallmentsales
Deferredgrossprofit82,000
Realizedgrossprofit82,000
Exercise5-4
Requirement1
YearIncomerecognized
2006200,000(300,000-126,000)
2007-0-
2008-0-
2009-0-
Total174,000
Requirement2
Year
CashCollected
CostRecovery(42%)
GrossProfit(58%)
2006
75,000
31,500
43,500
2007
75,000
31,500
43,500
2008
75,000
31,500
43,500
2009
75,000
31,500
43,500
Totals
300,000
126,000
174,000
Requirement3
Year
CashCollected
CostRecovery
GrossProfit
2006
75,000
75,000
-0-
2007
75,000
51,000
24,000
2008
75,000
-0-
75,000
2009
75,000
-0-
75,000
Totals
300,000
126,000
174,000
Exercise5-5
Requirement1
July1,2006Torecordinstallmentsale
Installmentreceivables300,000
Salesrevenue300,000
Costofgoodssold126,000
Inventory126,000
Torecordcashcollectionfrominstallmentsale
Cash75,000
Installmentreceivables75,000
July1,2007Torecordcashcollectionfrominstallmentsale
Cash75,000
Installmentreceivables75,000
Exercise5-5(continued)
Requirement2
July1,2006Torecordinstallmentsale
Installmentreceivables300,000
Inventory126,000
Deferredgrossprofit174,000
Torecordcashcollectionfrominstallmentsale
Cash75,000
Installmentreceivables75,000
Torecognizegrossprofitfrominstallmentsale
Deferredgrossprofit43,500
Realizedgrossprofit43,500
July1,2007Torecordcashcollectionfrominstallmentsale
Cash75,000
Installmentreceivables75,000
Torecognizegrossprofitfrominstallmentsale
Deferredgrossprofit43,500
Realizedgrossprofit43,500
Exercise5-5(concluded)
Requirement3
July1,2006Torecordinstallmentsale
Installmentreceivables300,000
Inventory126,000
Deferredgrossprofit174,000
Torecordcashcollectionfrominstallmentsale
Cash75,000
Installmentreceivables75,000
July1,2007Torecordcashcollectionfrominstallmentsale
Cash75,000
Installmentreceivables75,000
Torecognizegrossprofitfrominstallmentsale
Deferredgrossprofit24,000
Realizedgrossprofit24,000
Exercise5-6
Requirement1
20062007
Contractprice$2,000,000$2,000,000
Actualcoststodate300,0001,875,000
Estimatedcoststocomplete1,200,000-0-
Totalestimatedcosts1,500,0001,875,000
Grossprofit(estimatedin2006)$500,000$125,000
Grossprofitrecognition:
2006:
$300,000
=20%x$500,000=$100,000
$1,500,000
2007:
$125,000-$100,000=$25,000
Requirement2
2006$-0-
2007$125,000
Requirement3
BalanceSheet
AtDecember31,2006
Currentassets:
Accountsreceivable
$130,000
Costsandprofit($400,000*)inexcess
ofbillings($380,000)
20,000
*Costs($300,000)+profit($100,000)
Exercise5-6(concluded)
Requirement4
BalanceSheet
AtDecember31,2006
Currentassets:
Accountsreceivable
$130,000
Currentliabilities:
Billings($380,000)inexcessofcosts($300,000)
$80,000
Exercise5-7
Requirement1
April1,2006Torecordinstallmentsale
Installmentreceivables2,400,000
Land600,000
Gainonsaleofland1,800,000
April1,2006Torecordcashcollectionfrominstallmentsale
Cash120,000
Installmentreceivables120,000
April1,2007Torecordcashcollectionfrominstallmentsale
Cash120,000
Installmentreceivables120,000
Exercise5-7(concluded)
Requirement2
April1,2006Torecordinstallmentsale
Installmentreceivables2,400,000
Land600,000
Deferredgain1,800,000
Whenpaymentsarereceived,gainonsaleoflandisrecognized,calculatedbyapplyingthegrossprofitpercentage(1,800,000÷2,400,000=75%)tothecashcollected(75%x120,000).
April1,2006Torecordcashcollectionfrominstallmentsale
Cash120,000
Installmentreceivables120,000
Torecognizeprofitfrominstallmentsale
Deferredgain90,000
Gainonsaleofland(75%x120,000)90,000
April1,2007Torecordcashcollectionfrominstallmentsale
Cash120,000
Installmentreceivables120,000
Torecognizeprofitfrominstallmentsale
Deferredgain90,000
Gainonsaleofland(75%x120,000)90,000
Exercise5-8
Situation1-Percentage-of-Completion
200620072008
Contractprice5,000,0005,000,0005,000,000
Actualcoststodate1,500,0003,600,0004,500,000
Estimatedcoststocomplete3,000,000900,000-0-
Totalestimatedcosts4,500,0004,500,0004,500,000
Estimatedgrossprofit
(actualin2008)500,000500,000500,000
Grossprofit(loss)recognized:
2006:
1,500,000
=33.3333%x500,000=166,667
4,500,000
2007:
3,600,000
=80.0%x500,000=400,000-166,667=233,333
4,500,000
2008:
500,000-400,000=100,000
Situation1-CompletedContract
Year
Grossprofitrecognized
2006
-0-
2007
-0-
2008
500,000
Totalgrossprofit
500,000
Exercise5-8(continued)
Situation2-Percentage-of-Completion
200620072008
Contractprice5,000,0005,000,0005,000,000
Actualcoststodate1,500,0002,400,0004,800,000
Estimatedcoststocomplete3,000,0002,400,000-0-
Totalestimatedcosts4,500,0004,800,0004,800,000
Estimatedgrossprofit
(actualin2008)500,000200,000200,000
Grossprofit(loss)recognized:
2006:
1,500,000
=33.3333%x500,000=166,667
4,500,000
2007:
2,400,000
=50.0%x200,000=100,000-166,667=(66,667)
4,800,000
2008:
200,000-100,000=100,000
Situation2-CompletedContract
Year
Grossprofitrecognized
2006
-0-
2007
-0-
2008
200,000
Totalgrossprofit
200,000
Exercise5-8(continued)
Situation3-Percentage-of-Completion
200620072008
Contractprice5,000,0005,000,0005,000,000
Actualcoststodate1,500,0003,600,0005,200,000
Estimatedcoststocomplete3,000,0001,500,000-0-
Totalestimatedcosts4,500,0005,100,0005,200,000
Estimatedgrossprofit(loss)
(actualin2008)500,000(100,000)(200,000)
Grossprofit(loss)recognized:
2006:
1,500,000
=33.3333%x500,000=166,667
4,500,000
2007:
(100,000)-166,667=(266,667)
2008:
(200,000)-(100,000)=(100,000)
Situation3-CompletedContract
Year
Grossprofit(loss)recognized
2006
-0-
2007
(100,000)
2008
(100,000)
Totalprojectloss
(200,000)
Exercise5-8(continued)
Situation4-Percentage-of-Completion
200620072008
Contractprice5,000,0005,000,0005,000,000
Actualcoststodate500,0003,500,0004,500,000
Estimatedcoststocomplete3,500,000875,000-0-
Totalestimatedcosts4,000,0004,375,0004,500,000
Estimatedgrossprofit
(actualin2008)1,000,000625,000500,000
Grossprofit(loss)recognized:
2006:
500,000
=12.5%x1,000,000=125,000
4,000,000
2007:
3,500,000
=80.0%x625,000=500,000-125,000=375,000
4,375,000
2008:
500,000-500,000=$-0-
Situation4-CompletedContract
Year
Grossprofitrecognized
2006
-0-
2007
-0-
2008
500,000
Totalgrossprofit
500,000
Exercise5-8(continued)
Situation5-Percentage-of-Completion
200620072008
Contractprice5,000,0005,000,0005,000,000
Actualcoststodate500,0003,500,0004,800,000
Estimatedcoststocomplete3,500,0001,500,000-0-
Totalestimatedcosts4,000,0005,000,0004,800,000
Estimatedgrossprofit
(actualin2008)1,000,000-0-200,000
Grossprofit(loss)recognized:
2006:
500,000
=12.5%x1,000,000=125,000
4,000,000
2007:
0-125,000=(125,000)
2008:
200,000-0=200,000
Situation5-CompletedCon
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