会计学原理Financial Accounting by Robert Libby第八版 第三章 答案.docx
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会计学原理Financial Accounting by Robert Libby第八版 第三章 答案.docx
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会计学原理FinancialAccountingbyRobertLibby第八版第三章答案
Chapter3
OperatingDecisionsandtheAccountingSystem
ANSWERSTOQUESTIONS
1.Atypicalbusinessoperatingcycleforamanufacturerwouldbeasfollows:
inventoryispurchased,cashispaidtosuppliers,theproductismanufacturedandsoldoncredit,andthecashiscollectedfromthecustomer.
2.Thetimeperiodassumptionmeansthatthefinancialconditionandperformanceofabusinesscanbereportedperiodically,usuallyeverymonth,quarter,oryear,eventhoughthelifeofthebusinessismuchlonger.
3.NetIncome=Revenues+Gains-Expenses-Losses.
Eachelementisdefinedasfollows:
Revenues--increasesinassetsorsettlementsofliabilitiesfromongoingoperations.
Gains--increasesinassetsorsettlementsofliabilitiesfromperipheraltransactions.
Expenses--decreasesinassetsorincreasesinliabilitiesfromongoingoperations.
Losses--decreasesinassetsorincreasesinliabilitiesfromperipheraltransactions.
4.Bothrevenuesandgainsareinflowsofnetassets.However,revenuesoccurinthenormalcourseofoperations,whereasgainsoccurfromtransactionsperipheraltothecentralactivitiesofthecompany.Anexampleissellinglandatapriceabovecost(atagain)forcompaniesnotinthebusinessofsellingland.
Bothexpensesandlossesareoutflowsofnetassets.However,expensesoccurinthenormalcourseofoperations,whereaslossesoccurfromtransactionsperipheraltothecentralactivitiesofthecompany.Anexampleisalosssufferedfromfiredamage.
5.Accrualaccountingrequiresrecordingrevenueswhenearnedandrecordingexpenseswhenincurred,regardlessofthetimingofcashreceiptsorpayments.Cashbasisaccountingisrecordingrevenueswhencashisreceivedandexpenseswhencashispaid.
6.Thefourcriteriathatmustbemetforrevenuetoberecognizedundertheaccrualbasisofaccountingare
(1)deliveryhasoccurredorserviceshavebeenrendered,
(2)thereispersuasiveevidenceofanarrangementforcustomerpayment,(3)thepriceisfixedordeterminable,and(4)collectionisreasonablyassured.
7.Theexpensematchingprinciplerequiresthatexpensesberecordedwhenincurredinearningrevenue.Forexample,thecostofinventorysoldduringaperiodisrecordedinthesameperiodasthesale,notwhenthegoodsareproducedandheldforsale.
8.Netincomeequalsrevenuesminusexpenses.Thusrevenuesincreasenetincomeandexpensesdecreasenetincome.Becausenetincomeincreasesstockholders’equity,revenuesincreasestockholders’equityandexpensesdecreaseit.
9.Revenuesincreasestockholders’equityandexpensesdecreasestockholders’equity.Toincreasestockholders’equity,anaccountmustbecredited;todecreasestockholders’equity,anaccountmustbedebited.Thusrevenuesarerecordedascreditsandexpensesasdebits.
10.
Item
Increase
Decrease
Revenues
Credit
Debit
Losses
Debit
Credit
Gains
Credit
Debit
Expenses
Debit
Credit
11.
Item
Debit
Credit
Revenues
Decrease
Increase
Losses
Increase
Decrease
Gains
Decrease
Increase
Expenses
Increase
Decrease
12.
Transaction
Operating,Investing,orFinancing
Direction
oftheEffect
onCash
Cashpaidtosuppliers
Operating
–
Saleofgoodsonaccount
None
None
Cashreceivedfromcustomers
Operating
+
Purchaseofinvestments
Investing
–
Cashpaidforinterest
Operating
–
Issuanceofstockforcash
Financing
+
13.TotalnetprofitmarginratioiscalculatedasNetIncomeNetSales(orOperatingRevenues).Thenetprofitmarginratiomeasureshowmuchofeverysalesdollarisprofit.Anincreasingratiosuggeststhatthecompanyismanagingitssalesandexpenseseffectively.
ANSWERSTOMULTIPLECHOICE
1.c
2.a
3.b
4.b
5.c
6.c
7.d
8.b
9.a
10.b
Authors'RecommendedSolutionTime
(Timeinminutes)
Mini-exercises
Exercises
Problems
AlternateProblems
CasesandProjects
No.
Time
No.
Time
No.
Time
No.
Time
No.
Time
1
5
1
10
1
20
1
30
1
20
2
6
2
15
2
20
2
30
2
30
3
6
3
20
3
25
3
35
3
30
4
5
4
20
4
40
4
40
4
20
5
5
5
20
5
20
5
20
5
30
6
5
6
20
6
40
6
40
6
60
7
5
7
18
7
30
7
30
8
6
8
20
8
*
9
6
9
20
10
6
10
20
11
6
11
20
ContinuingCase
12
15
13
20
14
20
1
30
15
20
16
20
17
20
18
10
*Duetothenatureofthisproject,itisverydifficulttoestimatetheamountoftimestudentswillneedtocompletetheassignment.Aswithanyopen-endedproject,itispossibleforstudentstodevotealargeamountoftimetotheseassignments.Whilestudentsoftenbenefitfromtheextraeffort,wefindthatsomebecomefrustratedbytheperceiveddifficultyofthetask.Youcanreducestudentfrustrationandanxietybymakingyourexpectationsclear.Forexample,whenourgoalistosharpenresearchskills,wedevoteclasstimediscussingresearchstrategies.Whenwewantthestudentstofocusonarealaccountingissue,weoffersuggestionsaboutpossiblecompaniesorindustries.
MINI-EXERCISES
M3–1.
TERM
G
(1)Losses
C
(2)Expensematchingprinciple
F
(3)Revenues
E
(4)Timeperiodassumption
B
(5)Operatingcycle
M3–2.
CashBasis
IncomeStatement
AccrualBasis
IncomeStatement
Revenues:
Cashsales
Customerdeposits
$8,000
5,000
Revenues:
Salestocustomers
$18,000
Expenses:
Inventorypurchases
Wagespaid
1,000
900
Expenses:
Costofsales
Wagesexpense
Utilitiesexpense
9,000
900
300
NetIncome
$11,100
NetIncome
$7,800
M3–3.
RevenueAccountAffected
AmountofRevenueEarnedinJuly
a.
GamesRevenue
$15,000
b.
SalesRevenue
$8,000
c.
None
NorevenueearnedinJuly;cashcollectionsinJulyrelatedtoearningsinJune.
d.
None
NorevenueearnedinJuly;earningsprocessisnotyetcomplete–UnearnedRevenueisrecordeduponreceiptofcash.
M3–4.
ExpenseAccountAffected
AmountofExpenseIncurredinJuly
e.
CostofGoodsSold
$6,800
f.
None
NoexpenseisincurredinJuly;paymentrelatedtoJuneelectricityusage.
g.
WagesExpense
$3,500
h.
InsuranceExpense
$500incurredandexpensedinJulyand
$1,000notincurreduntilfuturemonths
(recordedasPrepaidExpense(A)).
i.
RepairsExpense
$700
j.
UtilitiesExpense
$900
M3–5.
a.
Cash(+A)
15,000
GamesRevenue(+R,+SE)
15,000
b.
Cash(+A)
3,000
AccountsReceivable(+A)
5,000
SalesRevenue(+R,+SE)
8,000
c.
Cash(+A)
4,000
AccountsReceivable(A)
4,000
d.
Cash(+A)
2,500
UnearnedRevenue(+L)
2,500
M3–6.
e.
CostofGoodsSold(+E,SE)
6,800
Inventory(A)
6,800
f.
AccountsPayable(–L)
800
Cash(A)
800
g.
WagesExpense(+E,SE)
3,500
Cash(A)
3,500
h.
InsuranceExpense(+E,SE)
500
PrepaidExpenses(+A)
1,00
Cash(A)
1,500
i.
RepairsExpense(+E,SE)
700
Cash(A)
700
j.
UtilitiesExpense(+E,SE)
900
AccountsPayable(+L)
900
M3–7.
BalanceSheet
IncomeStatement
Assets
Liabilities
Stockholders’Equity
Revenues
Expenses
Net
Income
a.
+15,000
NE
+15,000
+15,000
NE
+15,000
b.
+8,000
NE
+8,000
+8,000
NE
+8,000
c.
+4,000
–4,000
NE
NE
NE
NE
NE
d.
+2,500
+2,500
NE
NE
NE
NE
Transaction(c)resultsinanincreaseinanasset(cash)andadecreaseinanasset(accountsreceivable).Therefore,thereisnoneteffectonassets.
M3–8.
BalanceSheet
IncomeStatement
Assets
Liabilities
Stockholders’Equity
Revenues
Expenses
Net
Income
e.
–6,800
NE
–6,800
NE
+6,800
–6,800
f.
–800
–800
NE
NE
NE
NE
g.
–3,500
NE
–3,500
NE
+3,500
–3,500
h.
–1,500
+1,000
NE
–500
NE
+500
–500
i.
–700
NE
–700
NE
+700
–700
j.
NE
+900
–900
NE
+900
–900
Transaction(h)resultsinanincreaseinanasset(prepaidexpenses)andadecreaseinanasset(cash).Therefore,theneteffectonassetsis500.
M3–9.
Craig’sBowling,Inc.
IncomeStatement
FortheMonthofJuly2014
Revenues:
Gamesrevenue
$15,000
Salesrevenue
8,000
Totalrevenues
23,000
Expenses:
Costofgoodssold
6,800
Utilitiesexpense
900
Wagesexpense
3,500
Insuranceexpense
500
Repairsexpense
700
Totalexpenses
12,400
Netincome
$10,600
M3–10.
Transaction
O,I,orFActivity(orNoEffect)onStatementofCashFlows
DirectionandAmountofEffect
a.
O
+15,000
b.
O
+3,000
c.
O
+4,000
d.
O
+2,500
e.
NE
NE
f.
O
-800
g.
O
-3,500
h.
O
-1,500
i.
O
-700
j.
NE
NE
M3–11.
NetIncome
÷
NetSalesRevenue
=
NetProfitMarginRatio
2015
$51,000
$163,000
0.3129or31.3%
2014
40,000
151,000
0.2649or26.5%
2013
25,000
132,000
0.1894or18.9%
TheseresultssuggestthatJen’sJewelryCompanyearnedapproximately$0.31foreverydollarofrevenuein2015,andovertime,theratiohasimproved.Jen’shasbecomemoreeffectiveatmanagingsalesandexpenses.
Asadditionalanalysis:
PercentageChangeinNetIncome
PercentageChangeinNetSalesRevenue
From2014to2015
($51,000-$40,000)/$40,000
+27.5%
($163,000-$151,000)/$151,000
+7.9%
From2013to2014
($40,000-$25,000)/$25,000
+60.0%
($151,000-$132,000)/$132,000
+14.4%
Between2013to2014and2014to2015,saleshaveincreasedatalowerpercentagethanneti
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