西财习题第五章答案
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Chapter Five Balance Sheet 1. In what section of the balance sheet should the following items appear, and what balance sheet terminology would you use? (a) Treasury stock (recorded at cost). Stockholders’ Equity. “Treasury stock (at cost).” Note: This is a reduction of total stockholders’ equity. (b) Checking account at bank. Current Assets. Included in “Cash.” (c) Land (held as an investment). Investments. “Land held as an investment.” (d) Sinking fund. Investments. “Sinking fund.” (e) Unamortized premium on bonds payable. Long-term debt (adjunct account to bonds payable). “Unamortized premium on bonds payable.” (f) Copyrights. Intangible Assets. “Copyrights.” (g) Pension fund assets. Investments. “Employees’ pension fund,” with subcaptions of “Cash” and “Securities” if desired. (Assumes that the company still owns these assets.) (h) Premium on capital stock. Stockholders’ Equity. “Premium on capital stock” or “Additional paid-in capital in excess of par value.” (i) Long-term investments (pledged against bank loans payable). Investments. Nature of investments should be given together with parenthetical information as follows: “pledged to secure loans payable to banks.” 2. Where should the following items be shown on the balance sheet, if shown at all? (a) Allowance for doubtful accounts receivable. Allowance for doubtful accounts receivable should be deducted from accounts receivable. (b) Merchandise held on consignment. Merchandise held on consignment should not appear on the consignee’s balance sheet except possibly as a note to the financial statements. (c) Advances received on sales contract. Advances received on sales contract are normally a current liability and should be shown as such in the balance sheet. (d) Cash surrender value of life insurance （人寿保险退保解约金值）. Cash surrender value of life insurance should be shown as a long-term investment. (e) Land. Land should be reported in property, plant, and equipment unless held for investment. (f) Merchandise out on consignment. Merchandise out on consignment should be shown among current assets under the heading of inventories. (g) Franchises. Franchises should be itemized in a section for intangible assets. (h) Accumulated depreciation of plant and equipment. Accumulated depreciation of plant and equipment should be deducted from the plant and equipment accounts. (i) Materials in transit—purchased f.o.b. destination （到达地交货）. Materials in transit should not be shown on the balance sheet of the buyer, if purchased f.o.b. destination. 3. BE5-1 La Bouche Corporation has the following accounts included in its December 31, 2007, trial balance: Accounts Receivable $110,000; Inventories $290,000; Allowance for Doubtful Accounts $8,000; Patents $72,000; Prepaid Insurance $9,500; Accounts Payable $77,000; Cash $27,000. Prepare the current assets section of the balance sheet listing the accounts in proper sequence. Current assets Cash....................................................................................... Accounts receivable .............................................................$110,000 $27,000 102,000 290,000 9,500 $428,500 Less: Allowance for doubtful accounts ...................... (8,000) Inventories ............................................................................ Prepaid insurance ................................................................. Total current assets ......................................... 4. E5-14 (Preparation of a Statement of Cash Flows) The comparative balance sheets of Constantine Cavamanlis Inc. at the beginning and the end of the year 2007 appear on the next page. Net income of $44,000 was reported, and dividends of $23,000 were paid in 2007. New equipment was purchased and none was sold. Instructions: Prepare a statement of cash flows for the year 2007. Constantine Cavamanlis Inc. Statement of Cash Flows For the Year Ended December 31, 2007 Cash flows from operating activities Net income......................................................... Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense............................ $ 6,000 Increase in accounts receivable........... (3,000) $44,000 8,000 20,000 52,000 (17,000) (3,000) 32,000 13,000 $45,000 Increase in accounts payable............... 5,000 Net cash provided by operating activities...... Cash flows from investing activities Purchase of equipment.................................... Cash flows from financing activities Issuance of common stock.............................. Payment of cash dividends.............................. (23,000) Net cash used by financing activities............. Net increase in cash.................................................... Cash at beginning of year........................................... Cash at end of year...................................................... 本文来源：https://www.wddqw.com/doc/2fd83923f22d2af90242a8956bec0975f465a405.html