solutmanch031Word格式.docx
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solutmanch031Word格式.docx
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Long-termdebt
($4.4+$2.6–$2.5)………….
$4.5
Interestpayable………………..
0.1
(10min.)CP3-3
FordshouldrecordsalesrevenuewhentherevenueisearnedbydeliveringautomobilestoEnterprise.FordshouldnotrecordanyrevenuepriortodeliveryofthevehiclesbecauseFordhasn’tearnedtherevenueyet.Therevenueprinciplegovernsthisdecision.
WhenFordrecordstherevenuefromthesale,atthattime—notbeforeorafter—Fordshouldalsorecordcostofgoodssold,theexpense.Thematchingprincipletellswhentorecordexpenses.
(10min.)CP3-4
a.
April30
RentExpense($3,0001/6)……..
500
PrepaidRent……………………..
Torecordrentexpense.
PrepaidRent
RentExpense
Apr.1
3,000
Apr.30
Bal.
2,500
b.
SuppliesExpense($700–$500)….
200
Supplies…………………………….
Torecordsuppliesexpense.
Supplies
SuppliesExpense
Apr.2
700
(10min.)CP3-5
Req.1
(a)
May1
ComputerEquipment…………….…..
36,000
Cash…………………………………..
Purchasedcomputerequipment.
(b)
May31
DepreciationExpense–
ComputerEquipment($36,000/36).
1,000
AccumulatedDepreciation–
ComputerEquipment……………...
Req.2
ComputerEquipment
AccumulatedDepreciation–ComputerEquipment
Depreciation
Expense–
Req.3
Computerequipment………………………………….
$36,000
LessAccumulateddepreciation…………………….
(1,000)
Bookvalue………………………………………………
$35,000
(continued)CP3-5
Req.4
Incomestatement:
Depreciationexpense–computerequipment…
$1,000
Balancesheet:
Computerequipment……………………………….
LessAccumulateddepreciation………………….
(1,000)
(10min.)CP3-6
IncomeStatement
20X3
20X4
Salaryexpense……….
$2,400,000
$500,000
($2,900,000–$2,400,000)
(10min.)CP3-7
Aug.31
InterestExpense……………………………….
InterestPayable……………………………..
ToaccrueinterestexpenseforAugust.
Sept.30
ToaccrueinterestexpenseforSeptember.
Oct.31
ToaccrueinterestexpenseforOctober.
InterestPayable
Liabilities:
Interestpayable...
$500
$1,000
$1,500
Nov.1
InterestPayable……………………………...
1,500
Cash…………………………………………
Topayinterest.
(10min.)CP3-8
InterestReceivable…………………………..
InterestRevenue…………………………..
ToaccrueinterestrevenueforAugust.
InterestRevenue……...…………………..
ToaccrueinterestrevenueforSeptember.
InterestRevenue……...……………….…..
ToaccrueinterestrevenueforOctober.
InterestReceivable
Assets:
Interestreceivable..
Cash……………………………………………
InterestReceivable………………………
Tocollectinterest.
(5-10min.)CP3-9
UnearnedrevenuesareliabilitiesbecauseUSATodayhasreceivedcashfromsubscribersinadvanceofprovidingthemwithnewspapers.Receivingthecashinadvancecreatesanobligation(aliability)forUSAToday.AsUSATodaydeliversnewspaperstosubscribers,USATodayearnstherevenue,andthedollaramountoftheunearnedrevenuegoesintotherevenueaccount.
Adjustingentry:
UnearnedSubscriptionRevenue...
40,000
SubscriptionRevenue…………..
Torecordsubscriptionrevenue
thatwascollectedinadvance.
Studentexplanationsmayvary.
(5-10min.)CP3-10
Unadjustedamount
ofPrepaidRent:
$3,000
AmountofPrepaid
Renttoreportonthe
balancesheetat
April30:
$2,000
Why:
BecauseatApril30thebusinessstillhasprepaidrentof$2,000
categoryfor
PrepaidRent:
Assets(specificallycurrentassets)
(10min.)CP3-11
e.
AccountsReceivable……………….
250
ServiceRevenue………………….
Toaccrueservicerevenue.
f.
UnearnedServiceRevenue………..
150
Torecordservicerevenue
Revenues
Servicerevenue……………….
$7,400
BalanceSheet
Assets
Accountsreceivable…………
$2,500
Liabilities
Unearnedservicerevenue….
$300
(15-30min.)CP3-12
RawlingsSportingGoodsCompany
YearEndedAugust31,20X4
Thousands
Netrevenues…………………………….
$174,528
Costofgoodssold…………………….
126,996
Allotherexpenses……………………..
45,775
Netincome………………………………
$1,757
StatementofRetainedEarnings
Retainedearnings,August31,20X3….
$1,331
Add:
Netincome………………………..
1,757
Retainedearnings,August31,20X4.…
$3,088
(continued)CP3-12
August31,20X4
ASSETS
Current:
Cash………………………………………
$921
Accountsreceivable…………………..
27,750
Inventories………………………………
33,379
Othercurrentassets…………………..
4,883
Totalcurrentassets………………..
66,933
Propertyandequipment,net……………
7,271
Otherassets……………………………….
24,337
Totalassets…………………………………...
$98,541
LIABILITIES
Totalcurrentliabilities…………………..
$53,602
Long-termliabilities………………….…..
13,533
Totalliabilities…………………………….
67,135
STOCKHOLDERS’EQUITY
Commonstock……………………………
28,318
Retainedearnings………………………..
3,088
Totalstockholders’equity………….…...
31,406
Totalliabilitiesandstockholders’equity..
(5-10min.)CP3-13
CLOSINGENTRIES
NetRevenues…………………………
174,528
RetainedEarnings………………...
31
RetainedEarnings……………………
172,771
CostofGoodsSold……………….
AllOtherExpenses………………..
45,775
RetainedEarnings
Aug.31,20X4Expenses
Aug.31,20X3Bal.
1,331
Aug.31,20X4Revenues
Aug.31,20X4Bal.
3,088
RetainedEarnings’endingbalanceagreeswiththeamountreportedonthestatementofretainedearningsandthebalancesheet.
(5min.)CP3-14
(Allamountsinmillions)
Currentassets:
Currentliabilities:
Cash…………………………..
$1,914
Accountspayable..
$2,195
Receivables………………….
322
Accruedliabilities..
1,598
Inventory……………………..
2,046
Othercurrentassets……….
585
Long-termassets:
Long-termliabilities…
1,140
Equipment……………………
2,108
Landandbuildings…………
208
Accumulateddepreciation
(contraaccount)…………
(1,027)
Otherassets…………………
1,507
Totalassets……………………..
$7,663
Totalliabilities………..
$4,933
Stockholders’equity($7,663–$4,933)……………………….…...
$2,730
(10-15min.)CP3-15
(Dollarsinmillions)
Current
=
Totalcurrentassets
$1,892+$1,757+$2,971
Ratio
Totalcurrentliabilities
$4,795+$3,905+$621
$6,620
$9,321
0.71
Debt
Totalliabilities
$9,321+$2,197
Totalassets
$6,620+$4,168+$10,046
$11,518
$20,834
0.55
1.Foreverydollarofcurrentliabilities,Coca-Colahasonly$0.71ofcurrentassets.Thiscurrentratioisverylow.
2.55%ofCoca-Cola’stotalassetsarefinancedwithdebt.
3.Coca-Cola’sstockholdersown45%ofthecompany’stotalassetsfreeandclearofdebt.
Exercises
(5-10min.)E3-1
Allamountsinmillions
Report
1.
Salesrevenue…………
$4,173
Operatingexpenses…
816
Accountsreceivable…
$408
Accountspayable……
132
2.
Cashbasiswouldreportonlythecashcollectionsof$4,136fromcustomersandthepaymentofoperatingexpenses($816).
(5-10min.)E3-2
IncometaxpayableatDecember31,2003,iscomputedasfollows:
Beginningbalance…………………………………
$67
+Expensefortheyear………………………………
80
–Paymentsduringtheyear………………………..
(59)
=Endingbalance(December31,2000)…………..
$88
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