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sure1027金虫 (小有名气)
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[求助]
会计英文试题
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E4-1. SINGLE-STEP INCOME STATEMENT The following items relate to the current year’s operations of Johnson Equipment Company: Inventory, beginning of year ………………………………………………… $69,126,500 Depreciation …………………………………………………………………. 5,032,200 Sales …………………………………………………………………………. 293,621,000 Purchases ……………………………………………………………………. 198,735,600 Inventory, end of year ………………………………………………………. 63,433,500 Sales returns and allowances ……………………………………………….. 4,111,700 Freight in ……………………………………………………………………. 33,007,200 Income taxes ………………………………………………………………… 11,813,000 Purchase discounts, returns, and allowances ………………………………... 27,234,500 Miscellaneous income ……………………………………………………….. 2,364,000 Selling, general, and administrative expenses ……………………………….. 46,045,300 Interest expense ……………………………………………………………… 4,952,200 Other expenses ……………………………………………………………….. 670,100 REQUIRED 1.Prepare in good form a single-step income statement. 2.Discuss the advantages and disadvantages of the single-step income statement. E4-2 SINGLE-STEP AND MULTIPLE-STEP INCOME STATEMENT The following income statement items were taken from the accounts of Comfy Comput6er Corporation (in millions of dollars): Sales …………………………………………………………………………… $2,845.7 Interest expense ………………………………………………………………... 39.3 Research and development costs ………………………………………………. 187.2 Gain on sale of fixed assets …………………………………………………….. 16.7 Cost of sales ……………………………………………………………………. 2,239.3 Computer rental and service revenue ………………………………………….. 702.1 Income taxes …………………………………………………………………… 140.7 Tax benefit of operating loss carryforward …………………………………….. 19.9 Selling, general, and administrative expenses …………………………………. 794.0 Interest income …………………………………………………………………. 17.5 REQUIRED 1.Prepare a single-step income statement, 2.Prepare a multiple-step income statement, 3. Which format do you prefer? Why? E4-3 The balance sheet items tor The Oven Bakery (arranged in alphabetical order) were as follows at August 1, 2005. (You are to compute the missing figure for retained earnings.) Accounts Payable ........... $16,200 Capital Stock ............... $80,000 Accounts Receivable ......... 11,260 Land ..................... 67,000 Building ................... 84,000 Notes Payable ...........74,900 Cash ..................... 6,940 Salaries Payable ......... 8,90 Equipment and Fixtures ...... 44,500 Supplies ................... 7,000 REQUIRED: Prepare a balance sheet at August 1 2005. E5-1 Preparing a bank reconciliation Valley Co. received a bank statement on Oct.31. The bank balance as shown by the statement was $ 2 050 and the cash balance according to the accounting records was $ 1 373, there is a difference $ 677 between them. The company found the following difference: (1)Check NO.124 for $ 150 and check NO.126 for $ 200 were outstanding—the receivers of them haven’t cashed them or deducted them for their back accounting. (2)A $ 145 deposit placed in bank after bank hours on Oct.31 was not recorded by the bank on the very day. (3)The bank had collected a note receivable for the company on Oct.31, crediting the proceeds $ 500 less a $ 5 collection fee to the company’ account. The credit memorandum was sent out together with the statement on Nov. (4)Together with the statement, two debit memorandums were sent out to the company: (a) A NSF check for $ 20, the check had been received from a customer on Oct 25 and had been included in that day’s deposit. (b) A $ 3 debit memorandum for checks printed by the bank. Required: (1)prepare a bank reconciliation according to the above case (2)make the related entries E 5-4 Determining the amount of the adjusting entry At the end of the current year, the accounts receivable account has a debit balance of $ 80 000, and sales for the year total $ 950 0000. Required: Determine the amount of adjusting entry to record the provision for doubtful accounts under each of the following assumptions: (1)The allowance accounts before adjustment has a credit balance of $ 950: (a)Uncollectible accounts expense is estimated at 1/2 of 1% net sales. (b)Analysis of the accounts in the customer ledger indicates doubtful accounts of $ 6 750. (2)The allowance account before adjustment has a debit balance of $ 300: (a)Uncollectible accounts expense is at 3/4 of net sales (b)Analysis of the accounts in the customer ledger indicates doubtful accounts of $ 7 100. E 5-5 Discounting notes receivable The following transactions deal with discounting of customer notes: a)A two-month 10 percent note receivable for $ 8 000 dated Nov.1, 2004. b)A six-month noninterest-bearing note for $ 20 000 dated Oct. 1, 2004. The market rate of interest was 12 percent on Oct. 1. c)A one-month 12 percent note receivable for $ 500 000 dated Dec.1, 2004. d)A one-year 4 percent note receivable for $ 160 000 dated Sep.1, 2004. The market rate of interest on Sep.1 was 10 percent. Required: Prepare the appropriate entries to record the above transactions, under the assumptions that no interest accruals were made before discounting, that the notes were discounted at a bank on Dec.1, 2004, and that the discount rate was 12 percent. Use monthly intervals, not days. |
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