会计英语练习题.docVIP

Chapter1 1. The Mill Run Golf Country Club details the following accounts in its financial statements. (a) (b) Accounts payable and accrued liabilities ____ ____ Accounts receivable ____ ____ Property, plant, and equipment ____ ____ Food and beverage operations revenue ____ ____ Golf course operations revenue ____ ____ Inventory ____ ____ Long-term debt ____ ____ Office and general expense ____ ____ Professional fees expense ____ ____ Wages and benefits expense ____ ____ Instructions. Classify each of the above accounts as an asset (A) , liability(L), stockholders’ equity (SE), revenue (R), or expense (E) item. Classify each of the above accounts as a financing activity (F), investing activity (I), or operating activity (O). If you believe a particular account doesn’t fit in any of these activities, explain why. The following information was taken from the 2004 financial statements of pharmaceutical giant Merck and Co. All dollar amounts are in millions. Retained earnings, January 1, 2004 $34,142.0 Materials and production expense 4,959.8 Marketing and administrative expense 7,346.3 Dividends 3,329.1 Sales revenue 22,938.6 Research and development expense 4,010.2 Tax expense 2.161.1 Other revenue 1,352.2 Instructions. After analyzing the data, prepare an income statement and a retained earnings stateme