中级会计学 intermediate accounting chapter12 赖红宁 课后答案.docVIP

CHAPTER 12 ANSWERS TO MULTIPLE CHOICE 1. b 3. b 5. a 7. d 9. d 2. d 4. d 6. b 8. c 10. a SOLUTIONS TO EXERCISES E12-1 2004 Jan. 5 Merchandise Inventory [(2,000 x $500) - (2,000 x $500 x 2%)] 980,000 Accounts Payable 980,000 14 Accounts Payable ($980,000 x 1/5) 196,000 Cash 196,000 31 Accounts Payable 784,000 Purchases Discounts Lost 16,000a Cash 800,000 a$1,000,000 x 0.02 = $20,000 discount x 4/5 $16,000 discount lost E12-2 2004 Dec. 1 Purchases 25,000 Notes Payable--Ringo Chemicals 25,000 Dec. 31 Interest Expense 250 Interest Payable ($25,000 x 0.12 x1/12) 250 2005 Apr. 1 Interest Expense ($25,000 x 0.12 x 3/12) 750 Interest Payable 250 Notes Payable--Ringo Chemicals 25,000 Cash 26,000 E12-3 1. 2004 Nov. 16 Cash 19,300 Discount on Notes Payable ($20,000 x 0.14 x 90/360) 700 Notes Payable 20,000 Dec. 31 Interest Expense (? x $700) 350 Discount on Notes Payable 350E12-3 (continued) 1. (continued) 2005 Feb. 15 Notes Payable 20,000 Cash 20,000 15 Interest Expense (? x $700) 350 Discount on Notes Payable 350 2. CLEAR GLASS COMPANY Partial Balance Sheet December 31, 2004 Current liabilities Notes payable $20,000 Less: Discount on notes payable (350) $19,650 3. = 3.627% rate for 90 days X 4 (90-day periods per year) 14.51% effective annual rate E12-4 1. 2004 Oct. 30 Machinery 21,779.37* Discount on Notes Payable 2,220.63 Notes Payable 24,000.00 Dec. 31 Interest Expense (2/3x $871.17, see schedule) 580.78 Discount on Notes Payable 580.78 2005 Jan. 31 Interest Expense (1/3 x $871.17, see schedule) 290.39 Notes Payable 6,000.00 Discount on Notes Payable 290.39 Cash 6,000.00 Apr. 30 Interest Expense (see schedule) 666.02 Not