会计学教程与案例财务会计分册第十12版第3章答案.docVIP

Chapter 3 BASIC ACCOUNTING CONCEPTS:THE INCOME STATEMENT Problems Problem 3-1 Not an expense for June - not incurred. Expense for June Expense for June Expense for June Expense for June Not an expense for June - asset acquired. Problem 3-2 Revenues($275,000 Expenses – Cost of goods sold $164,000 Rent 3,300 Salaries 27,400 Taxes 1,375 Other 50,240 246,315 Net income $28,685 Problem 3-3 Beginning inventory $27,000 Purchases 78,000 Available for sale Ending inventory ($31,000) Cost of goods sold $74,000 Problem 3-4 (1) Sales $85,000 Cost of goods sold 45,000 Gross margin $40,000 47 percent gross margin ($40,000 / $85,000) 11 percent profit margin (9000/85000) The Woden Corporation had a tax rate of 40 percent ($6,000 / $15,000) on its pretax profit that represented 17.7 percent of its sales ($15,000 / $85,000). The company’s operating expenses were 82.3 percent of sales ($70,000 / $85,000) and its cost of goods sold was 53 percent of sales. The company’s gross margin was 47 percent of sales ($40,000 / $85,000). Problem 3-5 Depreciation. Each year for the next 5 years depreciation will be charged to income. No income statement charge. Land is not depreciated. Cost of goods sold. $3,500 charged to current year’s income. $3,500 charged to next year’s income. Subscription expense. $36 charged to current year. $36 charged to next year. Alternatively, $72 charged to current year on grounds $72 is immaterial. Problem 3-6 Asset value: October 1, 20X5 $30,000 December 31, 20X5 26,250 December 31, 20X6 11,250 December 31, 20X7 0 Expenses: 20X5 $3,750 ($1,250 x 3 months) 20X6 $15,000 ($1,250 x 12 months) 20X7 $11,250 ($1,250 x 9 months) One month’s insurance charge is $1,250 ($30, 000 / 24 months) Problem 3-7 QED ELECTRONICS COMPANYIncome Statement for the month of April, ----. Sales $33,400 Expenses: Bad debts $ 645 Parts 2,100 Interest 880 Wages 10,000 Utilities 800