畢曉方改編+《財務(wù)會計》的課后習(xí)題答案第八章習(xí)題答案

1、Ex. 81a.Inappropriate. Since Fridley has a large number of credit sales supported by promissory notes, a notes receivable ledger should be maintained. Failure to maintain a subsidiary ledger when there are a significant number of notes receivable transactions violates the internal control procedure

2、that mandates proofs and security. Maintaining a notes receivable ledger will allow Fridley to operate more efficiently and will increase the chance that Fridley will detect accounting errors related to the notes receivable. (The total of the accounts in the notes receivable ledger must match the ba

3、lance of notes receivable in the general ledger.)b.Inappropriate. The procedure of proper separation of duties is violated. The accounts receivable clerk is responsible for too many related operations. The clerk also has both custody of assets (cash receipts) and accounting responsibilities for thos

4、e assets.c.Appropriate. The functions of maintaining the accounts receivable account in the general ledger should be performed by someone other than the accounts receivable clerk.d.Appropriate. Salespersons should not be responsible for approving credit.e.Appropriate. A promissory note is a formal c

5、redit instrument that is frequently used for credit periods over 45 days.Ex. 82-aa.CustomerDue DateNumber of Days Past DueJanzen IndustriesAugust 2993 days (2 + 30 + 31 + 30)Kuehn CompanySeptember 388 days (27 + 31 + 30)Mauer Inc.October 2140 days (10 + 30)Pollack CompanyNovember 237 daysSimrill Com

6、panyDecember 3Not past dueEx. 83Nov.30Uncollectible Accounts Expense53,315*Allowances for Doubtful Accounts53,315*$60,495 $7,180 = $53,315Ex. 84Estimated Uncollectible AccountsAge IntervalBalancePercentAmountNot past due$450,0002%$9,000130 days past due110,00044,4003160 days past due51,00063,0606190

7、 days past due12,500202,50091180 days past due7,500604,500Over 180 days past due5,500804,400Total$636,500$27,860Ex. 852006Dec.31Uncollectible Accounts Expense29,435*Allowance for Doubtful Accounts29,435*$27,860 + $1,575 = $29,435Ex. 86a.$17,875c.$35,750b.$13,600d.$41,450Ex. 87a.Allowance for Doubtfu

8、l Accounts7,130Accounts Receivable7,130b.Uncollectible Accounts Expense7,130Accounts Receivable7,130Ex. 88Feb.20Accounts ReceivableDarlene Brogan12,100Sales12,10020Cost of Merchandise Sold7,260Merchandise Inventory7,260May30Cash6,000Accounts ReceivableDarlene Brogan6,00030Allowance for Doubtful Acco

9、unts6,100Accounts ReceivableDarlene Brogan6,100Aug.3Accounts ReceivableDarlene Brogan6,100Allowance for Doubtful Accounts6,1003Cash6,100Accounts ReceivableDarlene Brogan6,100Ex. 89$223,900 $212,800 + $112,350 ($4,050,000 2 1/2%)Ex. 810Due DateInteresta.Aug. 31$120b.Dec. 28480c.Nov. 30250d.May 5150e.

10、July 19100Ex. 811a.August 8b.$24,480c.(1)Notes Receivable24,000Accounts Rec.Magpie Interior Decorators24,000(2)Cash24,480Notes Receivable24,000Interest Revenue480Ex. 8121.Sale on account.2.Cost of merchandise sold for the sale on account.3.A sales return or allowance.4.Cost of merchandise returned.5

11、.Note received from customer on account.6.Note dishonored and charged maturity value of note to customers account receivable.7.Payment received from customer for dishonored note plus interest earned after due date.Ex. 8132005Dec.13Notes Receivable25,000Accounts ReceivableVisage Co.25,00031Interest R

12、eceivable75*Interest Revenue7531Interest Revenue75Income Summary752006Apr.12Cash25,500Notes Receivable25,000Interest Receivable75Interest Revenue425*$25,000 0.06 18/360 = $75Ex. 814Mar.1Notes Receivable15,000Accounts ReceivableAbsaroka Co.15,00018Notes Receivable12,000Accounts ReceivableSturgis Co.1

13、2,000Apr.30Accounts ReceivableAbsaroka Co.15,125Notes Receivable15,000Interest Revenue125June16Accounts ReceivableSturgis Co.12,270Notes Receivable12,000Interest Revenue270July11Cash15,367Accounts ReceivableAbsaroka Co.15,125Interest Revenue242*$15,125 0.08 72/360 = $242Oct.12Allowance for Doubtful

14、Accounts12,270Accounts ReceivableSturgis Co.12,270Ex. 8151.The interest receivable should be reported separately as a current asset. It should not be deducted from notes receivable.2.The allowance for doubtful accounts should be deducted from accounts receivable.A corrected partial balance sheet wou

15、ld be as follows:PEMBROKE COMPANYBalance SheetJuly 31, 2006AssetsCurrent assets:Cash$43,750Notes receivable300,000Accounts receivable$576,180Less allowance for doubtful accounts71,200504,980Interest receivable18,000Ex. 816a.2003:53.0 $9,953,530 ($216,200 + $159,477) 22002:44.8 $9,518,231 ($159,477 + $265,515) 2b.The accounts receivable turnover indicates an increase in the efficiency of collecting accounts receivable by increasing from 44.8 to 53.0, a favorable trend. Before re