會(huì)計(jì)學(xué)第四章

1、Financial and Managerial AccountingJohn J. WildThird Edition McGraw-Hill/Irwin Copyright 2009 by The McGraw-Hill Companies, Inc. All rights reserved.Completing the Accounting CycleWork SheetClosing ProcessAccounting CycleClassified Balance Sheet Benefits of Work Sheet Use of a Work Sheet Temporary a

2、nd Permanet accounts Closing entries Post-closing trial balance Definitiobn of accounting cycle Review of accounting cycle Classification structure Classification categories3-43-5C1Its format is flexible and can be modified by usersto fit his preferences.- Work sheet is not a required report!FastFor

3、ward Recording Adjustments Trial Balance 3-14C2Temporary (nominal) accounts accumulate data related to one accounting period. - , the , & the . Temporary accounts are opened at the beginning of a period, used to record transactions and events for that period, and then closed at the end of the pe

4、riod .Permanent (real) accounts report activities related to one or more future accounting periods. They carry ending balances to the next accounting period and are not“closed”C33-25P43-26Sum of all revenuesSum of all expensesAny balances transfer Dr.Cr.Income SummarySalaries ExpensesConsulting Reve

5、nues$ 18,100$ 25,000Owner, Capital$ 7,000Examine the accounts presented.P43-28$ 25,000Close revenues with a debit to the revenue account and a credit to Income Summary.Recording Closing Entries$ 18,100Salaries ExpensesConsulting RevenuesIncome Summary$ 25,000$ 25,000P43-29$ 25,000$ 25,000Close expen

6、se accounts with a credit to expenses and a debit to Income Summary.$ 25,000Recording Closing Entries$ 18,100Salaries ExpensesConsulting RevenuesIncome Summary$ 18,100$ 18,100P43-30$ 18,100$ 25,000$ 18,100$ 25,000$ 25,000$ 18,100Determine the balance in the Income Summary account.Recording Closing E

7、ntriesSalaries ExpensesConsulting RevenuesIncome Summary$ 6,900P43-31Consulting Revenues$ 18,100$ 25,000$ 18,100$ 18,100$ 7,000Close the Income Summary to Owners Capital .$ 6,900Salaries ExpensesIncome Summary$ 6,900$ 6,900P43-32Dividends$ 2,000$ 7,000 6,900Retained EarningsThe withdrawals/dividends

8、 account is closed to Owners Capital or Retained Earnings.$ 2,000$ 2,000P43-33Recording Closing EntriesDividends$ 2,000$ 2,000$ 2,000Determine the ending balance in Retained Earnings.$ 11,900$ 7,000 6,900Retained EarningsP43-34The withdrawals/dividends account is closed to Owners Capital or Retained

9、 Earnings.P43-35Post Closing Trial Balance結(jié)賬后試算平衡表結(jié)賬后試算平衡表P53-36AnalyzetransactionsJournalizePostPreparetrial balanceAdjustPreparetrial balancePreparestatementsClosePreparepost-closingtrial balanceC3Reverse (optional)3-38 are those expected to come due (either collected or owed) within one year or t

10、he companys , whichever is longer.C 43-39Resources that are expected to be sold, collected, or used within one year or the companys operating cycle, whichever is longer.Listed in the order of how quickly converted to cash: Cash Short-term investments Accounts receivable Short-term note receivable In

11、ventory Plant Assetstangible assets, both long lived and used to produce or sell products or services.Eg. equipment, machinery, buildings, and land used to produce or sell products and services.C 4Intangible AssetsLong-term resources, usually lack physical form and have uncertain benefits. patents,

12、trademarks, copyrights, franchises, and goodwill.3-42Long-term InvestmentsResources expected to be held for more than the longer or one year or the operating cycleEg. Notes Receivable, Investments in stocks and bonds商譽(yù) Obligations due to be paid or settled within one year or the operating cycle, whi

13、chever is longer. C 4 Obligations not due within one year or the operating cycle, whichever is longer. Mortgages payable, Lease Obligations, Bonds payalge3-43Classified Balance Sheet3-44End of Chapter 43-45Use the following information from the Adjustments columns of a 10-column work sheet to prepar

14、e the necessary adjusting journal entries (a) through (e).Determine the Net income; Prepare the closing entries.No withdrawals made.78,84011,16090,00090,00090,000 Dr: Rent Revenue 90,000 Cr: Salaries Expenses 39,960 Insurance Expenses 5,670 Office Supplies Expenses 13,230 Bike Repair Expenses 2,790

15、Depreciation Expense 17,190 Cr: Owners Capital 11,160 Income Summary78,84090,00011,160Determining Balance Sheet Classifications, Current Assets, Long-term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-term Liabilities, Equity n Accumulated depreciation -Trucksn Cash n Build

16、ingsn Store suppliesn Office equipmentn Land (used in operations)n Repairs expensen Office suppliesn Current portion of long-term note payablen Unearned service revenuen Long-term investment in stockn Depreciation expense Buildingn Prepaid rentn Interest receivablen Taxes payablen Automobilesn Notes

17、 payable (due in 3 ys)n Accounts payablen Prepaid insurancen Owner, CapitalP11-50nOperating activitiesCash received and paid for operating usenInvesting activitiesBuying and selling assets held for long-term usenFinancing activitiesLong-term borrowing and repaying of the cash from lenders and cash i

18、nvestments from, and withdrawals by, the ownerIdentify sections of the statement of cash flowsnCash paid for rentnCash paid on an account payablenCash investment by ownernCash received from clientsnCash paid for advertisingnCash paid for wagesnCash withdrawal by ownernCash purchase of equipment, Kei

19、sha King organized Real Answers, a new consulting firm. , the companys records show the following items and amounts.nCash $11,500nAccounts Rec. 12,000nOffice supplies 24,437nLand 46,000nOffice Equip. 18,000nAccounts Paya. 25,037nOwner invest. 84,360 1.Owners initial investment consists of $38,360 ca

20、sh & $46,000 in land.2.The companys $18,000 equipment purchase is paid in cash balance of $25,037 consists of the $24,437 office supplies purchase and $600 in employee salaries yet to be paid.4.Rent, telephone and miscellaneous expenses are paid in cash.5.$2,000 has been collected on the $14,000

21、 consulting fees earned.nCash withdrawals by owner $ 2,000nConsulting fees earned 14,000nRent expense 2,520nSalaries expense 5,600nTelephone expense 760nMiscellaneous expense 580P11-541.Answer questions (Hint: Use accounting equation)Office Supplies has assets equal to $137,000 and liabilities equal

22、 to $110,000 at year-end. What is the total equity for Office Supplies at year-end?At the beginning of the year, Addison Companys assets are $259,000 and its equity is $194,250. During the year, assets increase $80,000 and liabilities increase $52,643. What is the equity at the end of the year?1.Ans

23、wer questions (Hint: Use accounting equation) At the beginning of the year, Quasar Companys liabilities equal $57,000. During the year, assets increase by $60,000, and at year-end assets equal $190,000. Liabilities decrease $16,000 during the year. What are the beginning and ending amounts of equity

24、?2.A trial balance prepared at year-end shows total credits exceed total debits by $765. This discrepancy could have been caused by:An error in general journal where a $765 increase in Accounts Payable was recorded as a $765 decrease in Accounts Payable.Ledger balance for Accounts Payable of $7,650

25、being entered in trial balance as $765.A general journal error where a $765 increase in Accounts Receivable war recorded as a $765 increase in Cash.Ledger balance of $850 in Accounts Receivable was entered in the trial balance as $85.An error in recording a $765 increase in Cash as credit. nAnalyzing debit or credit by account3.Identify whether a debit or credit yields the indicated change for each of the following accounts.a. To increase Landb. To increase Utilities Expense c. To increase Fees Earnedd. To decrease Unearned Revenuef. To decrease Prepaid Insuranceg. T