Financial Accounting Class 3: Income Statement Items and Accounting Cycle

Class 3: Operating Decisions and the Accounting System

典型的商业运营周期与会计分期假设

  • 商业运营周期 (Operating Cycle)：企业从投入现金到收回现金所经历的主要经营活动循环。
    • 典型周期：赊购商品/服务 → 向客户销售商品/服务（可能赊销） → 从客户处收回现金 → 向供应商支付现金。
    • 这个周期不断重复，构成了企业的核心运营活动。
  • 会计分期假设 (Time Period Assumption)：
    • 假设公司的漫长生命周期可以划分为较短、相等的时间段（如月、季、年）进行报告。
    • 必要性：为了向内外部决策者提供及时、可比较的财务绩效信息（如净利润）。
    • 带来的两个问题：
      1. 确认问题 (Recognition Issues)：运营活动的效果应该在何时被确认（记录）？
      2. 计量问题 (Measurement Issues)：应该确认的金额是多少？

商业活动如何影响利润表要素

  • 利润表要素 (Elements of the Income Statement)：
    • 收入 (Revenues)：因企业主要或核心的持续经营活动而导致的资产增加或负债清偿。
    • 费用 (Expenses)：为产生收入而发生的持续经营活动所导致的资产减少或负债增加。
    • 利得 (Gains)：因非主要/外围交易而导致的资产增加或负债清偿。
    • 损失 (Losses)：因非主要/外围交易而导致的资产减少或负债增加。
  • 区分：
    • 营业收入/费用 (Operating Revenues/Expenses)：来自企业核心业务（如Chipotle销售卷饼）。
    • 其他项目 (Other Items)：来自非核心业务的活动（如利息收入、出售投资利得/损失），不计入“营业利润”。

权责发生制与收入费用确认原则

  • 收付实现制 (Cash Basis Accounting)：
    • 在收到现金时确认收入，在支付现金时确认费用。
    • 公式：净利润 = 现金收入 - 现金支出。
    • 缺点：可能扭曲公司绩效，因为收入与产生该收入的费用不在同一时期确认。GAAP不允许用于对外财务报告。
  • 权责发生制 (Accrual Basis Accounting)：
    • GAAP要求用于对外报告。
    • 核心原则：
      1. 收入确认原则 (Revenue Recognition Principle)：当向客户转移了承诺的商品或服务（即收入已赚取）时确认收入，而非在收到现金时。
        • 五步法模型：识别合同 → 识别履约义务 → 确定交易价格 → 分摊交易价格 → 在履约义务完成时确认收入。
      2. 费用确认原则/配比原则 (Expense Recognition/Matching Principle)：在为产生收入而耗费资源或发生负债的同一期间确认费用，而非在支付现金时。
  • 时间点对比：
    • 收入 vs. 现金收款：现金可能在服务提供前（预收）、同时或后（应收）收到。收入总是在服务提供时记录。
    • 费用 vs. 现金付款：现金可能在费用发生前（预付）、同时或后（应付）支付。费用总是在资源被耗费时记录。

应用交易分析检查并记录运营活动对财务报表的影响

  • 扩展的交易分析模型 (Expanded Transaction Analysis Model)：
    • 恒等式：资产 = 负债 + 所有者权益
    • 收入 (Revenues)：增加净利润和所有者权益，通过贷方记录，账户正常余额为贷方余额。
    • 费用 (Expenses)：减少净利润和所有者权益，通过借方记录，账户正常余额为借方余额。
  • 交易分析步骤 (Transaction Analysis Steps)：
    1. 提问：
      • 是否通过交付商品/服务赚取了收入？如果是，借记收到的项目（+资产/-负债），贷记收入账户（+收入, +所有者权益）。
      • 是否发生了费用以生成本期收入？如果是，借记费用账户（+费用, -所有者权益），贷记付出的项目（-资产/+负债）。
      • 如果既未赚取收入也未发生费用？借记收到的项目（+资产/-负债），贷记付出的项目（-资产/+负债）。
    2. 验证：会计等式（资产 = 负债 + 所有者权益）是否平衡？借方总额是否等于贷方总额？

Analyzing Chipotle’s Transactions (12笔交易详细分析)

交易 (1)：销售食品与饮料

  • 情景：Chipotle销售食品和饮料，总收入$1,359百万，其中$44为赊销（应收账款），其余收现。
  • 账户变动：
    • 资产（现金 +1,315，应收账款 +44）
    • 收入（餐厅销售收入 +1,359）
  • T形账户记账：
现金（A） 应收账款（A） 餐厅销售收入（R）
+1,315 +44 +1,359

交易 (2)：采购物资

  • 情景：采购食品和包装物资$459，支付$379现金，剩余$80赊账。
  • 账户变动：
    • 资产（存货 +459，现金 -379）
    • 负债（应付账款 +80）
  • T形账户记账：
现金（A） 存货（A） 应付账款（L）
-379 +459 +80

交易 (3)：预付费用

  • 情景：支付$207现金，预付租金、保险和广告费。
  • 账户变动：
    • 资产（预付费用 +207，现金 -207）
  • T形账户记账：
现金（A） 预付费用（A）
-207 +207

交易 (4)：支付培训费

  • 情景：支付$65现金作为管理层培训费。
  • 账户变动：
    • 费用（培训费 +65）
    • 资产（现金 -65）
  • T形账户记账：
现金（A） 培训费（E）
-65 +65

交易 (5)：支付工资

  • 情景：支付本季度工资$342 + 上季度应付工资$47。
  • 账户变动：
    • 费用（工资费 +342）
    • 负债（应付工资 -47）
    • 资产（现金 -389）
  • T形账户记账：
现金（A） 应付工资（L） 工资费（E）
-389 -47 +342

交易 (6)：出售土地

  • 情景：出售成本$21的土地，仅得$12现金，产生$9损失。
  • 账户变动：
    • 资产（现金 +12，土地 -21）
    • 费用（资产处置损失 +9）
  • T形账户记账：
现金（A） 土地（A） 资产处置损失（E）
+12 -21 +9

交易 (7)：收回应收账款

  • 情景：从客户处收回$61应收账款。
  • 账户变动：
    • 资产（现金 +61，应收账款 -61）
  • T形账户记账：
现金（A） 应收账款（A）
+61 -61

交易 (8)：支付应付账款与公用事业费

  • 情景：支付供应商$66应付账款，支付上季度公用事业费$25。
  • 账户变动：
    • 负债（应付账款 -66，公用事业费应付 -25）
    • 资产（现金 -91）
  • T形账户记账：
现金（A） 应付账款（L） 公用事业费应付（L）
-91 -66 -25

交易 (9)：支付公用事业费与维修费

  • 情景：支付本季度公用事业费$117和维修费$35。
  • 账户变动：
    • 费用（公用事业费 +117，维修费 +35）
    • 资产（现金 -152）
  • T形账户记账：
现金（A） 公用事业费（E） 维修费（E）
-152 +117 +35

交易 (10)：销售礼品卡

  • 情景：销售礼品卡收入$35现金，但服务未提供，记为负债。
  • 账户变动：
    • 资产（现金 +35）
    • 负债（未实现收入 +35）
  • T形账户记账：
现金（A） 未实现收入（L）
+35 +35

交易 (11)：收到利息收入

  • 情景：收到$3现金作为利息收入。
  • 账户变动：
    • 资产（现金 +3）
    • 收入（利息收入 +3）
  • T形账户记账：
现金（A） 利息收入（R）
+3 +3

编制分类利润表

  • 典型利润表格式 (Typical Income Statement Format)：
    • 营业收入 (Operating Revenues)
    • 减：营业费用 (Operating Expenses)
    • 营业利润 (Income from Operations)
    • 加/减：其他项目 (Other Items)（如利息收入、利息费用）
    • 税前利润 (Income before Income Taxes)
    • 减：所得税费用 (Income Tax Expense)
    • 净利润 (Net Income)
  • 每股收益 (Earnings per Share, EPS)：
    • 公式：EPS = 净利润 / 流通在外普通股的加权平均股数。
    • 公司必须在利润表或报表附注中披露EPS。
  • Chipotle未调整利润表 (Unadjusted)：根据上述12笔交易编制，展示了营业利润、其他项目、税前利润和净利润的计算过程。注意：此为未调整报表，尚未考虑应计和递延项目的调整。

基于上述交易，Chipotle第一季度未调整利润表如下：

项目 金额（百万）
餐厅销售收入 1,359
工资费用 342
公用事业费 117
维修费 35
培训费 65
资产处置损失 9
总营业费用 568
营业利润 791
利息收入 3
税前利润 794
所得税费用 0
净利润 794

计算并解释净利率

  • 净利率 (Net Profit Margin Ratio)：
    • 公式：净利率 = 净利润 / 净销售额（或营业收入）
    • 目的：衡量管理层从每一美元销售额中赚取利润的效率。
    • 计算示例 (Chipotle 2019)：$350 / $5,586 = 6.27%
    • 解释与分析：
      • 纵向比较 (Over Time)：比率上升（如Chipotle从2017年的3.94%升至2019年的6.27%）表明公司在管理销售和费用方面效率提高。
      • 横向比较 (With Competitors)：与竞争对手（如El Pollo Loco, Shake Shack）相比，比率越高，通常表示盈利能力越强。

课堂练习与投票问题

  • 投票问题1 (关于费用确认)：
    • 情景：CliffCo公司在2023年发生了$250,000的营业费用，其中$150,000已用现金支付，余额$100,000将于2024年支付。
    • 分析：根据权责发生制，所有$250,000的费用都应在2023年确认，导致所有者权益减少$250,000。资产（现金）减少$150,000，负债（应付账款）增加$100,000。
    • 正确答案：C. Decrease SE, $250,000; decrease A, $150,000; increase L, $100,000.
  • 投票问题2 (关于股东权益总额计算)：
    • 情景：Anson公司期初股东权益为$650,000，本年净利润$45,000，宣告股利$15,000，发行股票（900股，每股$1面值，发行价$10,000）。
    • 分析：
      • 期初权益： $300,000 (留存收益) + $50,000 (普通股) + $300,000 (资本公积) = $650,000
      • 加：净利润 +$45,000
      • 减：股利 -$15,000
      • 加：发行股票 +$10,000 (其中$900计入普通股，$9,100计入资本公积)
      • 期末权益 = $650,000 + $45,000 - $15,000 + $10,000 = $690,000
    • 正确答案：C: $690,000.

作业

M2-5

以下为 Woods-Michelson Corporation 的账户列表：

name type
(1) Additional Paid-in Capital SE
(2) Buildings and Leased Assets NCA
(3) Current Lease Liabilities CL
(4) Dividends Payable CL
(5) Equipment NCA
(6) Intangible Assets NCA
(7) Long-Term Lease Liabilities NCL
(8) Notes Payable (due in six months) CL
(9) Prepaid Insurance CA
(10) Short-Term Investments CA
(11) Trade Accounts Receivable CA
(12) Treasury Stock SE
(13) Unearned Revenue CL

请在提供的空格中，根据资产负债表的列报要求对每个账户进行分类。使用以下缩写：

  • CA 表示流动资产（Current Asset）
  • CL 表示流动负债（Current Liability）
  • SE 表示股东权益（Stockholders’ Equity）
  • NCA 表示非流动资产（Noncurrent Asset）
  • NCL 表示非流动负债（Noncurrent Liability）

M2-10

Completing T-Accounts

For each transaction in M2-6 (including the sample), post the effects to the appropriate T-accounts and determine ending account balances. Beginning balances are provided.

Transactions from M2-6:
a. (Sample) Borrowed $30,000 from a local bank; the loan is due in nine months.
b. Lent $10,000 to an affiliate; accepted a note due in one year.
c. Sold to investors 100 additional shares of stock with a par value of $0.10 per share and a market price of $5 per share; received cash.
d. Purchased $15,000 of equipment, paying $5,000 cash and signing a note for the rest due in one year.
e. Declared $2,000 in cash dividends to stockholders, to be paid in February.

Beginning Balances:

Account Debit Credit
Cash Beg. bal. 900
Notes Receivable Beg. bal. 1,000
Equipment Beg. bal. 15,100
Notes Payable Beg. bal. 3,000
Dividends Payable Beg. bal. 0
Common Stock Beg. bal. 1,000
Additional Paid-in Capital Beg. bal. 3,000
Retained Earnings Beg. bal. 10,000

Answers

Cash (Debit Balance)

  • Beginning Balance: $900 (Debit)
  • Transaction a: Borrowed $30,000 → Increase Cash → Debit $30,000
  • Transaction b: Lent $10,000 → Decrease Cash → Credit $10,000
  • Transaction c: Sold shares for cash → Increase Cash → Debit $500
  • Transaction d: Purchased equipment, paid cash → Decrease Cash → Credit $5,000

T-Account for Cash:

Debit Credit
Beg. bal. 900
a. 30,000 b. 10,000
c. 500 d. 5,000
End. bal. 16,400

期末余额: $16,400 (Debit)

Notes Receivable (Debit Balance)

  • Beginning Balance: $1,000 (Debit)
  • Transaction b: Lent $10,000, accepted note → Increase Notes Receivable → Debit $10,000

T-Account for Notes Receivable:

Debit Credit
Beg. bal. 1,000
b. 10,000
End. bal. 11,000

期末余额: $11,000 (Debit)

Equipment (Debit Balance)

  • Beginning Balance: $15,100 (Debit)
  • Transaction d: Purchased equipment → Increase Equipment → Debit $15,000

T-Account for Equipment:

Debit Credit
Beg. bal. 15,100
d. 15,000
End. bal. 30,100

期末余额: $30,100 (Debit)

Notes Payable (Credit Balance)

  • Beginning Balance: $3,000 (Credit)
  • Transaction a: Borrowed $30,000 → Increase Notes Payable → Credit $30,000
  • Transaction d: Signed note for equipment → Increase Notes Payable → Credit $10,000

T-Account for Notes Payable:

Debit Credit
Beg. bal. 3,000
a. 30,000
d. 10,000
End. bal. 43,000

期末余额: $43,000 (Credit)

Dividends Payable (Credit Balance)

  • Beginning Balance: $0 (Credit)
  • Transaction e: Declared cash dividends → Increase Dividends Payable → Credit $2,000

T-Account for Dividends Payable:

Debit Credit
Beg. bal. 0
e. 2,000
End. bal. 2,000

期末余额: $2,000 (Credit)

Common Stock (Credit Balance)

  • Beginning Balance: $1,000 (Credit)
  • Transaction c: Sold shares → Increase Common Stock → Credit $10 (100 shares × $0.10 par value)

T-Account for Common Stock:

Debit Credit
Beg. bal. 1,000
c. 10
End. bal. 1,010

期末余额: $1,010 (Credit)

Additional Paid-in Capital (Credit Balance)

  • Beginning Balance: $3,000 (Credit)
  • Transaction c: Sold shares → Increase Additional Paid-in Capital → Credit $490 (100 shares × $5 market price - $10 par value)

T-Account for Additional Paid-in Capital:

Debit Credit
Beg. bal. 3,000
c. 490
End. bal. 3,490

期末余额: $3,490 (Credit)

Retained Earnings (Credit Balance)

  • Beginning Balance: $10,000 (Credit)
  • Transaction e: Declared cash dividends → Decrease Retained Earnings → Debit $2,000

T-Account for Retained Earnings:

Debit Credit
e. 2,000 Beg. bal. 10,000
End. bal. 8,000

期末余额: $8,000 (Credit)

M2-11

Complete M2-10 and then prepare a trial balance for JonesSpa Corporation as of January 31.

Answers

| Account | Debit ($) | Credit ($) |
| -------------------------- | ---------- | ---------- |
| Cash | 16,400 | |
| Notes Receivable | 11,000 | |
| Equipment | 30,100 | |
| Notes Payable | | 43,000 |
| Dividends Payable | | 2,000 |
| Common Stock | | 1,010 |
| Additional Paid-in Capital | | 3,490 |
| Retained Earnings | | 8,000 |
| Total | 57,500 | 57,500 |

E2-14

Recording Journal Entries
Alphabet Inc. is the parent company for a collection of businesses—the largest of which is Google. The following activities were adapted from a recent annual report of Alphabet Inc. Dollars are in millions; shares are as shown.

a. Issued 8,000 shares of $0.001 par value stock for $202.
b. Ordered $6,540 of equipment.
c. Collected $1,419 cash on a note receivable.
d. Borrowed $4,291 from banks, signing long-term notes.
e. Sold short-term investments at their cost of $73,959.
f. Received equipment ordered in (b); paid cash.
g. Repurchased its common stock for $4,846 cash.
h. Repaid $4,377 cash on bank borrowings (ignore interest).

Required:
Prepare journal entries for transactions (a) through (h). Show your answers in millions of dollars. Be sure to use good referencing and categorize each account as an asset (A), liability (L), or stockholders’ equity (SE) item. If a transaction does not require a journal entry, explain the reason.

Answers

(a) Issued 8,000 shares of $0.001 par value stock for $202.

  • 现金增加，股本按面值增加，溢价部分计入资本公积。
  • 计算：
    • 面值 = 8,000 股 × $0.001百万/股 = $8
    • 资本公积 = $202 - $8 = $194
  • 日记账分录：
    借：现金 (A) 202
    贷：股本 (SE) 8
    贷：资本公积 (SE) 194

(b) Ordered $6,540 of equipment.

  • 不需要日记账分录。
  • 原因： 这只是一个采购订单，尚未产生具有约束力的支付义务或导致资产所有权的转移。在收到货物之前，不记录任何会计交易。

(c) Collected $1,419 cash on a note receivable.

  • 一项资产（现金）增加，另一项资产（应收票据）减少。
  • 日记账分录：
    借：现金 (A) 1,419
    贷：应收票据 (A) 1,419

(d) Borrowed $4,291 from banks, signing long-term notes.

  • 现金和长期负债同时增加。
  • 日记账分录：
    借：现金 (A) 4,291
    贷：长期应付票据 (L) 4,291

(e) Sold short-term investments at their cost of $73,959.

  • 按成本价出售，没有产生收益或损失。
  • 日记账分录：
    借：现金 (A) 73,959
    贷：短期投资 (A) 73,959

(f) Received equipment ordered in (b); paid cash.

  • 资产（设备）增加，资产（现金）减少。
  • 日记账分录：
    借：设备 (A) 6,540
    贷：现金 (A) 6,540

(g) Repurchased its common stock for $4,846 cash.

  • 库存股是股东权益的备抵科目（ contra-SE account）。
  • 日记账分录：
    借：库存股 (SE) 4,846
    贷：现金 (A) 4,846

(h) Repaid $4,377 cash on bank borrowings (ignore interest).

  • 现金和负债同时减少。由于未指明是短期还是长期，使用“应付票据”通用账户。
  • 日记账分录：
    借：应付票据 (L) 4,377
    贷：现金 (A) 4,377

E3-1

E3-1 Matching Definitions with Terms
Match each definition with its related term by entering the appropriate letter in the space provided. There should be only one definition per term (that is, there are more definitions than terms).

Term Definition
K (1) Expenses A. Report the long life of a company in shorter periods.
E (2) Gains B. Record expenses in the same time period as incurred in earning revenue.
G (3) Revenue recognition principle C. The time it takes to purchase goods or services from suppliers, sell goods or services to customers, and collect cash from customers.
I (4) Cash basis accounting D. Record revenues when earned and expenses when incurred.
M (5) Unearned revenue E. Result primarily from the disposal of assets for more than their cost minus the amount of cost depreciated in the past.
C (6) Operating cycle F. An asset account used to record cash paid before expenses have been incurred.
D (7) Accrual basis accounting G. Revenues are recognized when the company transfers promised goods or services to customers in the amount it expects to receive.
F (8) Prepaid expenses H. Result primarily from the disposal of assets for less than their cost minus the amount of cost depreciated in the past.
J (9) Revenues – Expenses = Net Income I. Record revenues when received and expenses when paid.
L (10) Ending Retained Earnings = Beginning Retained Earnings + Net Income – Dividends Declared J. The income statement equation.
K. The costs of operating the business that are incurred to generate revenues during the period.
L. The retained earnings equation.
M. A liability account used to record cash received before revenues have been earned.

E3-2

Revenues are normally recognized when the company transfers promised goods or services in the amount the company expects to be entitled to receive. Assume that the following transactions occurred in September:

a. A popular ski magazine company receives a total of $12,345 today from subscribers. The subscriptions begin in the next fiscal year. Answer from the magazine company's standpoint.

b. On September 1 of the current year, a bank lends $15,000 to a company; the note principal and $1,500 ($15,000 × 10 percent) annual interest are due in one year. Answer from the bank's standpoint.

c. Fucillo Automotive Group (offering a wide variety of car and truck brands) sells a Ford F-150 truck with a list, or “sticker,” price of $34,050 for $32,000 cash.

d. Macy’s department store orders 1,000 men’s shirts for $21 each for future delivery from PVH Corp., manufacturer of IZOD, ARROW, Van Heusen, Calvin Klein, and Tommy Hilfiger and other brand-name apparel. The terms require payment in full within 30 days of delivery. Answer from PVH Corp.’s standpoint.

e. PVH Corp. completes production of the shirts described in (d) and delivers the order. Answer from PVH’s standpoint.

f. PVH Corp. receives payment from Macy’s for the events described in (d) and (e). Answer from PVH’s standpoint.

g. A customer purchases a ticket from American Airlines for $780 cash to travel the following January. Answer from American Airlines’s standpoint.

h. Ford Motor Company issues $15 million in new common stock.

i. Michigan State University receives $27,440,000 cash for 80,000 seven-game season football tickets to be played in the upcoming season.

j. Michigan State plays the first football game referred to in (i).

k. Precision Builders signs a contract with a customer for the construction of a new $1,500,000 warehouse. At the signing, Precision receives a check for $200,000 as a deposit on the future construction. Answer from Precision’s standpoint.

l. Best Buy receives inventory of 100 laptop computers from Dell; Best Buy promises to pay $60,000 within three months. Answer from Dell’s standpoint.

m. Amazon.com delivers a $300 lamp to a customer who charges the purchase on his Amazon Store Card. Answer from Amazon’s standpoint.

Required:
For each of the transactions, if revenue is to be recognized in September, indicate the revenue account title and amount. If revenue is not to be recognized in September, explain why.

Answers

a. 不在9月确认收入。原因：公司在9月尚未转移承诺的服务（杂志交付）。收到的现金记录为未实现收入（一项负债）。

b. 在9月确认收入。收入账户标题：利息收入，金额：125美元。

c. 在9月确认收入。收入账户标题：销售收入，金额：32,000美元。

d. 不在9月确认收入。原因：货物在9月尚未交付。这只是一个订单，尚未发生货物转移。

e. 在9月确认收入（假设交付发生在9月）。收入账户标题：销售收入，金额：21,000美元。

f. 不在9月确认收入。原因：收入已在交易(e)中的交付时确认。收到付款只是应收账款的回收。

g. 不在9月确认收入。原因：航班服务（旅行）将在1月提供，因此在9月尚未转移服务。收到的现金记录为未实现收入。

h. 不在9月确认收入。原因：发行股票是融资活动，不是收入生成活动。它增加权益，但不代表来自商品或服务的收入。

i. 不在9月确认收入。原因：足球比赛在9月尚未进行，因此尚未提供服务。收到的现金记录为未实现收入。

j. 在9月确认收入（假设比赛在9月进行）。收入账户标题：门票收入，金额：3,920,000美元。

k. 不在9月确认收入。原因：在9月尚未进行建筑施工。定金记录为未实现收入（一项负债），直到工作开始。

l. 在9月确认收入。收入账户标题：销售收入，金额：60,000美元。

m. 在9月确认收入。收入账户标题：销售收入，金额：300美元。

E3-3

Revenues are normally recognized when a company transfers promised goods or services to customers in the amount the company expects to be entitled to receive. Expense recognition is guided by an attempt to match the costs associated with the generation of those revenues to the same time period. Assume that the following transactions occurred in January:

a. McGraw-Hill Education uses $3,800 worth of electricity and natural gas in its headquarters building for which it has not yet been billed.

b. At the beginning of January, Turner Construction Company pays $1,350 for magazine advertising to run in monthly publications each of the first three months of the year.

c. Dell pays its computer service technicians $403,000 in salaries for the two weeks ended January 7. Answer from Dell’s standpoint.

d. Iowa State University orders 200,000 football tickets from its printer and prepays $8,340 for the custom printing. The first game will be played in September. Answer from the university’s standpoint.

e. The campus bookstore receives 500 accounting texts at a cost of $210 each. The terms indicate that payment is due within 30 days of delivery.

f. During the last week of January, the campus bookstore sold 400 accounting texts received in (e) at a sales price of $280 each.

g. Fucillo Automotive Group pays its salespersons $63,800 in commissions related to December automobile sales. Answer from Fucillo’s standpoint.

h. On January 31, Fucillo Automotive Group determines that it will pay its salespersons $55,560 in commissions related to January sales. The payment will be made in early February. Answer from Fucillo’s standpoint.

i. A new grill is received and installed at a Wendy’s restaurant at the end of the day on January 31; a $12,750 cash payment is made on that day to the grill supply company. Answer from Wendy’s standpoint.

j. Mall of America (in Bloomington, MN) had janitorial supplies costing $3,500 in storage. An additional $2,600 worth of supplies was purchased during January. At the end of January, $1,400 worth of janitorial supplies remained in storage.

k. An Emory University employee works eight hours, at $23 per hour, on January 31; however, payday is not until February 3. Answer from the university’s point of view.

l. Wang Company paid $4,800 for a fire insurance policy on January 1. The policy covers 12 months beginning on January 1. Answer from Wang’s point of view.

m. Derek Incorporated has its delivery van repaired in January for $600 and charges the amount on account.

n. Hass Company, a farm equipment company, receives its phone bill at the end of January for $154 for January calls. The bill has not been paid to date.

o. Martin Company receives and pays in January a $2,034 invoice (bill) from a consulting firm for services received in January. Answer from Martin’s standpoint.

p. Parillo’s Taxi Company pays a $595 invoice from a consulting firm for services received and recorded in December.

q. PVH Corp., manufacturer of IZOD, ARROW, Van Heusen, Calvin Klein, and Tommy Hilfiger apparel among other brands, completes production of 450 men’s shirts ordered by Macy’s department stores at a cost of $21 each and delivers the order in January. Answer from PVH Corp.’s standpoint.

Required:
For each of the transactions, if an expense is to be recognized in January, indicate the expense account title and the amount. If an expense is not to be recognized in January, indicate why.

Answers

a. 在1月确认费用。费用账户标题：水电费，金额：3,800美元。

b. 在1月确认费用。费用账户标题：广告费，金额：450美元。

c. 在1月确认费用。费用账户标题：薪金费用，金额：403,000美元。

d. 不在1月确认费用。原因：预付印刷费用于未来服务（比赛在9月），在1月尚未提供任何服务。

e. 不在1月确认费用。原因：收到图书时成本记录为存货（资产），费用仅在图书出售时确认。

f. 在1月确认费用。费用账户标题：销货成本，金额：84,000美元。

g. 不在1月确认费用。原因：佣金针对12月销售，费用已在12月确认。1月支付仅减少负债。

h. 在1月确认费用。费用账户标题：佣金费用，金额：55,560美元。

i. 不在1月确认费用。原因：购买烤架是资本支出，记录为资产（设备）。费用通过折旧在以后期间确认。

j. 在1月确认费用。费用账户标题：物料费用，金额：4,700美元。

k. 在1月确认费用。费用账户标题：工资费用，金额：184美元。

l. 在1月确认费用。费用账户标题：保险费，金额：400美元。

m. 在1月确认费用。费用账户标题：维修保养费，金额：600美元。

n. 在1月确认费用。费用账户标题：水电费（或电话费），金额：154美元。

o. 在1月确认费用。费用账户标题：咨询费，金额：2,034美元。

p. 不在1月确认费用。原因：服务在12月收到并已记录费用，1月支付仅减少负债。

q. 在1月确认费用。费用账户标题：销货成本，金额：9,450美元。

3-12

E3-12 Recording Journal Entries and Posting Effects to T-Accounts

At January 1 (beginning of its fiscal year), Freeman Inc., a financial services consulting firm, reported the following account balances (in thousands, except for par and market value per share):

Account Amount
Cash $1,900
Short-term investments 410
Accounts receivable 3,570
Supplies 150
Prepaid expenses 4,720
Office equipment 1,050
Accounts payable $210
Unearned revenue 1,320
Salaries payable 870
Short-term note payable 780
Common stock ($1 par value) 50
Additional paid-in capital 6,560
Retained earnings 2,010

Required:

  1. Prepare journal entries for the following transactions for the current year. Use the balance sheet account titles above and the revenue or expense account titles mentioned in requirement (2):

a. Received $9,500 cash for consulting services rendered.

b. Issued 10 additional shares of common stock at a market price of $120 per share.

c. Purchased $640 of office equipment, paying 25 percent in cash and owing the rest on a short-term note.

d. Received $890 from clients for consulting services to be performed in the next year.

e. Bought $470 of supplies on account.

f. Incurred and paid $1,800 in utilities for the current year.

g. Consulted for clients in the current year for fees totaling $1,620, due from clients in the next year.

h. Received $2,980 from clients paying on their accounts.

i. Incurred $6,210 in salaries in the current year, paying $5,300 and owing the rest (to be paid next year).

j. Purchased $1,230 in short-term investments and paid $800 for insurance coverage beginning in the next fiscal year.

k. Received $10 in interest revenue earned in the current year on short-term investments.

  1. Create T-accounts for the balance sheet accounts and for these additional accounts: Consulting Fees Revenue, Interest Revenue, Salaries Expense, and Utilities Expense. Enter the beginning balances of the balance sheet accounts. Freeman’s income statement accounts had zero balances. Post the journal entry effects in requirement (1) above into the T-accounts, using the letter of each transaction as the reference.

  2. Using the data from the T-accounts, amounts for the following at the end of the current year were:

Revenues $______ – Expenses $______ = Net Income $______
Assets $______ = Liabilities $______ + Stockholders’ Equity $______

Answers

1. Journal Entries for Current Year Transactions

Transaction Journal Entry Debit Credit
a. Cash $9,500
Consulting Fees Revenue $9,500
b. Cash $1,200
Common Stock ($1 par value) | | $10
Additional Paid-in Capital $1,190
c. Office Equipment $640
Cash $160
Short-term Note Payable $480
d. Cash $890
Unearned Revenue $890
e. Supplies $470
Accounts Payable $470
f. Utilities Expense $1,800
Cash $1,800
g. Accounts Receivable $1,620
Consulting Fees Revenue $1,620
h. Cash $2,980
Accounts Receivable $2,980
i. Salaries Expense $6,210
Cash $5,300
Salaries Payable $910
j. Short-term Investments $1,230
Prepaid Expenses $800
Cash $2,030
k. Cash $10
Interest Revenue $10

2. T-Accounts with Beginning Balances and Posted Transactions

Balance Sheet Accounts:

  • Cash (A)

    • Beg. Bal. $1,900
    • (a) $9,500
    • (b) $1,200
    • (d) $890
    • (h) $2,980
    • (k) $10
    • (c) $160
    • (f) $1,800
    • (i) $5,300
    • (j) $2,030
    • End. Bal. $7,190

  • Short-term Investments (A)

    • Beg. Bal. $410
    • (j) $1,230
    • End. Bal. $1,640

  • Accounts Receivable (A)

    • Beg. Bal. $3,570
    • (g) $1,620
    • (h) $2,980
    • End. Bal. $2,210

  • Supplies (A)

    • Beg. Bal. $150
    • (e) $470
    • End. Bal. $620

  • Prepaid Expenses (A)

    • Beg. Bal. $4,720
    • (j) $800
    • End. Bal. $5,520

  • Office Equipment (A)

    • Beg. Bal. $1,050
    • (c) $640
    • End. Bal. $1,690

  • Accounts Payable (L)

    • Beg. Bal. $210
    • (e) $470
    • End. Bal. $680

  • Unearned Revenue (L)

    • Beg. Bal. $1,320
    • (d) $890
    • End. Bal. $2,210

  • Salaries Payable (L)

    • Beg. Bal. $870
    • (i) $910
    • End. Bal. $1,780

  • Short-term Note Payable (L)

    • Beg. Bal. $780
    • (c) $480
    • End. Bal. $1,260

  • Common Stock (SE)

    • Beg. Bal. $50
    • (b) $10
    • End. Bal. $60

  • Additional Paid-in Capital (SE)

    • Beg. Bal. $6,560
    • (b) $1,190
    • End. Bal. $7,750

  • Retained Earnings (SE)

    • Beg. Bal. $2,010
    • No direct transactions; net income will be closed to retained earnings.

Income Statement Accounts (Beginning Balances are $0):

  • Consulting Fees Revenue

    • (a) $9,500
    • (g) $1,620
    • End. Bal. $11,120

  • Interest Revenue

    • (k) $10
    • End. Bal. $10

  • Salaries Expense

    • (i) $6,210
    • End. Bal. $6,210

  • Utilities Expense

    • (f) $1,800
    • End. Bal. $1,800

3. Amounts at the End of the Current Year

  • Revenues: $11,130 (Consulting Fees Revenue $11,120 + Interest Revenue $10)

  • Expenses: $8,010 (Salaries Expense $6,210 + Utilities Expense $1,800)

  • Net Income: $3,120 ($11,130 - $8,010)

  • Assets: $18,870 (Cash $7,190 + Short-term Investments $1,640 + Accounts Receivable $2,210 + Supplies $620 + Prepaid Expenses $5,520 + Office Equipment $1,690)

  • Liabilities: $5,930 (Accounts Payable $680 + Unearned Revenue $2,210 + Salaries Payable $1,780 + Short-term Note Payable $1,260)

  • Stockholders' Equity: $12,940 (Common Stock $60 + Additional Paid-in Capital $7,750 + Retained Earnings $5,130 [Beginning $2,010 + Net Income $3,120])

Check: Assets $18,870 = Liabilities $5,930 + Stockholders' Equity $12,940.

3-13

Refer to E3-12.

Required:
Use the ending balances in the T-accounts in E3-12 to prepare in good form an unadjusted classified income statement for the current year ended December 31. (Ignore income taxes.)

根据E3-12中T-account的期末余额，编制未经调整的分类利润表。所有金额以千美元为单位，忽略所得税。

Answers

Freeman Inc.

Income Statement

For the Year Ended December 31

Revenue
Consulting Fees Revenue $11,120
Interest Revenue $10
Total Revenue $11,130
Expenses
Salaries Expense $6,210
Utilities Expense $1,800
Total Expenses $8,010
Net Income $3,120
finance
#finance
Financial Accounting Class 3: Income Statement Items and Accounting Cycle
https://blog.xiaoaojianghu.fun/posts/9bc64ae0.html
作者
wst
发布于
2025年10月13日
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