中级会计学 intermediate accounting 赖红宁 chapter 4课后答案.docx
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中级会计学 intermediate accounting 赖红宁 chapter 4课后答案.docx
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中级会计学intermediateaccounting赖红宁chapter4课后答案
CHAPTER4
THEINCOMESTATEMENTANDSTATEMENTOFCASHFLOWS
CONTENTANALYSISOFEXERCISESANDPROBLEMS
Number
Content
TimeRange
(minutes)
E4-1
IncomeStatement.Merchandising.Multiple-stepandsingle-stepformatpreparationfromselectedaccountbalances.
10-15
E4-2
IncomeStatement.Manufacturing.Multiple-stepandsingle-stepformatpreparationfromselectedaccountbalances.
10-15
E4-3
Classifications.Identificationofwherevariousitemswouldbereportedinthefinancialstatements.
5-10
E4-4
Classifications.Identificationofwherevariousitemswouldbereportedinthefinancialstatements.
5-10
E4-5
CostofGoodsSold.Schedule.Multiple-stepandsingle-stepincomestatementpreparation.
10-15
E4-6
IncomeStatementandStatementofComprehensiveIncome.Scheduleofcostofgoodssold.Multiple-stepandsingle-stepincomestatement.Statementofcomprehensiveincome.
15-20
E4-7
CostofGoodsManufactured.Costofgoodssold,multiple-step,single-stepincomestatementpreparation.
15-20
E4-8
IncomeStatementandStatementofComprehensiveIncome.Costofgoodsmanufacturedandsold.Multiple-stepandsingle-stepincomestatement.Statementofcomprehensiveincome.
20-25
E4-9
RetainedEarnings.Multiple-stepincomestatementandretainedearningsstatementpreparation.Extraordinaryitem,dividends,operatingloss.Computereturnonstockholders'equity.
10-15
E4-10
RetainedEarnings.Costofgoodssold,single-stepincomestatement,retainedearningsstatementpreparation.Extraordinaryitem,operatingloss,obsoletematerials,dividends.Computeprofitmargin.
15-20
E4-11
IncomeStatementCalculations.Determinationofvariousamountsforamerchandisingconcern.
10-15
Number
Content
TimeRange
(minutes)
E4-12
IncomeStatementCalculations.Determinationofvariousamountsforamanufacturer.
15-20
E4-13
ResultsofDiscontinuedOperations.Preparationofresultsfromdiscontinuedoperationssectionwhencomponentisheldforsaleatendofyear.
10-15
E4-14
ResultsofDiscontinuedOperations.Preparationofresultsfromdiscontinuedoperationssectionwhencomponentisheldforsaleatendofyear.
15-20
E4-15
(AICPAadapted).IncomeStatementDeficiencies.Identifyappropriateandinappropriatedisclosures.Providerationale.
20-25
E4-16
ComprehensiveIncome.Preparationofincomestatementandstatementofcomprehensiveincomeundertwodifferentmethods.
10-15
E4-17
NetCashFlowFromOperatingActivities.Preparationofoperatingactivitiessectionofstatementofcashflowsfromlistofitems.
5-15
E4-18
OperatingCashFlows:
DirectMethod.Preparecashflowsfromoperatingactivitiessectionofstatementofcashflows,usingthedirectmethod.
10-15
E4-19
StatementofCashFlows.Preparesimplestatementofcashflowsfromalistofitems.
10-15
E4-20
StatementofCashFlows.Preparesimplestatementofcashflowsfromalistofitems.
10-15
P4-1
ComprehensiveIncome.Formatpreparationofmultiple-stepincomestatement,statementofcomprehensiveincome,andretainedearningsstatement.
40-60
P4-2
Classifications.Matchingofvariousitemswithreportingcomponentinthefinancialstatements.
15-30
P4-3
IncomeStatement.Lowerportion.Dividends,componentdisposal,extraordinaryitem,priorperiodcorrection,changeinaccountingprinciple.Retainedearningsstatement.
20-40
P4-4
IncomeStatement.Lowerportion.Dividends,priorperiodcorrection,extraordinaryitem,changeinaccountingestimate,saleofdivision.Retainedearningsstatement.
20-40
P4-5
Comprehensive.Merchandisingincomestatement.Supportingschedules,single-stepincomestatement,retainedearningsstatement.Calculationofprofitmarginanddiscussion.
45-60
Number
Content
TimeRange
(minutes)
P4-6
Comprehensive.Merchandisingincomestatement.Supportingschedules,multiple-stepincomestatement,retainedearningsstatement.Computationofreturnonstockholders'equityanddiscussion.
40-60
P4-7
Comprehensive.Manufacturingincomestatement.Supportingschedules,multiple-stepincomestatement,retainedearningsstatement.Computationofreturnonstockholders'equityanddiscussion.
45-60
P4-8
Misclassifications.Identificationofincorrectlyclassifieditems.Preparationofacorrectmultiple-stepincomestatementandretainedearningsstatement.
30-45
P4-9
Misclassifications.Preparationofacorrectlyclassifiedmultiple-stepincomestatementandretainedearningsstatementfromonethatismisclassified.
20-40
P4-10
Classification.Recognitionofunusualand/orinfrequentitemsandindicationofwheretodisclose.
30-45
P4-11
ResultsofDiscontinuedOperations.Preparationofjournalentryforlossonheld-for-saledivision.Preparationofincomestatementincludingresultsfromdiscontinuedoperationssection.Preparationofpartialbalancesheet.
40-60
P4-12
IncomeStatementandCashFlowStatementDisclosures.QuestionsrelatingtothereviewofTheCoca-ColaCompanyincomestatementandcashflowstatementdisclosuresinAppendixA.
20-40
P4-13
(AICPAadapted).ComplexIncomeStatement.Preparationofmultiple-stepincomestatement,includingresultsofdiscontinuedoperationsandextraordinaryitem.
30-45
P4-14
(AICPAadapted).ComplexIncomeStatement.Preparationofmultiple-stepincomestatement,includingresultsofdiscontinuedoperationsandcumulativeeffect.
30-45
P4-15
(AICPAadapted).IncomeStatements.Comparative.Preparationofamultiple-stepcomparativestatementofincome.
30-45
P4-16
(AICPAadapted).FinancialStatementDeficiencies.Identificationofnon-arithmeticerrors.
30-45
P4-17
(AICPAadapted).ViolationsofGAAP.Identificationandsuggestedcorrectiveaction.
30-45
P4-18
Comprehensive:
ComparativeIncomeStatements.Preparationofcomparativeincomestatements.
20-30
Number
Content
TimeRange
(minutes)
P4-19
NetIncomeandComprehensiveIncome.Preparationofincomestatementandreportingofcomprehensiveincomeusingthreedifferentmethods.
20-30
P4-20
StatementofCashFlows.Preparationofthestatementofcashflowsfromalistofselecteditems.
10-20
P4-21
StatementofCashFlows.Preparationofthestatementofcashflowsfromalistofselecteditems.
10-20
P4-22
StatementofCashFlows:
DirectMethod.Preparationofthestatementofcashflows,usingthedirectmethodforoperatingactivities,fromalistofselecteditems.
10-20
P4-23
Comprehensive:
BalanceSheetandCashFlows.Preparationfromabeginningbalancesheetandanendingstatementofcashflows.
20-40
ANSWERSTOQUESTIONS
Q4-1Underthecapitalmaintenanceconcept,incomeforanaccountingperiodistheamountthatmaybepaidtostockholders(orowners)duringthataccountingperiodandstillenablethecorporationtobeaswelloffattheendoftheperiodasitwasatthebeginning.Thecapitalofacorporation(i.e.,itsassetsandliabilities)atthebeginningandendoftheperiodmaybemeasuredinavarietyofdifferentways.Thesealternativewaysofmeasuringthenetassetvalue(fromwhichincomeissubsequentlydetermined)underthecapitalmaintenanceconceptare:
(1)thepresentvalueoffuturecashflows,
(2)thenetrealizablevalue,(3)thecurrentmarketvalue,(4) thecurrentcost,or(5)thehistoricalcost.
Q4-2Inthetransactionalapproach,acompanyrecordsitsnetassetsattheirhistoricalcostanditdoesnotrecordchangesintheseassetsandliabilitiesunlessatransaction,event,orcircumstancehasoccurredthatprovidesreliableevidenceofachangeinvalue.Thetransactionalapproachisappliedusingtheaccrualbasisofaccounting.Inaccrualaccounting,acompanyrecordsthefinancialimpactsoftransactionsandothereventsandcircumstancesintheperiodsinwhichtheyoccurratherthanonlyintheperiodsinwhichitreceivesorpayscash.Thisistheapproachtoincomemeasurementthatcurrentlyisusedinaccounting.
Thetransactionalapproachisconsistentwiththecapitalmaintenanceconceptbasedonhistoricalcostsincetheincomerepresentsthedifferencebetweenthebeginningandendingadjustednetassetsonahistoricalcostbasis.However,theaccrual-basedtransactionalapproachtoincomemeasurementismoreinformativebecauseitrelates(matches)theaccomplishmentsandtheeffortssothatthereportedincomemeasurestheperformanceofacompany'searningsactivities.
Q4-3Comprehensiveincomeisthechangeinequityofacompanyduringaperiodfromtransactions,otherevents,andcircumstancesrelatedtononownersources.Itincludesallchangesinequityduringaperiodexceptthoseresultingfrominvestmentsbyownersanddistributionstoowners.
TheintentoftheFASBistwofold:
(1)todevelopaconceptofincomebroadenoughtoincludechangesinvaluenottraditionallyreportedinnetincomeunderthetransactionalapproach,and
(2) toallowforflexibilityastowherecertaincomponentsofincomearereportedinthefinancialstatements.
Q4-4(a)Returnoninvestmentisameasureofoverallcompanyperformance.Stockholders(investors)investcapitalinordertoobtainareturnoncapital.Beforeacompanycanprovideareturnoninvestment,itscapitalmustbemaintained.
(b)Riskistheuncertaintyorunpredictabilityofthefutureresultsofacompany.Thegreatertherangeandtimeframewithinwhichfutureresultsarelikelytofall,thegreatertheriskassociatedwithaninvestmentinorextensionofcredittothecompany.Generally,thegreatertherisk,thehighertherateofreturnexpected.
(c)Financialflexibilityistheabilityofacompanytoadapttounexpectedneedsandopportunities.Financialflexibilitystemsfrom,amongothers,theabilitytoadaptoperations
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