答案和详解如下： 1.Alpha Company reported the following financial statement information: December 31, 2006: |
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| Assets | $70,000 |
| Liabilities | 45,000 | December 31, 2007: |
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| Assets | 82,000 |
| Liabilities | 55,000 | During 2007: |
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| Stockholder investments | 3,000 |
| Net income | ? |
| Dividends | 6,000 |
Calculate Alpha’s net income for the year ended December 31, 2007 and the change in stockholders’ equity for the year ended December 31, 2007.
| Net income
| Change in stockholders' equity
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A) $5,000 $2,000 decrease B) ($3,000) $2,000 increase C) ($3,000) $2,000 decrease D) $5,000 $2,000 increase The correct answer was D) Stockholders’ equity, as of December 31, 2006, was $25,000 ($70,000 assets – $45,000 liabilities) and stockholders’ equity, as of December 31, 2007, was $27,000 ($82,000 assets – $55,000 liabilities). Stockholders’ equity increased $2,000 during 2007. Net income for 2007 was $5,000 ($27,000 ending equity + $6,000 dividends – $3,000 stockholder investments – $25,000 beginning equity). 2.Beta Company reported the following financial statement information: December 31, 2006: |
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| Assets | $58,000 |
| Liabilities | 28,000 | December 31, 2007: |
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| Assets |
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| Liabilities | 38,000 | During 2007: |
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| Stockholder investments | 15,500 |
| Net income | 18,000 |
| Dividends | 7,750 |
Calculate Beta’s total assets and stockholders’ equity as of December 31, 2007.
| Total assets
| Stockholders' equity
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A) $93,750 $30,000 B) $79,250 $55,750 C) $93,750 $55,750 D) $79,250 $30,000 The correct answer was C) Stockholders’ equity, as of December 31, 2006, was $30,000 ($58,000 assets – $28,000 liabilities) and stockholders’ equity, as of December 31, 2007, was $55,750 ($30,000 beginning equity + $15,500 stockholder investments + $18,000 net income – $7,750 dividends). Total assets, as of December 31, 2007, are $93,750 ($38,000 liabilities + $55,570 stockholders’ equity). 3.Wichita Corporation reported the following balances as of December 31, 2007: Cash | $ | Accounts payable | 16,000 | Accounts receivable | 58,000 | Additional paid-in capital | 42,000 | Common stock | 19,600 | Inventory | 12,000 | Plant and equipment | 26,800 | Notes payable | 20,000 | Retained earnings | 32,000 |
Calculate Wichita’s cash and total assets as of December 31, 2007 based only on these entries.
A) $32,800 $113,600 B) $32,800 $129,600 C) $16,000 $129,600 D) $16,000 $113,600 The correct answer was B) Liabilities plus equity are equal to $129,600 ($16,000 accounts payable + $20,000 notes payable + $19,600 common stock + $42,000 additional paid-in capital + $32,000 retained earnings). Since assets must equal liabilities plus equity, cash must equal $32,800 ($129,600 total assets – $58,000 accounts receivable – $12,000 inventory – $26,800 plant and equipment). |
发表于 2008-4-8 14:27
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