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1、Chapter03BasicAccountingConcepts:TheIncomeStatement31CHAPTER1THENATUREPURPOSEOFACCOUNTINGChangesfromTwelfthEditionThechapterhasbeenupdated.ApproachOnthefirstdaytheusualobjectiveistocreateinterestinthesubjecttosetthescene
2、togiveanoverviewofthecourse.Thefirstpartofthechapterdoesthis.Thesecondpartofthechaptergivesafairlyspecificintroductiontothenatureoffinancialaccounting.Instructsprobablymaywanttobringinmaterialfromtheirownreadingexperienc
3、etomaketheintroductypoints.CasesThecasesareintendedtogetthestudenttostartthinkinglikeaccountantsusersofaccountinginfmationwithoutknowledgeofanyofthetechniques.Ribbonsan’Bowsgivesstudentsanopptunitytoconstructasimplesetof
4、financialstatements.KimFullercanbeusedasaspringboardfanytypeofdiscussion:usesofinfmationbyvariouspartiesthecostofrecdkeepingeventhedevelopmentofacompleteaccountingsystem.BaronCoburgillustratespracticallyallofthebasicacco
5、untingconceptswithoutnamingthem.Itisadifficultcasebutenlighteningevenfthosewithsomepriaccountingtraining.ProblemsProblem11LESCOMPANYBALANCESHEETASOFDECEMBER31.AssetsLiabilitiesOwners’EquityCash...........................
6、......................................................................................................................................................................................$12000Bankloan........................
7、.................................................................................................................................................................................$40000Inventy..............................
8、...........................................................................................................................................................................95000Owners’EquityOtherassets....................
9、.................................................................................................................................................................................13000Owners’equity.........................
10、....................................................................................................................................................................80000Totalassets........................................
11、..............................................................................................................................................................$120000Totalliabilitiesowners’equity..........................
12、.....................................................................................................................................................................................$120000Thisproblemcanbeusedtoexplaincer
13、tainaccountingpresentationconventions.Fexampletheuseofdoublelinestoundersceatotalthepositionofthedollarsignatthetopofacolumnofnumbersthedatingofthebalancesheet.Thepurposeofthisproblemistoillustratetheequalityofthebasicac
14、countingequation:assetsequalliabilitiesplusowners’equity.Chapter03BasicAccountingConcepts:TheIncomeStatement33Problem13Themissingnumbersare:Year1Grossmargin................................................................
15、..........................................................................................................................$9000Taxexpense...................................................................................
16、........................................................................................................1120Year2Sales......................................................................................................
17、.................................................................................................$11968Profitbefetaxes......................................................................................................
18、...........................................................................2547Year3Costofgoodssold.........................................................................................................................
19、.........................................................$2886Otherexpenses.................................................................................................................................................
20、.....................................6296Otheraccountingequationssuchasthefollowingarealsoillustratedbythisproblem:Grossmargin=SalesCostofgoodssoldProfitbefetaxes=GrossmarginOtherexpensesincome=ProfitbefetaxesTaxexpenseT
21、heinstructmaywanttopointouttothestudentsthatratiosareoftenusedbymanagerstoconstructprojectedfinancialstatements.Year4isanexampleofthisapplication.IndertoestimateYear4thekeyratiostocomputeare:Year1Year2Year3AverageSales..
22、.......................................................................................................................................................................................................100.0%100.0%100.0%100
23、.0%Grossmargin...........................................................................................................................................................................................75.075.075.075.0%Pr
24、ofitbefetaxes.........................................................................................................................................................................................................23.321
25、.320.521.7%income..............................................................................................................................................................................................14.012.812.21
26、3.0%Taxrate....................................................................................................................................................................................................40.040.040.04
27、0.0Year4Sales.......................................................................................................................................................................................................$10000Co
28、stofgoodssold..................................................................................................................................................................................2500Grossmargin(75%ofsales)..
29、.................................................................................................................................................................$7500Otherexpenses.........................................
30、.............................................................................................................................................5330Profitbefetaxes(21.7%ofsales)..............................................
31、.........................................................................................................$2170Taxexpense....................................................................................................
32、.......................................................................................870income(13%ofsales)................................................................................................................
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