8章的内容ProblemsHere is a summary of the Chapter 8 Homework problems:Reporting Current and Long-Term LiabilitiesThe point of the following questions is to determine what amount would be reported in the balance sheet. So you're determining the Ending Balance of these accounts based on the information given. Based on the beginning balance of warranty payable and the amount calculated for warranty expense for the period, calculate the ending balance of warranty payable which would be the sum of the beginning balance (credit balance) + warranty expense for the period (credited to warranties payable) = Ending Balance of Warranty Payable.Calculate Interest Payable as of the companies period end. Pay attention to the dates and remember that interest is calculated as follows: Interest Expense = Principal * Interest Rate (annual percentage) * # of days outstanding during the current period (or # of months depending on what the requirements state in MAL)/ 365 or 360 days per year (depends on MAL) or 12 months/year if monthly is required for the calculation. If it's by days, and it was issued on the 1st and you accrue interest on the 31st, it would be 30 days of interest outstanding for that first month. *smile*(Note: a day off can make the calculation ""wrong"" in MAL, because the system is set for a very specific answer, let me know if you don't agree or can't figure out the calculation)Calculate the ending balance of unearned/deferred revenue. This one you'll be reducing for the amount of revenue earned during the period. (Remember chapter 3 deferral adjustments) Beginning balance of Unearned Revenue (Cr Balance) - Revenue earned during the period (debited to Unearned revenue as it's now earned) = Ending Balance of Unearned RevenueCalculate the payroll accrual for the period based on the information given. Analyze Current and Long-Term Liabilities and Evaluate Accounts Payable (A/P) TurnoverDescribe the company's liabilities and state what happened to create the liabilityWhat were the company's total assets at the end of the period based on the partial Balance Sheet given. Remember Chapter 1 and 2. *smile*Calculate the following ratios for 2 years:A/P turnoverDays' payable outstanding Current RatioEvaluate whether the company improved or deteriorated from the standpoint of its ability to cover accounts payable and current liabilities over the year. (This is a great exercise to help with determining what company's to invest in! We'll learn more in Chapter 12! This is a great skill to have as you start thinking about your retirement (or continue thinking about) or where to earn money on your money.)Record Liability-related TransactionsRecord the following journal entries:Record the signing of a Note Payable (Principal only, remember the interest will be used in a later transaction) (issuance) (opposite of Notes Receivable, now we are borrowing money)Record the signing of a Note Payable (Principal only, remember the interest will be used in a later transaction) (issuance) (opposite of Notes Receivable, now we are borrowing money)Record repayment of 1 of the notes at maturity (interest and principal will be paid back). Interest Expense = Principal * Interest Rate (annual percentage) * # of days outstanding during the current period (or # of months depending on what the requirements state in MAL)/ 365 or 360 days per year (depends on MAL) or 12 months/year if monthly is required for the calculation. If it's by days, and it was issued on the 1st and you accrue interest on the 31st, it would be 30 days of interest outstanding for that first month. *smile*This note was borrowed and repaid in the same year, so you'll have two debits (Notes Payable and Interest Expense, since the interest was incurred in the same year it is paid)Record Estimated Warranty Expense for the periodRecord Accrual of Interest using the interest expense calculation above. Note was outstanding during the year for a number of days/months, so we've incurred interest BUT won't pay interest until next year (the next accounting period)Record the repayment of the note a maturity. (Notes Payable, Interest Payable and Interest Expense will be debited, since you are now paying the interest incurred last year (balance of interest payable) and you have incurred further interest during the current period as the note was outstanding in this period as well.Record and Report Current LiabilitiesRecord the collection of cash for a subscription (unearned revenue) and calculate and record sales tax collected and owed to the state on behalf of your customer (Sales Tax Payable)Record remittance of sales tax to the stateRecord adjustment to unearned revenue account for amount ""earned"" during the period. Similar to problem you did above.Warranty Payable and Warranty ExpenseYou are given in the T-accounts the following: Beginning Balance of Accrued Warranty Payable and Sales RevenueJournalize warranty expense for the period (based on estimated returns and sales revenue given). Journalize ACTUAL claims (actual warranty returns/exchanges/repairs)Record the accrual of warranty payable (estimated based on past experience). Estimated warranty payable (liability account) increases when you record the estimated warranty returns for the period (historical % return * sales for the period). When we record the estimated liability, we also record the expense. Matching the expense against the revenue that was generated in the same period.Record the actual returns related to the warranty during the period. This entry reduces the liability, as it no longer needs to be reserved for. At the same time it also reduces either cash or inventory (usually) depending on if we replaced the product or reimbursed due to the defect.Determine what the company will show in the Income Statement and Balance SheetWhat data from b (requirement 2) will affect the current ratio (think back to how the current ratio is calculated, we've discussed it in several chapters). Will the company's current ratio increase or decrease due to this item?Account for Estimated Warranties Payable and Account for Contingent LiabilitiesYou will record 5 dates worth of Journal Entries:Record Sale and Cost of Goods Sold (remember that sales revenue is calculated based on the sales price per unit * # of units sold; Cost of goods sold is calculated by taking the cost basis of the units sold (how much we paid) * # of units sold)Determine if we need to record a contingent liability based on the Contingent Liability rules (Remote, Reasonably Possible, Probable are the key words/concepts of the claims). Record the contingent liability if ""probable"" (recording a loss and accrual for the amount we'll have to pay)Record warranty repairs (actual claims)Determine if we need to record a contingent liability based on the Contingent Liability rules (Remote, Reasonably Possible, Probable are the key words/concepts of the claims). Record the contingent liability if ""probable"" (recording a loss and accrual for the amount we'll have to pay)Determine if we need to record a contingent liability based on the Contingent Liability rules (Remote, Reasonably Possible, Probable are the key words/concepts of the claims). Record the contingent liability if ""probable"" (recording a loss and accrual for the amount we'll have to pay)Record estimated warranty expense for the periodDescribe how each of the contingent liabilities would be treated in the Financial Statements (Footnotes, nothing, or journalized and reported in the income statement and balance sheet)Two ratios can be used to compute rates of return. The calculation for the return on assets (ROA) is:Net Income + Interest ExpenseAverage Total AssetsThe calculation for return on equity (ROE):Net Income – Preferred DividendsAverage Common Stockholders’ EquityOne of the benefits of owning preferred stock as oppsed to common stock is that preferred owners are entitled to dividends with preference over the common stockholders. Note the preferred stock description in the balance sheet information​ provided: ​""$0.50 cumulative preferred​ stock, ​$15 ​par, 1 comma 000 shares​ issued"". Some preferred stock pays dividends as a percentage of the par value of the preferred stock.​ Others, as in this​ case, pay a stated amount of dividends per share. The stated dividend is ​$0.50 per share. We can calculate the annual preferred​ dividend, then, by multiplying the number of preferred shares by the dividend rate. Go ahead and complete the formula below to compute the dividend.Aug​ 9: Declared and distributed a 10​% stock dividend on the common stock. Market price of the common stock was ​$11 per share.A stock dividend is a proportional distribution by a corporation of its own stock to its stockholders. A distribution of a stock dividend affects only the​ stockholders' equity accounts. There is no impact on the asset or liability accounts because the corporation is not obligated to give assets to the stockholders. If the stock dividend is higher than​ 25%, it is considered a large dividend. Generally accepted accounting principles​ (GAAP) consider a stock dividend of​ 25% or less of outstanding common shares to be small and require that the dividend be recorded at the market value of the shares distributed. This is a small dividend so the Retained Earnings account is debited for the market value of the stock distributed as the dividend. The Common Stock account is credited for the par value of the​ stock, and the​ Paid-in Capital account is credited for the excess.Before we can journalize the​ entry, we have to determine the value of the shares distributed in the dividend. To determine​ this, calculate the total shares distributed in the stock dividend. This will be 10​% of the common shares issued through August​ 9, the date of the dividend. We can use the information given to calculate the total number of shares issued as of August 9.Beginning common shares+Shares issued on Feb 3=Shares issued prior to stock dividend6,100+5,000=11,100​Next, using the number of shares​ issued, we can calculate the number of common shares distributed as a dividend.Before we can journalize the​ entry, we have to determine the value of the shares distributed in the dividend. To determine​ this, calculate the total shares distributed in the stock dividend. This will be 10​% of the common shares issued through August​ 9, the date of the dividend. We can use the information given to calculate the total number of shares issued as of August 9.Beginning common shares+Shares issued on Feb 3=Shares issued prior to stock dividend6,100+5,000=11,100​Next, using the number of shares​ issued, we can calculate the number of common shares distributed as a dividend.Number of common sharesxDividend=Shares distributed as stock dividend11,100x10%=1,110The market value of the common stock was ​$11 per share.​ Let's calculate the market value of the stock dividend.Shares distributedxMarket value per share=Market value of dividend1,110x$11.00=$12,210​Now, calculate the par value of the stock distributed in the stock dividend.Shares distributedxPar value per share=Par value of stock distributed1,110x$1=$1,110We can now prepare the entry for the stock dividend. We determined in the preceding step that the par value of the common stock issued in this transaction amounts to $ 1 comma 110. The difference between this amount and the total market value of the dividends​ issued, $ 12 comma 210​, will be the​ paid-in capital amount.​ Remember, when a company issues stock as a​ dividend, it increases its stock accounts and reduces its Retained Earnings account. Go ahead and prepare the entry.When reporting​ stockholders' equity on the balance​ sheet, a corporation lists its accounts in this​ order: timesPreferred stock​ (whenever it​ exists) comes first and is usually reported as a single amount.timesCommon stock lists the par value per​ share, the number of shares​ authorized, the number of shares​ issued, and the number of shares outstanding.timesAdditional​ paid-in capital combines​ paid-in capital in excess of par plus​ paid-in capital from other sources. Additional​ paid-in capital belongs to the common stockholders.timesOutstanding stock equals issued stock minus treasury stock.timesRetained earnings comes after the​ paid-in capital accounts.timesTreasury stock is​ reported, usually at​ cost, as a deduction.timesAccumulated other comprehensive income is added​ (or accumulated other comprehensive loss is​ deducted). This account may be listed either before or after Treasury Stock.Begin by selecting the statement labels. ​(Enter the accounts in the proper order for the​ stockholders' equity section of the balance​ sheet.)Venice Jewelry CompanyBalance Sheet (partial)December 31, 2019Stockholders' Equity:$cumulative preferred stock,$parsharesCommon stock,$parsharessharesPaid-in capital in excess of par—commonPaid-in capital from treasury stock transactionsTotal paid-in capitalRetained earningsLess: Treasury stock, common,sharesTotal stockholders' equity​Now, use the following​ T-accounts to calculate the ending balances in the accounts to be reported in the​ stockholders' equity section of the balance sheet. Preferred StockCommon StockPaid-in Capital in Excess of ParBeg bal20,000Beg bal47,200Beg bal17,900Feb 1341,600Feb 1315,600Aug 917,760Aug 98,880End bal20,000End bal106,560End bal42,380Paid-in Capital from Treasury StockRetained EarningsTreasury StockBeg bal0Beg bal25,000Beg bal0Nov 20400Jun 7900Net inc.31,000Oct 267,000Nov 202,800Aug 926,640Dec 313,255End bal400End bal25,205End bal4,200​Next, complete the statement by calculating Venice ​Jewelry's December​ 31, 2019 ending​ stockholders' equity. All balances that were computed or reviewed in the previous steps have been entered for you. Venice Jewelry CompanyBalance Sheet (partial)December 31, 2019Stockholders' Equity:$0.90cumulative preferred stock,$20par1,000sharesissued and outstanding$20,000Common stock,$8par13,320sharesissued13,020sharesoutstanding106,560Paid-in capital in excess of par—common42,380Paid-in capital from treasury stock transactions400Total paid-in capitalRetained earnings25,205Less: Treasury stock, common,300sharesat cost(4,200)Total stockholders' equityA​ corporation's net income​ (including earnings per​ share) receives more attention that any other item in the financial statements. To​ stockholders, the larger the net​ income, the greater the likelihood of dividends. To​ creditors, the better the ability to pay debts.Net sales–Cost of sales=Gross profitThe topmost section of the income statement reports the results of continuing operations. This part of the business is expected to continue from period to period.​ Consequently, it is an important predictor of future profits. Review the income statement and determine how much was income from continuing operations.The net income reports the overall results of all of the​ corporation's activities for the year. This includes the results of continuing operations as well as discontinued operations and extraordinary items. Find Orlando's Imports​' net income on the income statement.At the end of 2018​, what dollar amount of net income would most sophisticated investors use to predict Household's Imports​' net income for 2019 and​ beyond? Name this​ item, give its​ amount, and state your reason. ​(Use parentheses or a minus sign for​ losses.)Sophisticated investors would use income from continuing operations in the amount of$63,029thousand.Household's Imports​' continuing operations will continue from period to period. This makes income from continuing operations a good predictor of future net income.Problem 1: Perform a Horizontal Analysis on an Income StatementYou will be given 2 years of information. For the 2 years, you will be comparing them to see if the line items in the income statement increased (decreased) in dollars (change in dollars) AND calculate a percentage change (increase or (decrease)). The percentage change is calculated by dividing the dollar change by the OLDEST year presented.Problem 2: Perform a Vertical Analysis on the Balance SheetYou are given a Balance Sheet and you need to calculate the vertical analysis.You are dividing every line item by a base. The base in the balance sheet is always TOTAL ASSETS.Problem 3: Calculate Ratios; Evaluate Turnover; Liquidity; and Current Debt-Paying AbilityYou are provided with partial balance sheet and income statements for 3 years. You need to calculate the following ratios for the 2 most recent years:Current RatioQuick (Acid-Test) RatioInventory Turnover & Days' Inventory Outstanding (DIO)Accounts Receivable TurnoverDays' Sales in Average Receivables or Days' Sales Outstanding (DSO)Accounts Payable Turnover and Days' Payable Outstanding (DPO)Cash Conversion Cycle (in days)Evaluate the company's liquidity and current debt-paying ability and determined if it's improved or deteriorated.What would you try to improve for next year?Problem 4: Compare Common-Size Income Statements for Two CompaniesYou are given 2 companies to analyze. First, calculate a vertical analysis for each company. The vertical analysis in the income statement divides every line item by Net Sales (or Sales Revenue, whatever terminology is used for ""sales"")Analyze the two companies and answer questions about the income statement and the vertical analysis' prepared for both companies.Problem 5: Analyze Trends; Calculate and Interpret Ratios; Evaluate Earnings QualityPerform a trend analysis' for specific accounts over the past 4 years. Using the oldest year given as the ""base.""Determine if the trend in each area is favorable or unfavorable for the company.Using the industry averages as benchmarks, analyze the company's performance over the past 3 years in the following areas:LiquidityTurnoverOverall Debt Payment AbilityProfitabilityEvaluate the company's quality of earnings. Are there any red flags?Net income-------------------------Net sales revenue =Net income %都一千多分了

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