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[ 2008-4-14 14:14:00 | By: wangshumei ] |
Exercises
(10-15 min.) E 5-1
1.This is a trading investment because Exxon intends to sell the stock within a short time.
2.Dec. 20
Short-Term Investment (10,000*$60)… 600,000
Cash…………………………. 600,000
Purchased investment.
Dec. 31
Short-Term Investment [(10,000*$63) – $600,0] ……………….. 30,000
Unrealized Gain on Investment…… 30,000
Adjusted investment to market .
3. BALANCE SHEET
Current assets:
Short-term trading investment, at market ………. $630,000
INCOME STATEMENT
Other revenue and gains:
Unrealized gain on investment…………………………… $ 30,000
(10-20 min.) E 5-2
INCOME STATEMENT
Other revenue and (expense):
Dividend revenue……………………………………… $ 500
Unrealized gain on investment ($101,000 – $98,000). 3,000
BALANCE SHEET
Current assets:
Short-term investments, at market …………. $101,000
(15-30 min.) E 5-3
Req. 2
December 31
BALANCE SHEET 20X3 20X4
Current assets:
Short-term investments……$65,000 $ —
Year Ended
INCOME STATEMENT 20X3 20X4
Other revenue and expense:
Dividend revenue……………… $ 1,700 $ —
Unrealized (loss) on investment…(2,000) —
Gain on sale of investment…… — 7,000
(5-10 min.) E 5-4
MEMORANDUM
DATE:
TO:Bob O’Reilly
FROM:Student Name
RE:Essential element of internal control over collection from customers
Separation of duties is the essential element in a system to ensure that cash received by mail from customers is properly handled and accounted for. It is very important to separate cash-handling duties from accounting duties. Otherwise, an employee can steal a cash receipt from a customer and cover the theft by writing off the customer account as uncollectible.
Student responses may vary.
这是近期作业部分答案,请参考.
王老师
2008.4.14 |
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