Tài liệu Bai tap nlkt tieng anh

ADMINISTRATION 1 CHAPTER 1 GENERALISATION OF ACCOUNTING Exercise 1: The amount of assets, liabilities and owner’s equity at the end of the year 200X for Hoàng Minh Company are listed below: Accounts receivable – trade 40.000 Bonus & welfare funds 20.000 Capital construction in process 100.000 Cash 80.000 Cash in bank 50.000 Construction investment fund 100.000 Financial reserve funds 30.000 Finished goods 200.000 Goods in transit 10.000 Intangible fixed assets 200.000 Investment & development funds 20.000 Joint venture capital contribution 50.000 Long-term borrowing 400.000 Long-term deposits received 10.000 Merchandise inventory 100.000 Other long term investments 100.000 Other payable 15.000 Other receivable 10.000 Other short - term investment 30.000 Payable to employees 30.000 Payable to seller 40.000 Raw materials 50.000 Short-term loan 200.000 Tangible fixed assets 400.000 Taxes and payable to state budget 30.000 Tools and supplies 100.000 Undistributed earnings 50.000 Work in progress 40.000 Working capital Required: x 1- Determine Hoang Minh Company’s working capital at the end of the year. 2- Determine the total assets; owner’s equity and liabilities. Page 1 ADMINISTRATION 1 Exercise 2- Use the accounting equation to answer each question below. Show any calculations you make: 1- The Assets of Minh Anh Company are 650.000, the owner’s equity is 360.000. What is the amount of the liabilities? 2- The liabilities and owner’s equity of Ba Tam Company are 95.000 and 32.000 respectively. What is the amount of the assets? 3- The liabilities of Co Chin Co. equal one-third of the total assets and owner’s equity is 120.000. What is the amount of the liabilities? 4- At the beginning of the year, Co Hue Company’s assets were 220.000 and its owner’s equity was 100.000. During the year, assets increased 60.000 and liabilities decreased 10.000. What was the owner’s equity at the end of the year? Exercise 3- The total assets and liabilities at the beginning of the year for Hoang Thien Company are listed below: Assets Liabilities Beginning of the year 110.000 45.000 End of the year 200.000 120.000 Determine Hoang Thien Company’s net income for the year under each of the following alternatives: 1- The owner made no investments or withdrawals from the business during the year. 2- The owner made no investment in the business but the owner withrew 22.000 during the year. 3- The owner made the investment of 13.000 but made no withdrawals during the year. 4- The owner made an investment of 10.000 in the business and withdrew 22.000 during the year. Exercise 4- Lan Hue Shop uses a large amount of supplies in its bussiness. The following table summarizes selected transaction data for orders of supplies purchased: Order Date shipped Date received Amount A April 28 May 7 300 B May 8 May 13 750 C May 10 May 16 400 D May 15 May 21 600 Page 2 ADMINISTRATION 1 E May 25 June 1 750 F June 3 June 9 500 Determine the total purchases of supplies for May alone under of wich following assumptions: - Lan Hue shop recognizes purchases when orders are shipped. - Lan Hue Body shop recognizes purchases when orders are received. Excercice 5- At the beginning of the January, Hoang Hoa Company paid 3 months’rent in advance, 1.500. This expenditure resulted in an asset consisting of the right to occupy the office for three months. What the amount of the rent expense for the month of January? Exercice 6- During the month of January, Minh Anh Company received 3.000 as an advance payment for three months’ rent. What the amount of the rent revenue for the month of January? CHAPTER 2- FINANCIAL STATEMENTS Page 3 ADMINISTRATION 1 Exercise 1: The amount of assets, liabilities and owner’s equity at the end of December for Hoang Lan Company are listed below: Cash 50.000 Accounts receivable – trade 80.000 Bonus & welfare funds 15.000 Cash in bank 200.000 Financial reserve funds 10.000 Finished goods 150.000 Goods in transit 15.000 Intangible fixed assets 40.000 Investment & development funds 50.000 Long-term borrowing 200.000 Merchandise inventory 60.000 Other long term investments 30.000 Other payable 5.000 Other receivable 20.000 Other short - term investment 50.000 Payable to employees 10.000 Payable to seller 45.000 Raw materials 25.000 Short-term loan 100.000 Tangible fixed assets 300.000 Taxes and payable to state budget 15.000 Tools and supplies 10.000 Undistributed earnings 20.000 Work in progress 25.000 Working capital Required: x 1- Determine the working capital at the end of December. 2- Determine the total assets; owner’s equity and liabilities. 3- Prepare the Hoang Lan Company’s Balance sheet at the end of December. Exercise 2: The amount of assets, liabilities and owner’s equity at the end of November for Hoa Ha Company are listed below: Cash 50.000 Accounts receivable – trade 80.000 Page 4 ADMINISTRATION 1 Cash in bank 100.000 Finished goods 150.000 Long-term borrowing 200.000 Merchandise inventory 60.000 Payable to employees 10.000 Payable to seller 45.000 Raw materials 25.000 Tangible fixed assets 300.000 Tools and supplies 10.000 Working capital x During the month of the December, the following transations were completed: 1- Investment by owner, Hoa Ha, 20.000 2- Purchased raw materials for cash in bank 50.000. 3- Paid cash for tool and supplies 20.000 4- Purchased land using right on credit 100.000. 5- Took cash in bank out of the business for personal expenses 10.000. 6- Received cash in bank from the bank short- term loan: 40.000 7- Made a partial payment on the land using right purchased in transaction 4, 40.000. 8- Paid the long-term borrowing by cash 40.000. 9- Paid the seller by cash for the previously material: 30.000 10- Paid salaries to the employees by cash 10.000. 11- Sold on credịt one-half of merchandise inventory at a price of 40.000. 12- Sold on credit complete merchandise inventory at a price of 10.000. Required: 1- Prepare a balance sheet at the end of November. 2- Prepare a balance sheet after each transaction of December. Exercise 3: Determine the amounts that correspond to the letters by completing the following independent sets of fanancial statements. (Assume no new investments by the owners). Income statement Set A Set b Set C Revenues 1.100 G 240 Expenses A 5.200 M Net income B H 80 Page 5 ADMINISTRATION 1 Statement of owner’s equity Beginning Balance 2.900 15.400 200 C 1.600 N Less withdrawals (200) I O Ending Balance 3.000 J P D 21.000 Q 1.600 5.000 R Owner’s equity E K 280 Total liabilities and owner’s Equity F l 480 Net income Balance Sheet Total assets Liabilities Exercise 4: At the end of its first month of operation, march 20xx, Ben Xuan Company had the folowing account balances: Cash 58.600 Accounts receivable 10.800 Tangible fixed assets 38.000 Tools and supplies 7.600 Accounts payalbe 8.600 In addition, during the month of March, the following transactions affected owner’s equity: Investment by Ben Xuan 40.000 Withrawal by BenXuan 4.000 Further Investement by BenXuan 60.000 Contract Revenue 23.200 Repair revenue 5.600 Salaries expense 16.600 Rent expense 1.400 Fuel expense 400 Required: prepare an income statement, a statement of owner’s equity and a balance sheet for Ben Xuan Company. Ben Xuan Company Income statement For the month ended March 31 20xx Revenus Page 6 ADMINISTRATION 1 Contract revenue Repair revenue Expenses Salaries expense Rent expense Fuel expense Total expense Net Income Ben Xuan Company Statement of owner's equity For the month ended March 31 20xx Ben Xuan, Capital, march 1, 200X Add Investment by BXuân Net Income for the month Subtotal Less Withdrawals by Ellis Ben Xuan, Capital, march 31, 200X Ben Xuan Company Assets Balance Sheet For the month ended March 31 20xx Equity and liabilities Exercise 4- Identify the following transactions by making each an owner’s investment (I), owner’s withdrawal (W), revenu (R), Expense (E) or not an owner’s equity transaction. 1- Reveived cash for providing a service 2- Tooks assets out of the business for personal use. 3- Received cash from a customer previously billed for a service. 4- Transferred assets to the business from a personal account. 5- Paid a service station for gasoline for business vehicle. 6- Performed a service and received a promise of payment. 7- Paid cash to purchase equipment. Page 7 ADMINISTRATION 1 8- Paid cash to an employee for services perfomed CHAPTER 3 &4: ACCOUNTS & DOUBLE-ENTRY SYSTEM Exercise 1: Which of the following events would be recognized and recoded in the accounting records of the Sabatini Company on the date indicated: 1- Sabatini Company offers to purchase a tract of land for 280.000. There is a high likelihood his offer will be accepted. 2- Sabatini Company receives notice that its rent will be increased from 1.000 per month to 1.200 per month effective April 1. 3- Sabatini Company receives its utility bill for the month of April. The bill is not due until May 10. 4- Sabatini Company places a firm order for the new office equipment costing 42.000. 5- The office equipment ordered on transaction 4 arrives. Payment is not due until September Exercise 2: Listed below are the ledger accounts of the Khanh Minh service Company: 1 2 3 4 5 6 7 8 9 10 Cash accounts receivable Khanh Minh, Capital Khanh Minh, withdrawals Service revenue Prepaid rent Accounts payable Investments in Stocks and Bonds Land Supplies expense 11 12 13 14 15 16 17 18 19 20 Prepaid insurance Utility expense Unearned Revenues Office equipment Rent payable Notes receivable Interest expense Notes payable Supplies Interest receivable Complete the following table, indicate with two Xs for each accounts its classification and its normal balance (whether a debit or credit increases the account): Type of account Iterm Page 8 Asset Liability Owner's Capital Owner's withdrawals Increases balance Revenue Expense Debit Credit ADMINISTRATION 1 Exercise 3: Analyze of the following transactions, using the form shown in the example below the list. 1- Minh Anh established Minh Anh’s Barber Shop by placing 2.400 in a bank account. 2- Paid two month rent in advance, 840. 3- Purchased supplies on credit, 120. 4- Received cash for barbering services, 100. 5- Paid for supplies purchased in 3. 6- Paid utility bill, 72. 7- Took cash out of the business for personal expenses, 100. Example: The assets cash was increased. Increases in assets are recorded by debits. Debit cash, 2.400. A component of owner’s equity, Minh Anh Capital was increased. Increases in owner’s equity are recorded by credits. Credit Minh Anh Capital, 2.400. Exercise 4- During the month of April, Buom Hoa Company had the following transactions: 1- Paid salaries for April 5.400. 2- Purchased equipment on credit 9.000. 3- Purchased supplies with cash 300. Page 9 ADMINISTRATION 1 4- Additional investment by owner 12.000 5- Received payment for services perfomed 1.800. 6- Made partial payment on equipment purchased in transaction 2, 3.000. 7- Billed customers for services perfomed 4.800. 8- Cash withdrawal by owner 4.500. 9- Received payment from customers billed in transaction 7, 900. 10- Received utility bill, 210. On a sheet of paper, list the numbers 1 through 10, with colums labeled Assets, Liabilities and owner’s equity. In the columns, indicate whether each transaction caused an increase (+), an decrease (-), or not change (NC) in assets, liabilities and owner’s equity. Exercise 5- For each of the following categories, decribe a transaction that would have the required effect on the elements of the accounting equation: 1. Increase one asset and decrease another asset. 2. Decrease an asset and decrease a liability. 3. Increase an asset and increase a liability. 4. Increase an asset and increase owner’s equity. 5. Decrease an asset and decrease owner’s equity. Exercice 6: Indicate below whether each of the following accounts is an asset, a liability, a part of owner’s equity, an expense, a revenue, a contra account: 1- Cash 2- Accounts receivable 3- General and administration expenses 4- Depreciation of fixed assets. 5- Payable to employees 6- T. Booth, Capital 7- Land 8- Accounts payable 9- Investment and development funds 10- Other expenses 11- Supplies 12- Cost of goods sold 13- Other receivable 14- Devaluation of sale price Page 10 ADMINISTRATION 1 15- Other long-term investment. Exercice 7: Indicate below whether each account would be shown on the income statement, the statement of owner’s equity or the balance sheet: 1- Cash 2- Accounts receivable 3- General and administration expenses 4- Depreciation of fixed assets. 5- Payable to employees 6- T. Booth, Capital 7- Land 8- Accoutns payable 9- Investment and development funds 10- Other expenses 11- Supplies 12- Cost of goods sold 13- Other receivable 14- Devaluation of sale price 15- Other long-term investment. Exercise 8- The amount of assets, liabilities and owner’s equity at the end of November for Hoa Ha Company are listed below: Cash 50.000 Cash in bank 100.000 Finished goods 150.000 Long-term borrowing 200.000 Payable to seller 45.000 Raw materials 25.000 Tangible fixed assets Working capital 300.000 x During the month of the December, the following transactions were completed: 1- Investment by owner, Hoa Ha, 50.000 2- Purchased raw materials by cash in bank 30.000. 3- Paid cash for tool and supplies 5.000 4- Purchased on credit equipment and machines 20.000. Page 11 ADMINISTRATION 1 5- Purchased land using right on credit 100.000. 6- Received cash in bank from the bank short- term loan: 40.000 7- Made a partial payment on the land using right purchased in transaction 5, 40.000. 8- Paid the long-term borrowing by cash in bank 40.000. 9- Paid the seller by cash in bank for the previously material: 30.000 10- Made a partial payment for the seller in transaction 4: 10.000 11- Sold one-half of inventory at a price of 40.000. 12- Sold complete inventory at a price of 10.000. Required: 1- Record the transaction listed above in the T accounts. 2- Prepare a trial balance and a balance sheet at the end of the month. Exercise 9- Ha Trang copying service began operations and engaged in the following transactions during August 19xx: 1- Investment by owner, Mary Lomax, 10.000. 2- Paid current month’s rent, 900. 3- Purchased copier for cash, 5.000. 4- Copying job payments received in cash, 1.780. 5- Copying job billed to major customer, 1.360. 6- Paid cash for raw materials, 580. 7- Calculate salary for employees, 560. 8- Purchased tools and supplies on credit, 320. 9- Received partial payment from customer in transaction 5, 600. 10- Paid current month’s utility bill, 180. 11- Made partial payment on supplies purchased in transaction 8, 140. 12- Withdrew cash for personal use, 1.400. 13- Suppose that during the month, of the raw materials, tools and supplies purchased, 500 and 250 worth were used up; the depreciation for the month of copier is 50. Required: 1- Record the transactions listed above in the T accounts. 2- Prepare a trial balance, an income statement, a statement of owner’s equity and a balance sheet. Exercise 10: This was the trial balance for Ben Xuan Services at the end of September: BenXuan Services Page 12 ADMINISTRATION 1 Trial Balance September 30, 19xx Cash 3.840 Accounts Receivable 5.660 Supplies 120 Prepaid Insurance 180 Equipment 8.400 Accounts payable 4.540 Gilliam, Capital 11.560 Gilliam, withdrawals 700 Revenues Salaries expense 5.920 2.600 Rent expense 600 Advertising expense 340 Utility expense 26 21.766 22.720 The trial balance does not balance because of a number of errors. Ben Xuan’s accountant compared the amounts in the trial balance with the ledger, recomputed the account balances and compared the posting. He found the following errors: 1- The balance of cash was understated by 400. 2- A cash payment of 420 was credited to cash for 240. 3- A debit of 120 to accounts receivable was not posted. 4- Supplies purchased for 60 were posted as a credit to Supplies. 5- A debit of 180 to prepare insurance was not posted. 6- The accounts payable account had debits of 5.320 and credits 0f 9.180. 7- The Note payable account, with a credit balance of 2.400, was not included I the trial balance. 8- The debit balance of Ben Xuan , withdrawals was listed in the trial balance as a credit. 9- A 200 debit to Ben Xuan withdrawals was posted as a credit. 10- The actual balance of utility expense, 260, was listed as 26 in the trial balance. Prepare a correct trial balance. Exercise 11- Ms Chiều Tím established a small business, Garcia Training Center, to teach individuals how to use spreadsheet analysis, word processing, and other techniques on microcomputers. Page 13 ADMINISTRATION 1 1- Chiều Tím began by transferring the following assets to the business: - Cash in bank: 18.400 - Furniture: 7.200 - Microcomputers: 9.600 2- Paid the first month’s rent, 560. 3- Purchased computer software on credit, 1.500. 4- Paid for an advertisement in the local newspaper, 200. 5- Received enrollment applications from five students for a 5 day course to start next week. Each student will pay 400 if he or she actually begins the course. 6- Calculated salary for employees, 300. 7- Received cash payment from three of the students enrolled in 5, 1.200. 8- Billed the two other students in 5, who ettended but did not pay in cash, 800. 9- Paid the utility for the current month, 220. 10- Made a payment on the sofware purchased in 3, 500. 11- Received payment from one student billed in 8, 400. 12- Purchased a second lot of microcomputer for cash, 4.800. 13- Transferred cash to a personal checking account, 600. 14- The depreciation for the month of Furniture: 200; Microcomputers 600; Software: 50. Required: 1- Record the transactions listed above by entering debits and credits directly in the T accounts 2- Prepare a trial balance, an income statement, a balance sheet at the end of the month. CHAPTER 5- ACCOUNTING FOR MAJOR BUSINESS TRANSACTIONS Exercise 1- Ben Xuan Company is a the manufacturer and seller of product B. The amount of assets, liabilities and owner’s equity at the end of November for Ben Xuan Company are listed below: Raw materials Tools and supplies Work in progress Tangible fixed assets Working capital Page 14 400.000 40.000 10.000 500.000 950.000 ADMINISTRATION 1 During the month of december, Ben Xuan Company completed the following transations: 1- Calculated and recorded the value of raw materials used for:  Manufacturing direct: 150.000  Managing workshop: 20.000  Selling staff: 15.000  General & administration staff: 10.000 2- Recorded the value of tools and supplies for:  Managing workshop: 15.000  Selling staff: 10.000  General & administration staff: 3.000 3- Calculated salary for:  Direct labor staff: 80.000  Managing workshop staff: 15.000  Selling staff: 10.000  General & administration staff: 40.000 4- Calculated and recorded retention on salaries. 5- The depreciation for the month of fixed assets allocated for:  Manufacturing staff: 20.000  Selling staff: 15.000  General & administration staff: 10.000 6- Calculated and recorded the value of finished goods B. The quantity of finished goods B manufactured during the month was 500 units. The value of the work in progress at the beginning of the month was 10.000, at the end of the month was 15.000. Page 15 ADMINISTRATION 1 7- Sold on account 400 units product B at a price exclusive of the VAT of 400/unit. Required. 1- Record the transactions listed below in the T accounts (expense accounts, revenue accounts, finished goods, work in progress). 2- Establish an income statement. Exercise 2- Binh An Company is a the manufacturer and seller of products A. At the end of April 20XX, some of accounts showed the following balances:  Raw materials X: 1.000 kg x 100/kg.  Work in progress: 20.000  Finished goods A: 300 units x 250/unit During the month of May, Binh An Company completed the following transations: 1- Purchased on account 2.000 kg of raw materials X at the price exclusive of VAT of 102/kg. Total included freight in of 6.000 (price exclusive of VAT), paid in cash. 2- Calculated and recorded the value of raw materials used for:  Manufacturing direct: 1.200 kg  Managing workshop: 100 kg  Selling staff: 50 kg  General & administration staff: 50 kg. 3- Recorded the value of tools and supplies for:  Managing workshop: 20.000  Selling staff: 15.000  General & administration staff: 5.000 4- Calculated salary for:  Direct labor staff: 100.000  Managing workshop staff: 30.000  Selling staff: 40.000  General & administration staff: 50.000 5- Calculated and recorded retention on salaries. 6- The depreciation for the month of fixed assets allocated for:  Page 16 Manufacturing staff: 10.000 ADMINISTRATION 1  Selling staff: 5.000  General & administration staff: 5.000 7- Calculated and recorded the value of finished goods A. The quantity of finished goods A manufactured during the month was 1.000 units. The value of the work in progress at the end of the month was 15.000. 8- Sold on account 900 units product A at a price exclusive of the VAT of 600/unit. Required. 1- Record the transactions listed below in the T accounts (expense accounts, revenue accounts, finished goods, worf in progress). 2- Establish an income statement. Assume that Binh An company used the FIFO method of inventory valuation. Exercise 3-. At the end of April 20XX, some of accounts of Ngay Mua Company showed the following balances:  Merchandise inventory: 300 units A x 250/unit; 500 units B x 400/unit During the month of May, Binh An Company completed the following transations: 1- Purchased on account 700 units of merchandises A at the price exclusive of VAT of 250/unit. Total included freight in of 10.000 (price exclusive of VAT), paid in cash. 2- Purchased and paid in cash 800 units of merchandises B at the price exclusive of VAT of 415/unit. Total included freight in of 10.000 (price exclusive of VAT), paid in cash. 3- Sold 800 units of A on credit at a price exclusive of the VAT of 400/unit. 4- Sold for cash 1.000 units of B at a price exclusive of the VAT of 600/unit. 5- Recorded the value of tools and supplies for:  Selling staff: 15.000  General & administration staff: 5.000 6- Calculated salary for:  Selling staff: 60.000  General & administration staff: 40.000 7- Calculated and recorded retention on salaries. 8- The depreciation for the month of fixed assets allocated for: Page 17  Selling staff: 20.000  General & administration staff: 15.000 ADMINISTRATION 1 Required. 1- Record the transactions listed below in the T accounts (expense accounts, revenue accounts). 2- Establish an income statement. Assume that Ngay Mua company used the LIFO method of inventory valuation. Page 18