Intermediate Accounting教科书上习题答案4（by J. David Spiceland）

Chapter4TheIncomeStatementandStatementofCashFlowsQuestionsforReviewofKeyTopicsQuestion4-1Theincomestatementisachangestatementthatreportstransactions—revenues,expenses,gainsandlosses—thatcauseowners’equitytochangeduringaspecifiedreportingperiod.Question4-2Incomefromcontinuingoperationsincludestherevenue,expense,gain,andlosstransactionsthatwillprobablycontinueinfutureperiods.Itisimportanttosegregatetheincomeeffectsoftheseitemsbecausetheyarethemostimportanttransactionsintermsofpredictingfuturecashflows.Question4-3Operatingincomeincludesrevenuesandexpensesandgainsandlossesthataredirectlyrelatedtotheprincipalrevenuegeneratingactivitiesofthecompany.Nonoperatingincomeincludesitemsthatarenotdirectlyrelatedtotheseactivities.Question4-4Thesingle-stepformatfirstlistsallrevenuesandgainsincludedinincomefromcontinuingoperationstoarriveattotalrevenuesandgains.Allexpensesandlossesarethengroupedandsubtotaled,subtractedfromrevenuesandgainstoarriveatincomefromcontinuingoperations.Themultiple-stepformatreportsaseries(multiple)ofintermediatetotalssuchasgrossprofit,operatingincome,andincomebeforetaxes.Veryoftenincomestatementsadoptvariationsoftheseformats,fallingsomewhereinbetweenthetwoextremes.Question4-5Thetermearningsqualityreferstotheabilityofreportedearnings(income)topredictacompany’sfutureearnings.Afterall,anincomestatementsimplyreportsoneventsthatalreadyhaveoccurred.Therelevanceofanyhistorical-basedfinancialstatementhingesonitspredictivevalue.Question4-6Restructuringcostsincludecostsassociatedwithshutdownorrelocationoffacilitiesordownsizingofoperations.Theyarereportedasanoperatingexpenseintheincomestatement.Question4-7Theprocessofintraperiodtaxallocationmatchestaxexpenseortaxbenefitwitheachmajorcomponentofincome,specificallycontinuingoperationsandanyitemreportedbelowcontinuingoperations.Theprocessisnecessarytoachievethedesiredresultofseparatingthetotalincomeeffectsofcontinuingoperationsfromthetwoseparatelyreporteditems-discontinuedoperationsandextraordinaryitems,andalsotoshowtheafter-taxeffectofeachofthosetwocomponents.AnswerstoQuestions(continued)Question4-8Thenet-of-taxincomeeffectsofadiscontinuedoperationmustbedisclosedseparatelyintheincomestatement,belowincomefromcontinuingoperations.Theincomeeffectsincludeincome(loss)fromoperationsandgain(loss)ondisposal.Thegainorlossondisposalmustbedisclosedeitheronthefaceofthestatementorinadisclosurenote.Ifthecomponentisheldforsalebutnotsoldbytheendofthereportingperiod,theincomeeffectswillincludeincome(loss)fromoperationsandanimpairmentlossifthefairvaluelesscoststosellislessthanthebookvalueofthecomponent’sassets.Theincome(loss)fromoperationsofthecomponentisreportedseparatelyindiscontinuedoperationsonpriorincomestatementspresentedforcomparativepurposes.Question4-9Extraordinaryitemsarematerialgainsandlossesthatarebothunusualinnatureandinfrequentinoccurrence,takingintoaccounttheenvironmentinwhichtheentityoperates.Question4-10Extraordinarygainsandlossesarepresented,netoftax,intheincomestatementbelowdiscontinuedoperations,ifany.AnswerstoQuestions(continued)Question4-11GAAPpermitalternativetreatmentsforsimilartransactions.CommonexamplesarethechoiceamongFIFO,LIFO,andaveragecostforthemeasurementofinventoryandthechoiceamongalternativerevenuerecognitionmethods.Achangeinaccountingprincipleoccurswhenacompanychangesfromonegenerallyacceptedtreatmenttoanother.Ingeneral,wereportvoluntarychangesinaccountingprinciplesretrospectively.Thismeansrevisingallpreviousperiods’financialstatementsasifthenewmethodwereusedinthoseperiods.Inotherwords,foreachyearinthecomparativestatementsreported,werevisethebalanceofeachaccountaffected.Specifically,wemakethosestatementsappearasifthenewlyadoptedaccountingmethodhadbeenappliedallalong.Also,ifretainedearningsisoneoftheaccountswhosebalancerequiresadjustment(anditusuallyis),werevisethebeginningbalanceofretainedearningsfortheearliestperiodreportedinthecomparativestatementsofshareholders’equity(orstatementsofretainedearningsifthey’representedinstead).Thenwecreateajournalentrytoadjustallaccountbalancesaffectedasofthedateofthechange.Inthefirstsetoffinancialstatementsafterthechange,adisclosurenotewoulddescribethechangeandjustifythenewmethodaspreferable.Italsowoulddescribetheeffectsofthechangeonallitemsaffected,includingthefactthattheretainedearningsbalancewasrevisedinthestatementofshareholders’equityalongwiththecumulativeeffectofthechangeinretainedearnings.Anexceptionisachangeindepreciation,amortization,ordepletionmethod.Thesechangesareaccountedforasachangeinestimate,ratherthanasachangeinaccountingprinciple.Changesinestimatesareaccountedforprospectively.Theremainingbookvalueisdepreciated,amortized,ordepleted,usingthenewmethod,overtheremainingusefullife.Question4-12Achangeinaccountingestimateisaccountedforintheyearofthechangeandinsubsequentperiods;prioryears’financialstatementsarenotrestated.Adisclosurenoteshouldjustifythatthechangeispreferableandshoulddescribetheeffectofachangeonanyfinancialstatementlineitemsandpershareamountsaffectedforallperiodsreported.Question4-13Priorperiodadjustmentsareaccountedforbyrestatingprioryears’financialstatementswhenthosestatementsarepresentedagainforcomparisonpurposes.Thebeginningofperiodretainedearningsisincreasedordecreasedonthestatementofshareholders’equity(orthestatementofretainedearnings)asofthebeginningoftheearliestperiodpresented.AnswerstoQuestions(concluded)Question4-14Earningspershare(EPS)istheamountofincomeachievedduringaperiodforeachshareofcommonstockoutstanding.Iftherearedifferentcomponentsofincomereportedbelowcontinuingoperations,theireffectsonearningspersharemustbedisclosed.Ifaperiodcontainsdiscontinuedoperationsandextraordinaryitems,EPSdatamustbereportedseparatelyforincomefromcontinuingoperationsandnetincome.Pershareamountsfordiscontinuedoperationsandextraordinaryitemswouldbedisclosedonthefaceoftheincomestatement.Question4-15Comprehensiveincomeisthetotalchangeinequityforareportingperiodotherthanfromtransactionswithowners.Reportingcomprehensiveincomecanbeaccomplishedwithaseparatestatementorbyincludingtheinformationineithertheincomestatementorthestatementofchangesinshareholders’equity.Question4-16Thepurposeofthestatementofcashflowsistoprovideinformationaboutthecashreceiptsandcashdisbursementsofanenterpriseduringaperiod.Similartotheincomestatement,itisachangestatement,summarizingthetransactionsthatcausedcashtochangeduringaparticularperiodoftime.Question4-17Thethreecategoriesofcashflowsreportedonthestatementofcashflowsare:1.Operatingactivities—Inflowsandoutflowsofcashrelatedtothetransactionsenteringintothedeterminationofnetincomefromoperations.2.Investingactivities—Involvetheacquisitionandsaleof(1)long-termassetsusedinthebusinessand(2)nonoperatinginvestmentassets.3.Financingactivities—Involvecashinflowsandoutflowsfromtransactionswithcreditorsandowners.Question4-18Noncashinvestingandfinancingactivitiesaretransactionsthatdonotincreaseordecreasecashbutareimportantinvestingandfinancingactivities.Anexamplewouldbetheacquisitionofproperty,plantandequipment(aninvestingactivity)byissuingeitherlong-termdebtorequitysecurities(afinancingactivity).Theseactivitiesarereportedeitheronthefaceofthestatementofcashflowsorinadisclosurenote.Question4-19Thedirectmethodofreportingcashflowsfromoperatingactivitiespresentsthecasheffectofeachoperatingactivitydirectlyonthestatementofcashflows.Theindirectmethodofreportingcashflowsfromoperatingactivitiesisderivedindirectly,bystartingwithreportednetincomeandaddingandsubtractingitemstoconvertthatamounttoacashbasis.Question4-20Therearetwopossibleseparatelyreporteditemsthatcouldappearinincomestatements,discontinuedoperationsandextraordinaryitems.InternationalFinancialReportingStandards(IFRS)prohibitreportingextraordinaryitems.Question4-21IFRSprovidestheoptionofpresentingcomponentsofothercomprehensiveincomeeitherin(a)asinglestatementofcomprehensiveincomeor(b)inaseparateincomestatementfollowedbyastatementofcomprehensiveincome.U.S.GAAPalsoallowsthereportingofothercomprehensiveincomeinthestatementofshareholders’equityQuestion4-22U.S.GAAPdesignatescashoutflowsforinterestpaymentsandcashinflowsfrominterestanddividendsreceivedasoperatingcashflows.Dividendspaidtoshareholdersareclassifiedasfinancingcashflows.IFRSallowsmoreflexibility.Companiescanreportinterestanddividendspaidaseitheroperatingorfinancingcashflowsandinterestanddividendsreceivedaseitheroperatingorinvestingcashflows.Interestanddividendpaymentsusuallyarereportedasfinancingactivities.InterestanddividendsreceivednormallyareclassifiedasinvestingactivitiesBRIEFEXERCISESBriefExercise4-1 PACIFICSCIENTIFICCORPORATION IncomeStatement FortheYearEndedDecember31,2011 ($inmillions) Revenuesandgains: Sales $2,106 Gainonsaleofinvestments 45 Totalrevenuesandgains 2,151 Expensesandlosses: Costofgoodssold $1,240 Selling 126 Generalandadministrative 105 Interest 35 Incometaxexpense* 258 Totalexpensesandlosses 1,764 Netincome $387 *$2,151–(1,240+126+105+35)=$645x40%=$258BriefExercise4-2(a)Salesrevenue$2,106Less:Costofgoodssold(1,240)Grossprofit866Less:Sellingexpenses(126)Generalandadministrativeexpenses(105)Operatingincome$635(b)Gainonsaleofinvestments45Interestexpense(35)Nonoperatingincome$10BriefExercise4-3 PACIFICSCIENTIFICCORPORATION IncomeStatement FortheYearEndedDecember31,2011 ($inmillions) Salesrevenue $2,106 Costofgoodssold 1,240 Grossprofit 866 Operatingexpenses: Selling $126 Generalandadministrative 105 Totaloperatingexpenses 231 Operatingincome 635 Otherincome(expense): Gainonsaleofinvestments 45 Interestexpense (35) Totalotherincome,net 10 Incomebeforeincometaxes 645 Incometaxexpense* 258 Netincome $387 *$645x40%BriefExercise4-4(a)Salesrevenue$300,000Less:Costofgoodssold(160,000)Generalandadministrativeexpenses(40,000)Restructuringcosts(50,000)Sellingexpenses(25,000)Operatingincome$25,000(b)Operatingincome$25,000Add:Interestrevenue4,000Deduct:Lossonsaleofinvestments(22,000)IncomebeforeincometaxesandExtraordinaryitem7,000Incometaxexpense(40%)(2,800)Incomebeforeextraordinaryitem$4,200(c)Incomebeforeextraordinaryitem$4,200Extraordinaryitem:Lossfromflooddamage,netof$20,000taxbenefit(30,000)Netloss(25,800)BriefExercise4-5 MEMORAXCOMPANY PartialIncomeStatement FortheYearEndedDecember31,2011 Incomebeforeincometaxesandextraordinaryitem $790,000 Incometaxexpense* 316,000 Incomebeforeextraordinaryitem 474,000 Extraordinaryitem: Lossfromearthquake,netof$208,000taxbenefit (312,000) Netincome $162,000 *$790,000x40%BriefExercise4-6 WHITEANDSONS,INC. PartialIncomeStatement FortheYearEndedDecember31,2011 Incomebeforeincometaxesandextraordinaryitem $850,000 Incometaxexpense* 340,000 Incomebeforeextraordinaryitem 510,000 Extraordinaryitem: Lossfromearthquake,netof$160,000taxbenefit (240,000) Netincome $270,000 Earningspershare: Incomebeforeextraordinaryitem $5.10 Lossfromearthquake (2.40) Netincome $2.70 *$850,000x40%Note:Restructuringcosts,interestrevenue,andlossonsaleofinvestmentsareincludedinincomebeforeincometaxesandextraordinaryitem.BriefExercise4-7 CALIFORNIAMICROTECHCORPORATION PartialIncomeStatement FortheYearEndedDecember31,2011 Incomefromcontinuingoperationsbeforeincometaxes $5,800,000 Incometaxexpense* 1,740,000 Incomefromcontinuingoperations $4,060,000 Discontinuedoperations: Lossfromoperationsofdiscontinuedcomponent (includinggainondisposalof$2,000,000)** (1,600,000) Incometaxbenefit 480,000 Lossondiscontinuedoperations (1,120,000) Netincome $2,940,000 *$5,800,000x30%**Lossfromoperationsofdiscontinuedcomponent:Gainonsaleofassets$2,000,000($10millionless$8million)Operatingloss(3,600,000)Totalbefore-taxloss$(1,600,000)BriefExercise4-8 CALIFORNIAMICROTECHCORPORATION PartialIncomeStatement FortheYearEndedDecember31,2011 Incomefromcontinuingoperationsbeforeincometaxes $5,800,000 Incometaxexpense* 1,740,000 Incomefromcontinuingoperations $4,060,000 Discontinuedoperations: Lossfromoperationsofdiscontinuedcomponent** (3,600,000) Incometaxbenefit 1,080,000 Lossondiscontinuedoperations (2,520,000) Netincome $1,540,000 *$5,800,000x30%**Includesonlytheoperatingloss.Thereisnoimpairmentloss.BriefExercise4-9 CALIFORNIAMICROTECHCORPORATION PartialIncomeStatement FortheYearEndedDecember31,2011 Incomefromcontinuingoperationsbeforeincometaxes $5,800,000 Incometaxexpense* 1,740,000 Incomefromcontinuingoperations $4,060,000 Discontinuedoperations: Lossfromoperationsofdiscontinuedcomponent (includingimpairmentlossof$1,000,000)** (4,600,000) Incometaxbenefit 1,380,000 Lossondiscontinuedoperations (3,220,000) Netincome $840,000 *$5,800,000x30%**Lossfromoperationsofdiscontinuedcomponent:Impairmentloss($8millionbookvalueless$7millionnetfairvalue)$(1,000,000)Operatingloss(3,600,000)Totalbefore-taxloss$(4,600,000)BriefExercise4-10Thechangeininventorymethodisachangeinaccountingprinciple.Thedepreciationmethodchangeisconsideredtobeachangeinaccountingestimatethatisachievedbyachangeinaccountingprincipleandisaccountedforprospectively,exactlyaswewouldaccountforanyotherchangeinestimate.Theinventorymethodchange,however,isaccountedforbyretrospectivelyrecastingprioryears’financialstatementspresentedwiththecurrentyearforcomparativepurposes,applyingthenewinventorymethod(FIFOinthiscase)inthoseyears.BriefExercise4-11Thisisachangeinaccountingestimate.Whenanestimateisrevisedasnewinformationcomestolight,accountingforthechangeinestimateisquitestraightforward.Wedonotrestateprioryears'financialstatementstoreflectthenewestimate.Instead,wemerelyincorporatethenewestimateinanyrelatedaccountingdeterminationsfromthereon.Iftheafter-taxincomeeffectofthechangeinestimateismaterial,theeffectonnetincomeandearningspersharemustbedisclosedinanote,alongwiththejustificationforthechange.Depreciationfor2011is$25,000:$300,000Cost$50,000Previousannualdepreciation($300,000÷6years)x2years100,000Depreciationtodate(2009-2010)200,000Bookvalue÷8yrs.Estimatedremaininglife(10years-2years)$25,000NewannualdepreciationBriefExercise4-12 O’REILLYBEVERAGECOMPANY StatementofComprehensiveIncome FortheYearEndedDecember31,2011 Netincome $650,000 Othercomprehensiveincome(loss): Unrealizedgainsoninvestmentsecurities, netoftax $24,000 Deferredlossonderivatives,netoftax (36,000) Totalothercomprehensiveloss (12,000) Comprehensiveincome $638,000 BriefExercise4-13CashFlowsfromOperatingActivities:Collectionsfromcustomers$660,000Interestonnotereceivable12,000Interestonnotepayable(18,000)Paymentofoperatingexpenses(440,000)Netcashflowsfromoperatingactivities$214,000Onlythesefourcashflowtransactionsrelatetooperatingactivities.Theothersareinvestingandfinancingactivities.BriefExercise4-14CashFlowsfromInvestingActivities:Proceedsfromnotereceivablecollection$100,000Saleofland40,000Purchaseofequipment(120,000)Netcashflowsfrominvestingactivities$20,000CashFlowsfromFinancingActivities:Issuanceofcommonstock$200,000Paymentofdividends(30,000)Netcashflowsfromfinancingactivities170,000BriefExercise4-15CashFlowsfromOperatingActivities:Netincome$45,000Adjustmentsfornoncasheffects:Depreciationexpense80,000Changesinoperatingassetsandliabilities:Increaseinprepaidrent(60,000)Increaseinsalariespayable15,000Increaseinincometaxespayable12,000Netcashinflowsfromoperatingactivities$92,000BriefExercise4-16UnderIFRS,interestreceivedandinterestpaidusuallyareclassifiedasinvestingandfinancingcashflows,respectively,notoperatingcashflowsaswithU.S.GAAP.Therevisedcashflowcategoriesusuallywouldappearasfollows:CashFlowsfromOperatingActivities:Collectionsfromcustomers$660,000Paymentofoperatingexpenses(440,000)Netcashflowsfromoperatingactivities$220,000CashFlowsfromInvestingActivities:Proceedsfromnotereceivablecollection$100,000Saleofland40,000Interestonnotereceivable12,000Purchaseofequipment(120,000)Netcashflowsfrominvestingactivities$32,000CashFlowsfromFinancingActivities:Issuanceofcommonstock$200,000Paymentofdividends(30,000)Interestonnotepayable(18,000)Netcashflowsfromfinancingactivities152,000EXERCISESExercise4-1Requirement1 GREENSTARCORPORATION IncomeStatement FortheYearEndedDecember31,2011 Revenuesandgains: Sales $1,300,000 Interest 30,000 Gainonsaleofinvestments 50,000 Totalrevenuesandgains 1,380,000 Expensesandlosses: Costofgoodssold $720,000 Salaries 160,000 Depreciation 50,000 Interest 40,000 Rent 25,000 Incometax 130,000 Totalexpensesandlosses 1,125,000 Netincome $255,000 Earningspershare $2.55Exercise4-1(concluded)Requirement2 GREENSTARCORPORATION IncomeStatement FortheYearEndedDecember31,2011 Salesrevenue $1,300,000 Costofgoodssold 720,000 Grossprofit 580,000 Operatingexpenses: Salaries $160,000 Depreciation 50,000 Rent 25,000 Totaloperatingexpenses 235,000 Operatingincome 345,000 Otherincome(expense): Interestrevenue 30,000 Gainonsaleofinvestments 50,000 Interestexpense (40,000) Totalotherincome,net 40,000 Incomebeforeincometaxes 385,000 Incometaxexpense 130,000 Netincome $255,000 Earningspershare $2.55Exercise4-2Requirement1 GENERALLIGHTINGCORPORATION IncomeStatement FortheYearEndedDecember31,2011 Revenuesandgains: Sales $2,350,000 Rentalrevenue 80,000 Totalrevenuesandgains 2,430,000 Expensesandlosses: Costofgoodssold $1,200,300 Salaries 300,000 Depreciation 100,000 Interest 90,000 Rent 50,000 Lossonsaleofinvestments 22,500 Lossfrominventorywrite-down 200,000 Incometaxexpense* 186,880 Totalexpensesandlosses 2,149,680 IncomebeforeextraordinaryitemExtraordinaryitem:Lossfromflooddamage(netof$48,000taxbenefit)Netincome 280,320(72,000)$208,320 Earningspershare:IncomebeforeextraordinaryitemExtraordinarylossNetincome $.93(.24)$.69*40%x$467,200Exercise4-2(concluded)Requirement2 GENERALLIGHTINGCORPORATION IncomeStatement FortheYearEndedDecember31,2011 Salesrevenue $2,350,000 Costofgoodssold 1,200,300 Grossprofit 1,149,700 Operatingexpenses: Salaries $300,000 Depreciation 100,000 Rent 50,000 Lossfrominventorywrite-down 200,000 Totaloperatingexpenses 650,000 Operatingincome 499,700 Otherincome(expense): Rentalrevenue 80,000 Lossonsaleofinvestments (22,500) Interestexpense (90,000) Totalotherincome(expense),net (32,500) Incomebeforetaxesandextraordinaryitem 467,200 Incometaxexpense* 186,880 IncomebeforeextraordinaryitemExtraordinaryitem:Lossfromflooddamage(netof$48,000taxbenefit)Netincome 280,320(72,000)$208,320 Earningspershare:IncomebeforeextraordinaryitemExtraordinarylossNetincome $.93(.24)$.69*40%x$467,200Exercise4-3 lindorCORPORATION StatementofIncomeandComprehensiveIncome FortheYearEndedDecember31,2011 Salesrevenue $2,300,000 Costofgoodssold 1,400,000 Grossprofit 900,000 Operatingexpenses: Sellingandadministrative 420,000 Operatingincome 480,000 Otherincome(expense): Interestexpense (40,000) Incomebeforeincometaxesandextraordinaryitem 440,000 Incometaxexpense* 132,000 IncomebeforeextraordinaryitemExtraordinaryitem:Gainonlitigationsettlement(netof$120,000taxexpense)NetincomeOthercomprehensiveincome:Unrealizedholdinggainsoninvestmentsecurities,netoftaxComprehensiveincome 308,000280,000588,00056,000$644,000 Earningspershare:IncomebeforeextraordinaryitemExtraordinarygainNetincome $0.310.28$0.59*30%x$440,000Exercise4-4 AXELCORPORATION IncomeStatement FortheYearEndedDecember31,2011 Salesrevenue $592,000 Costofgoodssold 325,000 Grossprofit 267,000 Operatingexpenses: Selling $67,000 Administrative 87,000 Restructuringcosts 55,000 Totaloperatingexpenses 209,000 Operatingincome 58,000 Otherincome(expense):Interestanddividends 32,000 InterestexpenseTotalotherincome,net (26,000) 6,000 Incomebeforeincometaxesandextraordinaryitem 64,000 Incometaxexpense* 25,600 IncomebeforeextraordinaryitemExtraordinaryitem:Gainonlitigationsettlement(netof$34,400taxexpense)Netincome 38,40051,600$90,000 Earningspershare:IncomebeforeextraordinaryitemExtraordinarygainNetincome $.38.52$0.90*40%x$64,000Exercise4-5 CHANCECOMPANY PartialIncomeStatement FortheYearEndedDecember31,2011 Incomefromcontinuingoper