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SOLUCIONES SUGERIDAS TRABAJO FUERA DE CLASE

CONTABILIDAD FINANCIERA
125
WALGREEN COMPANY
Analysis of Transactions
(In Thousands of Dollars)
Assets

Liabilities and Owners' Equity


Property

Accounts
Description of Transactions

Cash

Balance August 31

8,819

1. Issuance of stock

+ Receivable

Inven+ tories

288,538

1,631,974

Assets

+120
125

84

Balance September 2

8,566

288,468

14

+120

=
=

+ 90

354

1,632,064

1,704,459

120

691,572

898,705

Balance Sheet
September 2, 1996
(In Thousands of Dollars)
Assets
Accounts receivable

Liabilities and Stockholders' Equity


8,566
288,468

Notes payable
Accounts payable

2,043,160


3,633,557

WALGREEN COMPANY

2,043,105


3,633,557

Cash

Equity

+ 33

+14
+ 84

898,705

+ 22

+ 90

691,836

+ Liabilities

354

8. Cash collections

+ Payable

holders'

=
=

7. Sale of equipment

Payable

Other

+ 33
+125

5. Acquisition on account
6. Payments to creditors

Accounts

+ 22

4. Acquisition for cash

Notes

1,704,315

2. Issuance of stock
3. Borrowing

Stock-

and Other

120
691,572

Inventories

1,632,064

Other liabilities

Property and other assets

1,704,459

Stockholders' equity

898,705
2,043,160

1-28
1. See Exhibit 1-28 on the following page.
2.

YUKON PRODUCTS
Balance Sheet
March 31, 19X1
Liabilities and
Stockholders' Equity

Assets
Cash
Receivables
Inventory
Equipment

$127,800
2,600
26,600
17,500

Total

$174,500

Liabilities:
Accounts payable
Note payable
Total liabilities
You, capital
Total

The individual receivables and payables could be identified separately

4,500
5,000
$
9,500
165,000
$174,500

EXHIBIT 128
YUKON PRODUCTS
Analysis of Transactions
For the Month Ended March 31, 19X1
Assets
Description of Transactions
1. Initial investment
2. Inventory acquired for cash
3. Inventory acquired on credit
4. Equipment acquired
5. No entry
6. Gloves for family
7. Gloves returned to
supplier for cash
8. No effect on total inventory
9. Caps returned to
supplier for credit
10. Payment on note
11. Equipment acquired
12. Payment to creditors
13. No entry
14. No entry
15. Exchange of equipment

Cash
+160,000
20,000

Receivables

+20,000
+ 8,000

5,000
+ 600

+Inventory

300

5,000

Equip+ ment

+15,000

600

300

=
=

500

=
=
+ 5,000 =

3,000

500

+2,000

+127,800

+2,600

Liabilities
+ Owners' Equity
Accounts
Note
=
Payable
+ Payable
=
=
=
+ 8,000
=
+10,000
=
=

+26,600

4,000
+ 1,500

+17,500


174,500

500

5,000
+5,000

3,000

+4,500

You,
+ Capital
+160,000

+ 5,000

+165,000


174,500

2-34
1.

See Exhibit 2-34 on the following page.

2.

GUENTHER COMPANY
Balance Sheet
April 30, 19X2
Liabilities and
Stockholders' Equity

Assets
Cash
Accounts receivable
Merchandise inventory
Prepaid rent
Equipment and fixtures

Total

$ 46,000
50,000
43,000
4,000
35,000

$178,000

Liabilities:
Note payable
Accounts payable
Total liabilities
Stockholders' equity:
Paid-in capital
Retained income
Total stk. equity
Total

$ 24,000
7,000
31,000
$140,000
7,000
$147,000
$178,000

EXHIBIT 234
1.

GUENTHER COMPANY
Analysis of Transactions for April 19X2
(In Thousands of Dollars)

Description
1.

Incorporation

2.

Purchased
merchandise

3.

Assets
Accounts
MerReceivchandise
+ able
+
Inventory

Cash

Equipment &
+ Fixtures

+140

Note
Pay
able

Liabilities + Stockholders' Equity


Accounts
PaidPayin
Retained
+ able
+ Capital
+ Income

45

+45

+35

+140

Purchased
merchandise

4a.

=
Prepaid
+Rent

Sales

+ 25

+65

b. Cost of inventory

37

+35

+90 (sales revenue)

37 (cost of goods sold

sold
5.

Collections

6.

Disbursements to

expense)
+ 15

trade creditors

28

7.

Purchased equipt.

12

8.

Prepaid rent

9.

Rent expense

9*

10.

Wages, etc.

11.

Depreciation

12.

Rent expense

15

=
+36
+6

28
+24

=
=

34
1
2

9* (rent expense)

34 (wages expense)

1 (deprec. expense)

2 (rent expense)

Balances,
April 30 19X2

+ 46

+50

+43

+4


178
* 10% x $90,000 = $9,000.

+35

+24

+ 7

+140

+ 7


178

2-34

(continued)
GUENTHER COMPANY
Income Statement
For the Month Ended April 30, 19X2
Sales (revenue)
Deduct expenses:
Cost of goods sold
Wages, salaries and commissions
Rent, 2,000 + 9,000
Depreciation
Total expenses
Net Income

3.

$90,000
$37,000
34,000
11,000
1,000
83,000
$ 7,000

Most businesses tend to have net losses during their infant months, so Guenthers ability to show a net income for
April is impressive. Indeed, the rate of return on beginning investment is $7,000 $140,000 = 5% per month, or 60%
per year. Many points can be raised, including the problem of maintaining an "optimum" cash balance so that
creditors can be paid neither too quickly nor too slowly. See the next solution also.

2-38
This alternate to problem 2-36 includes dividends; 2-36 does not.
1.
2.

See Exhibit 2-38 on the following page.


WM. WRIGLEY JR. COMPANY
Statement of Earnings
For the Month of January
(In Millions)
Sales
Deduct expenses:
Cost of goods sold
Selling expenses
Depreciation
Total expenses
Net earnings

$72
$40
29
3
72
$ 0

WM. WRIGLEY JR. COMPANY


Statement of Retained Earnings
For the Month of January
(In Millions)
Retained earnings, December 31
Net earnings for January
Total
Dividends declared
Retained earnings, January 31

$882
0
$882
2
$880

EXHIBIT 238
WM. WRIGLEY JR. COMPANY
Analysis of Transactions for January
(In Millions of Dollars)
Assets

Description
Balance, 12/31
1a. Sales
1b. Cost of invty
sold
2.
Collections
3.
Depreciation
4.

5.

6.
7.

Selling and
administrative
expense
Selling and
administrative
expense
Reduce liability
New liability

Balances,
January 31

Cash
+301
+ 32

ReceivInven+ ables + tories


+165
+ 40

+233

50

Other
Current
+ Assets.
+

Property,
Plant, &
Other
+ Equip. + Assets

31

+388

24

+20

+241

+16
+

+155

+193

26

+116


+1,214

20
2

+75

+241

+16

(depreciation
expense)

(sell &
24 adm. exp.)

=
=
=

+385

+882
72 (sales revenue)
40 (cost of goods
sold expense)

20

+339

+75

=
=
=

50

=
=

40

+116

Liabilities and Stockholders' Equity


DiviOther
Accts.
dends
Liabi- Paid-in
Retained
Pay.
+ Pay. + lities + Capital
+ Earnings

(sell &
5 adm. exp.)

2 (dividend)

+880


+1,214

2-38

(continued)
WM. WRIGLEY JR. COMPANY
Balance Sheet
January 31
(In Millions)
Liabilities and
Stockholders' Equity

Assets
Cash
Receivables
Inventories
Prepaid expenses
Property, plant and equipment
Other assets
Total
3-25

Date
19X6
April 1

April 2

April 3

339
155
193
26
385
116
$1,214

Accounts payable
Dividends payable
Other liabilities
Paid-in capital
Retained earnings

75
2
241
16
880

Total

$1,214

(20 min.)
Entry
Number

Cash

Accounts and
Explanations

100 100,000
Paid-in capital
Issued common stock

Post.
Ref.

Debit

140

Credit

100,000

Equipment
Cash
Note payable
Acquired equipment for
$25,000 down payment
plus a note payable

111
100
130

75,000

Accounts receivable
Sales
Credit sales to local hotel

101
200

2,200

25,000
50,000

2,200

3-25
April 3

April 3

April 30

Supplies expense
Accounts payable
Supplies acquired and
used

300
120

200

Wages expense
Cash
Wages earned and paid

301
100

700

Depreciation expense
Accumulated depreciation, equipment

302

1,000

200

700

111A

1,000

All dates are 19X6.


Cash
Entry
Number
1

Date
4/1

Ref.
J1

Amount
100,000

4/3

Accounts Receivable
J1
2,200

4/2

J1

2
5

J1
J1

Note Payable
2

J1

Sales
4/3

J1

111A
1,000

J1

120
200

130
J1 50,000

Accounts Payable

25,000
700

Paid-in Capital
4/1
1

111

Accumulated Depreciation,
Equipment
4/30
6

4/2

4/2
4/3
101

Equipment
75,000

4/3

100

J1

140
100,000
200
2,200

Depreciation Expense
6
J1
1,000

302

Supplies Expense
4
J1
200

300

4/3

4/3

4/30

Wages Expense
J1
700

301

3-25

(continued)
LOMBARDI CONSTRUCTION COMPANY
Trial Balance
April 30, 19X6

Account
Number
100
101
111
111A
120
130
140
200
300
301
302

Balance
Account Titles

Debit

Cash
Accounts receivable
Equipment
Accumulated depreciation,
equipment
Accounts payable
Note payable
Paid-in capital
Sales
Supplies expense
Wages expense
Depreciation expense
Totals

$ 74,300
2,200
75,000

Credit

1,000
200
50,000
100,000
2,200
200
700
1,000
$153,400

$153,400

3-32
1.

Answers are in thousands of dollars.


a.

b.

c.

d.

Inventory
Accounts payable
Acquisition of inventories

550

Accounts receivable
Sales
Sales on account

800

Cost of goods sold


Inventory
Cost of inventory sold

440

Cash

550

800

440

80

Note payable
Borrowed from a supplier on
June 1, 19X8. Four-year note,
interest at 15%, and principal
payable at end of four years
e.

f.

g.

h.

i.

j.

k.

l.

80

Prepaid rent
Cash
Paid rent in advance

25
25

Wages expense
Cash
Paid wages
Miscellaneous expenses
Cash
Paid miscellaneous expenses

165
165

76
76

Note receivable
Cash
Loan to office manager one-year
note, 10 % interest
Cash

20
20

690

Accounts receivable
Collections on accounts

690

Accounts payable
Cash
Payments on accounts

470
470

Rent expense
Prepaid rent
To reduce prepaid rent to $3,000
Depreciation expense
Accumulated depreciation,
store equipment
Depreciation for the year 19X8

26
26

6
6

m.

n.

o.

Wages expense
Cash
Adjustment for wages

Interest expense
Cash
Adjustment: .15 x $80,000 x 7/12

Cash

Interest revenue
Adjustment: .10 x $20,000 x 6/12

2.
*
(d)
(i)
(o)

**

Cash
22 (e)
80 (f)
690 (g)
1 (h)
(j)

25
165
76
20
470
Note Payable
(m)
5
(n)
7

*
(b)
**

Accounts Receivable
37 (i)
800
147

690

Accounts Payable
(j)
470

*
(a)
**

111
550
191

Note
(h)

Receivable
20

(d)

80

25

*
(a)
**

Inventory
131 (c)
550
241

*
(e)
**

Prepaid Rent
4 (k)
25
3

*
**

Store Equipment
60
60

Accumulated Depreciation,
Store Equipment
*
(l)
**

440

(c)

Cost of Goods Sold


440

Paid-in Capital
*

40

26

(k)

Rent Expense
26

Retained Income
*

79

(l)

Depreciation Expense
6

(n)

Interest Expense
7

24
6
30

Sales
(b)

Interest Revenue
(o)

800

3-32 (continued)

(f)
(m)
**

Wages Expense
165
5
170

(g)

Miscellaneous Expense
76

* Balance 12/31/X7
** Balance 12/31/X8
3.

CANSECO GARDENS
Trial Balance
December 31, 19X8
Debits
Cash
Accounts receivable
Note receivable
Inventory
Prepaid rent
Store equipment
Accumulated depreciation,
store equipment
Accounts payable
Note payable
Paid-in capital
Retained income
Sales
Interest revenue
Cost of goods sold
Rent expense
Depreciation
Interest expense
Miscellaneous expenses
Wages expense
Total

Credits

25
147
20
241
3
60
$

440
26
6
7
76
170
$1,221

30
191
80
40
79
800
1

$ 1,221

4-38

Answers are in thousands of dollars.

1.

a.

Rent paid

Cash

Prepaid
Expenses

18

+18

SE

Journal entry:
Prepaid expenses
Cash

18
18
Prepaid
Expenses

b.

December expense

1.5

Rent
Expense
=

Journal entry:
Rent expense
Prepaid expenses

1.5
1.5
Air Traffic
Liability

Cash
c.

Unearned revenue

1.5

+200

+200

Journal entry:
Cash 200
Air traffic liability

d.

200

Earned revenue

Air Traffic
Liability

Passenger
Revenues

100

+100

Journal entry:
Air traffic liability
Passenger revenues

100
100
Accrued
Interest
Receivable

e.

Earned revenue
Journal entry:
Accrued interest receivable
Interest revenue

+160

Interest
Revenue
=

+160

160
160

Accrued
Wages
Payable

Wages
Expense

f.

Wages to be paid

Journal entry:
Wages expense
Accrued wages payable
2.

Air traffic liability (123.7 + .2 .1)

140

+140

140
140
123.8

4-42
1.

MARCELLA WHOLESALERS, INC.


Income Statement
For the Year ended December 31, 19X3
Sales
Cost of goods sold
Gross Profit
Operating Expenses:

$936,800
590,000
$346,800

Salaries
Advertising
Depreciation
Insurance
Telephone
Maintenance
Miscellaneous expense
Operating income
Other revenue and expense:
Rent revenue
Interest revenue
Total other revenue
Deduct interest expense
Income before income taxes
Income taxes (at 40%)
Net income

(a) 124,300 + 5,200; (b) (10%)(36,000)(2/12); (c) (2/6)(4,800)

$129,500
98,300
6,100
2,500
2,900
4,300
3,400

1,600

600
2,200
600

(a)

247,000
$ 99,800
(c)
(b)
1,600
$101,400
40,560
$ 60,840

4-42
2.

MARCELLA WHOLESALERS, INC.


Statement of Retained Income
For the Year ended December 31, 19X3
Retained income, January 1, 19X3
Net income for 19X3
Total
Cash dividends declared
Retained income, December 31, 19X3

3.

$164,000
60,840
$224,840
60,000
$164,840

MARCELLA WHOLESALERS, INC.


Balance Sheet
December 31, 19X3

Assets
Current assets:
Cash
Accounts receivable
Note receivable
Accrued int. receivable
Merchandise inventory
Unexpired insurance
Total current assets
Long-term assets:
Land
Building
Accum. depr.,
building

$ 99,300
183,100
36,000
600
201,900
2,300
$523,200
169,200
$300,000
26,100

(d)

Total

273,900
$966,300

Liabilities and Stockholders' Equity


Current liabilities:
Accounts payable
$52,500
Notes payable
20,000
Income tax payable
40,560
Accrued salaries payable
5,200
Unearned rent revenue
3,200 (e)
Dividends payable
Total current liabilities
Stockholders' equity:
Paid-in capital
Retained income

60,000
$181,460
$620,000
164,840 784,840

Total

$966,300

(d) 20,000 + 6,100; (e) 4,800 1,600; 1,600 = 2 months @ 800 per month
(The land and building could be reported under a classification called fixed assets or property, plant, and
equipment.)
Reconciliations (not required):
Net income: 110,500 5,200 + 600 + 1,600 6,100 40,560 = 60,840
Retained income, Dec. 31, 19X3: 274,500 110,500 + 60,840 60,000 = 164,840

5-37
Except for the entry of July 12, these entries are straightforward.
June 9

June 11

June 18

Accounts receivable
Sales

20,000

Accounts receivable
Sales

12,000

Cash

19,600
Cash discounts on sales
Accounts receivable

20,000

12,000

400

20,000

June 26

July 10

July 12

Sales returns and allowances


Accounts receivable
Cash

1,000
1,000

11,000
Accounts receivable
No cash discount was available
but the $1,000 return on
June 26 reduced the amount
due

11,000

Sales returns and allowances


Cash
Cash discounts on sales
The amount actually paid on
June 18 was $98, not $100.
Accordingly, this entry adjusts
the cash discount account
for the $2 related to the gross
sale of $100 now returned

100
98
2

5-44

1.

Cash
Accounts receivable 600,000
Sales
To record sales

400,000
1,000,000

Cash

530,000

Accounts receivable
To record collections

530,000

Bad debt expense


12,000
Allowance for bad debts
To record bad debt expense

12,000

Allowance for bad debts


Accounts receivable
To record write-offs

11,000
11,000

2.

December 31
19X8
Accounts receivable
Allowance for bad debts
Book value

19X7

$104,000*
5,000**
$ 99,000

$45,000
4,000
$41,000

* $45,000 + $600,000 $530,000 11,000


** $4,000 + $12,000 $11,000

3.

The central question is whether the current balance of Allowance for Bad Debts is adequate. While receivables rose
sharply, the allowance barely changed. What is the collectibility of the $104,000 gross balance of receivables?
What is the composition of the receivables? Many new customers? How old are the balances in relation to the ages
in previous years?

6-32
1.

Invoice price
Add: Freight-in
Deduct: Purchase allowance
Deduct: Cash discount
Total cost of steel acquired

$160,000
12,000
(15,000)
(2,900)*
$153,100

*2% x ($160,000 $15,000)


2.

Purchases 160,000
Accounts payable

160,000

Freight-in
Accounts payable (or cash)

12,000

Accounts payable
Purchase allowances

15,000

Accounts payable
Cash discounts on purchases
Cash

12,000
15,000

145,000

2,900
142,100

6-48
This problem is very similar to the Summary Problem for Your Review for this chapter. The detailed income
statement is in the accompanying exhibit. Note the classification of operating expenses into a selling category and a
general and administrative category. The list of accounts in the problem contained one item that belongs in a balance sheet
rather than an income statement, the Allowance for Bad Debts (an offset to Accounts Receivable).
The delivery expenses and the bad debts expense are shown under selling expenses. Some accountants prefer to show
the bad debts expense as an offset to gross sales.

6-48

(continued)
MARCHESI KITCHEN SUPPLY COMPANY
Income Statement
For the Year Ended December 31, 19X5
(In Thousands)

Revenues:
Gross sales

$1,085

Deduct: Sales returns and allowances

$ 50

Cash discounts on sales

10

Net sales

60

$1,025

Cost of goods sold:


Inventory, December 31, 19X4
Add purchases

$200
$600

Less: Purchase returns


and allowances
Cash discounts on purchases
Net purchases

$40
15

55

$545
Add Freight in

50

Cost of merchandise acquired

595

Cost of goods available for sale

$795

Deduct: Inventory, December 31, 19X5

325

Cost of goods sold

470

Gross profit from sales

555

Operating expenses:
Selling expenses:
Sales salaries and commissions

$160

Rent expense, selling space

90

Advertising expense

45

Depreciation expense, trucks


and store fixtures

29

Bad debts expense

Delivery expenses

20

Total selling expenses

$352

General and administrative expenses:


Office salaries
Rent expense, office space
Depreciation expense, office equipment
Office supplies used
Miscellaneous expenses
Total general and administrative expenses

60
10
3
6
13
92

Total operating expenses

444

Income before income tax

Income tax expense


Net income

44
$

67

111

13-47
1.

For Comparison
1990
1993
a.
b.
c.

Current ratio = 6,486/3,789 = 1.7 times


Quick ratio = (583 + 161 + 2,504)
3,789 = 0.9 times
Average collection period
=

.9 times

1.0 times

Inventory turnover

62.3 days
=
=

2.

1.9 times

(2,504 + 2,398) x (1 / 2)
14,236
x 365 = 62.8 days

d.

1.7 times

8,099 / [(2,264 + 2,206)


x (1/2)]
3.6 times

67.2 days

3.4 times

3.5 times

3M's liquidity is below the average of the industry for all four ratios, although the current and quick
ratios are near the industry averages. The current and quick ratios have declined since 1993, while the
average collection period and inventory turnover have improved.

13-48
1.

For Comparison
1990
1993
a.

b.

2.

Total debt to total assets

Total debt to total equity

=
=
=

(13,364 6,284)/13,364
53.0%

(13,364 6,284)/6,284
=
112.7%

44.9%

50.1%

81.3%

114.8

3M's solvency ratios are slightly better than the industry averages. If students are given the 1990 and 1993
values for comparison, it is clear that the solvency has declined since 1990, even though it has stayed
better than industry averages.

13-49
1.

a.

b.

c.

d.

1990

For Comparison
1993

Return on stockholders' equity


= 1,526/[(6,284 + 6,884) x (1/2)] = 23.2%

22.8%

20.0%

Gross profit rate


= (14,236 8,099)/14,236 = 43.1%

41.2%

40.4%

Return on sales
= 1,526/14,236 = 10.7%

10.0%

8.8%

Asset turnover

= 14,236/[(13,364 + 14,183) x (1/2)]


= 1.0 times
e.

f.

2.

1.3 times

1.2 times

Pretax return on assets


= 2,479/[(13,364 + 14,183) x (1/2)] = 18.0%

20.5%

16.8%

Earnings per share


= 1,526/418.2 = $3.65

$2.96

$3.13

3M's profitability measures are excellent, especially the return on stockholders' equity of 23.2% compared
with the industry average of 12%. 3M's asset turnover is below the industry average, but this is more than
offset by a return on sales that is more than triple the industry average. A primary reason for the high
return is the excellent gross profit rate.
Note that a comparison of 3M's earnings per share to the industry average is meaningless. Why? Because a
share represents a different proportional interest in each company.

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