V-E S2233- Final-TEST- Accounting- Principle-3-Students - Tài liệu tham khảo | Đại học Hoa Sen

Case 1
On July 1, 2022, Apache Company (the seller) transferred a parcel of undeveloped land to a
construction company (the buyer) for a selling price agreed between both parties of $3,000,000.
The book value of the land on Apache’s books was $1,200,000. Terms of the sale required a
down payment of $150,000 and 19 annual payments of $150,000 plus interest at an appropriate
interest rate due on each July 1 beginning in 2023. Apache has no significant obligations to
perform services after the sale.
Required: How much gross profit will Apache recognize in both 2022 and 2023 assuming
Apache recognizes revenue at the point of delivery? Case 2
AuctionCo.com sells used products collected from different suppliers. Products are shipped to
the customer by the original owners. Assume a customer ordered a used bicycle through AuctionCo.com for $30. Required:
1. Assume AuctionCo.com purchases this used bicycle for $20 from a supplier and takes control
before the sale. Under this assumption, how much revenue would the company recognize?
Explain your revenue recognition.
2. Assume AuctionCo.com does not take control of this used bicycle before the sale.
AuctionCo.com receives $30 from the customer and pays $20 to the supplier. Under this
assumption, how much revenue would the company recognize? Explain your revenue recognition.
II. COSTING AND DEPRECIATION
Shubert Corporation imported equipment on October 1, 2019, for a purchase price of $450,000,
import duty of $45,000, insurance during transit of $3,000, and installation and testing of
$2,000. The equipment is estimated to have a five-year life with a residual value of $50,000.
Required: Determine the cost of equipment and complete the below table of depreciation from
2019 to 2024 using the straight-line method. Depreciable Depreciation Depreciation Accumulated Year Book value amount Rate Expenses Depreciation 2019 2020 2021 2022 2023 2024 III. ACCOUNTING CYCLES
Hoang Phat Trading & Service Co. Ltd., established in 2019, specializes in trading product X in
nutritional food. The company uses a perpetual inventory system, first-in-first-out (FIFO), and straight-line depreciation.
Beginning balance of accounts in Jan 1, 2023 are listed as follow Trang 1/5 Accounts Amount (VND) Cash 5.693.363.362 Retained Earnings 252.160.116 Salaries Payables 312.417.546 Supplies 345.723.100 Notes payable 2.200.000.000 Accounts receivable X Accounts payable 675.300.000 Equipment 4.894.263.600 Merchandise inventories 791.530.000
Units: 10.000 product X; unit price: 79.153VNĐ Owner’s Capital 8.000.000.000 Accumulated Depreciation 843.959.400
The following are transactions incurred in January 2023.
1. On January 1, signed a note payable of VND 1,201,000.000 with 6 months period, the
interest rate of 12%/year to invest in the bussiness. The enterprise has received cash from the bank.
2. On January 5, paid 100% cash to purchase 5.000 units of product X, purchase price 80.000VND/unit.
3. On January 7, collected cash from the customer for the beginning A/R, VND 245.200.000.
4. On January 7, paid cash to rent a conference hall for a customer event of VND20,000,000.
5. On January 10, issued 12.000 units of product X to sell to client A at 140.000 VND per unit
and received 100% cash for this sale.
6. On January 12, paid cash to the supplier for the beginning A/P, VND 452.430.000.
7. On January 15, purchased on account 9.000 units of product X, purchase price 80.500VND/unit.
8. On January 18, the owner invested in the business VND 300.000.000 cash.
9. On January 20, paid cash for utility expenses (electronic, water, telephone) at the
administration division of VND107.812.000.
10. On January 25, issued 5.000 units of product X to sell to client B at 150.000 VND per unit.
Client B paid 60% in cash and 40% on credit.
11. On January 28, the company was considering signing a sale contract to sell merchandise to
client C according to the delivery method to the warehouse’s C company.
12. On January 31, accrued the salary expenses payable to the employees at the end of the month
for the selling division of VND 75.483.000 and the administration division of VND 128.540.000.
13. On January 31, accrued depreciation expense at the selling division of VND 55.000.000 and
the administration division of VND 140.000.000. Ngày 31/1, khấu khao TSCĐ tại bộ phận
bán hàng là 55.000.000đ và bộ phận quản lý doanh nghiệp là 140.000.000đ
14. On January 31, paid cash for loan interest according to transaction on January 1. The interest
paid monthly. Ngày 31/1 chi tiền trả lãi vay ngân hàng theo giao dịch ngày 01/01. Lãi trả định kỳ hàng tháng. Trang 2/5
15. On January 31, paid VND 12.000.000 for online advertising on the VN Express website.
Ngày 31/1, chi trả tiền quảng cáo trực tuyến trên trang VN Express, số tiền 12.000.000đ.
16. Determine the profit after tax. Assume that a corporate income tax rate is 20%. Cuối tháng,
xác định lợi nhuận sau thuế thu nhập doanh nghiệp. Biết thuế suất thuế TNDN là 20%. Yêu cầu:
a) Using the accounting equation, calculate the Account Receivable (X) on January 1, 2023.
b) Record the transactions to the General Journal and transfer the data to the T accounts.
c) Prepare Income Statement for the month ended January 31, 2023.
d) Prepare the Balance Sheet (Statement of Financial Position) as of January 31, 2023.
e) Note: Students use the forms below. INCOME STATEMENT SỐ CHỈ TIÊU TIỀN
Tổng doanh thu (Total Revenue):
Doanh thu bán hàng &cung cấp dịch vụ (Revenues)
Tổng Chi phí (Total Expenses):
Giá vốn hàng bán (Cost of goods sold)
Chi phí thuê hội trường hội nghị khách hàng (Rent expense)
Chi phí lương bán hàng (Selling Salaries Expense)
Chi phí lương quản lý doanh nghiệp
(Administrator Salaries Expense)
Chi phí khấu hao bộ phận bán hàng (Depreciation expense – Selling)
Chi phí khấu hao bộ phận quản lý DN (Depreciation expense – General and Administration)
Chi phí quảng cáo (Advertising expense)
Chi phí lãi vay (Interest expense)
Tổng lợi nhuận trước thuế thu nhập doanh nghiệp (Profit before Tax)
Chi phí thuế thu nhập doanh nghiệp (Coporate Income Tax charge)
Tổng lợi nhuận sau thuế thu nhập doanh nghiệp (Profit after Tax)
BẢNG CÂN ĐỐI KẾ TOÁN (BALANCE SHEET) NGÀY 31/01/2023 SỐ ĐẦU SỐ CUỐI THÁNG THÁNG BEGINNING ENDING BALANCE BALANCE TÀI SẢN (ASSETS) Trang 3/5
TỔNG TÀI SẢN (TOTAL ASSETS)
NGUỒN VỐN (LIABILITIES AND OWNER EQUITY)
NỢ PHẢI TRẢ (LIABILITIES)
VỐN CHỦ SỞ HỮU (OWNER EQUITY)
TỔNG NGUỒN VỐN (TOTAL LIABILITIES AND OWNER EQUITY)
IV. LEARNING OUTCOME (10 ĐIỂM)
Summarize outcomes you achieve from the course of accounting principles.
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