Homework 2 & 3

Problem Statement — Terrific Lawn Maintenance (April 2007) On April 1, 2007, three college students incorporated Terrific Lawn Maintenance Corporation (TLM). All beginning account balances are zero. During April, the following events occurred; record month-end adjustments on April 30. Prepare, in order: (1) general journal, (2) T-accounts (unadjusted), (3) adjusting entries, (4) Income Statement (April 2007), (5) Statement of Retained Earnings, (6) Classified Balance Sheet (Apr. 30, 2007), (7) Statement of Cash Flows (direct method; disclose noncash investing/financing). Ignore income taxes and dividends.

Transactions (a) Issued 1,500 shares of common stock for $9,000cash\ast \ast .(b)Purchasedhandtools(equipment)fromahardwarestore;\ast \ast list$690, actual $600\ast \ast (\ast \ast recordathistoricalcost\ast \ast ).Paid\ast \ast$200 cash and signed a three-month short-term note payable for $400\ast \ast .(c)Ordered\ast \ast 3lawnmowers\ast \ast and\ast \ast 2edgers\ast \ast fromXYZLawnSupplyfor\ast \ast$4,000; no goods received and no cash paid in April. (d) Purchased 4 acres of land for a future storage site, paying $5,000cash\ast \ast .(e)Receivedtheequipmentorderedin(c)andsigneda\ast \ast 30-day,non-interest-bearingshort-termnotepayablefor$4,000. (f) Sold 1 acre of land to the city for $1,250\ast \ast andaccepteda\ast \ast non-interest-bearingshort-termnotereceivablefor$1,250, due at month-end. (g) One owner borrowed $3,000 from a bank for personal use; not a company transaction (separate-entity assumption).

Month-End Adjusting Data (Apr. 30, 2007)

1. Depreciation policy: straight-line, full month in month of acquisition, no residual value.  • Tools from (b): cost 600**, **3 years (36 months)**.  • Mowers & edgers from (e): cost **4,000, 5 years (60 months).
2. The $400 note in (b) is interest-bearing at 12% annual rate; accrue one month of interest.
3. Accrue wages payable $300 at month-end.
4. Accrue utilities expense $90 incurred in April; bill received in May.
5. The 30-day note payable in (e) and the note receivable in (f) are non-interest-bearing and remain unpaid at April 30.

Required Deliverables • Journalize (a)–(g) chronologically; justify why (c) and (g) are/aren’t recordable. • Post T-accounts (unadjusted): Cash, Short-Term Notes Receivable, Equipment, Land, Short-Term Notes Payable, Contributed Capital (add as needed). • Prepare AJEs and post to: Accumulated Depreciation—Equipment, Interest Payable, Wages Payable, Utilities Payable, and related expenses. • Prepare the Income Statement (April 2007) and Statement of Retained Earnings (April 2007) (beginning RE = 0). • Prepare the Classified Balance Sheet (Apr. 30, 2007) (current vs. noncurrent). • Prepare the Statement of Cash Flows (direct method) and disclose noncash investing/financing outside the cash sections.

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题干——草坪维护公司（2007 年 4 月） 2007 年 4 月 1 日，三位大学生成立 Terrific Lawn Maintenance Corporation（TLM），各账户期初余额为 0。4 月内发生事项如下，并在 4 月 30 日 进行月末调整。请按顺序编制：①日记账，②T 型账户（未调整），③调整分录，④收益表（2007 年 4 月），⑤留存收益表，⑥分类资产负债表（2007/4/30），⑦现金流量表（直接法；披露非现金的投资与筹资活动）。忽略所得税与股利。

本月交易

• (a) 发行 1,500 股普通股，收到 $9,000 现金。
• (b) 从五金店购入手工工具（设备），标价 $690\ast \ast ，实际成交\ast \ast$600（按历史成本入账）；当场支付现金 $200\ast \ast ，余额\ast \ast$400 签三个月短期应付票据。
• (c) 向 XYZ 订购 3 台割草机和 2 台修边机，合计 $4,000；当期未收货、未付款。
• (d) 购入 4 英亩土地（未来仓库用地），以现金 $5,000支付。
• (e) 收到 (c) 订购的设备，并签30 天、不计息的短期应付票据 $4,000。
• (f) 将 1 英亩土地以 $1,250\ast \ast 售予市政府，取得\ast \ast 月底兑付、不计息的短期应收票据$1,250。
• (g) 一位股东为个人用途向银行借入 $3,000；非公司交易（主体分离）。

月末调整资料（2007/4/30） 1）折旧政策：直线法、购置当月计整月折旧、无残值。  - (b) 工具：成本 $600\ast \ast ，\ast \ast 使用年限3年（36月）\ast \ast ；-(e)机具：成本\ast \ast$4,000，使用年限 5 年（60 月）。 2）(b) 中 $400\ast \ast 票据为\ast \ast 年利率123）月末应计\ast \ast 工资$300。 4）4 月发生、5 月收到账单的水电费 $90。 5）(e) 的 30 天应付票据与 (f) 的应收票据均不计息，至 4 月 30 日仍未到期/未兑付。

提交要求

• 按时间顺序为 (a)–(g) 编制日记账，并说明 (c)、(g) 是否入账及理由。
• 过入T 型账户（未调整）：Cash、Short-Term Notes Receivable、Equipment、Land、Short-Term Notes Payable、Contributed Capital（必要时增设）。
• 根据调整资料编制 调整分录（AJEs），并过入 Accumulated Depreciation—Equipment、Interest Payable、Wages Payable、Utilities Payable 及相关费用科目。
• 编制 收益表（2007 年 4 月） 与 留存收益表（2007 年 4 月）（期初留存收益 = 0）。
• 编制 分类资产负债表（2007/4/30）（区分流动/非流动）。
• 编制 现金流量表（直接法）；将非现金的投资/筹资（如以票据换设备、以票据收款卖地）以文字披露，不计入现金流分部。

📖 点击查看答案

Assets	Liabilities	Equity
+3,800.00 Cash	+4,400.00 Short-term notes payable	+9,000.00 Contributed capital
+1,250.00 Short-term notes receivable	+4.00 Interest payable	−477.34 Retained earnings
+4,600.00 Equipment (cost)	+300.00 Wages payable
−83.34 Accumulated depreciation—Equipment	+90.00 Utilities payable
+3,750.00 Land
Net +13,316.66	+4,794.00	+8,522.66

📝 点击查看解析

（按要求：日记账 → T 型账户 → 调整分录 → 收益表 → 留存收益表 → 资产负债表 → 现金流量表）

(1) Journal entries

(a)
Cash (+A)	9,000
Contributed Capital (+SE)		9,000

(b)
Equipment (+A)	600
Cash (−A)		200
Short-term notes payable (+L)		400
Historical cost: record tools at $600(not$690 list).

(c)
Order placed only; no transaction recognized.

(d)
Land (+A)	5,000
Cash (−A)		5,000

(e)
Equipment (+A)	4,000
Short-term notes payable (+L)		4,000

(f)
Short-term notes receivable (+A)	1,250
Land (−A)		1,250

(g)
Owner’s personal bank loan — not a company transaction.

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T-accounts (unadjusted)

Cash (A)

+dr.	−cr.
Beg. Bal. 0
(a) 9,000	(b) 200
	(d) 5,000
End. Bal. 3,800

Short-term notes receivable (A)

+dr.	−cr.
Beg. Bal. 0
(f) 1,250
End. Bal. 1,250

Equipment (A)

+dr.	−cr.
Beg. Bal. 0
(b) 600
(e) 4,000
End. Bal. 4,600

Land (A)

+dr.	−cr.
Beg. Bal. 0
(d) 5,000	(f) 1,250
End. Bal. 3,750

Short-term notes payable (L)

−dr.	+cr.
Beg. Bal. 0
	(b) 400
	(e) 4,000
	End. Bal. 4,400

Contributed capital (SE)

−dr.	+cr.
Beg. Bal. 0
	(a) 9,000
	End. Bal. 9,000

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(A) Month-end adjusting entries (4/30)

编号	内容	计算	借方	借方金额	贷方	贷方金额
A1	Depreciation (SL; full month)	Tools 600/36=16.67；Machines 4,000/60=66.67 → 83.34	Depreciation Expense	83.34	Accumulated Depreciation—Equip.	83.34
A2	Accrue interest on (b) note	400×12%×1/12=4.00	Interest Expense	4.00	Interest Payable	4.00
A3	Accrue wages	—	Wages Expense	300.00	Wages Payable	300.00
A4	Accrue utilities	—	Utilities Expense	90.00	Utilities Payable	90.00

Notes in (e) and (f) are non-interest; AJEs do not affect cash.

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Income Statement — For the Month Ended Apr. 30, 2007 (in dollars)

Revenues	—
Wages (salaries) expense	300.00
Utilities expense	90.00
Depreciation expense	83.34
Interest expense	4.00
Total expenses	477.34
Net loss	(477.34)

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Statement of Retained Earnings — For the Month Ended Apr. 30, 2007

Retained earnings, Apr. 1	0.00
Add (less): Net income (loss)	(477.34)
Less: Dividends	0.00
Retained earnings, Apr. 30	(477.34)

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Balance Sheet — At Apr. 30, 2007 (adjusted; in dollars)

Assets		Liabilities
Current Assets		Current Liabilities
Cash	3,800	Short-term notes payable	4,400
Short-term notes receivable	1,250	Interest payable	4
Total current assets	5,050	Wages payable	300
		Utilities payable	90
Noncurrent Assets		Total current liabilities	4,794
Equipment (cost)	4,600	Stockholders’ Equity
Less: Accumulated depreciation	(83.34)	Contributed capital	9,000
Equipment, net	4,516.66	Retained earnings	(477.34)
Land	3,750	Total equity	8,522.66
Total assets	13,316.66	Total liab. & equity	13,316.66

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Statement of Cash Flows — For the Month Ended Apr. 30, 2007 (direct method)

Operating Activities (none—expenses accrued, no cash paid/received) → 0.00

Investing Activities Purchased land (d) … $(5,000.00)$ Purchased equipment — cash portion (b) … (200.00) Proceeds from land sale (note receivable) .. 0.00 Net cash used in investing … (5,200.00)

Financing Activities Issued common stock (a) … 9,000.00 Net cash provided by financing … 9,000.00

Net increase in cash = 3,800.00 Beginning cash = 0.00 → Ending cash = 3,800.00 (ties to B/S)

Supplemental non-cash investing/financing (disclosure): issued notes $400and$4,000 to acquire equipment; accepted note $1,250 for land sale.