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会计英语练习题

Chapter1

1. The Mill Run Golf & Country Club details the following accounts in its financial statements.

(a) (b)

Accounts payable and accrued liabilities ____ ____

Accounts receivable ____ ____

Property, plant, and equipment ____ ____

Food and beverage operations revenue ____ ____

Golf course operations revenue ____ ____

Inventory ____ ____

Long-term debt ____ ____

Office and general expense ____ ____

Professional fees expense ____ ____

Wages and benefits expense ____ ____

Instructions.

(a)Classify each of the above accounts as an asset (A) , liability(L), stockholders’ equity (SE), revenue

(R), or expense (E) item.

(b)Classify each of the above accounts as a financing activity (F), investing activity (I), or operating

activity (O). If you believe a particular account doesn’t fit in any of these activities, explain why.

2.The following information was taken from the 2004 financial statements of pharmaceutical giant

Merck and Co. All dollar amounts are in millions.

Retained earnings, January 1, 2004 $34,142.0

Materials and production expense 4,959.8

Marketing and administrative expense 7,346.3

Dividends 3,329.1

Sales revenue 22,938.6

Research and development expense 4,010.2

Tax expense 2.161.1

Other revenue 1,352.2

Instructions.

(a)After analyzing the data, prepare an income statement and a retained earnings statement for the year

ending December 31,2004.

(b)Suppose that Merck decided to reduce its research and development expense by 50%. What would be

the short-term implications? What would be the long-term implications? How do you think the stock market would react?

3.Kellogg Company is the world’s leading producer of ready-to-eat cereal and a leading producer of

grain-based convenience foods such as frozen waffles and cereal bars. The following items were taken from its 2004 income statement and balance sheet. All dollars are in millions.

会计英语练习题

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