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Accounting for shareholders'equity is greatly influenced by tradition and corporate law.Although the legal aspects of equity must be respected and disclosed，legal requirements need not be the only accounting basis for classifying and reporting the components of equity.The two primary sources from which owners' equity is derived are:(1)contributions by shareholders and(2)income(earnings) by a corporation.These two components should be accounted for and reported by every corporation.The following figure depicts the two major sources of changes in shareholders'equity:changes in shareholders'equity may also occur by conversion of debt into equity and through capital donations to a corporation.In addition，changes within equity are brought about by stock dividends，stock conversions，and recapitalizations.

1.Liabilities are probable future sacrifices of economic benefits arisen from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events.负债是指由于过去的交易或事项所引起的企业的现有债务，它在将来由本企业向另一企业转移资产或提供服务来进行偿还，它将为企业带来未来可能发生的经济损失。该句为简单句，属主系表结构，其表语probable future sacrifices of economic benefits带有一个很长的过去分词短语arisen fromor events作定语，对其进行修饰。

2.In most enterprises，current liabilities are paid within one year out of current assets，rather than through the creation of other liabilities.许多企业宁愿用流动资产来偿还流动负债，而不是通过建立其他的债务。该句为简单句，属主谓状结构。主语为current liabilities，谓语为are paid，状语由介词短语within one year out of current assets来担任。句中的rather than为固定搭配，意为“而不是”，它与后面的部分共同起状语作用。

3.An enterprise that has more current liabilities than current assets is usually the subject of some concern because the enterprise may not be able to meet its current obligations when they become due.如果一家企业的流动负债大于其流动资产，那么它的状况就有些令人担忧，因为当流动债务到期时，这个企业就有可能还不了债。该句为主从复合句，主句中的主语是an enterprise，系动词是is，后面的the subject of some concern为表语，主句中的主语带有一个由关系代词that引导的定语从句，修饰其先行词enterprise。由because引导的句子为原因状语从句，在该原因状语从句中，又含有一个由when引导的时间状语从句。

4.Long-term obligations usually arise from major expenditures，such as acquisitions of fixed assets，the purchase of another enterprise，or refinancing an existing long-term obligation，which is about to mature.长期负债通常是由主要的费用，如购买固定资产、兼并其他企业或对即将到期的长期负债进行再融资所构成的。该句为主从复合句，主句为主谓状结构。由例证连词such as列举了三个并列的成分，说明major expenditures。在句末有一个由关系代词which引导的非限制性定语从句，修饰上文的句意。

5.Many businesses regard long-term liabilities as an alternative to owners' equity as a source of“permanent”financing.许多企业认为长期负债和所有者权益一样，是“永久性”融资的一个来源。该句为简单句，属主谓宾状结构，谓语动词为固定搭配“regardas”。位于句末的as a source of“permanent”financing是介词短语作状语。

6.Liabilities represent the amount of assets that was financed by lending sources，and shareholders'equity represents:(1)the amount that was contributed by the shareholders and(2)the portion that was earned and retained by the enterprise.负债等于企业通过借贷进行融资而取得资产的数量，股东权益等于:(1)股东投入资本;(2)企业留存收益。该句为主从复合句。三个带有定语从句的主从句分别由两个连词and连接起来，形成并列主从复合句。这三个定语从句均由关系代词that引导，且都在从句中担任主语。

7.Owners'or shareholders'interest in a business enterprise is a residual interest in the sense that it ranks after liabilities as a claim to or interest in the assets of an enterprise.一家企业的所有者或股东的利益是一种剩余权益，也就是说，它对企业资产的索取权或利益在负债之后。该句为主从复合句。主句为主系表结构。其中表语含有一个由that引导的同位语从句，解释说明sense的内容;同位语从句中，在it ranks和as a claim to之间插入了一个状语成分after liabilities。

8.Although the legal aspects of equity must be respected and disclosed，legal requirements need not be the only accounting basis for classifying and reporting the components of equity.尽管必须考虑和披露股东权益的法定要求，但是法定要求并不是对股东权益进行分类和报告的唯一会计处理基础。该句为主从复合句。although为从属连词，引导让步状语从句，主句为后面的整个句子。

1.For each of the following，which choice—(A)，(B)，(C)or(D)—should be inserted in the blank to make a correct statement?

(1)Typical liability accounts include_______.

A.accounts payable，bank loan，wages payable，drawings

B.accounts payable，bank overdraft，wages payable，stationary

C.accounts receivable，bank overdraft，wages payable

D.accounts payable，borrowing from the public，bank overdraft，wages payable

(2)After bonds have been issued，their market value can be expected to_______.

A.rise as any premium is amortized

B.fall if interest rates rise

C.fall as any discount is amortized

D.rise if interest rates rise.

(3)Which of the following is not an accurate statement regarding the distinction between debt and equity ?_______.

A.Only equity is considered a source of financing for operations of the business，since debt must be a specified maturity date.

B.If a business ceases operations and liquidates，claims of all creditors have legal priority over claims of the stockholders

C.Most debt requires the borrower to pay interest annually;equity financing does not obligate the company to make a specified annual payment.

D.The providers of equity are owners of the business;the providers of borrowed funds are creditors.

(4)Tiger Company borrowed$20，000 from its bank for a period of six months at an annual interest rate of 12%，all due at maturity date.The interest on this loan is statedseparately.Whichofthefollowingisrecordedatthedateof borrowing ?_______.

(5)The concept of present value is based upon the i dea that_______.

A.money available today is more valuable than a similar amount to be received at a future date

B.money available today is less valuable than a similar amount to be received at a future date

C.the dollar is a stable unit of measure

D.money gains value over time because of inflation

(6)A capital lease is recorded in the accounting records of the leasee by an entry_______.

A.debiting Rent Expense and crediting Cash each time a lease payment is made

B.debiting Cash and crediting Rental Revenue each time a lease payment is received

C.debiting an asset account and crediting a liability account for the present value of the future lease payments

D.debiting an asset account and crediting Sales for the present value of the future lease payments

(7)The following balances refer to Digital Clocks，a sole trader business.

Assets　$80，000　$150，000

Liabilities　$5，000　$8，000

Drawing of$15，000 were paid in 20x4 and additional capital of$40，000 was contributed.The net profit for 20x4 must have been_______.

A.$122，000　B.$42，000　C.$12，000　D.$92，000

(8)Xiamen Enterprise has the following assets and liabilities at 31 December 20x3:

What is the owners'equity?_______

A.$28，000　B.$27，516　C.$29，200　D.$30，472

1.On March 1，Simple Company borrows$40，000 from its bank for a period of six months at an annual interest rate of 10%.Six months later on September 1，Simple Company will have to pay the bank the principal amount of$2，000 interest.As an evidence of this loan，the bank requires Simple Company to issue a note payable.Record the transaction in the general journal.

2.The issuance of 100，000 shares of common stock，par$1，for cash of $1.2 per share.Record the transaction in the general journal.

3.Assume that on December 1，2005，the directors of A corporation declare a 40 cents per share cash dividend on 100，000 shares of$10 par value common stock.The dividend is$40，000(100，000×0.4).Record the transaction in the general journal.

4.At the end of the year，the dividends account is closed to retained earnings.Record the transaction in the general journal.