Suggeted Review Problems 初级会计期末复习模拟题库Word文件下载.docx
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Suggeted Review Problems 初级会计期末复习模拟题库Word文件下载.docx
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DR:
Cash$20,000
UnearnedRevenue$20,000
3.TommyTrojansellsfootballequipment.USCagreestopurchase$8,000worthofequipmentfromTommyTrojan.Accordingly,TommyTrojandeliverstheequipmenttoUSC,whichUSCagreestopayatalaterdate.WhatshouldthejournalentrybeonTommyTrojan’sbookstorecordthedeliveryofgoods?
AccountsReceivable8,000
SalesRevenue8,000
UnearnedRevenue8,000
Cash8,000
D.Noentry
4.WagesearnedbytheemployeesofClock&
Co.,unpaidandunrecordedasoftheyear-endamountto$7,200.Whatisthecorrespondingadjustingjournalentrytoaccountforthisatyear-end?
D.DR:
WagesExpense$7,200
Cash$7,200
E.DR:
WagesPayable$7,200
WagesExpense$7,200
F.DR:
WagesPayable$7,200
D.Noentrybecausewageshavenotbeenpaidyet
5.Clock&
Co.hasathree-yearinsurancepremiumwhichamountsto$3,600.ThefullbalanceispaidincashanddebitedinfulltoprepaidinsuranceonJuly,1,2011.TheinsurancecontractbeginscoverageonJuly1,2011andcontinuesforthefollowingthreeyearsuntilJune30,2014.OnDecember31,2011,whatshouldbetheadjustingjournalentry?
InsuranceExpense600
PrepaidInsurance600
InsuranceExpense1,200
PrepaidInsurance1,200
InsuranceExpense600
6.AfirmhadthefollowingtransactionsforthemonthofOctober2015:
•Received$40,000forservicestobeprovidedevenlyovertheperiodOctober1,2015toJanuary31,2016.
•Paid$13,500incashexpensesforOctober2015.
•Received$13,800fromcustomersforservicesprovidedonaccountinSeptember2015.
•Collected$30,000incashforservicesprovidedinOctober2015.
•Billedcustomers$102,000forservicesprovidedonaccountduringOctober2015.
Basedonthesetransactions,howmuchaccrualbasisrevenuedidthefirmearnduringthemonthofOctober2015?
A.$155,800
B.$142,000=(40000/4)+30,000+102,000
C.$185,800
D.$128,500
7.OnSeptember30,2015,ABCInc.borrowed$200,000.Thetermoftheloanisfor2yearswithanannualinterestrateof5%.ThefirstinterestpaymentisonMarch31,2016.Theprincipleisdueattheendoftwoyears.WhatamountshouldbereportedforinterestexpenseontheincomestatementdatedDecember31,2015?
A.$5,000
B.$2,500=$200,000x0.05x(3/12)
C.$10,000
D.Noentrybecausenopaymentwasmade
8.USCpharmacyhad$375,000creditsalesduringthefiscalyear2015.Itsubsequentlycollected$245,000fromcustomerswhoboughtoncredit.During2015,USCpharmacyrecognized24,000ofaccountsreceivableasuncollectable.Atthebeginningof2015,USCpharmacyhadthefollowingbalances:
AccountsReceivables-$36,000
AllowanceforDoubtfulAccounts–$16,000
AssumethatUSCpharmacyestimatedthat5%ofitscreditsalesin2015willbeuncollectible.
a)WhatisthebalanceofthecarryingvalueofARattheendof2015(netAR)?
131,250
b)Whatisthebaddebtexpensefor2015?
18,750
9.USCIceCreamhad$540,000creditsalesinthefiscalyear2015.During2015,USCIceCreamrecognized45,000ofaccountsreceivableasuncollectable.Atthebeginningof2015,USCIceCreamhadthebalancesoftheAllowanceforDoubtfulAccountsof8,000.
USCIceCreamhasthefollowingagingschedulebytheendof2015:
AgeofAccountsBalanceReceivable%Uncollectible
0-30days$150,0002%
31-120days$100,0008%
Over120days$80,00020%
Whatisthebaddebtexpensefor2015?
64,000
10.
Revenues:
AccountsReceivable(A)1,891,4661,775,2741,687,380
Revenue(R)1,891,4661,775,2741,687,380
Provisionforuncollectible
BadDebtExpense(E)1,0843,1522,555
Allowanceforuncoll.Acc.(XA)1,0843,1522,555
Write-OffofUncollectible
Allowanceforuncoll.Acc.(XA)6,4718208,055
AccountsReceivable(A)6,4718208,055
CashCollections
Cash(A)1,723,3381,761,5841,606,456
AccountsReceivable(A)1,723,3381,761,5841,606,456
11.BestBuybeganthemonthofSeptember2012with175Beatlesplaystationsonhandatacostof$34.00each.OnSeptember15BestBuypurchased315Beatlesplaystationsat$38eachandonSeptember24BestBuypurchased180Beatlesplaystationsat$42each.BestBuysold420BeatlesplaystationsonSeptember30.Theseplaystationssellfor$52.00each.
Computeendinginventorybalanceandthecostofgoodssold(COGS)forthemonthofSeptemberusingLIFOcostflowassumption.
Goodsavailableforsale:
175+315+180=670
Unitssold:
420
Unitsremaining:
670-420=250
LIFOimpliesthatnewestunitsaresoldfirstandoldestremain.Thebeginninginventorybalancewas175units;
thefirstpurchasewas315units.
Thusinventorybalanceintheendofthemonthis175*34+75*38=8,800
75=(250-175)
COGS=180*42+240*38=16,680
240=(420-180)
12.
13.AssumethatUSCpharmacyisusingaStraightLinedeprecationmethodfortheequipmentitpurchasedonJuly1st,2015(seeQuestion2).Thesalvagevalueoftheequipmentis$10,000andtheexpectedusefullifeis15years.WhatisthejournalentryUSCpharmacymadetorecorddepreciationexpensein2015withrespecttothisequipment?
AccounttitleDebitCredit
DepreciationExpense8,000
AccumulateDepreciation8,000
DepExpense=(250,000-10,000)/15*0.5(for6monthsin2015)
14.AssumethatonJanuary,1st,2016USCpharmacydecidedtoimpairtheequipmentitpurchasedonJuly1st,2015.Theimpairmentvalueis$34,000.WhatisthejournalentryUSCpharmacymadetorecordtheimpairment?
ImpairmentExpense34,000
AccumulateDepreciation(orEquipment)34,000
15.AssumethatUSCpharmacypurchasedadditionalequipmentonJanuary1st2015.Thevalueoftheequipmentis$156,000,salvagevalueis$16,000,anditsusefullifeis8years.ForthisequipmentUSCpharmacyusesdoubledecliningbalancemethod.WhatisthejournalentryUSCpharmacymadetorecorddepreciationexpensein2015withrespecttothisequipment?
DepreciationExpense39,000
AccumulateDepreciation39,000
DepExpense=156,000/8*2
Toanswerquestions16-19,pleaseusethefollowinginformationregardingUSCpharmacy:
Thebookvalueoftheproperty,plantandequipmentbytheendofthefiscalyear2015(grossPP&
E)is$810,000.
Thevalueofaccumulateddepreciationbytheendofthefiscalyear2015is$208,000.
Thebookvalueoftheproperty,plantandequipmentbytheendofthefiscalyear2014(grossPP&
E)is$710,000.
Thevalueofaccumulateddepreciationbytheendofthefiscalyear2014is$190,000.
Duringthefiscalyear2015,USCpharmacy:
a.PurchasednewPP&
Eattheamountof$160,000.
b.RecordedanimpairmentofPP&
Efor$15,000(thefirmusestheaccumulateddepreciationaccounttorecordimpairments).
c.Recordeddepreciationexpenseof$16,000.
d.Soldanequipmentfor$36,000.
16.Whatisthebookvalue(gross)oftheequipmentsoldduringtheyear?
P&
E
BB710,000
Acquisitions160,000
60,000Sale
EB810,000
17.Whatistheaccumulateddepreciationrelatedtotheequipmentsoldduringtheyear?
AccumulatedDepreciation
BB190,000
Depreciation16,000
Impairment15,000
Sale13,000
EB208,000
18.DidUSCpharmacyrecognizegainorlossonthesaleofequipment?
Whatistheamountoflossorgain?
Netbookvalueoftheequipmentsold=60,000–13,000=47,000
Saleprice=36,000.
Lossonthesale=47,000-36,000=11,000
19.WhatisthejournalentryUSCpharmacymadetorecordthesaleoftheequipment?
Cash36,000
Accumulateddepreciation13,000
Loss11,000
E60,000
20.
21.Whatisthecorrectestimationofthecouponpaymentforabond?
A.FaceValuexMarketRateofInterest
B.FaceValuexCouponRate
C.BookValuexCouponRate
D.BookValuexMarketRateofInterest
22.Whatisthecorrectestimationoftheinterestexpenseforabond?
Toanswerquestions23-25,pleaseusethefollowinginformationregardingthebondissuancebyUSCpharmacy:
OnJanuary2,2015,USCpharmacyissueda5-yearbondwithaparvalueof$920,000.ThebondpaysinterestsemiannuallyonJune30thandDecember31st;
theannualcouponrateis9percent.Thebondwaspricedtoyield12percentcompoundedsemiannually(i.e.,thisisthemarketinterestrateonthedateofabond’sissuance).
23.Computetheissuepriceofthebond.Wasthebondissuedatpremiumordiscount?
Numberofcouponpayments=10(2x5years)
Mark
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