中级会计5 西南财经大学天府学院Word下载.docx
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中级会计5 西南财经大学天府学院Word下载.docx
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Exercise5-3
Requirement1
Costoflandandbuilding:
Purchaseprice$4,000,000
Titlesearchandinsurance16,000
Legalfees5,000
Statetransferfees4,000
Totalcost$4,025,000
Thepro-ratedpropertytaxesfortheperiodafteracquisitionarenotincludedintheinitialvaluationofthelandandbuilding.Theyarerecordedinsteadasprepaidtaxesandexpensedovertherelatedperiod.
Thetotalisallocatedtothelandandbuildingbasedontheirrelativefairvalues:
Asset
FairValue
PercentofTotalFairValue
Initial
Valuation
(Percentx
$4,025,000)
Land
$3,300,000
75%
$3,018,750
Building
1,100,000
25
1,006,250
$4,400,000
100%
$4,025,000
Assets:
Land$3,018,750
Building1,006,250
Landimprovements:
Parkinglot82,000
Landscaping40,000
Exercise5-3(concluded)
Requirement2
Costofland:
Purchaseprice$4,000,000
Statetransferfees4,000
Demolitionofoldbuilding$250,000
Saleofmaterials(6,000)244,000
Clearingandgradingcosts86,000
Totalcostofland$4,355,000
Landimprovements:
Parkinglot82,000
Landscaping40,000
Exercise5-4
Costofcoppermine:
Miningsite$1,000,000
Developmentcosts600,000
Restorationcosts303,939†
$1,903,939
†$300,000x25%=$75,000
400,000x40%=160,000
600,000x35%=210,000
$445,000x.68301*=$303,939
*Presentvalueof$1,n=4,i=10%(fromTable2)
Requirement2
Coppermine(determinedabove)1,903,939
Cash($1,000,000+600,000)1,600,000
Assetretirementliability(determinedabove)303,939
Equipment(cost)120,000
Cash120,000
Exercise5-5
Organizationcostexpense($12,000+3,000)15,000
Patent($20,000+2,000)22,000
Pre-openingexpenses40,000
Furniture30,000
Cash107,000
Exercise5-6
Calculationofgoodwill:
Considerationexchanged$17,000,000
Lessfairvalueofnetassets:
Assets$23,000,000
Liabilitiesassumed(9,500,000)(13,500,000)
Goodwill$3,500,000
Exercise5-7
Considerationexchanged$11,000,000
Bookvalueofnetassets$7,800,000
Plus:
Fairvalueinexcessofbookvalue:
Property,plant,andequipment1,400,000
Intangibleassets1,000,000
Bookvalueinexcessoffairvalue:
Receivables(200,000)10,000,000
Goodwill$1,000,000
Exercise5-8
$900,000)
Land
$300,000
30%
$270,000
BuildingA
450,000
45
405,000
BuildingB
250,000
225,000
$1,000,000
$900,000
Exercise5-9
Tractor($5,000cash+18,783†presentvalueofnote)23,783
Discountonnotepayable(difference)6,217
Cash5,000
Notepayable(faceamount)25,000
†Presentvalueofnotepayment:
PV=$25,000(.75131
)=$18,783
Presentvalueof$1:
n=3,i=10%(fromTable2)
2011:
Interestexpense($18,783x10%)=$1,878
2012:
Interestexpense[($18,783+1,878)x10%]=2,066
Requirement3
2011:
$25,000–($6,217–1,878)=$20,661
2012:
$25,000–($6,217–1,878–2,066)=22,727
Exercise5-10
Land:
Purchaseprice$1,200,000
Demolitionandremovalofoldbuilding80,000
Clearingandgrading150,000
Closingcosts42,000
Totalcostofland$1,472,000
Building:
Architect’sfees$50,000
Constructioncosts3,250,000
Totalcostofbuilding$3,300,000
Machinery:
Purchaseprice$860,000
Freightcharges32,000
Specialplatformsandwireinstallation12,000
Costoftrialruns7,000
Totalcostofmachinery$911,000
Landscaping$45,000
Sprinklersystem5,000
Forklifts:
PV=$16,000+70,000(.93458
)=$81,421
n=1,i=7%(fromTable2)
Prepaidinsurance:
$24,000
Exercise5-11
Torecordtheacquisitionoflandinexchangeforcommonstock.
February1,2011
Land90,000
Commonstock(5,000sharesx$18)90,000
Torecordtheacquisitionofabuildingthroughpurchaseanddonation.
November2,2011
Building600,000
Cash400,000
Revenue-donationofasset(difference)200,000
Exercise5-12
($inmillions)
AveragePP&
Efor2009=($4,043+4,151)÷
2=$4,097
Netsales÷
AveragePP&
E=Fixed-assetturnoverratio
$36,117÷
$4,097=8.82
Thefixed-assetturnoverratioindicatesthelevelofsalesgeneratedbythecompany’sinvestmentinfixedassets.Ciscoisabletogenerate$8.82insalesforevery$1investedinproperty,plant,andequipment.
Exercise5-13
Cash3,000
Accumulateddepreciation-tractor(accountbalance)26,000
Lossonsaleoftractor(difference)1,000
Tractor(accountbalance)30,000
Cash10,000
Gainonsaleoftractor(difference)6,000
Exercise5-14
Equipment-new($200,000+60,000)260,000
Accumulateddepreciation(accountbalance)220,000
Cash60,000
Equipment-old(accountbalance)400,000
Gain($200,000-180,000)20,000
Exercise5-15
Equipment-new($170,000+60,000)230,000
Loss($180,000-170,000)10,000
Exercise5-16
Fairvalueofland+Cashgiven=Fairvalueofequipment
$150,000+10,000=$160,000
Equipment($150,000+10,000)160,000
Cash10,000
Land(bookvalue)120,000
Gain($150,000-120,000)30,000
Exercise5-17
Fairvalueofland-Cashreceived=Fairvalueofequipment
$150,000-10,000=$140,000
Equipment($150,000-10,000)140,000
Exercise5-18
Fairvalueofoldland+Cashgiven=Fairvalueofnewland
$72,000+14,000=$86,000
Land–new($72,000+14,000)86,000
Cash14,000
Land-old(bookvalue)30,000
Gain($72,000–30,000)42,000
Land–new($30,000+14,000)44,000
Exercise5-19
1.Torecordthepurchaseofequipmentonaccount.
Equipment($25,000x98%)24,500
Accountspayable24,500
2.Torecordtheacquisitionofequipmentinexchangeforanote.
Equipment(determinedbelow)24,545
Discountonnotepayable(difference)2,455
Notepayable(faceamount)27,000
PV=$27,000(.90909
)=$24,545
n=1,i=10%(fromTable2)
3.Torecordtheexchangeofoldequipmentfornewequipment.
Equipment-new($2,500+22,000)24,500
Loss($6,000-2,500)3,500
Accumulateddepreciation8,000
Cash22,000
Equipment-old14,000
4.Torecordtheacquisitionofequipmentbytheissuanceofstock.
Equipment24,000
Commonstock24,000
Exercise5-20
TheCodificationtopicnumberfornonmonetarytransactionsisFASBASC845:
“NonmonetaryTransactions.”
ThespecificcitationsthatdescribetherequireddisclosuresfornonmonetarytransactionsareFASBASC845–10–50–1to2:
“NonmonetaryTransactions–Overall–Disclosure.”
Disclosureofaccountingpoliciesshallidentifyanddescribetheaccountingprinciplesfollowedbytheentityandthemethodsofapplyingthoseprinciplesthatmateriallyaffectthedeterminationoffinancialposition,cashflows,orresultsofoperations.Ingeneral,thedisclosureshallencompassimportantjudgmentsastoappropriatenessofprinciplesrelatingtorecognitionofrevenueandallocationofassetcoststocurrentandfutureperiods;
inparticular,itshallencompassthoseaccountingprinciplesandmethodsthatinvolveanyofthefollowing:
a.Aselectionfromexistingacceptablealternatives
b.Principlesandmethodspeculiartotheindustryinwhichtheentityoperates,evenifsuchprinciplesandmethodsarepredominantlyfollowedinthatindustry
c.UnusualorinnovativeapplicationsofGAAP.
c.Unusualorinnovativeapplicationsof
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