江西财经大学高级财务会计国际学院题目整合chapter07.docx
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江西财经大学高级财务会计国际学院题目整合chapter07.docx
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江西财经大学高级财务会计国际学院题目整合chapter07
AdvancedAccounting,11e(Beams/Anthony/Bettinghaus/Smith)
Chapter7IntercompanyProfitTransactions-Bonds
MultipleChoiceQuestions
1)Ifthepricepaidbyaparentcompanytoacquirethedebtofasubsidiaryisgreaterthanthebookvalueoftheliability,a________occurs.
A)realizedlossontheretirementofdebtfromtheviewpointofthesubsidiary
B)realizedgainontheretirementofdebtfromtheviewpointofthesubsidiary
C)constructivelossontheretirementofdebtfromtheviewpointoftheconsolidatedentity
D)constructivegainontheretirementofdebtfromtheviewpointoftheconsolidatedentity
Answer:
C
Objective:
LO1
Difficulty:
Easy
2)Ifanaffiliatepurchasesbondsintheopenmarket,thebookvalueoftheintercompanybondliabilityatthetimeofpurchaseis
A)alwaysassignedtotheparentcompanybecauseithascontrol.
B)theparvalueofthebondslesstheunamortizeddiscountorplustheunamortizedpremium.
C)parvalue.
D)theparvalueofthebondsplustheunamortizeddiscountorlesstheunamortizedpremium.
Answer:
B
Objective:
LO1
Difficulty:
Easy
3)Bondsissuedbyacompanyremainontheirbooksasaliability,butareconsideredconstructivelyretiredwhen
A)thecompanyborrowsmoneyfromunaffiliatedentitiestore-purchaseitsownbondsatagain.
B)Thecompanyborrowsmoneyfromanaffiliatetore-purchaseitsownbondsatagain.
C)Thecompany'sparentorsubsidiarypurchasesthebondsfromoutsideentities.
D)Thecompanyborrowsmoneyfromanaffiliatetorepurchaseitsownbondsatagainorataloss.
Answer:
C
Objective:
LO1
Difficulty:
Easy
Usethefollowinginformationtoanswerthequestion(s)below.
PascalianCompanyownsa90%interestinSappCompany.OnJanuary1,2010,Pascalianhad$300,000,6%bondsoutstandingwithanunamortizedpremiumof$9,000.ThebondsmatureonDecember31,2014.Sappacquiredone-thirdofPascalian'sbondsintheopenmarketfor$97,000onJanuary1,2010.Bothcompaniesusestraight-lineamortizationofbonddiscounts/premiums.InterestispaidonDecember31.OnDecember31,2010,thebooksofthetwoaffiliatesheldthefollowingbalances:
Pascalian'sbooks
6%bondspayable$300,000
Premiumonbonds7,200
Interestexpense16,200
Sapp'sbooks
InvestmentinPascalianbonds$97,600
Interestincome6,600
4)ThegainfromthebondpurchasethatappearedontheDecember31,2010consolidatedincomestatementwas
A)$4,320.
B)$4,800.
C)$5,400.
D)$6,000.
Answer:
D
Explanation:
D)
BookvalueofPascalian'sbonds
acquiredbySappequals1/3
times($300,000+$9,000)$103,000
Less:
Costofacquiring
Pascalianbonds(97,000)
Constructivegainonbonds$6,000
Objective:
LO2
Difficulty:
Moderate
5)ConsolidatedInterestExpenseandconsolidatedInterestIncome,respectively,thatappearedontheconsolidatedincomestatementfortheyearendedDecember31,2010was
A)$10,800and$0.
B)$10,800and$6,600.
C)$0and$0.
D)$16,200and$6,600.
Answer:
A
Explanation:
A)Consolidatedinterestexpense=
$16,200×2/3$10,800
Objective:
LO2
Difficulty:
Moderate
6)PrussiaCorporationowns80%thevotingstockofStadCorporation.OnJanuary1,2010,Prussiapaid$391,000cashfor$400,000parofStad's10%$1,000,000parvalueoutstandingbonds,dueonApril1,2015.Stad'sbondshadabookvalueof$1,045,000onJanuary1,2010.Straight-lineamortizationisused.Thegainorlossontheconstructiveretirementof$400,000ofStadbondsonJanuary1,2010wasreportedinthe2010consolidatedincomestatementintheamountof
A)$14,000.
B)$21,600.
C)$23,000.
D)$27,000.
Answer:
D
Objective:
LO2
Difficulty:
Moderate
Usethefollowinginformationtoanswerthequestion(s)below.
PfadtInc.had$600,000parof8%bondspayableoutstandingonJanuary1,2011dueJanuary1,2015withanunamortizeddiscountof$12,000.Senatisa90%-ownedsubsidiaryofPfadt.OnJanuary2,2011,SenatCorporationpurchased$150,000parvalueofPfadt'soutstandingbondsfor$152,000.ThebondshaveinterestpaymentdatesofJanuary1andJuly1.Straight-lineamortizationisused.
7)Withrespecttothebondpurchase,theconsolidatedincomestatementofPfadtCorporationandSubsidiaryfor2011showedagainorlossof
A)$4,500.
B)$5,000.
C)$10,800.
D)$12,000.
Answer:
B
Explanation:
B)[($588,000×0.25)-$152,000]
Objective:
LO2
Difficulty:
Moderate
8)BondInterestReceivablefor2011ofPfadt'sbondsonSenat'sbookswas
A)$5,400.
B)$6,000.
C)$10,800.
D)$12,000.
Answer:
B
Explanation:
B)[$150,000×8%×1/2]
Objective:
LO2
Difficulty:
Moderate
9)BondsPayableappearedintheDecember31,2011consolidatedbalancesheetofPfadtCorporationandSubsidiaryintheamountof
A)$398,925.
B)$441,000.
C)$443,250.
D)$450,000.
Answer:
C
Explanation:
C)[$591,000×75%]
Objective:
LO2
Difficulty:
Moderate
Usethefollowinginformationtoanswerthequestion(s)below.
PlentyCorporationissuedsixthousand,$1,000par,6%bondsonJanuary1,2010,atpar.InterestispaidonJanuary1andJuly1ofeachyear;thebondsmatureonJanuary1,2015.OnJanuary2,2012,ScrawnCorporation,a75%-ownedsubsidiaryofPlenty,purchased3,000ofthebondsontheopenmarketat102.50.Plenty'sseparatenetincomefor2012includedtheannualinterestexpenseforall3,000bonds.Scrawn'sseparatenetincomefor2012was$400,000,whichincludedthebondinterestreceivedonJuly1aswellastheaccrualofbondinterestrevenueearnedonDecember31.Bothcompaniesusestraight-lineamortizationofbonddiscounts/premiums.
10)Whatwastheamountofgainor(loss)fromtheintercompanypurchaseofPlenty'sbondsonJanuary2,2012?
A)$(56,250)
B)$(75,000)
C)$75,000
D)$56,250
Answer:
B
Explanation:
B)
Totalbookvalueacquired=
$6,000,000×50%$3,000,000
Purchaseprice3,000×$1,0253,075,000
Lossonconstructiveretirement$75,000
Objective:
LO2
Difficulty:
Moderate
11)Ifthebondswereoriginallyissuedat106,and80%ofthemwerepurchasedbyScrawnonJanuary2,2013at98,thegainor(loss)fromtheintercompanypurchasewas
A)$(384,000).
B)$(211,200).
C)$211,200.
D)$384,000.
Answer:
C
Explanation:
C)
BookvalueatJanuary2,2013equals
$6,360,000minus$216,000=$6,144,000
Percentageofbondsacquired80%
Equalsbookvalueacquired4,915,200
Purchaseprice4,800bonds×$980=4,704,000
Gainonconstructiveretirement=$211,200
Objective:
LO2
Difficulty:
Moderate
12)Ifthebondswereoriginallyissuedat103,and70%ofthemwerepurchasedonJanuary2,2014at104,theconstructivegainor(loss)onthepurchasewas
A)$(142,800).
B)$(42,000).
C)$42,000.
D)$142,800.
Answer:
A
Explanation:
A)
BookvalueatJanuary2,2014equals
$6,180,000minus$144,000$6,036,000
Percentageofbondsacquired70%
Equalsbookvalueacquired4,225,200
Purchaseprice4,200bonds×$1,0404,368,000
Lossonconstructiveretirement$142,800
Objective:
LO2
Difficulty:
Moderate
13)Usingtheoriginalinformation,theamountofconsolidatedInterestExpensefor2012was
A)$135,000.
B)$180,000.
C)$270,000.
D)$360,000.
Answer:
B
Explanation:
B)($6,000,000-$3,000,000)×6%
Objective:
LO2
Difficulty:
Moderate
14)Usingtheoriginalinformation,thebalancesfortheBondsPayableandBondInterestPayableaccounts,respectively,ontheconsolidatedbalancesheetforDecember31,2013were
A)$3,000,000and$90,000.
B)$3,000,000and$180,000.
C)$6,000,000and$90,000.
D)$6,000,000and$180,000.
Answer:
A
Explanation:
A)Bondspayable$6,000,000minusbondsheldbyScrawnof$3,000,000.InterestaccruedonDecember31,2013willbetheinterestonbondsheldbynon-affiliatesor$3,000,000×6%×1/2year
Objective:
LO2,3
Difficulty:
Moderate
15)Usingtheoriginalinformation,theeliminationentriesontheconsolidationworkingpaperspreparedonDecember31,2012includedatleast
A)debittoBondInterestExpensefor$360,000.
B)credittoBondInterestExpensefor$180,000andadebittoBondInterestPayablefor$90,000.
C)credittoBondInterestReceivablefor$180,000.
D)debittoBondInterestRevenuefor$360,000.
Answer:
B
Objective:
LO2
Difficulty:
Moderate
16)Noconstructivegainorlossarisesfromthepurchaseofanaffiliate'sbondsifthe
A)affiliateisa100%-ownedsubsidiary.
B)bondsarepurchasedatbookvalue.
C)bondsarepurchasedwitharm's-lengthbargainingfromoutsideentities.
D)gainorlosscannotbereasonablyestimated.
Answer:
B
Objective:
LO1
Difficulty:
Easy
17)Thereareseveraltheoriesforallocatingconstructivegainsorlossesbetweenpurchasingandissuingaffiliates.TheAgencyTheory
A)doessobasedontheparvalueofthebondspurchased.
B)assignstheentireconstructivegainorlosstotheparentbasedontheircontrolofthedecisiontopurchasethebonds.
C)assignstheentireconstructivegainorlosstothesubsidiarybasedontheneedtohavethenoncontrollinginterestshareintheretirementofthedebt.
D)assignstheentireconstructivegainorlosstowhichevercompanyissuedthebonds.
Answer:
D
Objective:
LO1
Difficulty:
Easy
18)PickleIncorporatedacquireda$10,000bondoriginallyissuedbyits80%-ownedsubsidiaryonJanuary2,2011.Thebondwasissuedinaprioryearfor$11,250,maturesJanuary1,2016,andpays9%interestatDecember31.Thebond'sbookvalueatJanuary2,2011is$10,625,andPicklepaid$9,500topurchaseit.Straight-lineamortizationisusedbybothcompanies.Howmuchinterestincomeshouldbeeliminatedin2011?
A)$720
B)$800
C)$900
D)$1,000
Answer:
D
Explanation:
D)$9,500-$10,000=discounttoamortizeasinterestexpenseover5years,or$100peryear+$900paidbyissuer.
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