中级会计习题 comprehensiveexamf.docx
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中级会计习题 comprehensiveexamf.docx
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中级会计习题comprehensiveexamf
COMPREHENSIVEEXAMINATIONF
PART6
(Chapters22-24)
Approximate
ProblemTopicTime
F-IMultipleChoiceQuestions.25min.
F-IIStatementofCashFlows.25min.
F-IIIAccountingChanges,ErrorCorrections,and
PriorPeriodAdjustments.30min.
F-IV*AnalysisofFinancialStatements.25min.
F-VSegmentReporting.15min.
120min.
*ThistopicisdealtwithinanAppendixtothechapter.
ProblemF-I—MultipleChoiceQuestions.
1.Whichofthefollowingtransactionswouldbeconsideredafinancingactivityinpreparingastatementofcashflows?
a.Amortizingadiscountonbondspayable
b.Recordingnetincomefromoperations
c.Sellingcommonstock
d.Purchasinginventory
2.ThenetincomefortheyearendedDecember31,2013,forTaxConsultantsINC.was$920,000.Additionalinformationisasfollows:
Capitalexpenditures$1,200,000
Depreciationonplantassets450,000
Cashdividendspaidoncommonstock180,000
Increaseinnoncurrentdeferredtaxliability45,000
Amortizationofpatents21,000
Basedontheinformationgivenabove,whatshouldbethenetcashprovidedbyoperatingactivitiesinthestatementofcashflowsfortheyearendedDecember31,2013?
a.$1,256,000.
b.$1,346,000.
c.$1,391,000.
d.$1,436,000.
3.InformationconcerningthedebtofColeCompanyisasfollows:
Short-termborrowings:
BalanceatDecember31,2012$525,000
Proceedsfromborrowingsin2013325,000
Paymentsmadein2013(450,000)
BalanceatDecember31,2013$400,000
Currentportionoflong-termdebt:
BalanceatDecember31,2012$1,625,000
Transfersfromcaption"Long-TermDebt"500,000
Paymentsmadein2013(1,225,000)
BalanceatDecember31,2013$900,000
Long-termdebt:
BalanceatDecember31,2012$9,000,000
Proceedsfromborrowingsin20132,250,000
Transferstocaption"CurrentPortionofLong-TermDebt"(500,000)
Paymentsmadein2013(1,500,000)
BalanceatDecember31,2013$9,250,000
InpreparingastatementofcashflowsfortheyearendedDecember31,2013,forColeCompany,cashflowsfromfinancingactivitieswouldreflect
Outflow
a.$2,000,000
b.$2,250,000
c.$2,575,000
d.$3,175,000
ProblemF-I—(cont.)
4.Inconsideringinterimfinancialreporting,howdidtheAccountingPrinciplesBoardconcludethatsuchreportingshouldbeviewed?
a.Asa"special"typeofreportingthatneednotfollowgenerallyacceptedaccountingprinciples.
b.Asusefulonlyifactivityisevenlyspreadthroughouttheyearsothatestimatesareunnecessary.
c.Asreportingforabasicaccountingperiod.
d.Asreportingforanintegralpartofanannualperiod.
5.Whichofthefollowingitemsrepresentsapotentialuseofcash?
a.Patentamortization
b.Saleofplantassetsataloss
c.Netlossfromoperations
d.Declarationofastockdividend
6.WorthingtonCompanypurchasedamachineonJanuary1,2010,for$4,800,000.Atthedateofacquisition,themachinehadanestimatedusefullifeofsixyearswithnosalvage.Themachineisbeingdepreciatedonastraight-linebasis.OnJanuary1,2013,Worthingtondetermined,asaresultofadditionalinformation,thatthemachinehadanestimatedusefullifeofeightyearsfromthedateofacquisitionwithnosalvage.Anaccountingchangewasmadetoreflectthisadditionalinformation.WhatamountofdepreciationexpenseshouldbereportedinWorthington’sincomestatementfortheyearendedDecember31,2013?
a.$800,000
b.$600,000
c.$480,000
d.$300,000
7.OnJanuary7,2011,YoderCorporationacquiredmachineryatacostof$1,500,000.Yoderadoptedthesum-of-the-years’-digitsmethodofdepreciationforthismachineandhadbeenrecordingdepreciationoveranestimatedlifeoffiveyears,withnoresidualvalue.Atthebeginningof2013,adecisionwasmadetochangetothestraight-linemethodofdepreciationforthismachine.Assuminga30%taxrate,thecumulativeeffectofthisaccountingchange,netoftax,is
a.$0
b.$200,000
c.$210,000
d.$300,000
*8.InformationfromCollinsCompany’sbalancesheetisasfollows:
Currentassets:
Cash$12,000,000
Short-terminvestments20,000,000
Accountsreceivable50,000,000
Inventories66,000,000
Prepaidexpenses2,000,000
Totalcurrentassets$150,000,000
ProblemF-I(cont.)
Currentliabilities:
Notespayable$11,000,000
Accountspayable18,000,000
Accruedexpenses13,000,000
Incometaxespayable3,000,000
Currentportionoflong-termdebt5,000,000
Totalcurrentliabilities$50,000,000
Whatistheacid-test(quick)ratio?
a.1:
24to1
b.1.64to1
c.1.68to1
d.3.00to1
*9.Fargo,Inc.disclosedthefollowinginformationasofandfortheyearendedDecember31,2013:
Netcashsales600,000
Netcreditsales900,000
Inventoryatbeginning100,000
Inventoryatend150,000
Netincome30,000
Accountsreceivableatbeginningofyear110,000
Accountsreceivableatendofyear130,000
Fargo’sreceivablesturnoveris
a.6.9to1.
b.7.5to1.
c.12.5to1.
d.13.6to1.
*10.Thecalculationofthenumberoftimesinterestisearnedinvolvesdividing
a.netincomebyannualinterestexpense.
b.netincomeplusincometaxesbyannualinterestexpense.
c.netincomeplusincometaxesandinterestexpensebyannualinterestexpense.
d.noneoftheabove.
ProblemF-II—StatementofCashFlows.
SharpCompany
ComparativeBalanceSheet
December31
20132012
Cash$54,000$36,000
Accountsreceivable,net53,00057,000
Inventory161,000123,000
Land180,000285,000
Building300,000300,000
Accumulateddepreciation(75,000)(60,000)
Equipment1,565,000900,000
Accumulateddepreciation(177,000)(141,000)
$2,061,000$1,500,000
Accountspayable$202,000$150,000
Bondspayable450,000-0-
Capitalstock,$10par1,125,0001,125,000
Retainedearnings284,000225,000
$2,061,000$1,500,000
AdditionalData:
1.Netincomefortheyearamountedto$104,000.
2.Cashdividendswerepaidamountingto4%ofparvalue.
3.Landwassoldfor$120,000.
4.Sharpsoldequipment,whichcost$225,000andhadaccumulateddepreciationof$90,000,for$105,000.
Instructions
Prepareastatementofcashflowsusingtheindirectmethod.
ProblemF-III—AccountingChanges,ErrorCorrections,andPriorPeriodAdjustments.
MolinaCompany’sreportednetincomesfor2013andtheprevioustwoyearsarepresented
below.
201320122011
$105,000$95,000$70,000
2013’snetincomewasproperlydeterminedaftergivingeffecttothefollowingaccountingchanges,errorcorrections,etc.whichtookplaceduringtheyear.Theincomesfor2011and2012donottaketheseitemsintoaccountandarestatedattheamountsdeterminedinthoseyears.Ignoreincometaxes.
Instructions
(a)Foreachofthesixaccountingchanges,errors,orpriorperiodadjustmentsituationsdescribedbelow,preparethejournalentryorentriesMolinaCompanyshouldrecordduring2013.Ifnoentryisrequired,write“none.”
(b)Afterrecordingthesituationinpart(a)above,preparetheyear-endadjustingentryforDecember31,2013.Ifnoentry,write“none.”
1.Earlyin2013,MolinadeterminedthatequipmentpurchasedinJanuary,2011atacostof$645,000,withanestimatedlifeof5yearsandsalvagevalueof$45,000isnowestimatedtocontinueinuseuntilDecember31,2017andwillhavea$15,000salvagevalue.Molinarecordedits2013depreciationattheendof2013.
(a)
(b)
2.Molinadeterminedthatithadunderstateditsdepreciationby$20,000in2012owingtothefactthatanadjustingentrydidnotgetrecorded.
(a)
(b)
3.MolinaboughtatruckJanuary1,2010for$50,000witha$5,000estimatedsalvagevalueandasix-yearlife.Thecompanydebitedanexpenseaccountandcreditedcashonthepurchasedate.Thetruckisexpectedtobetradedattheendof2015.Molinausesstraight-linedepreciationforitstrucks.
(a)
(b)
ProblemF-III(cont.).
4.During2013,Molinachangedfromthestraight-linemethodofdepreciatingitscementplanttothedouble-declining-balancemethod.Thefollowingcalculationspresentdepreciationonbothbases.(Ignoreincometaxes.)The2013amountappliesdouble-decliningbalancetothe1/1/13carryingamountafterstraight-linewasused.
201320122011
Straight-line$100,000$100,000$100,000
Double-declining$200,000$160,000$200,000
(a)
(b)
5.Molina,inreviewingitsprovisionforuncollectiblesduring2013,hasdeterminedthat1/2of1%istheappropriateamountofbaddebtexpensetobechargedtooperations.Thecompanyhadused1%asitsratein2012and2011whentheexpensehadbeen$20,000and$14,000,respectively.Thecompanywouldhaverecorded$50,000ofbaddebtexpenseonDecember31,2013undertheoldrate.
(a)
(b)
6.During2013,MolinadecidedtochangefromtheLIFOmethodofvaluinginventoriestoaveragecost.Thenetincomesinvolvedundereachmethodwereasfollows:
201320122011
LIFO$51,000$59,000$42,000
Averagecost$63,000$67,000$48,000
AssumenodifferencebetweenLIFOandaveragecostinventoryvaluesinyearspriorto2011.
(a)
(b)
ProblemF-IV—AnalysisofFinancialStatements.
ThemarketvalueofFarmingtonCorp.'scommonshareswasquotedat$54pershareatDecember31,2013,and2012.Planetarium'sbalancesheetatDecember31,2013,and2012,andstatementofincomeandretainedearningsfortheyearsthenendedarepresentedbelow:
FarmingtonCorp.
BalanceSheet
December31
20132012
Assets:
Currentassets:
Cash$9,000,000$5,200,000
S
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