中级财务会计英计算题

中级财务会计英计算题 第五章各种报 表 关于同志近三年现实表现材料材料类招标技术评分表图表与交易pdf视力表打印pdf用图表说话 pdf 数据填写 Ex. 5-116—Statement of cash flows ratios. Financial statements for Hilton Company are presented below: Hilton Company Balance Sheet December 31, 2010 Assets Liabilities & Stockholders’ Equity Cash $ 40,000 Accounts payable $ 20,000 Accounts receivable 35,000 Bonds payable 50,000 Buildings and equipment 150,000 Accumulated depreciation— buildings and equipment (50,000) Common stock 65,000 Patents 20,000 Retained earnings 60,000 $195,000 $195,000 Hilton Company Statement of Cash Flows For the Year Ended December 31, 2010 Cash flows from operating activities Net income $50,000 Adjustments to reconcile net income to net cash provided by operating activities: Increase in accounts receivable $(16,000) Increase in accounts payable 8,000 Depreciation—buildings and equipment 15,000 Gain on sale of equipment (6,000) Amortization of patents 2,000 3,000 Net cash provided by operating activities 53,000 Cash flows from investing activities Sale of equipment 12,000 Purchase of land (25,000) Purchase of buildings and equipment (48,000) Net cash used by investing activities (61,000) Cash flows from financing activities Payment of cash dividend (15,000) Sale of bonds 40,000 Net cash provided by financing activities 25,000 Net increase in cash 17,000 Cash, January 1, 2010 23,000 Cash, December 31, 2010 $40,000 At the beginning of 2010, Accounts Payable amounted to $12,000 and Bonds Payable was $10,000. Instructions Calculate the following for Hilton Company: a. Current cash debt coverage ratio b. Cash debt coverage ratio c. Free cash flow Solution 5-116 Net cash provided by operating activities a. Current cash debt coverage ratio = —————————————————— Average current liabilities $53,000 $53,000 = ——————————— = ———— = 3.3 : 1 ($12,000 + $20,000) ÷ 2 $16,000 Net cash provided by operating activities b. Cash debt coverage ratio = —————————————————— Average total liabilities $53,000 $53,000 = ——————————— = ———— = 1.2 : 1 ($22,000 + $70,000) ÷ 2 $46,000 c. Free cash flow = Net cash provided by operating activities – capital expenditures and dividends = $53,000 – *$73,000 – $15,000 = $(35,000) *$25,000 + $48,000 Pr. 5-118—Balance sheet presentation. The following balance sheet was prepared by the bookkeeper for Kraus Company as of December 31, 2010. Kraus Company Balance Sheet as of December 31, 2010 Cash $ 80,000 Accounts payable $ 75,000 Accounts receivable (net) 52,200 Long-term liabilities 100,000 Inventories 57,000 Stockholders' equity 218,500 Investments 76,300 Equipment (net) 96,000 Patents 32,000 $393,500 $393,500 The following additional information is provided: 1. Cash includes the cash surrender value of a life insurance policy $9,400, and a bank overdraft of $2,500 has been deducted. 2. The net accounts receivable balance includes: (a) accounts receivable—debit balances $60,000; (b) accounts receivable—credit balances $4,000; (c) allowance for doubtful accounts $3,800. 3. Inventories do not include goods costing $3,000 shipped out on consignment. Receivables of $3,000 were recorded on these goods. 4. Investments include investments in common stock, trading $19,000 and available-for-sale $48,300, and franchises $9,000. 5. Equipment costing $5,000 with accumulated depreciation $4,000 is no longer used and is held for sale. Accumulated depreciation on the other equipment is $40,000. Instructions Prepare a balance sheet in good form (stockholders' equity details can be omitted.) Solution 5-118 Kraus Company Balance Sheet As of December 31, 2010 Assets Current assets Cash $ 73,100 (1) Trading securities 19,000 Accounts receivable $ 57,000 (2) Less: Allowance for doubtful accounts 3,800 53,200 Inventories 60,000 (3) *Equipment held for sale 1,000 (4) Total current assets 206,300 Investments Available-for-sale securities 48,300 Cash surrender value 9,400 57,700 Property, plant, and equipment Equipment 135,000 (5) Less accumulated depreciation 40,000 95,000 Intangible assets Patents 32,000 Franchises 9,000 41,000 Total assets $400,000 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 79,000 (6) Bank overdraft 2,500 Total current liabilities 81,500 Long-term liabilities 100,000 Total liabilities 181,500 Stockholders' equity 218,500 Total liabilities and stockholders' equity $400,000 (1) ($80,000 – $9,400 + $2,500) (2) ($60,000 – $3,000) (3) ($57,000 + $3,000) (4) ($5,000 – $4,000) (5) ($96,000 + $40,000 – $5,000 + $4,000) (6) ($75,000 + $4,000) *An alternative is to show it as an other asset. Pr. 5-119—Balance sheet presentation. Given the following account information for Leong Corporation, prepare a balance sheet in report form for the company as of December 31, 2010. All accounts have normal balances. Equipment 40,000 Interest Expense 2,400 Interest Payable 600 Retained Earnings ? Dividends 50,400 Land 137,320 Inventory 102,000 Bonds Payable 78,000 Notes Payable (due in 6 months) 14,400 Common Stock 60,000 Accumulated Depreciation - Eq. 10,000 Prepaid Advertising 5,000 Revenue 331,400 Buildings 80,400 Supplies 1,860 Taxes Payable 3,000 Utilities Expense 1,320 Advertising Expense 1,560 Salary Expense 53,040 Salaries Payable 900 Accumulated Depr. - Bld. 15,000 Cash 30,000 Depreciation Expense, Building & Equipment 8,000 Solution 5-119 Leong Corporation Balance Sheet December 31, 2010 Assets Cash $ 30,000 Inventory 102,000 Supplies 1,860 Prepaid advertising 5,000 Total current assets $ 138,860 Land 137,320 Building $ 80,400 Accumulated depreciation - bld (15,000) 65,400 Equipment 40,000 Accumulated depreciation -eq (10,000) 30,000 232,720 Total assets $ 371,580 Liabilities & Stockholders' Equity Notes payable $ 14,400 Taxes payable 3,000 Salaries payable 900 Interest payable 600 Total current liabilities $ 18,900 Long-term liabilities Bond payable 78,000 Total liabilities 96,900 Common stock 60,000 Retained earnings ($265,080*- $50,400) 214,680 Total stockholders' equity 274,680 Total liabilities & stockholders' equity $ 371,580 *$331,400 - $53,040 - $8,000 - $2,400 - $1,560 - $1,320 Pr. 5-120—Statement of cash flows preparation. Selected financial statement information and additional data for Stanislaus Co. is presented below. Prepare a statement of cash flows for the year ending December 31, 2010 December 31 2009 2010 Cash $42,000 $63,000 Accounts receivable (net) 84,000 151,200 Inventory 168,000 201,600 Land 58,800 21,000 Equipment 504,000 789,600 TOTAL $856,800 $1,226,400 Accumulated depreciation $84,000 $115,600 Accounts payable 50,400 86,000 Notes payable - Short-term 67,200 29,400 Notes payable - Long-term 168,000 302,400 Common stock 420,000 487,200 Retained earnings 67,200 205,800 TOTAL $856,800 $1,226,400 Additional data for 2010: 1. Net income was $235,200. 2. Depreciation was $31,600. 3. Land was sold at its original cost. 4. Dividends of $96,600 were paid. 5. Equipment was purchased for $84,000 cash. 6. A long-term note for $201,600 was used to pay for an equipment purchase. 7. Common stock was issued to pay a $67,200 long-term note payable. Solution 5-120 Stanislaus Co. Statement of Cash Flows For the year ended December 31, 2010 Net Income $235,200 Cash flow from operating activities Depreciation expense 31,600 Increase in accounts receivable (67,200) Increase in inventory (33,600) Increase in accounts payable 35,600 Decrease in short-term notes payable (37,800) (71,400) Net cash provided by operating activities 163,800 Cash flow from investing activities Purchase equipment (84,000) Sale of land 37,800 Net cash used by investing activities (46,200) Cash flow from financing activities Payment of cash dividend (96,600) Net cash used by financing activities (96,600) Net increase in cash 21,000 Cash at beginning of year 42,000 Cash at end of the year 63,000 Noncash investing and financing activities Payment of long-term note payable with issuance of $67,200 of common stock Pr. 5-121—Statement of cash flows preparation. Selected financial statement information and additional data for Johnston Enterprises is presented below. Prepare a statement of cash flows for the year ending December 31, 2010 Johnston Enterprises Balance Sheet and Income Statement Data December 31, December 31, 2010 2009___ Current Assets: Cash $153,000 $119,000 Accounts Receivable 238,000 306,000 Inventory 391,000 340,000 Total Current Assets 782,000 765,000 Property, Plant, and Equipment 1,241,000 1,122,000 Less: Accumulated Depreciation (476,000) (442,000) Total Assets $1,547,000 $1,445,000 Current Liabilities: Accounts Payable $187,000 $102,000 Notes Payable 51,000 68,000 Income Tax Payable 85,000 76,500 Total Current Liabilities 323,000 246,500 Bonds Payable 340,000 391,000 Total Liabilities 663,000 637,500 Stockholders' Equity: Common Stock 510,000 467,500 Retained Earnings 374,000 340,000 Total Stockholders' Equity 884,000 807,500 Total Liabilities & Stockholders' Equity $1,547,000 $1,445,000 Sales 1,615,000 $1,513,000 Less Cost of Goods Sold 731,000 731,000 Gross Profit 884,000 782,000 Expenses: Depreciation Expense 153,000 136,000 Salary Expense 391,000 357,000 Interest Expense 34,000 34,000 Loss on Sale of Equipment 17,000 0 Income Before Taxes 289,000 255,000 Less Income Tax Expense 119,000 102,000 Net Income $170,000 $153,000 Additional Information: During the year, Johnston sold equipment with an original cost of $153,000 and accumulated depreciation of $119,000 and purchased new equipment for $272,000. Solution 5-121 Johnston Enterprises Statement of Cash Flows For the Year Ended December 31, 2010 Net Income $ 170,000 Cash flow from operating activities Depreciation expense 153,000 Loss on sale of equipment 17,000 Decrease in accounts receivable 68,000 Increase in inventory (51,000) Increase in accounts payable 85,000 Decrease in notes payable (17,000) Increase in tax payable 8,500 263,500 Net cash provided by operating activities 433,500 Cash flow from investing activities Sale of equipment 17,000 Purchase of equipment (272,000) Net cash used by investing activities (255,000) Cash flow from financing activities Retirement of bonds payable (51,000) Issuance of common stock 42,500 Payment of dividends (136,000)** Net cash used by financing activities (144,500) Net increase in cash 34,000 Beginning cash 119,000 Cash at end of year $153,000 **Beginning R/E ( Net income ( Dividends ( Ending R/E $340,000 ( $170,000 ( Dividends ( $374,000 Dividends ( $136,000 考点二：第七章应收票据，协价议价，摊销表 Pr. 7-139—Amortization of discount on note. On December 31, 2010, Green Company finished consultation services and accepted in exchange a promissory note with a face value of $400,000, a due date of December 31, 2013, and a stated rate of 5%, with interest receivable at the end of each year. The fair value of the services is not readily determinable and the note is not readily marketable. Under the circumstances, the note is considered to have an appropriate imputed rate of interest of 10%. The following interest factors are provided: Interest Rate Table Factors For Three Periods 5% 10% Future Value of 1 1.15763 1.33100 Present Value of 1 .86384 .75132 Future Value of Ordinary Annuity of 1 3.15250 3.31000 Present Value of Ordinary Annuity of 1 2.72325 2.48685 Instructions (a) Determine the present value of the note. (b) Prepare a Schedule of Note Discount Amortization for Green Company under the effective interest method. (Round to whole dollars.) Solution 7-139 (a) Present value of interest = $20,000 × 2.48685 = $ 49,737 Present value of maturity value = $400,000 × .75132 = 300,528 $350,265 (b) Green Company Schedule of Note Discount Amortization Effective Interest Method 5% Note Discounted at 10% (Imputed) Cash Effective Unamortized Present Interest Interest Discount Discount Value Date (5%) (10%) Amortized Balance of Note 12/31/10 $49,735 $350,265 12/31/11 $20,000 $ 35,027 $15,027 34,708 365,292 12/31/12 20,000 36,529 16,529 18,179 381,821 12/31/13 20,000 38,179* 18,179 0 400,000 $60,000 $109,735 $49,735 *$3 adjustment to compensate for rounding. *Pr. 7-142—Bank reconciliation. Benson Plastics Company deposits all receipts and makes all payments by check. The following information is available from the cash records: MARCH 31 BANK RECONCILIATION Balance per bank $26,746 Add: Deposits in transit 2,100 Deduct: Outstanding checks (3,800) Balance per books $25,046 Month of April Results Per Bank Per Books Balance April 30 $27,995 $28,855 April deposits 10,784 13,889 April checks 11,600 10,080 April note collected (not included in April deposits) 3,000 -0- April bank service charge 35 -0- April NSF check of a customer returned by the bank (recorded by bank as a charge) 900 -0- Instructions (a) Calculate the amount of the April 30: 1. Deposits in transit 2. Outstanding checks (b) What is the April 30 adjusted cash balance? Show all work. *Solution 7-142 (a) 1. Deposits in transit, $5,205 [$13,889 – ($10,784 – $2,100)] 2. Outstanding checks, $2,280 [$10,080 – ($11,600 – $3,800)] (b) Adjusted cash balance at April 30, $30,920 ($27,995 + $5,205 – $2,280) OR ($28,855 + $3,000 – $35 – $900) 考点三：永续盘存和实地盘存 Ex. 8-152—FIFO and LIFO periodic inventory methods. The Rock Shop shows the following data related to an item of inventory: Inventory, January 1 100 units @ $5.00 Purchase, January 9 300 units @ $5.40 Purchase, January 19 70 units @ $6.00 Inventory, January 31 120 units Instructions (a) What value should be assigned to the ending inventory using FIFO? (b) What value should be assigned to cost of goods sold using LIFO? Solution 8-152 (a) 70 @ $6.00 = $420 50 @ $5.40 = 270 $690 (b) 70 @ $6.00 = $ 420 280 @ $5.40 = 1,512 $1,932 Ex. 8-153—Perpetual LIFO. A record of transactions for the month of May was as follows: Purchases Sales May 1 (balance) 400 @ $4.20 May 3 300 @ $7.00 4 1,300 @ $4.10 6 1,000 @ 7.00 8 800 @ $4.30 12 900 @ 7.50 14 700 @ $4.40 18 400 @ 7.50 22 1,200 @ $4.50 25 1,400 @ 8.00 29 500 @ $4.55 Assuming that perpetual inventory records are kept in dollars, determine the inventory using LIFO. Solution 8-153 100 @ $4.20 = $ 420 200 @ $4.10 = 820 100 @ $4.40 = 440 500 @ $4.55 = 2,275 $3,955 Ex. 8-154—Perpetual LIFO and Periodic FIFO. Matlock Corporation sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 2010. Quantities Unit Price Date Purchased Sold Balance of Purchase January 11 — — 400 $2.50 January 24 1,300 — 1,700 $2.60 February 8 — 300 1,400 — March 16 — 560 840 — June 11 600 — 1,440 $2.75 Instructions (a) Compute the ending inventory at June 30 under the perpetual LIFO inventory pricing method. (b) Compute the cost of goods sold for the first six months under the periodic FIFO inventory pricing method. Solution 8-154 (a) 400 @ $2.50 = $1,000 440 @ $2.60 = 1,144 600 @ $2.75 = 1,650 1,440 $3,794 (b) 400 @ $2.50 = $1,000 460 @ $2.60 = 1,196 860 $2,196 考点四：LCM和毛利率法 Ex. 9-139—Lower-of-cost-or-market. Determine the proper unit inventory price in the following independent cases by applying the lower of cost or market rule. Circle your choice. 1 2 3 4 5 Cost $8.00 $10.50 $12.00 $6.00 $7.20 Net realizable value 8.85 10.00 12.20 4.25 6.90 Net realizable value less normal profit 8.15 9.00 11.40 3.75 6.00 Market replacement cost 7.90 10.10 12.50 4.00 5.40 Solution 9-139 Case 1 $ 8.00 Case 4 $4.00 Case 2 $10.00 Case 5 $6.00 Case 3 $12.00 Ex. 9-140—Lower-of-cost-or-market. Determine the unit value that should be used for inventory costing following "lower of cost or market value" as described in ARB No. 43. A B C D E F Cost $2.35 $2.48 $2.25 $2.54 $2.34 $2.43 Replacement cost 2.26 2.55 2.20 2.52 2.32 2.46 Net realizable value 2.50 2.50 2.50 2.50 2.50 2.50 Net realizable value less normal profit 2.30 2.30 2.30 2.30 2.30 2.30 Solution 9-140 Case A $2.30 Case D $2.50 Case B $2.48 Case E $2.32 Case C $2.25 Case F $2.43 Ex. 9-141—Lower-of-cost-or-market. Assume in each case that the selling expenses are $8 per unit and that the normal profit is $5 per unit. Calculate the limits for each case. Then enter the amount that should be used for lower of cost or market. Selling Replacement Price Upper Limit Cost Lower Limit Cost LCM (a) $54 $______ $38 $______ $43 $______ (b) 47 ______ 36 ______ 40 ______ (c) 56 ______ 39 ______ 40 ______ (d) 47 ______ 42 ______ 40 ______ Solution 9-141 Upper Limit Lower Limit LCM (a) $46 $41 $41 (b) 39 34 36 (c) 48 43 40 (d) 39 34 39 Ex. 9-142—Lower-of-cost-or-market. The December 31, 2010 inventory of Gwynn Company consisted of four products, for which certain information is provided below. Replacement Estimated Expected Normal Profit Product Original Cost Cost Disposal Cost Selling Price on Sales A $25.00 $22.00 $6.50 $40.00 20% B $42.00 $40.00 $12.00 $48.00 25% C $120.00 $115.00 $25.00 $190.00 30% D $18.00 $15.80 $3.00 $26.00 10% Instructions Using the lower-of-cost-or-market approach applied on an individual-item basis, compute the inventory valuation that should be reported for each product on December 31, 2010. Solution 9-142 Lower-of- Designated Cost-or- Product Ceiling Floor Market Cost Market A $40.00 – $6.50 $33.50 – $8.00 = $33.50 = $25.50 $25.50 $25.00 $25.00 B $48.00 – $12.00 $36.00 – $12.00 = $36.00 = $24.00 $36.00 $42.00 $36.00 C $190.00 – $25.00 $165.00 – $57.00 = $165.00 = $108.00 $115.00 $120.00 $115.00 D $26.00 – $3.00 $23.00 – $2.60 = $23.00 = $20.40 $20.40 $18.00 $18.00 Ex. 9-143—Lower-of-cost-or-market. At 12/31/10, the end of Jenner Company's first year of business, inventory was $4,100 and $2,800 at cost and at market, respectively. Following is data relative to the 12/31/11 inventory of Jenner: Original Net Net Realizable Appropriate Cost Replacement Realizable Value Less Inventory Item Per Unit Cost Value Normal Profit Value A $ .65 $ .45 B .45 .40 C .70 .75 D .75 .65 E .90 .85 Selling price is $1.00/unit for all items. Disposal costs amount to 10% of selling price and a "normal" profit is 30% of selling price. There are 1,000 units of each item in the 12/31/11 inventory. Instructions (a) Prepare the entry at 12/31/10 necessary to implement the lower-of-cost-or-market procedure assuming Jenner uses a contra account for its balance sheet. (b) Complete the last three columns in the 12/31/11 schedule above based upon the lower-of-cost-or-market rules. (c) Prepare the entry(ies) necessary at 12/31/11 based on the data above. (d) How are inventory losses disclosed on the income statement? Solution 9-143 (a) Loss Due to Market Decline of Inventory 1,300 Allowance to Reduce Inventory to Market 1,300 Solution 9-143 (Cont.) (b) Original Net Net Realizable Appropriate Cost