091学期《中级财务会计》期中考试

PAGEPAGE-2-091学期《中级财务会计》期中考试试卷考试时间：3.5小时QuestionOne（13points)Listedbelowareseveralinformationcharacteristicsandaccountingprinciplesandassumptions.Matchtheletterofeachwiththeappropriatephrasethatstatesitsapplication。(Itemsathroughkmaybeusedmorethanonceornotatall.)a。Economicentityassumptiong。Matchingprincipleb。Goingconcernassumptionh.Fulldisclosureprinciplec.Monetaryunitassumptioni。Relevancecharacteristicd。Periodicityassumptionj。Reliabilitycharacteristice。Historicalcostprinciplek.Consistencycharacteristicf。Revenuerecognitionprinciple1。Stable-dollarassumption(donotusehistoricalcostprinciple）。2.Earningprocesscompletedandrealizedorrealizable。3。Presentationoferror—freeinformationwithrepresentationalfaithfulness.4.Yearlyfinancialreports。5。Accrualsanddeferralsinadjustingandclosingprocess.（Donotusegoingconcern.）6。Usefulstandardmeasuringunitforbusinesstransactions.7.Notesaspartofnecessaryinformationtoafairpresentation。8。Affairsofthebusinessdistinguishedfromthoseofitsowners.9.Businessenterpriseassumedtohavealonglife.10。Valuingassetsatamountsoriginallypaidforthem.11.Applicationofthesameaccountingprinciplesasintheprecedingyear。12。Summarizingsignificantaccountingpolicies.13。Presentationoftimelyinformationwithpredictiveandfeedbackvalue。QuestionTwo(6points）ThetrialbalancebeforeadjustmentofPrattCompanyreportsthefollowingbalances:Dr。Cr。Accountsreceivable＄100，000Allowancefordoubtfulaccounts＄2,500Sales（alloncredit)750，000Salesreturnsandallowances40，000Required：(a）Preparetheentriesforestimatedbaddebtsassumingthatdoubtfulaccountsareestimatedtobe（1）6％ofgrossaccountsreceivableand(2）1%ofnetsales.(b）Assumethatalltheinformationaboveisthesame,exceptthattheAllowanceforDoubtfulAccountshasadebitbalanceof＄2,500insteadofacreditbalance.Preparethejournalentrytorecordthebaddebtexpense？QuestionThree(9points)ThefollowingtrialbalancewastakenfromthebooksofFiskCorporationonDecember31，2007。AccountDebitCreditCash＄12,000AccountsReceivable40,000NoteReceivable7，000AllowanceforDoubtfulAccounts$1,800MerchandiseInventory44，000PrepaidInsurance4，800FurnitureandEquipment125，000AccumulatedDepreciation—-F.&E。15，000AccountsPayable10,800CommonStock44，000RetainedEarnings55,000Sales280，000CostofGoodsSold111,000SalariesExpense50,000RentExpense12,800Totals$406，600$406，600Atyearend,thefollowingitemshavenotyetbeenrecorded。a。Insuranceexpiredduringtheyear,＄2，000。b.Estimatedbaddebts，1％ofgrosssales.c.Depreciationonfurnitureandequipment,10％peryear。d。Interestat6%isreceivableonthenoteforonefullyear.e。RentpaidinadvanceatDecember1，$6，000forhalfayearf.AccruedsalariesatDecember31,＄5，800。Required:（a）Preparethenecessaryadjustingentries.（b)Preparethenecessaryclosingentries.QuestionFour(6points)OnMay1，Carter,Inc。factored$800，000ofaccountsreceivablewithRapidFinanceonawithoutrecoursebasis.Underthearrangement,Carterwastohandledisputesconcerningservice，andRapidFinancewastomakethecollections，handlethesalesdiscounts，andabsorbthecreditlosses.RapidFinanceassessedafinancechargeof6%ofthetotalaccountsreceivablefactoredandretainedanamountequalto2％ofthetotalreceivablestocoversalesdiscounts。Required：（a）PreparethejournalentryrequiredonCarter'sbooksonMay1.(b)PreparethejournalentryrequiredonRapidFinance’sbooksonMay1.(c)AssumeCarterfactorsthe＄800，000ofaccountsreceivablewithRapidFinanceonawithrecoursebasisinstead。Therecourseprovisionhasafairvalueof$14,000.PreparethejournalentryrequiredonCarter’sbooksonMay1.QuestionFive(6points)DentCompanymanufacturesoneproduct.OnDecember31,2005,Dentadoptedthedollar-valueLIFOinventorymethod。Theinventoryonthatdateusingthedollar—valueLIFOinventorymethodwas$180,000。Inventorydataareasfollows:InventoryatPriceindexYearyear-endprices（baseyear2005)2006$252，0001。052007368,0001。152008387,5001。25InstructionsComputetheinventoryatDecember31,2006，2007,and2008，usingthedollar—valueLIFOmethodforeachyear.QuestionSix（9points)OnJanuary1，astorehadinventoryof＄48,000.Januarypurchaseswere$46，000andJanuarysaleswere$90，000。OnFebruary1afiredestroyedmostoftheinventory.Therateofgrossprofitwas25％ofcost。Merchandisewithasellingpriceof＄5，000remainedundamagedafterthefire。Computetheamountofthefireloss,assumingthestorehadnoinsurancecoverage.Labelallfigures.QuestionSeven（5points)Accountsreceivableintheamountof＄250,000wereassignedtotheFastFinanceCompanybyNance,Inc。，assecurityforaloanof$200，000。Thefinancecompanychargeda4％commissiononthefaceamountoftheloan，andthenotebearsinterestat9%peryear。Duringthefirstmonth，Nancecollected$130，000onassignedaccounts。Thisamountwasremittedtothefinancecompanyalongwithonemonth’sinterestonthenote。Required:MakealltheentriesforNanceInc。associatedwiththetransferoftheaccountsreceivableandtheremittancetothefinancecompany.QuestionEight(6points）Amachinewhichcost$200,000isacquiredonOctober1,2006。Itsestimatedsalvagevalueis$20，000anditsexpectedlifeiseightyears。Required:Calculatedepreciationexpensefor2006and2007byeachofthefollowingmethods,showingthefiguresused.(a)Double-decliningbalance（b)Sum-of—the—years'—digitsQuestionNine（8points)FerryCorporationfollowsapolicyofa10%depreciationchargeperyearonallmachineryanda5%depreciationchargeperyearonbuildings。Thefollowingtransactionsoccurredin2007:March31，2007—Negotiationswhichbeganin2006werecompletedandawarehousepurchased1/1/98(depreciationhasbeenproperlychargedthroughDecember31,2006)atacostof$3,200,000withafairmarketvalueof$2，000,000wasexchangedforasecondwarehousewhichalsohadafairmarketvalueof$2，000,000.Theexchangehadnocommercialsubstance.Bothparcelsoflandonwhichthewarehouseswerelocatedwereequalinvalue，andhadafairvalueequaltobookvalue。June30,2007-Machinerywithacostof$240，000andaccumulateddepreciationthroughJanuary1of＄180，000wasexchangedwith$150，000cashforaparceloflandwithafairmarketvalueof＄230,000.Required:PrepareallappropriatejournalentriesforFerryCorporationfortheabovedates.QuestionTen(7points)OnMarch1，GattCo。beganconstructionofasmallbuilding。Thefollowingexpenditureswereincurredforconstruction：March1＄75,000April1$74,000May1180,000June1270,000July1100,000ThebuildingwascompletedandoccupiedonJuly1。Tohelppayforconstruction$50，000wasborrowedonMarch1ona12%，three-yearnotepayable.Theonlyotherdebtoutstandingduringtheyearwasa$500,000，10%noteissuedtwoyearsago.Required：（a)Calculatetheweighted-averageaccumulatedexpenditures.(b)Calculateavoidableinterest。QuestionEleven（5points)ThemanagementofYastrzemskiInc。wasdiscussingwhethercertainequipmentshouldbewrittenoffasachargetocurrentoperationsbecauseofobsolescence。Thisequipmenthasacostof$1，200，000withdepreciationtodateof$300，000asofDecember31，2007。OnDecember31,2007，managementprojecteditsfuturenetcashflowsfromthisequipmenttobe$700,000anditsfairvaluetobe＄600,000。Thecompanyintendstousethisequipmentinthefuture。Required:（a)Preparethejournalentry（ifany）torecordtheimpairmentatDecember31,2007.（b）Whereshouldthegainorloss（ifany)onthewrite—downbereportedintheincomestatement？（c）AtDecember31，2008，theequipment’sfairvalueincreasedto$700,000。Preparethejournalentry（ifany)torecordthisincreaseinfairvalue。QuestionTwelve(8points)BuhnerCompanyconstructedabuildingatacostof$3，000,000andoccupieditbeginninginJanuary1988。Itwasestimatedatthattimethatitslifewouldbe40years，withnosalvagevalue。InJanuary2008,anewroofwasinstalledatacostof＄500,000，anditwasestimatedthenthatthebuildingwouldhaveausefullifeof25yearsfromthatdate。Thecostoftheoldroofwas＄200,000.Required：（a）Whatamountofdepreciationshouldhavebeenchargedannuallyfromtheyears1988to2007?（Assumestraight—linedepreciation。)（b）Whatentryshouldbemadein2008torecordthereplacementoftheroof?(c）PreparetheentryinJanuary2008，torecordtherevisionintheestimatedlifeofthebuilding,ifnecessary。（d）Whatamountofdepreciationshouldbechargedfortheyear2008?QuestionThirteen（7points）At12/31/06,theendofFeeneyCompany'sfirstyearofbusiness,inventorywas＄4，100and$2,800atcostandatmarket，respectively。Followingisdatarelativetothe12/31/07inventoryofFeeney：OriginalNetNetRealizableAppropriateCostReplacementRealizableValueLessInventoryItemPerUnitCostValueNormalProfitValueA$.65＄.45B.45.40C.70。75D。75。65E.90.85Sellingpriceis＄1。00/unitforallitems.Disposalcostsamountto10％ofsellingpriceanda”normal”profitis30%ofsellingprice。Thereare1,000unitsofeachiteminthe12/31/07inventory。Required：（a）Preparetheentryat12/31/06necessarytoimplementthelower—of—cost-or-marketprocedureassumingFeeneyusesacontraaccountforitsbalancesheet.（b）Completethelastthreecolumnsinthe12/31/07scheduleabovebaseduponthelower—of—cost-or-marketrules。(c）Preparetheentry(ies）necessaryat12/31/07basedonthedataabove。QuestionFourteen（8points)OnDecember31,2007，BrownCompanyfinishedconsultationservicesandacceptedinexchangeapromissorynotewithafacevalueof$400,000,aduedateofDecember31,2010,andastatedrateof5%,withinterestreceivableattheendofeachyear.Thefairvalueoftheservicesisnotreadilydeterminableandthenoteisnotreadilymarketable.Underthecircumstances，thenoteisconsideredtohaveanappropriateimputedrateofinterestof10%。Thefollowinginterestfactorsareprovided：InterestRateTableFactorsForThreePeriods5％10％FutureValueof11。157631.33100PresentValueof1.86384.75132FutureValueofOrdinaryAnnuityof13.152503.31000PresentValueofOrdinaryAnnuityof12.723252。48685Required:(a)Determinethepresentvalueofthenote.(b）PrepareaScheduleofNoteDiscountAmortizationforBrownCompanyundertheeffectiveinterestmethod.（Roundtowholedollars。)（Usetheformatbelow）ScheduleofNoteDiscountAmortizationCashEffectiveUnamortizedPresentInterestInterestDiscountDiscountValueDate（5%)(10%)AmortizedBalanceofNote12/31/0712/31/0812/31/0912/31/10（c)PreparetheentryfortheinterestreceiptasofDec.31,2008。