课程名称︰会计学乙二下 课程性质︰必修 课程教师︰蔡彦卿 开课学院：管理学院 开课系所︰财金系 考试日期（年月日）98/04/27︰ 考试时限（分钟）：110 是否需发放奖励金：是 （如未明确表示，则不予发放） 试题 : 范围：ch17~19 （投资、收入认列、所得税） I. Arantxa Corporation made the following cash purchases of securities during 2007, which is the first year in which Arantxa invested in securities. 1. On January 15, purchased 10,000 shares of Sanchez Company's common stock at $33.00 per share plus commission $1,980. 2. On April 1, purchased 5,000 shares of Vicario Co.'s common stock at %52.00 per share plus commission $3,375. 3. On September 10, purchased 7,000 shares of WTA Co.'s preferred stock at $27.50 per share plus commission $3,910. On May 20, 2007, Arantxa sold 5,000 shares of Sanchez Company's common stock at a market price of $35 per share less brokerage commissions, taxes, and fees of $3,850. The year-end fair value per share were: Sanchez $28, Vicario $54, and WTA $28. In addition, the chief accountant of Arantxa told you that Arantxa Corporation plans to hold these securities for the long term but may sell them in order to earn profits from appreciation in prices. Instructions (a) Prepare the journal entries to record the above three security purchases. (b) Prepare the journal entry for the security sale of May 20. (c) Compute the unrealized gains or losses and prepare the adjusting entries for Arantxa on December 31, 2007. (20%) II. Presented below is the information taken from a bond investment amortization schedule with related fair values provided. These bonds are classified as available-for-sale. │ 12/31/06 │ 12/31/07 │ 12/31/08 ─────────┼──────┼──────┼─────── Amortization cost │ $491,150 │ $519,442 │ $550,000 ─────────┼──────┼──────┼─────── Fair Value │ $499,000 │ $506,000 │ $550,000 Instructions (a) Indicate whether the bonds were purchased at a discount or at a premium. (b) Prepare the adjusting entry to record the bonds at fair value at December 31, 2006. The securities Fair Value Adjustment account has a debit balance of $1,000 prior the adjustment. (c) Prepare the adjusting entry to record the bonds at fair value at December 31, 2007. (20%) III. Barnes Corporation, which began business on January 1, 2007, appropriately uses the installment-sales method of accounting. The following data were obtained for the years 2007 and 2008. │ 2007 │ 2008 ───────────────────┼─────┼───── Installment Sales │ $750,000 │ $900,000 ───────────────────┼─────┼───── Cost of installment sales │ 562,500 │ 648,000 ───────────────────┼─────┼───── General & administrative expenses │ 70,000 │ 84,000 ───────────────────┼─────┼───── Cash collections on sales of 2007 │ 310,000 │ 300,000 ───────────────────┼─────┼───── Cash collections on sales of 2008 │ 0 │ 400,000 Instructions (a) Compute the balances in the deferred gross profit account on December 31, 2007, and on December 31, 2008. (b) A 2007 sale resulted in default in 2009. At the date of default, the balance on the installment receivable was $12,000, and the repossessed merchandise had a fair value of $8,000. Prepare the entry to record the repossession. (20%) IV. In 2007, Landers Construction Corp. began construction work under a 5-year contract. The contract price was $6,250,000. Landers uses the percentage- of-completion method for financial accounting purposes. The income to be recognized each year is based on the proportion of cost incurred to total estimated costs for completing the contract. The financial statement presentations relating to this contract at December 31, 2007, follow. Balance Sheet ──────────────────────────────── Accounts receivable-construction contract billings $180,500 Construction in progress $750,000 Less:Contract billings 400,000 ───── Cost of uncompleted contract in excess of billings 350,000 Income Statement ────────────────────────────────── Income (before tax) on the contract recognized in 2007 $150,000 Instructions (a) How much cash was collected in 2007 on the contract? (b) What was the initial estimated total income before tax on this contract? (20%) V. At the end of 2006, Lucretia McEvil Company has $150,000 of cumulative temporary differences that will result in reporting future taxable amounts as follows. 2007 $60,000 2008 50,000 2009 30,000 2010 10,000 ────── $150,000 ════ Tax rates enacted as of the beginning of 2005 are: 2005 & 2006: 35% 2007 & 2008: 30% 2009 & later:25% McEvil's taxable income for 2006 is $600,000. Taxable income is expected in all future years. Instructions (a) Prepare the journal entry for McEvil to record taxes payable, deferred income taxes, and income tax expense for 2006, assuming that there were no deferred taxes at the end of 2005. (b) Prepare the journal entry for McEvil to record income taxes payable, deferred income taxes, and income tax expense for 2006, assuming that there was a balance of $22,000 in a Deferred Tax Asset account at the end of 2005 . (20%) ---------------------------------------END------------------------------------- --

※ 发信站: 批踢踢实业坊(ptt.cc) ◆ From: 61.228.75.208