[開課學院]: 金融學院,商學院(ex:金融學院,商學院,理工學院,資電學院,建設學院,文學院...) [開課系所]: 金融學院,商學院各系(ex:中文系,外文系,電機系,財稅系..) [課程名稱]: 會計學(二) [開課學期]: 97 下學期 [類型]:97-2期末考 ex:(第n次)小考/98-2期中考/98-2期末考 1.All of following are reported as current liabilities except a.accounts payable. b.bonds payable. c.notes payable. d.unearned revenues. 2.If the market interest rate is greater than the contractual interest rate, bonds will sell a.at a premium. b.at face value. c.at a discount. d.only after the stated interest rate is increased. 3.If stock is issued for a noncash asset, the asset should be recorded on the books of corporation at a.fair market value. b.cost. c.zero. d.a nominal amount. 4.If a corporation declares a 10% stock dividend on its common stock, the account to be debited on the date of declaration is a.Common Stock Dividends Distributable. b.Common Stock. c.Paid-in Capital in Excess of Par. d.Retained Earnings. 5.H Company originally issued 1,000 shares of $10 par value common stock for $30,000($30 per share). H Company subsequently purchases 100 shares of treasury stock for $27 per share and resells the 100 shares of treasury stock for $29 per share. In the entry to record the sale of the treasury stock, there will be a a.credit to Treasury Stock for $1,000. b.credit to Common Stock for $2,700. c.debit to Paid-In Capital in Excess of Par Value of $3,000. d.credit to Paid-in Capital from Treasury Stock for $200. 6.When you made the statement of cash flows, significant noncash transactions would not include a.conversion of bonds into common stock. b.asset acquisition through bond issuance. c.treasury stock acquisition. d.exchange of plant assets. 7.A mortgage note payable with a fixed interest rate requires the borrower to make installment payments over the term of the loan. Each installment payment includes interest on the unpaid balance of the loan and a payment on the principal. With each installment payment, indicate the effect over the term of the loan on the portion allocated to interest expense and the portion allocated to principal. Portion Allocated Portion Allocated to Interest Expense to Payment of Principal over the term of the loan over the term of the loan ────────────── ────────────── a. Increases Increases b. Increases Decreases c. Decreases Decreases d. Decreases Increases 8.Tim's Pharmacy has collected $600 in sales taxes during March. If sales taxes must be remitted to the state government monthly, what entry will Tim's Pharmacy make to show the March remittance? a.Sales Tax Expense...........600 Cash...........................600 b.Sales Taxes Payable.........600 Cash...........................600 c.Sales Tax Expense...........600 Sales Taxes Payable............600 d.No entry required. 9.On January 1, Jean Loptein Inc. issued $3,000,000, 9% bonds for $2,817,000. The market rate of interest for these bonds is 10%. Interest is payable annually on December 31. Jean Loptein uses the effective-interest method of amortizing bond discount. At the end of the first year, Jean Loptein should report unamortized bond discount of a.$164,700. b.$171,300. c.$154,830. d.$153,000. 10.In a recent year Day Corporation had net income of $150,000, interest expense of $30,000, and a times interest earned ratio of 9. What was Day Corporation's income before taxes for the year? a.$300,000 b.$270,000 c.$240,000 d.None of the above. 11.If Vickers Company issues 1,000 shares of $5 par value common stock for $70,000 a.Common Stock will be credited for $70,000. b.Paid-in Capital in Excess of Par Value will be credited for $5,000. c.Paid-in Capital in Excess of Par Value will be credited for $65,000. d.Cash will be debited for $65,000. 12.Beckham Company has 1,000 shares of 4%, $100 par cumulative preferred stock outstanding at December 31, 2008. No dividends have been paid on this stock for 2007 or 2008. Dividends in arrears at December 31, 2008 total a.$0. b.$400 c.$4,000. d.$8,000. 13.The following selected amounts are available for Sanders Company. Retained earnings(Ended) $1,000 Net income 100 Cash dividends declared 100 Stock dividends declared 50 What is its beginning retained earnings balance? a.$1,000 b.$1,150 c.$1,050 d.$950 14.Classify following each item as an operating, investing, or financing activity. Assume all items involve cash. (a) Purchase of equipment. (b) Sale of building. (c) Redemption of bonds. (d) Depreciation. (e) Receive dividends. (f) Issuance of capital stock. Are these items classified to operating activity? a.Only (d). b.Both (d) and (e). c.Both (b) and (d). d.(b),(d) and (e). 15.DV's Pest Control Products has the following information available: Net Income $15,000 Cash Provided by Operations 21,000 Cash Sales 65,000 Capital Expenditures 11,000 Cash Dividends 3,000 What is DV's free cash flow? a.$18,000 b.$10,000 c.$7,000 d.$1,000 16.The following information is available for Charles Company: 12/31/2008 12/31/2007 ───── ───── Accounts receivable $360,000 $400,000 Inventory 280,000 320,000 Net Credit sales 3,000,000 1,400,000 Cost of goods sold 1,200,000 1,060,000 Net income 300,000 170,000 The receivables turnover ratio for 2008 is a.8.3 times. b.3.9 times. c.7.9 times. d.10.0 times. 17.Which one of the following would be classified as an extraordinary item? a.Expropriation of property by a foreign government b.Losses attributed to a labor strike c.Write-down of inventories d.Gains or losses from sales of equipment ▓ Use the following information for question 18-20 Roeder Company sold $4,000,000, 9%, 20-year bonds on January 1, 2008. The bonds were dated January 1, 2008, and pay interest on January 1 and July 1. Roeder Company uses the straight-line method to amortize bond premium or discount. The bonds were sold $98. Assume no interest is accrued on June 30. 18.Which of the journal entries about the issuance of the bonds on January 1, 2008 is correct? a.Cash................................$4,000,000 Bonds Payable.................... $4,000,000 b.Cash................................$4,000,000 Discount on Bonds Payable........ $80,000 Bonds Payable.................... 3,920,000 c.Cash................................$3,920,000 Discount on Bonds Payable........... 80,000 Bonds Payable.................... $4,000,000 d.Cash................................$4,000,000 Discount on Bonds Payable........... 80,000 Bonds Payable.................... $4,080,000 19.The entry for interest and the amortization of the discount on July 1, 2009 is? a.Bond Interest Expense...............$180,000 Cash............................. $180,000 b.Bond Interest Expense...............$182,000 Discount on Bonds Payable........ $2,000 Cash............................. 180,000 c.Bond Interest Expense...............$180,000 Discount on Bonds Payable........... 2,000 Cash............................. $182,000 d.Bond Interest Expense...............$174,800 Discount on Bonds Payable........ $2,000 Cash............................. 172,800 20.The carrying value of the bond payable at December 31, 2009 is? a.$3,926,000 b.$3,930,000 c.$3,932,000 d.$3,928,000 21.Sasha Company reported retained earnings at December 31, 2007, of $310,000. Sasha had 200,000 shares of common stock outstanding throughout 2008. And, the following transactions occurred during 2008: 1. An error was discovered: in 2006, depreciation expense was record at $50,000, but the correct amount was $70,000. 2. A cash dividend of $0.50 per share was declared and paid. 3. A 5% stock dividend was declared and distributed when the market price per share was $15 per share. 4. Net income was $285,000 What the balance of the reported retained earnings at December 31, 2008 is? a.$325,000 b.$365,000 c.$345,000 d.$335,000 22.The current sections of Dannyline Inc.'s balance sheets at December 31, 2007 and 2008 are presented here. Current assets 2008 2007 ───────── Cash $105,000 $99,000 Accounts receivable 110,000 89,000 Inventory 158,000 172,000 Prepaid expenses 27,000 22,000 ───────── Total current assets $400,000 $382,000 ================== Current liabilities Accrued expenses payable $15,000 $5,000 Accounts payable 85,000 92,000 ───────── Total current liabilities $100,000 $97,000 ================== Additional information : 1. Dannyline's net income for 2008 was $133,000. 2. Depreciation expense for 2008 was $12,000. What amount of the net cash provided by operating activities section for the year ended December 31, 2008 is? (Using indirect method.) a.124,000 b.136,000 c.108,000 d.150,000 ▓ Use the following data for question 23. through 25. Presented below is an incomplete income statement and an incomplete comparative balance sheet of Cotte Corporation. COTTE CORPORATION Income statement For the Year Ended December 31, 2009 ────────────────────────── Sales $11,000,000 Cost of goods sold ？ 　　　　　　　　　　　　　　　　　　　　　─────── Gross profit　　　　　　　　　　　　　　　？ Operating expenses　　　　　　　　　 $1,665,000 ─────── Income from operations ？ Other expenses and losses Interest expense ？ ─────── Income before income taxes ？ Income tax expense 560,000 ─────── Net income $？ ============== COTTE CORPORATION Balance Sheets December 31, 2009 Assets 2009 2008 ─── ── ── Current assets Cash $450,000 $375,000 Accounts receivable(net) ？ 950,000 Inventory ？ 1,720,000 ───────────── Total current assets ？ 3,045,000 ───────────── Plant assets(net) 4,620,000 3,955,000 ───────────── Total assets $ ？ $7,000,000 ========================== Liabilities and stockholders' Equity ────────────────── Current liabilities $ ？ $825,000 Long-term notes payable ？ 2,800,000 ───────────── Total liabilities ？ 3,625,000 ───────────── Common stock, $1 par 3,000,000 3,000,000 Retained earnings 400,000 375,000 ───────────── Total stockholders' equity 3,400,000 3,375,000 ───────────── Total liabilities and stockholders' equity $ ？ $7,000,000 ========================== Additional information : 1.The receivable turnover for 2009 is 10 time. 2.All sales are on account. 3.The profit margin for 2009 is 14.5% 4.Return on assets is 22% for 2009. 5.The current ratio on December 31, 2009,is 3.0. 6.The inventory turnover for 2009 is 4.8 time. 23.What amount of net income for 2009 is? a.$1,575,000 b.$1,585,000 c.$1,595,000 d.$1,605,000 24.What amount of total current assets for 2009 is? a.$2,880,000 b.$2,870,000 c.$2,860,000 d.$2,850,000 25.What amount of current liabilities for 2009 is? a.$900,000 b.$920,000 c.$940,000 d.$960,000 --

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