課程名稱︰會計學甲一下 課程性質︰必帶 課程教師︰許文馨 開課學院：管理學院 開課系所︰工管系 考試日期（年月日）︰20110422 考試時限（分鐘）：180分鐘 是否需發放獎勵金：是 （如未明確表示，則不予發放） 試題 : Problem 1 MULTIPLE CHOICES (10%) 1.A building with an appraisal value of $147,000 is made available at an offer price of $152,000. The purchaser acquires the property for $35,000 in cash, a 90-day note payable for $45,000, and a mortgage amounting to $65,000. The cost basis recorded in the buyer's accounting records to recognize this purchase is a.$147,000 b.$152,000 c.$145,000 d.$110,000 2.Equipment with a cost of $130,000 has an estimated residual value of $10,000 and an estimated life of 5 years or 12,000 hours. It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year, during which the equipment was used 3,300 hours? a.$24,000 b.$32,500 c.$33,000 d.$35,750 3.The Bacon Company acquired new machinery with a price of $15,200 by trading in similar old machinery and paying $12,700. The old machinery originally cost $9,000 and had accumulated depreciation of $5,000. In recording this transaction, Bacon Company should record a.the new machinery at $16,700 b.the new machinery at $12,700 c.a gain of $1,500 d.a loss of $1,500 4.When a $30,000, 90-day, 5% interest-bearing note payable matures, total payment will amount to: a.$31,500 b.$1,500 c.$30,375 d.$375 5.An employee receives an hourly rate of $40, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $350; cumulative earnings for year prior to current week, $99,700; social security tax rate, 6.0% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings. What is the gross pay for the employee? a.$775.00 b.$1,840.00 c.$1,960.00 d.$1,562.60 6.A corporation issues 1,500 shares of common stock for $ 32,000. The stock has a stated value of $10 per share. The journal entry to record the stock issuance would include a credit to Common Stock for a.$15,000 b.$32,000 c.$17,000 d.$2,000 7.Kendrick Corporation was organized on January 2, 2010. During 2010, Kendrick issued 20,000 shares at $24 per share, purchased 3,000 shares of treasury stock at $26 per share, and had net income of $300,000. What is the total amount of stockholders’ equity at December 31, 2010? a.$640,000 b.$702,000 c.$708,000 d.$720,000 8.Which of the following is not an advantage of issuing bonds instead of common stock? a.Tax savings result b.Income to common shareholders may increase. c.Earnings per share on common stock may be lower. d.Stockholder control is not affected. 9.On January 1, 2007, the Horton Corporation issued 10% bonds with a face value of $200,000. The bonds are sold for $196,000. The bonds pay interest semiannually on June 30 and December 31 and the maturity date is December 31, 2011. Horton records straight-line amortization of the bond discount. The bond interest expense for the year ended December 31, 2007, is a.$19,800 b.$19,200 c.$20,800 d.$24,000 10.On January 1, 2007, the Baker Corporation issued 10% bonds with a face value of $50,000. The bonds are sold for $46,000. The bonds pay interest semiannually on June 30 and December 31 and the maturity date is December 31, 2011. Baker records straight-line amortization of the bond discount. The bond interest expense for the year ended December 31, 2007, is a.$4,000 b.$4,200 c.$5,400 d.$5,800 Problem 2 The following items were selected from among the transactions completed by Downey, Inc. during the current year: Apr. 1. Borrowed $960,000 from Houston Company, issuing a 45-day, 8% note for that amount. 26. Purchased equipment by issuing a $760,000, 180-day note to Namesake Manufacturing Co., which discounted the note at the rate of 10%. Ma 16. Paid Houston Company the interest due on the note of April 1 and renewed the loan by issuing a new 30-day, 12% note for $960,000. June 15. Paid Houston Company the amount due on the note of May 16. Sept. 3. Purchased merchandise on account from Newgen Co., $542,000, terms,n/30. Oct. 3. Issued a 30-day, 12% note for $542,000 to Newgen Co., on account. 23. Paid Namesake Manufacturing Co. the amount due on the note of April 26. Nov. 2. Paid Newgen Co. the amount owed on the note of October 3. 10. Purchased store equipment from Organic Technology Co. for $2,200,000 paying $200,000 and issuing a series of ten 9% notes for $200,000 each, coming due at 30-day intervals. Dec. 10. Paid the amount due Organic Technology Co. on the first note in the series issued on November 10. 16. Settled a personal injury lawsuit with a customer for $342,500, to be paid in January. Cashman, Inc. accrued the loss in a litigation claims payable account. Instructions (13%) 1.Journalize the transactions, assuming a year 360 days. 2.Journalize the adjusting entry for each of the following accrued expenses at the end of the current year: a. Product warranty cost, $510,400. b. Interest on the 9 remaining notes owed to Organic Technology Co. Problem 3 Welker Company purchased packaging equipment on January 3, 2009, for $167,500. The equipment was expected to have a useful life of five years, or 50,000 operating hours, and a residual value of $24,500. The equipment was used for 15,000 hours during 2009, 12,000 hours in 2010, and 10,000 hours in 2011, and 8,000 hours in 2012, and 5,000 hours in 2013. Instructions (9%) Determine the amount of depreciation expense for the years ended December 31, 2009, 2010, 2011, 2012 and 2013 by (a) the straight-line method, (b) the units-of-production method, and (c) the double-declining-balance method. Also determine the total depreciation expense for the five years by each method. The following columnar headings are suggested for recording the depreciation expense amounts: Depreciation expense Year Straight-line Method Units-of-production Method Double-Declining-Balance Method Problem 4 Selected transactions completed by Wild Thing Corporation during the current fiscal year are as follows: Jan. 8.Split the common stock 4 for 1 and reduced the par from $100 to $25 per share. After the split, there were 600,000 common shares outstanding. Feb. 13.Purchased 50,000 shares of the corporation’s own common stock at $34, recording the stock at cost. May 1.Declared semiannual dividends of $1.99 on 36,000 shares of preferred stock and $0.5 on the common stock to stockholders of record on May 15, payable on June 1. June 1.Paid the cash dividends. Aug. 5.Sold 27,000 shares of treasury stock at $43, receiving cash. Nov. 15.Declared semiannual dividends of $1.99 on the preferred stock and $0.8 on the common stock (before the stock dividend). In addition, a 3% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $50. Dec. 31.Paid the cash dividends and issued the certificates for the common stock dividend. Instruction (9%) Journalize the transactions. Problem 5 The following transactions, adjusting entries, and closing entries were completed by Mammoth Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance method of depreciation is used. 2009 Jan. 6. Purchased a used delivery truck for $524,000, paying cash. July 19. Paid garage $3,500 for miscellaneous repairs to the truck. Dec. 31. Recorded depreciation on the truck for the year. The estimated useful life of the truck is 8 years, with a residual value of $14,000 to the truck 2010 Jan. 2. Purchased a new truck for $969,000, paying cash. Sep. 1. Sold the used truck for $350,000. Oct. 24. Paid garage $7,415 for miscellaneous repairs to the truck. Dec. 31. Record depreciation for the new truck. It has an estimated residual value of $39,000 and an estimated life of 10 years. 2011 July 1. Purchased a new truck for $1,170,000, paying cash. Oct. 1. Sold the truck purchased January 2, 2010, for $625,000. Dec. 31. Recorded depreciation on the remaining truck. It has an estimated residual value of $38,000 and an estimated useful life of 12 years. Instructions (12%) Journalize the transactions and the adjusting entries. Problem 6 On January 1, 2010, Simon Company issued $25,000,000 of 10-year, 10% bonds to finance its operation of producing and selling video equipment. Interest is payable semiannually. The bonds were issued that an effective interest rate of 13%, using effective rate method. Instructions (11%) 1.Journalize the entries to record the following: a.Sales of the bonds on January 1, 2010. b.First semiannual interest payment on June 30, 2010. 2.Prepare the amortization table through December 31, 2011 for the bond issue. 3.Compute the amount of the bond interest expense for 2012. Problem 7 Enrichment Co. began business on January 2, 2009. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheld in the required amounts. An employee who is hired in the middle of the month receives half the monthly salary for that month. All required payroll tax reports were filed, and the correct amount of payroll taxes was remitted by the company for the calendar year. Early in 2010, before the Wage and Tax Statements (Form W-2) could be prepared for distribution to employees and for filing with the Social Security Administration, the employees’ earnings records were inadvertently destroyed. None of the employees resigned or were discharged during the year, and there were no changes in salary rates. The social security tax was withheld at the rate of 6.0% on the first $100,000 of salary and Medicare tax at the rate of 1.5% on salary. Data on dates of employment, salary rates, and employees’ income taxes withheld, which are summarized as follows, were obtained from personnel records and payroll records: Employee Date first employed Monthly salary Monthly income tax withheld Brooks Jan. 2 $ 3,400 $ 502 Croom June 16 5,600 1,052 Fulmer Apr. 1 2,500 310 Johnson Oct. 1 2,500 310 Nutt Jan. 2 10,000 2,253 Richt Jan. 16 3,600 552 Spurrier Mar. 1 8,600 1,861 Instructions (12%) 1.Calculate the amounts to be reported on each employee’s Wage and Tax Statement (Form W-2) for 2009, arranging the data in the following form: Employee Gross Federal Income Social Security Medicare Earnings Tax Withheld Tax Withheld Tax Withheld 2.Calculate the following employer payroll taxes for the year: (a) social security; (b) Medicare; (c) state unemployment compensation at 4.8% on the first $8,000 of each employee’s earnings; (d) federal unemployment compensation at 0.8% on the first $8,000 of each employee’s earnings; (e) total. Problem 8 Lone Star Theatre Inc. owns and operates movie theaters throughout Arizona and Texas. Lone Star Theatre has declared the following annual dividends over a six-year period: 2005, $17,500; 2006, $29,000; 2007, $35,000; 2008, $43,000; 2009, $54,000; and 2010, $94,500. During the entire period ending December 31 of each year, the outstanding stock of the company was composed of 20,000 shares of cumulative, 3.5% preferred stock, $50 par, and 100,000 shares of common stock, $1 par. Instructions (10%) 1.Calculate the total dividends and the per-share dividends declared on each class of stock for each of the six years. There were no dividends in arrears on January 1, 2005. Summarize the data in tabular form, using the following column headings: Year Total Dividends Preferred Dividends Common Dividends Total Per Share Total Per Share 2.Calculate the average annual dividend per share for each class of stock for the six-year period. 3.Assuming a market price per share of $35 for the preferred stock and $5 for the common stock, calculate the average annual percentage return on initial shareholders’ investment, based on the average annual dividend per share (a) for preferred stock and (b) for common stock. Problem 9 Three different plans for financing a $50,000,000 corporation are under consideration by its organizers. Under each of the following plans, the securities will be issued at their par or face amount, and the income tax rate is estimated at 30% of income. Plan 1 Plan 2 Plan 3 10% bonds — — $30,000,000 Preferred $2 stock, $20 par — $25,000,000 10,000,000 Common stock, $10 par $50,000,000 25,000,000 10,000,000 Total $50,000,000 $50,000,000 $50,000,000 Instructions (6%) 1.Determine for each plan the earnings per share of common stock, assuming that the income before bond interest and income tax is $35,000,000. 2.Determine for each plan the earnings per share of common stock, assuming that the income before bond interest and income tax is $3,000,000. 3.Discuss the advantages and disadvantages of each plan. Problem 10 Linux Corporation produces and sells baseball cards. On July 1, 2010, Linux Corporation issued $40,000,000 of 10-year, 12% bonds at an effective interest rate of 11%. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Instructions (8%) 1.Journalize the entry to record the amount of cash proceeds from the sale of the bonds. 2.Journalize the entries to record the following : a.The first semiannually interest payment on December 31, 2010, and the amortization of the bond premium, using the straight-line method. (Round to nearest dollar.) b.The interest payment on June 30, 2011, and the amortization of the bond premium, using the straight-line method. (Round to nearest dollar.) 3.Determine the total interest expense for 2010. ※ 編輯: jesonk 來自: 140.112.247.94 (12/22 03:55)