課程名稱︰會計學甲一下 課程性質︰必修 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）︰100.4.22 考試時限（分鐘）：180分鐘 是否需發放獎勵金：是 試題 : Problem 1 MULTIPLE CHOICES (10%) 1.A truck costing $110,000 was destroyed when its engine caught fire. At the date of the fire, the accumulated depreciation on the truck was $50,000. An insurance check for $125,000 was received based on the replacement cost of the truck. The entry to record the insurance proceeds and the disposition of the truck will include a a.Gain on Disposal of $15,000. b.credit to the Truck account of $60,000. c.credit to the Accumulated Depreciation account for $50,000. d.Gain on Disposal of $65,000. 2.On January 1, 20xx, Swenson Corporation had 40,000 shares of $10 par value common stock issued and outstanding. All 40,000 shares had been issued in a prior period at $20.00 per share. On February 1, 20xx, Swenson purchased 2,000 shares of treasury stock for $24 per share and later sold the treasury shares for $21 per share on March 1, 20xx. The journal entry to record the purchase of the treasury shares on February 1, 20xx, would include a a.credit to Treasury Stock for $48,000. b.debit to Treasury Stock for $48,000. c.debit to a loss account for $6,000 d.credit to a gain account for $6,000. 3.The Dayton Corporation began the current year with a retained earnings balance of $25,000. During the year, the company corrected an error made in the prior year, which was a failure to record depreciation expense of $3,000 on equipment. Also, during the current year, the company earned net income of $12,000 and declared cash dividends of $5,000. Compute the year end retained earnings balance. a.$29,000 b.$35,000 c.$39,000 d.$45,000 4.The present value of $40,000 to be received in one year, at 6% compounded annually, is (rounded to nearest dollar) a.$37,736 b.$42,400 c.$40,000 d.$2,400 5.A corporation issues for cash $8,000,000 of 8%, 25-year bonds, interest payable semiannually. The amount received for the bonds will be a.present value of 50 semiannual interest payments of $320,000, plus present value of $8,000,000 to be repaid in 25 years b.present value of 25 annual interest payments of $640,000 c.present value of 25 annual interest payments of $640,000, plus present value of $8,000,000 to be repaid in 25 years d.present value of $8,000,000 to be repaid in 25 years, less present value of 50 semiannual interest payments of $320,000 Problem 2 In recent years, Pablo Company purchased three machines. Because of heavy turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and each selected a different method. Information concerning the machines is summarized below. Machine Acquired Cost Salvage Value Useful Life in Years Depreciation Method 1 1/1/07 $105,000 $5,000 10 Straight-line 2 1/1/08 150,000 10,000 8 Declining-balance 3 11/1/10 100,000 15,000 6 Unit-of-activity For the declining-balance method, the company uses the double declining rate. For the unit-of-activity method, total machine hours are expected to be 25,000. Actual hours of use in the first 3years were: 2010, 2,000; 2011, 4,500; and 2012, 5,500. Instructions (10%) 1.Compute the amount of accumulated depreciation on each machine at December31, 2010. 2.If machine 2 had been purchased on May 1 instead of January 1, what would be the depreciation expense for this machine in 2008 and 2009? Problem 3 At December 31, 2010, Jimenez Company reported the following as plant assets. Land $4,000,000 Buildings $28,500,000 Less: Accumulated depreciation-buildings 12,100,000 16,400,000 Equipment 48,000,000 Less: Accumulated depreciation-equipment 5,000,000 43,000,000 Total plant assets $63,400,000 During 2011, the following selected cash transactions occurred. April 1 Purchased land for $2,130,000. May 1 Sold equipment that cost $780,000 when purchased on January 1, 2007.The equipment was sold for $450,000. June 1 Sold land purchased on June 1, 2001, for $1,500,000.The land cost $400,000. July 1 Purchased equipment for $2,000,000. Dec 31 Retired equipment that cost$500,000 when purchased on December 31,2001.No salvage value was received Instructions (10%) 1.Journalize the above transactions. Starkey uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year useful life and no salvage value. The equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement. 2.Record adjusting entries for depreciation for 2011. 3.Prepare the plant assets section of Jimenez’s balance sheet at December 31,2011. Problem 4 The following items were selected from among the transactions completed by Arlo, Inc. during the current year: Apr. 1. Borrowed $560,000 from Dewey Company, issuing a 45-day, 8% note for that amount. 26. Purchased equipment by issuing a $1,260,000, 180-day note to Yukon Manufacturing Co., which discounted the note at the rate of 10%. May 16. Paid Dewey Company the interest due on the note of April 1 and renewed the loan by issuing a new 30-day, 12% note for $560,000. June15. Paid Dewey Company the amount due on the note of May 16. Sept.3. Purchased merchandise on account from Kayak Co. $342,000, terms, n/30. Oct. 3. Issued a 30-day, 11% note for $342,000 to Kayak Co., on account. 23. Paid Yukon Manufacturing Co. the amount due on the note of April 26. Nov. 2. Paid Kayak Co. the amount owed on the note of October 3. 10. Purchased store equipment from Blackwall Technology Co. for $3,200,000 paying $200,000 and issuing a series of ten 9% notes for $300,000 each, coming due at 30-day intervals. Dec.10. Paid the amount due Blackwall Technology Co. on the first note in the series issued on November 10. 16. Settled a personal injury lawsuit with a customer for $72,500, to be paid in January. Razar, Inc. accrued the loss in a litigation claims payable account. Dec.31. Product warranty cost, $215,400. 31. Interest on the 9 remaining notes owed to Blackwall Technology Co. Instructions (10%) Journalize the transactions. Problem 5 Selected transactions of Tyler Company, completed during the fiscal year ended December 31, are as follows: Mar. 1. Purchased merchandise on account from Kelvin Co.,$20,000. Apr. 10. Issued a 60-day, 12% note for $20,000 to Kelvin Co. on account. June 9. Paid Kelvin Co. the amount owed on the note of April 10. Aug. 1. Issued a $50,000, 90-day note to Harold Co. in exchange for a building. Harold Co. discounted the note at 15%. Oct. 30. Paid Harold Co. the amount due on the note of August 1. Dec. 27. Journalized the entry to record the biweekly payroll. A summary of the payroll record follow: Salary distribution: Sales $63,400 Officers 36,600 Office 10,000 $110,000 Deductions: Social security tax $5,050 Medicare tax 1,650 Federal income tax withheld 17,600 State income tax withheld 4,950 Savings bond deductions 850 Medical insurance deductions 1,120 $31,220 Net income $78,780 27. Journalized the entry to record payroll taxes for social security and Medicare from the biweekly payroll. 30. Issued a check in payment of liabilities for employees’ federal income tax of $17,600,social security tax of $10,100, and Medicare tax of $3,300 31. Issued a check for $9,500 to the pesion fund trustee to fully fund the pension cost for December. 31. Journalized an entry to record the employees’accured vacation pay,$36,100. 31. Journalized an entry to record the estimated accrued product warranty liability,$37,240. Instructions (10%) Journalize the preceding transactions. Problem 6 Pattini Bike Corp. manufactures mountain bikes and distributes them through retail outlets in Montana, Idaho, Oregon, and Washington. Pattini Bike Corp. has declared the following annual dividends over a six-year period ending December 31 of each year: 2006, $20,000; 2007, $28,000; 2008, $45,000; 2009, $55,000; 2010, $60,000; and 2011, $71,000. During the entire period, the outstanding stock of the company was composed of 20,000 shares of 3% cumulative preferred stock, $50 par, and 50,000 shares of common stock, $1 par. Instructions(10%) 1.Determine the total dividends and the per-share dividends declared on each class of stock for each of the six years. 2.Determine the average annual dividends per share for each class of stock for the six-year period. 3.Assuming a market price of $75 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 7 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 40% 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 (8%) 1.Determine for each plan the earnings per share of common stock, assuming that the income before bond interest and income tax is $17,000,000. 2.Determine for each plan the earnings per share of common stock, assuming that the income before bond interest and income tax is $9,000,000. Problem 8 On July 1, 2010, Atwater Corporation issued $2,000,000 face value, 10%, 10-year bonds, effective-interest rate of 8% on the bonds. Atwater uses the effective-interest method to amortize bonds premium or discount. The bonds pay semiannual interest July1 and January 1.Round all computations to nearest dollar. Instructions(10%) 1.Prepare the journal entry to record the issuance of the bonds on July 1,2010. 2.Prepare the amortization table through December 31, 2011 for this bond issue. 3.Prepare the journal entry to record the accrual of interest and the amortization on December 31, 2010. 4.Prepare the journal entry to record the accrual of interest and the amortization on July 1, 2011, assume no accrual interest on June 30. 5.Prepare the journal entry to record the accrual of interest and the amortization on December 31, 2011. Problem 9 The stockholders’ equity accounts of Neer Corporation on January 1, 2010, were as follows. Preferred Stock (8%, $50 par, cumulative, 10,000 shares authorized) $400,000 Common Stock ($1 stated value, 2,000,000 shares authorized) 1,000,000 Paid-in Capital in Excess of Par Value—Preferred Stock 100,000 Paid-in Capital in Excess of Par Value—Common Stock 1,450,000 Retained Earnings 1,816,000 Treasury Stock—Common Stock(10,000 shares) 50,000 During 2010, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb.1 Issued 25,000 shares of common for $120,000. Apr.14 Sold 6,000 shares of treasury stock—common for $33,000. Sept.3 Issued 5,000 shares of Common Stock for a patent valued at $35,000. Nov.10 Purchased 1,000 shares of common stock for the treasury at a cost $6,000. Dec. 31 Determined that net income for the year was $452,000. No dividends were declared during the year. Instructions (8%) 1.Journalized the transactions and the closing entry for net income. 2.Prepare a stockholders’ equity section at December 31, 2010. Problem 10 The following transactions were completed by Hobson Inc., whose fiscal year is the calendar year: 2010 July 1. Issued $10,000,000 of 10-year, 15% callable bonds dated July 1, 2010, at an effective rate of 11%. Interest is payable semiannually on \ December 31 and June 30. Oct. 1. Borrowed $225,000 as a six-year, 8% installment note from Titan Bank, with the first payment occurring on September 30, 2011. Dec. 31.Record the interest on the installment note. 31.Recorded the semiannual interest on the bonds, using the straight-line method. 2011 June 30. Paid the semiannual interest on the bonds. Sept.30. Paid the annual payment on the note. Dec. 31. Record the interest on the installment note. The interest is payable on the date of the next installment note payment. 31. Recorded the semiannual interest on the bonds, using the straight-line method. 2012 June 30. Recorded the redemption of the bonds, which were called at 101.5. Sept.30. Paid the second annual payment on the note. Instructions (14%) 1.Journalize the entries to record the foregoing transactions. 2.Indicate the amount of the interest expense in (a) 2010 and (b) 2011. 3.Determine the carrying amount of the bonds as of December 31, 2011. --

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