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）︰2010.06.17 考試時限（分鐘）：180分鐘 是否需發放獎勵金：是 試題 : Problem 1 1.Which of the following would be considered an “Other Comprehensive Income item? a.net income. b.extraordinary loss related to flood. c.gain on disposal of discontinued operations. d.unrealized loss on available-for-sale securities. 2.On April 1, 2010, Stanton Company purchased $50,000 of Harris Company’s 12% bonds at 100 plus accrued interest of $2,000. On June 30, 2010, Stanton received its first semiannual interest. On February 1, 2011, Stanton sold $40,000 of the bonds at 103 plus accrued interest. The journal entry Stanton will record on April 1, 2010, will include: a.a credit to Interest Payable for $2,000. b.a debit to Investments - Harris Company for $52,000. c.a credit for Cash of $50,000. d.a debit to Investments - Harris Company for $50,000. 3.An investor purchased 500 shares of common stock, $25 par, for $21,750. Subsequently, 100 shares were sold for $47.50 per share. What is the amount of gain or loss on the sale? a.$4,350 gain b.$400 gain c.$400 loss d.$16,800 loss 4.The net income reported on the income statement for the current year was $275,000. Depreciation recorded on fixed assets and amortization of patents for the year were $40,000 and $9,000, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $ 50,000 $ 60,000 Accounts receivable 112,000 108,000 Inventories 105,000 93,000 Prepaid expenses 4,500 6,500 Accounts payable (merchandise creditors) 75,000 89,000 5.Concerning the Indirect Statement of Cash Flows, select the correct statement. a.The management of a company would mostly utilize the Indirect Statement of Cash Flows as a management tool since it starts with Net Income from the Income Statement. b.The management of a company would not normally distribute the Indirect Statement of Cash Flows as a statement within its annual reports because it would most likely confuse the average reader. c.The management of a company would most likely distribute the Indirect Statement of Cash Flows as a statement within its annual reports because it starts with Net Income and ends in the current cash balance which increases reader confidence in the report. d.The management of a company would most likely distribute the Indirect Statement of Cash Flows as a statement within its annual reports because it does not present any relation to the other statements of the report, therefore it is least likely to confuse the reader. 6.Accounts receivable arising from sales to customers amounted to $40,000 and $31,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $120,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is a.$120,000. b.$129,000. c.$151,000. d.$111,000. Accounts payable $ 30,000 Accounts receivable 65,000 Accrued liabilities 7,000 Cash 20,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 100,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 20,000 Property, plant, and equipment 625,000 Prepaid expenses 2,000 7.Based on the above data, what is the amount of quick assets? a.$163,000 b.$195,000 c.$121,000 d. $56,000 8.Based on the above data, what is the amount of working capital? a.$238,000 b.$138,000 c.$178,000 d. $64,000 9.Based on the above data, what is the quick ratio, rounded to one decimal point? a.2.4 b.3.4 c.2.1 d.1.5 10.Based on the following data for the current year, what is the accounts receivable turnover? Net sales on account during year $500,000 Cost of merchandise sold during year 300,000 Accounts receivable, beginning of year 45,000 Accounts receivable, end of year 35,000 Inventory, beginning of year 90,000 Inventory, end of year 110,000 a.12.5 b.11.1 c.10.0 d.14.3 Problem 2 Scholar House, Inc., is a book publisher. The comparative unclassified balance sheets for December 31, 2011 and 2010 are provided below. Selected missing balances are shown by letters. Scholar House, Inc. Balance Sheet December 31, 2011 and 2010 2011 Dec. 31 2010 Dec.31 Cash $ 178,000 $ 157,000 Accounts receivable (net) 106,000 98,000 Available-for-sale investments (at cost) – Note 1 a. 53,400 Less valuation allowance for available-for-sale investments b. 2,400 Available-for-sale investments (fair value) $ c. $ 51,000 Interest receivable $ d. - Investment in Nahum Co. stock – Note 2 e. $ 64,000 Office equipment (net) 90,000 95,000 Total assets $ f. $ 465,000 Accounts payable $ 56,900 $ 51,400 Common stock 50,000 50,000 Excess of issue price over par 160,000 160,000 Retained earnings g. 206,000 Less unrealized gain (loss) on available-for-sale investments h. 2,400 Total liabilities and stockholders’ equity $ i. $ 465,000 Note 1. Investments are classified as available for sale. The investments at cost and fair value on December 31, 2010, are as follows: No. of Shares Cost per Share Total Cost Total Fair Value Barns Co. Stock 1,600 $12 $19,200 $18,000 Dynasty Co. Stock 900 38 34,200 33,000 $53,400 $51,000 Note 2. The Investment in Nahum Co. stock is an equity method investment representing 32% of the outstanding shares of Nahum Co. The following selected investment transactions occurred during 2011: 2011 May 5. Purchased 500 shares of High-Star, Inc., at $29 per share plus a $100 brokerage commission. June 12. Dividends of $1.25 per share received on the Dynasty Co. stock investment. Sep. 9. Dividends of $5,700 are received on the Nahum Co. investment. Sep. 1. Purchased $18,000 of Opus Co. 5%, 10-year bonds at 100. The bonds are classified as available for sale. The bonds pay interest on September 1 and March 1. Dec. 31. Nahum Co. reported a total net income of $60,000 for 2011. Scholar House recorded equity earnings for its share of Nahum Co. net income. 31. Accrued 4 months of interest on the Opus bonds. 31. Adjusted the available-for-sale investment portfolio to fair value using the following fair value per share amounts: Available-for-sale investments Fair Value Barns Co. stock $10 per share Dynasty Co., stock $35 per share High-Star, Inc. stock $30 per share Opus Co. bonds 97 per $1,000 of face value 31. Closed the Scholar House Inc., net income of $64,900 for 2011. Miranda paid no dividends during 2011. Instructions: Determine the missing letters in the unclassified balance sheet. Provide appropriate supporting calculations. Problem 3 Jupiter Insurance Co. is a regional investment company that began operations on January 1, 2010. The following transactions relate to trading securities acquired by Jupiter Insurance Co., which has a fiscal year ending on December 31: 2010 Feb. 21.Purchased 3,000 shares of Loral Inc. as a trading security at $25 per share plus a brokerage commission of $600. Mar. 2.Purchased 900 shares of Monarch Inc. as a trading security at $52 per share plus a brokerage commission of $180. May 3.Sold 800 shares of Loral Inc. at $23.50 per share less a $80 brokerage commission. June 8.Received the annual dividend of $0.18 per share on Loral Inc. stock. Dec. 31.The portfolio of trading securities was adjusted to fair values of $24 and $48 per share for Loral Inc. and Monarch Inc., respectively. 2011 May 11.Purchased 1,600 shares of Echelon Inc. as a trading security at $18 per share plus a $160 brokerage commission. June 11.Received an annual dividend of $0.20 per share on Loral Inc. stock. Aug. 14.Sold 400 shares of Echelon Inc. for $20 per share less a $80 brokerage commission. Dec. 31.The portfolio of trading securities was adjusted to fair value using the following fair values per share for the trading securities: Echelon Inc. $22 Loral Inc. 23 Monarch Inc. 49 The portfolio of trading securities was adjusted to fair value. Instructions 1.Journalize the entries to record these transactions. 2.Prepare the investment-related current asset balance sheet disclosures for Jupiter Insurance Co. on December 31, 2011. 3.How are unrealized gains or losses on trading investments disclosed on the financial statements of Jupiter Insurance Co.? Problem 4 The comparative balance sheet of TorMax Technology, Inc. at December 31, 2010 and 2009, is as follows: Dec. 31, 2010 Dec. 31, 2009 Assets Cash $158,300 $128,900 Accounts receivable (net) 237,600 211,500 Inventories 317,100 365,200 Prepaid expenses 11,300 9,000 Land 108,000 108,000 Buildings 612,000 405,000 Accumulated depreciation-buildings (166,500) (148,050) Machinery and equipment 279,000 279,000 Accumulated depreciation - machinery & equipment(76,500) (68,400) Patents 38,200 43,200 $1,518,500 $1,333,350 Liabilities and Stockholders’ Equity Accounts payable (merchandise creditors) $ 299,100 $331,100 Dividends payable 11,700 9,000 Salaries payable 28,200 31,100 Mortgage note payable, due 2017 80,000 - Bonds payable - 140,000 Common stock,$1 par 23,000 18,000 Paid-in capital in excess of par - common stock 180,000 45,000 Retained Earnings 896,500 759,150 $1,518,500 $1,333,350 An examination of the income statement and the accounting records revealed the following additional information applicable to 2010: a.Net income, $184,150. b.Depreciation expense reported on the income statement: buildings, $18,450; machinery and equipment, $8,100. c.Patent amortization reported on the income statement, $5,000. d.A building was constructed for $207,000. e.The mortgage note for $80,000 was issued for cash. f.5,000 shares of common stock were issued at $28 in exchange for the bonds payable. g.Cash dividends declared, $46,800. Instructions Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Problem 5 The comparative balance sheet of House Construction Co. for June 30, 2010 and 2009, is as follows: June 30, 2010 June 30, 2009 Assets Cash $ 41,600 $ 28,200 Accounts receivable (net) 121,900 110,700 Inventories 175,600 170,500 Investments 0 60,000 Land 174,000 0 Equipment 258,000 210,600 Accumulated depreciation (58,300) (49,600) $ 712,800 $ 530,400 Liabilities and Stockholders’ Equity Accounts payable (merchandise creditors) $ 121,000 $ 114,200 Accrued expense payable (operating expenses) 18,000 15,800 Dividends payable 15,000 12,000 Common stock, $1 par 67,200 60,000 Paid-in capital in excess of par – common stock 264,000 120,000 Retained earnings 227,600 208,400 $ 712,800 $ 530,400 The income statement for the year ended June 30, 2010, is as follows: Sales $1,134,900 Cost of merchandise sold 698,400 Gross profit $ 436,500 Operating expenses: Depreciation expense $ 8,700 Other operating expenses 289,800 Total operating expenses 298,500 Operating income $ 138,000 Other expenses: Loss on sale of investments (6,000) Income before income tax $ 132,000 Income tax expense 52,800 Net income $ 79,200 The following additional information was taken from the records: a. Equipment and land were acquired for cash. b. There were no disposals of equipment during the year. c. The investments were sold for $54,000 cash. d. The common stock was issued for cash. e. There was a $60,000 debit to Retained Earnings for cash dividends declared. Instructions Prepare a statement of cash flows, using the direct method of presenting cash flows from operating activities. Problem 6 The comparative financial statements of Optical Solutions Inc. are as follow. The market price of Optical Solutions Inc. common stock was $60.00 on December 31, 2010. Optical Solution Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 2010 and 2009 2010 2009 Retained earnings, January 1 $ 604,000 $306,000 Add net income for year 428,000 314,000 Total $1,032,000 $620,000 Deduct dividends: On preferred stock $ 4,000 $ 4,000 On common stock 12,000 12,000 Total $ 16,000 $ 16,000 Retained earnings, December 31 $1,016,000 $604,000 Optical Solution Inc. Comparative Income Statement For the Years Ended December 31, 2010 and 2009 2010 2009 Sales $1,608,000 $1,481,000 Sales returns and allowances 5,920 6,000 Net sales $1,602,080 $1,475,600 Cost of goods sold 480,200 499,200 Gross profit $1,121,880 $ 976,400 Selling expenses $ 324,000 $ 352,000 Administrative expenses 234,000 211,200 Total operating expenses $ 558,000 $ 563,200 Income from operations $ 563,800 $ 413,200 Other income 24,000 19,200 $ 587,880 $ 432,400 Other expense (interest) 110,720 80,000 Income before income tax $ 477,160 $ 352,400 Income tax expenses 49,160 38,400 Net income $ 428,000 $ 314,000 Optical Solution Inc. Comparative Balance Sheet December 31, 2010 and 2009 Dec. 31, 2010 Dec. 31, 2009 Asset Current assets: Cash $ 240,000 $ 162,400 Temporary investments 364,000 328,800 Accounts receivable (net) 260,000 211,200 Inventories 208,000 66,400 Prepaid expenses 44,000 23,200 Total current assets $1,116,000 $ 792,000 Long-term investments 204,800 256,000 Property, plant, and equipment (net) 1,539,200 976,000 Total assets $2,860,000 $2,024,000 Liabilities Current liabilities $ 360,000 $ 320,000 Long-term liabilities: Mortgage note payable, 8%, due 2015 $ 384,000 --- Bonds payable, 10%, due 2019 800,000 $ 800,000 Total long-term liabilities $1,184,000 $ 800,000 Total liabilities $1,544,000 $1,120,000 Stockholders’ Equity Preferred $2.00 stock, $50 par $ 100,000 $ 100,000 Common stock, $5 par 200,000 200,000 Retained earnings 1,016,000 604,000 Total stockholders’ equity $1,316,000 $ 904,000 Total liabilities and stockholders’ equity $2,860,000 $2,024,000 Instructions Determine the following measures for 2010, rounding to one decimal place: 1.Working capital 2.Current ratio 3.Quick ratio 4.Accounts receivable turnover 5.Number of days’ sales in receivables 6.Inventory turnover 7.Number of days’ sales in inventory 8.Ratio of fixed assets to long-term liabilities 9.Ratio of liabilities to stockholders’ equity 10.Number of times interest charges earned 11.Number of times preferred dividends earned 12.Ratio of net sales to assets 13.Rate earned on total assets 14.Rate earned on stockholders’ equity 15.Rate earned on common stockholders’ equity 16.Earnings per share on common stock 17.Price-earnings ratio 18.Dividends per share of common stock 19.Dividend yield --

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