課程名稱︰中級會計學 課程性質︰必修 課程教師︰劉心才 (助教名:謝昇峰) 開課學院：管理學院 開課系所︰財務金融學系 考試日期（年月日）︰102.06.05 考試時限（分鐘）：110 是否需發放獎勵金：是 （如未明確表示，則不予發放） 試題 : Quiz 2 Chapter 21~22 2013.06.05 A. Multiple Choice (30 points) 1. Which of the following would not be included in the Lease Receivable account? A. Guaranteed residual value B. Unguaranteed residual value C. A bargain purchase option D. All would be included 2. In a lease that is appropriately recorded as a direct-financing lease by the lessor, unearned income A.should be amortized over the period of the lease using the effective interest method. B.should be amortized over the period of the lease using the straight-line method C.does not arise. D.should be recognized at the lease's expiration. 3. The primary difference between a direct-financing lease and a sales-type lease is the A. manner in which rental receipts are recorded as rental income. B. amount of the depreciation recorded each year by the lessor. C. recognition of the manufacturer's or dealer's profit at the inception of the lease. D. allocation of initial direct costs by the lessor to periods benefited by the lease arrangements. 4. For a sales-type lease, A.the sales price includes the present value of the unguaranteed residual value B.the present value of the guaranteed residual value is deducted to determine the cost of goods sold. C.the gross profit will be the same whether the residual value is guaranteed or unguaranteed. D.none of these. 5. The Lease Liability account should be disclosed as A. all current liabilities. B. all non-current liabilities. C. current portions in current liabilities and the remainder in non-current liabilities. D. deferred credits 6. Which of the following is accounted for as a change in accounting policy? A.A change in the estimated useful life of plant assets. B.A change from the cash basis of accounting to the accrual basis of accounting C.A change from expensing immaterial expenditures to deferring and amortizing them as they become material. D.A change in inventory valuation from average cost to FIFO. 7. A company changes from straight-line to an accelerate method of calculating depreciation, which will be similar to the method used for tax purposes. The entry record this change should include a A. credit to Accumulated Depreciation. B. debit to Retained Earnings in the amount of the difference on prior years. C. debit to Deferred Tax Asset. D. credit to Deferred Tax Liability. 8. Which of the following would be a reason where IASB would permit companies to change accounting policy ? A. The change would allow the company to present a more favorable profit picture. B. The change would result in the financial statements providing more reliable and relevant information about a company's financial position, financial performance, and cash flows. C. The change is made by the internal auditor, D. The change will be long-term, 9. Stone Company changed its method of pricing inventories from average cost to FIFO. What type of accounting change does this represent? A. A change in accounting estimate for which the financial statements for prior periods included for comparative purposes should be presented as previously reported. B. A change in accounting policy for which the financial statements for prior periods included for comparative purposes should be presented as previously reported. C. A change in accounting estimate for which the financial statements for prior periods included for comparative purposes should be related. D. A change in accounting policy for which the financial statements for prior periods included for comparative purposes should be restated. 10. The estimated life of a building that has been depreciated 30 years of an originally estimated life of 50 years has been revised to a remaining life of 10 years. Based on this information, the accountant should A. continue to depreciate-the building over the original 50-year life. B. depreciate the remaining book value over the remaining life of the asset. C. adjust accumulated depreciation to its appropriate balance, through net income, based on a 40-year life, and then depreciate the adjusted book value as though the estimated life had always been 40 years. D. adjust accumulated depreciation to its appropriate balance through retained earnings,based on a 40-year life,and then depreciate the adjusted book value as though the estimated life had always been 40 years. ※ 選擇題答案: DACCC / DABDB B. Problems (70 points) I. Exercise 21-4 (11 points) E21-4 (Lessor Entries, Direct-Financing Lease with Option to Purchase) Krauss Leasing Company signs a lease agreement on January 1, 2011, to lease electronic equipment to Stewart Company. The term of the non-cancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement, 1. Stewart has the option to purchase the equipment for ￡16,000 upon termination of the lease. 2. The equipment has a cost and fair value of ￡240,000 to Krauss Leasing Company. The useful economic life is 2 years, with a residual value of ￡16,000. 3. Stewart Company is required to pay ￡7,000 each year to the lessor for executory costs. 4. Krauss Leasing Company desires to earn a return of 10% on its investment Instructions (a) Prepare the journal entries on the books of Krauss Leasing to reflect the payments received under the lease and to recognize income for the years 2011 and 2012. (b) Assuming that Stewart Company exercises its option to purchase the equipment on December 31, 2012, prepare the journal entry to reflect the sale on Krauss's books. II. Exercise 21-8 (14 points) E21-8 (Lessee Entries with Bargain-Purchase Option) The following facts pertain to a non-cancelable lease agreement between Lennox Leasing company and Gill Company, a lessee: Inception date: May 1, 2010 Annual lease payment due at the beginning of each year, (beginning with May 1, 2010) $18,829.49 Bargain-purchase option price at end of lease term $4,000 Lease term 5 years Economic life of leased equipment 10 years Lessor's cost $65,000 Fair value of asset at May 1, 2010 $81,000 Lessor's implicit rate 10% Lessee's incremental borrowing rate 10% The lessee assumes responsibility for all executory costs. Instructions (Round all numbers to the nearest cent) Prepare the journal entries on the lessee’s books to reflect the signing of the lease agreement and to record the payments and expenses related to this lease for the years 2010 and 2011. Gill’s annual accounting period ends on December 31. Reversing entries are used by Gill. III. Exercise 21-12 E21-12 (Accounting for an Operating Lease) On January 1, 2011, Secada Co. leased a building to Ryker Inc. The relevant information related to the lease is as follows. 1. The lease arrangement is for 10 years. 2. The leased building cost €3,600,000 and was purchased for cash on January 1, 2011. 3. The building is depreciated on a straight-line basis. Its estimated economic life is 50 years with no residual value. 4. Lease payments are €220,000 per year and are made at the end of the year. 5. Property tax expense of €85,000 and insurance expense of €10,000 on the building were incurred by Secada in the first year. Payment on these two items was made at the end of the year. 6. Both the lessor and the lessee are on a calendar year basis. Instructions (a) Prepare the journal entries that Secada Co. should make in 2011. (b) Prepare the journal entries that Rylcer Inc. should make in 2011. IV. Exercise 22-1 (7 points) (Change in Policy—Long-Term Contracts) Cherokee Construction Company changed from the cost-recovery to the percentage-of-completion method of accounting for long-term construction contracts bring 2010. For tax purposes, the company employs the cost-recovery method and will continue this approach in the future. (Hint: Adjust all tax consequences through the Deferred Tax Liability account.) The appropriate information related to this change is as follows. Pretax income from: Percentage-of-Completion Cost-Recovery Difference 2009 $780,000 $610,000 $170,000 2010 $700,000 $480,000 $220,000 Instructions (a) Assuming that the tax rate is 35%, what is the amount of net income that would be reported in 2010? (b) What entry is necessary to adjust the accounting records for the change in accounting policy? V.Exercise 22-7 (10 points) E22-7 (Change in Estimate and Error; Financial Statements) Presented below are the comparative income statements for Pannebecker Inc. for the years 2009 and 2010. 2010 2009 Sales $340,000 $270,000 Cost of sales 200,000 142,000 Gross profit 140,000 128,000 Expenses 88,000 50,000 Net income $ 52,000 $ 78,000 ======= ====== Retained earnings (Jan. 1) $125,000 $72,000 Net income 52,000 78,000 Dividends (30,000) (25,000) Retained earnings (Dec. 31) $147,000 $125,000 ====== ======= The following additional information is provided. 1. In 2010, Pannebecker Inc. decided to switch its depreciation method from sum-of-the-years'-digits to the straight-line method. The assets were purchased at the beginning of 2009 for $90,000 with an estimated useful life of 4 years and no residual value. (The 2010 income statement contains depreciation expense of $27,000 on the assets purchased at the beginning of 2009.) 2. In 2010, the company discovered that the ending inventory for 2009 was overstated by $20,000; ending inventory for 2010 is correctly stated. Instructions Prepare the revised retained earnings statement for 2009 and 2010, assuming comparative statements. (Ignore income taxes.) VI. Exercise 22-10 (8 points) E22-10 (Depreciation Changes) On January 1, 2006, McElroy Company purchased a building and equipment that have the following useful lives, residual values, and costs. Building 40-year estimated useful life, $50,000 residual value, $1,200,000 cost Equipment, 12-year estimated useful life, $10,000 residual value, $130,000 cost The building has been depreciated under the double-declining-balance method through 2009. In 2010, the company decided to switch to the straight-line method of depreciation. McElroy also decided to change the total useful life of the equipment to 9 years, with a residual value of $5,000 at the end of that time. The equipment is depreciated using the straight-line method. Instructions (a) Prepare the journal entry(ies) necessary to record the depreciation expense on the building, in 2010. (b) Compute depreciation expense on the equipment for 2010. VII. Exercise 22-15 (10 points) E22-15 (Error Correction Entries) The first audit of the books of Fenimore Company was made for the year ended December 31, 2010. In examining the books, the auditor found that certain items had been overlooked or incorrectly handled in the last 3 years. These items are 1.At the beginning of 2008, the company purchased a machine for $510,000 (residual value of $51,000) that had a useful life of 5 years. The bookkeeper used straight-line depredation but failed to deduct the residual value in computing the depreciation base for the 3 years. 2.At the end of 2009, the company failed to accrue sales salaries of $45,000: 3.A tax lawsuit that involved the year 2008 was settled late in 2010. It was determined that the company owed an additional $85,000 in taxes related to 2008. The company did not record a liability in 2008 or 2009 because the possibility of loss was considered remote, and debited the $85,000 to a loss account in 2010 and credited Cash for the same amount. 4.Fenimore Company purchased a copyright from another company early in 2008 for $50,000. Fenimore had not amortized the copyright because its value had not diminished. The copyright has a useful life at purchase of 20 years. 5.In 2010,the company wrote off $87,000 of inventory considered to be obsolete; this loss was charged directly to Retained Earnings and credited to Inventory. Instructions Prepare the journal entries necessary in 2010 to correct the books,assuming that the books have not been closed. Disregard effects of corrections on income tax. --

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