Suggeted Review Problems 初级会计期末复习模拟题库.docx

Suggeted Review Problems 初级会计期末复习模拟题库.docx

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SuggetedReviewProblems初级会计期末复习模拟题库

SuggestedReviewQuestions

April2016

1.StevieIceCreamsellsicecreaminbulktosupermarkets.StevieagreestosellicecreamtoRalph’s.Steviereceives$35,000cashfromRalph’sbuthasyettodelivertheicecream.WhatshouldthejournalentrybeonStevie’sbookstorecordthistransactionwhenthecashisreceived?

A.DR:

Cash35,000

CR:

Revenue35,000

B.DR:

Cash35,000

CR:

UnearnedRevenue35,000

C.DR:

UnearnedRevenue35,000

CR:

Revenue35,000

D.Noentry

E.Noneoftheabove

2.OnDecember15,2015,USCSandwichsignsacateringcontractforanoff-campuseventthatwilltakeplaceinMarch2016.Theclientpre-pays$20,000incash.WhatisthejournalentryUSCSandwichrecordsinDecember2015?

DR:

Cash$20,000

CR:

UnearnedRevenue$20,000

3.TommyTrojansellsfootballequipment.USCagreestopurchase$8,000worthofequipmentfromTommyTrojan.Accordingly,TommyTrojandeliverstheequipmenttoUSC,whichUSCagreestopayatalaterdate.WhatshouldthejournalentrybeonTommyTrojan’sbookstorecordthedeliveryofgoods?

A.DR:

AccountsReceivable8,000

CR:

SalesRevenue8,000

B.DR:

AccountsReceivable8,000

CR:

UnearnedRevenue8,000

C.DR:

Cash8,000

CR:

SalesRevenue8,000

D.Noentry

E.Noneoftheabove

4.WagesearnedbytheemployeesofClock&Co.,unpaidandunrecordedasoftheyear-endamountto$7,200.Whatisthecorrespondingadjustingjournalentrytoaccountforthisatyear-end?

D.DR:

WagesExpense$7,200

CR:

Cash$7,200

E.DR:

WagesPayable$7,200

CR:

WagesExpense$7,200

F.DR:

WagesExpense$7,200

CR:

WagesPayable$7,200

D.Noentrybecausewageshavenotbeenpaidyet

E.Noneoftheabove

5.Clock&Co.hasathree-yearinsurancepremiumwhichamountsto$3,600.ThefullbalanceispaidincashanddebitedinfulltoprepaidinsuranceonJuly,1,2011.TheinsurancecontractbeginscoverageonJuly1,2011andcontinuesforthefollowingthreeyearsuntilJune30,2014.OnDecember31,2011,whatshouldbetheadjustingjournalentry?

A.DR:

InsuranceExpense600

CR:

PrepaidInsurance600

B.DR:

InsuranceExpense1,200

CR:

PrepaidInsurance1,200

C.DR:

PrepaidInsurance600

CR:

InsuranceExpense600

D.DR:

PrepaidInsurance1,200

CR:

InsuranceExpense1,200

E.Noneoftheabove

6.AfirmhadthefollowingtransactionsforthemonthofOctober2015:

•Received$40,000forservicestobeprovidedevenlyovertheperiodOctober1,2015toJanuary31,2016.

•Paid$13,500incashexpensesforOctober2015.

•Received$13,800fromcustomersforservicesprovidedonaccountinSeptember2015.

•Collected$30,000incashforservicesprovidedinOctober2015.

•Billedcustomers$102,000forservicesprovidedonaccountduringOctober2015.

Basedonthesetransactions,howmuchaccrualbasisrevenuedidthefirmearnduringthemonthofOctober2015?

A.$155,800

B.$142,000=（40000/4）+30,000+102,000

C.$185,800

D.$128,500

E.Noneoftheabove

7.OnSeptember30,2015,ABCInc.borrowed$200,000.Thetermoftheloanisfor2yearswithanannualinterestrateof5%.ThefirstinterestpaymentisonMarch31,2016.Theprincipleisdueattheendoftwoyears.WhatamountshouldbereportedforinterestexpenseontheincomestatementdatedDecember31,2015?

A.$5,000

B.$2,500=$200,000x0.05x（3/12）

C.$10,000

D.Noentrybecausenopaymentwasmade

E.Noneoftheabove

8.USCpharmacyhad$375,000creditsalesduringthefiscalyear2015.Itsubsequentlycollected$245,000fromcustomerswhoboughtoncredit.During2015,USCpharmacyrecognized24,000ofaccountsreceivableasuncollectable.Atthebeginningof2015,USCpharmacyhadthefollowingbalances:

AccountsReceivables-$36,000

AllowanceforDoubtfulAccounts–$16,000

AssumethatUSCpharmacyestimatedthat5%ofitscreditsalesin2015willbeuncollectible.

a）WhatisthebalanceofthecarryingvalueofARattheendof2015（netAR）?

131,250

b）Whatisthebaddebtexpensefor2015?

18,750

9.USCIceCreamhad$540,000creditsalesinthefiscalyear2015.During2015,USCIceCreamrecognized45,000ofaccountsreceivableasuncollectable.Atthebeginningof2015,USCIceCreamhadthebalancesoftheAllowanceforDoubtfulAccountsof8,000.

USCIceCreamhasthefollowingagingschedulebytheendof2015:

AgeofAccountsBalanceReceivable%Uncollectible

0-30days$150,0002%

31-120days$100,0008%

Over120days$80,00020%

Whatisthebaddebtexpensefor2015?

64,000

10.

Revenues:

AccountsReceivable（A）1,891,4661,775,2741,687,380

Revenue（R）1,891,4661,775,2741,687,380

Provisionforuncollectible

BadDebtExpense（E）1,0843,1522,555

Allowanceforuncoll.Acc.（XA）1,0843,1522,555

Write-OffofUncollectible

Allowanceforuncoll.Acc.（XA）6,4718208,055

AccountsReceivable（A）6,4718208,055

CashCollections

Cash（A）1,723,3381,761,5841,606,456

AccountsReceivable（A）1,723,3381,761,5841,606,456

11.BestBuybeganthemonthofSeptember2012with175Beatlesplaystationsonhandatacostof$34.00each.OnSeptember15BestBuypurchased315Beatlesplaystationsat$38eachandonSeptember24BestBuypurchased180Beatlesplaystationsat$42each.BestBuysold420BeatlesplaystationsonSeptember30.Theseplaystationssellfor$52.00each.

Computeendinginventorybalanceandthecostofgoodssold（COGS）forthemonthofSeptemberusingLIFOcostflowassumption.

Goodsavailableforsale:

175+315+180=670

Unitssold:

420

Unitsremaining:

670-420=250

LIFOimpliesthatnewestunitsaresoldfirstandoldestremain.Thebeginninginventorybalancewas175units;thefirstpurchasewas315units.

Thusinventorybalanceintheendofthemonthis175*34+75*38=8,800

75=（250-175）

COGS=180*42+240*38=16,680

240=（420-180）

12.

13.AssumethatUSCpharmacyisusingaStraightLinedeprecationmethodfortheequipmentitpurchasedonJuly1st,2015（seeQuestion2）.Thesalvagevalueoftheequipmentis$10,000andtheexpectedusefullifeis15years.WhatisthejournalentryUSCpharmacymadetorecorddepreciationexpensein2015withrespecttothisequipment?

AccounttitleDebitCredit

DepreciationExpense8,000

AccumulateDepreciation8,000

DepExpense=（250,000-10,000）/15*0.5（for6monthsin2015）

14.AssumethatonJanuary,1st,2016USCpharmacydecidedtoimpairtheequipmentitpurchasedonJuly1st,2015.Theimpairmentvalueis$34,000.WhatisthejournalentryUSCpharmacymadetorecordtheimpairment?

AccounttitleDebitCredit

ImpairmentExpense34,000

AccumulateDepreciation（orEquipment）34,000

15.AssumethatUSCpharmacypurchasedadditionalequipmentonJanuary1st2015.Thevalueoftheequipmentis$156,000,salvagevalueis$16,000,anditsusefullifeis8years.ForthisequipmentUSCpharmacyusesdoubledecliningbalancemethod.WhatisthejournalentryUSCpharmacymadetorecorddepreciationexpensein2015withrespecttothisequipment?

AccounttitleDebitCredit

DepreciationExpense39,000

AccumulateDepreciation39,000

DepExpense=156,000/8*2

Toanswerquestions16-19,pleaseusethefollowinginformationregardingUSCpharmacy:

Thebookvalueoftheproperty,plantandequipmentbytheendofthefiscalyear2015（grossPP&E）is$810,000.

Thevalueofaccumulateddepreciationbytheendofthefiscalyear2015is$208,000.

Thebookvalueoftheproperty,plantandequipmentbytheendofthefiscalyear2014（grossPP&E）is$710,000.

Thevalueofaccumulateddepreciationbytheendofthefiscalyear2014is$190,000.

Duringthefiscalyear2015,USCpharmacy:

a.PurchasednewPP&Eattheamountof$160,000.

b.RecordedanimpairmentofPP&Efor$15,000（thefirmusestheaccumulateddepreciationaccounttorecordimpairments）.

c.Recordeddepreciationexpenseof$16,000.

d.Soldanequipmentfor$36,000.

16.Whatisthebookvalue（gross）oftheequipmentsoldduringtheyear?

P&E

BB710,000

Acquisitions160,000

60,000Sale

EB810,000

17.Whatistheaccumulateddepreciationrelatedtotheequipmentsoldduringtheyear?

AccumulatedDepreciation

BB190,000

Depreciation16,000

Impairment15,000

Sale13,000

EB208,000

18.DidUSCpharmacyrecognizegainorlossonthesaleofequipment?

Whatistheamountoflossorgain?

Netbookvalueoftheequipmentsold=60,000–13,000=47,000

Saleprice=36,000.

Lossonthesale=47,000-36,000=11,000

19.WhatisthejournalentryUSCpharmacymadetorecordthesaleoftheequipment?

Cash36,000

Accumulateddepreciation13,000

Loss11,000

P&E60,000

20.

21.Whatisthecorrectestimationofthecouponpaymentforabond?

A.FaceValuexMarketRateofInterest

B.FaceValuexCouponRate

C.BookValuexCouponRate

D.BookValuexMarketRateofInterest

E.Noneoftheabove

22.Whatisthecorrectestimationoftheinterestexpenseforabond?

A.FaceValuexMarketRateofInterest

B.FaceValuexCouponRate

C.BookValuexCouponRate

D.BookValuexMarketRateofInterest

E.Noneoftheabove

Toanswerquestions23-25,pleaseusethefollowinginformationregardingthebondissuancebyUSCpharmacy:

OnJanuary2,2015,USCpharmacyissueda5-yearbondwithaparvalueof$920,000.ThebondpaysinterestsemiannuallyonJune30thandDecember31st;theannualcouponrateis9percent.Thebondwaspricedtoyield12percentcompoundedsemiannually（i.e.,thisisthemarketinterestrateonthedateofabond’sissuance）.

23.Computetheissuepriceofthebond.Wasthebondissuedatpremiumordiscount?

Numberofcouponpayments=10（2x5years）

Mark