中级财务会计英模拟试题.docx

中级财务会计英模拟试题.docx

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中级财务会计英模拟试题

中级财务会计英模拟试题（分录部分）

考点一：

应付账款与应付票据

Ex.13-68—Notespayable.

OnAugust31,FargoCo.partiallyrefunded$270,000ofitsoutstanding10%notepayablemadeoneyearagotoArmaStateBankbypaying$270,000plus$27,000interest,havingobtainedthe$297,000byusing$78,600cashandsigninganewone-year$240,000notediscountedat9%bythebank.

Instructions

（1）Maketheentrytorecordthepartialrefunding.AssumeFargoCo.makesreversingentrieswhenappropriate.

（2）PreparetheadjustingentryatDecember31,assumingstraight-lineamortizationofthediscount.

Solution13-68

（1）NotesPayable270,000

InterestExpense27,000

DiscountonNotesPayable（9%×$240,000）21,600

NotesPayable240,000

Cash78,600

（2）InterestExpense（1/3×$21,600）7,200

DiscountonNotesPayable7,200

Pr.13-75—AccountsandNotesPayable.

DescribedbelowarecertaintransactionsofBeaconCompanyfor2004:

1.OnMay10,thecompanypurchasedgoodsfromJayCompanyfor$90,000,terms2/10,n/30.Purchasesandaccountspayablearerecordedatnetamounts.TheinvoicewaspaidonMay18.

2.OnJune1,thecompanypurchasedequipmentfor$120,000fromNolanCompany,paying$40,000incashandgivingaone-year,9%noteforthebalance.

3.OnSeptember30,thecompanydiscountedat10%its$240,000,one-yearzero-interest-bearingnoteatFirstStateBank.

Instructions

（a）Preparethejournalentriesnecessarytorecordthetransactionsaboveusingappropriatedates.

（b）PreparetheadjustingentriesnecessaryatDecember31,2004inordertoproperlyreportinterestexpenserelatedtotheabovetransactions.Assumestraight-lineamortizationofdiscounts.

（c）IndicatethemannerinwhichtheabovetransactionsshouldbereflectedintheCurrentLiabilitiessectionofBeaconCompany'sDecember31,2004balancesheet.

Solution13-75

（a）May10,2004

Purchases/Inventory88,200

AccountsPayable88,200

May18,2004

AccountsPayable88,200

Cash88,200

June1,2004

Equipment120,000

Cash40,000

NotesPayable80,000

Solution13-75（cont.）

September30,2004

Cash216,000

DiscountonNotesPayable24,000

NotesPayable240,000

（b）InterestExpense4,200

InterestPayable（$80,000×.09×7/12）4,200

InterestExpense6,000

DiscountonNotesPayable（$24,000×3/12）6,000

（c）CurrentLiabilities

Interestpayable$4,200

Notepayable—NolanCompany80,000

Notepayable—FirstStateBank$240,000

Less:

Discountonnote18,000222,000

$306,200

考点二：

股票的出售再出售

Ex.15-78—Treasurystock.

CambyCorporation'sbalancesheetreportedthefollowing:

Capitalstockoutstanding,5,000shares,par$30pershare$150,000

Paid-incapitalinexcessofpar80,000

Retainedearnings100,000

Thefollowingtransactionsoccurredthisyear:

（a）Purchased80sharesofcapitalstocktobeheldastreasurystock,paying$60pershare.

（b）Sold60ofthesharesoftreasurystockat$65pershare.

（c）Soldtheremainingsharesoftreasurystockat$50pershare.

Instructions

Preparethejournalentryforthesetransactionsunderthecostmethodofaccountingfortreasurystock.

（a）TreasuryStock4,800

Cash4,800

（b）Cash3,900

TreasuryStock3,600

Paid-inCapitalfromTreasuryStock300

（c）Cash1,000

Paid-inCapitalfromTreasuryStock200

TreasuryStock1,200

Ex.15-79—Treasurystock.

GagneCompany'sbalancesheetshows:

Commonstock,$20par$3,000,000

Paid-incapitalinexcessofpar1,050,000

Retainedearnings750,000

Instructions

Recordthefollowingtransactionsbythecostmethod.

（a）Bought4,000sharesofitscommonstockat$29ashare.

（b）Sold2,000treasurysharesat$30ashare.

（c）Sold800sharesoftreasurystockat$26ashare.

Solution15-79

（a）TreasuryStock116,000

Cash116,000

（b）Cash60,000

TreasuryStock58,000

Paid-inCapitalfromTreasuryStock2,000

（c）Cash20,800

Paid-inCapitalfromTreasuryStock1,600

RetainedEarnings800

TreasuryStock23,200

Ex.15-80—Treasurystock.

In2003,NicholsCo.issued200,000ofits500,000authorizedsharesof$10parvaluecommonstockat$35pershare.InJanuary,2004,Nicholsrepurchased10,000sharesat$30pershare.Assumethesearetheonlystocktransactionsthecompanyhaseverhad.

Instructions

（a）Whatarethetwomethodsofaccountingfortreasurystock?

（b）Preparethejournalentrytorecordthepurchaseoftreasurystockbythecostmethod.

（c）3,000sharesoftreasurystockarereissuedat$33pershare.Preparethejournalentrytorecordthereissuancebythecostmethod.

Solution15-80

（a）Thetwomethodsofaccountingfortreasurystockarethecostmethodandtheparvaluemethod.

（b）TreasuryStock300,000

Cash300,000

（c）Cash99,000

Paid-inCapitalfromTreasuryStock9,000

TreasuryStock90,000

Pr.15-88—Treasurystocktransactions.

Theoriginalsaleofthe$50parvaluecommonsharesofEddyCompanywasrecordedasfollows:

Cash290,000

CommonStock250,000

Paid-inCapitalinExcessofPar40,000

Instructions

Recordthetreasurystocktransactions（givenbelow）underthecostmethod:

Transactions:

（a）Bought500sharesofcommonstockastreasurysharesat$62.

（b）Sold120sharesoftreasurystockat$60.

（c）Sold60treasurysharesat$68.

Solution15-88

（a）TreasuryStock31,000

Cash31,000

（b）Cash7,200

RetainedEarnings240

TreasuryStock7,440

（c）Cash4,080

Paid-inCapitalfromTreasuryStock360

TreasuryStock3,720

考点三：

投资与债券溢价购买

Ex.17-66—Investmentindebtsecuritiesatpremium.

OnApril1,2004,SeanCo.purchased$360,000of6%bondsfor$374,175plusaccruedinterestasanavailable-for-salesecurity.InterestispaidonJuly1andJanuary1andthebondsmatureonJuly1,2009.

Instructions

（a）PreparethejournalentryonApril1,2004.

（b）ThebondsaresoldonNovember1,2005at103plusaccruedinterest.Amortizationwasrecordedwheninterestwasreceivedbythestraight-linemethod（bymonthsandroundtothenearestdollar）.Prepareallentriesrequiredtoproperlyrecordthesale.

Solution17-66

（a）Available-for-SaleSecurities374,175

InterestRevenue（$360,000×.06×1/4）5,400

Cash379,575

（b）InterestRevenue（$14,175×4÷63）900

Available-for-SaleSecurities900

Cash（$360,000×.06×1/3）7,200

InterestRevenue7,200

Cash370,800

GainonSaleofSecurities900

Available-for-SaleSecurities369,900

$374,175–[（$14,175÷63）×19]

考点四：

长期工程合同——完工百分比

Ex.18-69—Journalentries—percentage-of-completion.

GrantConstructionCompanywasawardedacontracttoconstructaninterchangeatthejunctionofU.S.94andHighway30atatotalcontractpriceof$6,000,000.Theestimatedtotalcoststocompletetheprojectwere$4,500,000.

Instructions

（a）Maketheentrytorecordconstructioncostsof$2,700,000,onconstructioninprocesstodate.

（b）Maketheentrytorecordprogressbillingsof$1,500,000.

（c）Maketheentrytorecognizetheprofitthatcanberecognizedtodate,onapercentage-of-completionbasis.

Solution18-69

（a）ConstructioninProcess2,700,000

Materials,Cash,Payables,Etc.2,700,000

（b）AccountsReceivable—ConstructioninProcess1,500,000

BillingsonConstructioninProcess1,500,000

（c）ConstructionExpenses2,700,000

ConstructioninProcess（60%complete）900,000

RevenuefromLong-TermContracts3,600,000

考点五:

应税所得——所得税分录

Ex.19-52—Deferredincometaxes.

NottCo.attheendof2004,itsfirstyearofoperations,preparedareconciliationbetweenpretaxfinancialincomeandtaxableincomeasfollows:

Pretaxfinancialincome$300,000

Extradepreciationtakenfortaxpurposes（750,000）

Estimatedexpensesdeductiblefortaxeswhenpaid600,000

Taxableincome$150,000

Useofthedepreciableassetswillresultintaxableamountsof$250,000ineachofthenextthreeyears.Theestimatedlitigationexpensesof$600,000willbedeductiblein2007whensettlementisexpected.

Instructions

（a）Prepareascheduleoffuturetaxableanddeductibleamounts.

（b）Preparethejournalentrytorecordincometaxexpense,deferredtaxes,andincometaxespayablefor2004,assumingataxrateof40%forallyears.

Solution19-52

（a）200520062007Total

Futuretaxable（deductible）amounts

Extradepreciation$250,000$250,000$250,000$750,000

Litigation（500,000）（500,000）

（b）IncomeTaxExpense（$60,000+$300,000–$240,000）120,000

DeferredTaxAsset（$600,000×40%）240,000

DeferredTaxLiability（$750,000×40%）300,000

IncomeTaxPayable（$150,000×40%）60,000

Ex.19-53—Deferredincometaxes.

EarlCo.attheendof2004,itsfirstyearofoperations,preparedareconciliationbetweenpretaxfinancialincomeandtaxableincomeasfollows:

Pretaxfinancialincome$500,000

Estimatedexpensesdeductiblefortaxeswhenpaid800,000

Extradepreciation（900,000）

Taxableincome$400,000

Estimatedwarrantyexpenseof$530,000willbedeductiblein2005,$200,000in2006,and$70,000in2007.Theuseofthedepreciableassetswillresultintaxableamountsof$300,000ineachofthenextthreeyears.

Instructions

（a）Prepareatableoffuturetaxableanddeductibleamounts.

（b）Preparethejournalentrytorecordincometaxexpense,deferredincometaxes,andincometaxespayablefor2004,assuminganincometaxrateof40%forallyears.

Solution19-53

（a）200520062007Total

Futuretaxable（deductible）amounts

Warranties$（530,000）$（200,000）$（70,000）$（800,000）

Excessdepreciation300,000300,000300,000900,000

（b）IncomeTaxExpense[$160,000+（$360,000–$320,000）]200,000

DeferredTaxAsset（$80