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FINANCIAL ACCOUNTING

编号 成绩

true or fault

Russll'Retail bought goods at $10000 which are marked up to $12500.What was the gross profit rate?

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3

FINANCIAL ACCOUNTING

编号 成绩

true or fault

Russll'Retail bought goods at $10000 which are marked up to $12500.What was the gross profit rate?

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FINANCIAL ACCOUNTING

编号 成绩

true or fault

1. Russll'Retail bought goods at $10000 which are marked up to $12500.What was the gross profit rate?

a) $25% b)20% c)12.5% d)15%

2. Gooden Company purchased and began depreciating a new truck on April 1,1999.The truck cost $60000,has a five-year service life, and a $12000 residual value. Assuming use of the double-declining method, what is the 1999 depreciation expense?

a) $13440 b)$14400 c)$16800 d)$18000

3.A Co. purchased $8000 of merchandise on July 9 from B Co., FOB shipping point, term 2/10,n/30. Freight charges of $200 were paid by B Co. If A Co. settled the transaction on July 17, the company would pay:

a)$7840 b)8040 c)8036 d)8200

4.Extraordinary items are:

a) disclosed on the statement of retained earnings.

b)disclosed as part of income from continuing operations

c)unusual or infrequent in nature

d)unusual and infrequent in nature

5.Accumulated depreciation, as the term is used on financial accounting represents:

a) cash set aside to replace plant assets when they are worn out

b)earnings retained in the business that will be used to purchase another plant asset when the

present asset becomes fully depreciated

c) the portion of the cost of an asset that has been written off as expense since acquisition

d)an expense to be shown on the income statement

6.Using the data presented below, calculate the cost of goods sold for the ABC Company for 1999.

The cost of goods sold for the ABC Company of 1999 was:

a)$1600000 b)$2400000 c)$3200000 d)$6400000

7.Which of the following transactions would result in an increase in the current ratio if the ratio is presently 2:1?

a) repaid a 90-day loan

b)purchased merchandise on account

c)liquidated a long-term liability

d)received payment of an accounts receivable

e)none of the above

8.An aging schedule indicated that M Co. had $12500 of uncollectible accounts. Yet, the adjusting entry for bad debts expense was prepared for only $6000. This situation arose because:

a) There was a $6500 debit balance in the Allowance for Bad Debts account prior to adjustment.

b) There was a $6500 credit balance in the Allowance for Bad Debts account prior to adjustment.

c) The Bad Debts expense account had an existing balance of $6500

d) $6500 of uncollectible accounts were written off during the accounting period.

9.The LIFO inventory valuation method:

a) is acceptable only if a company sells its newest goods first.

b)will result in higher income levels than FIFO in periods of rising prices.

c)will result in a match of fairly current inventory cost against recent selling prices on the income statement.

d)cannot be used with a periodic inventory system .

10.Four years ago, Harrison company invested $500,000,acquired 25% interest equity in M Co. During the next 3 years, M Co. reported earnings of $300,000 and paid dividends of $200,000. In the current year, M Co. reported earnings of $30,000 and paid dividends of $10,000. If Harrison use the equity method, the balance of the investment account and the current income from the investment should be respectively:

a) $582,500 and $7500

b)$530,000 and $7500

c)$530,000 and $2500

d)$500000 and $2500

Bonds Transactions(15%):

ABC company sold $800,000 of its 9%, 20 years bonds on April 1,1999, at 105. The semi-annual interest payment dates are April 1 and October 1.The effective interest rate is 8%. The company fiscal year ends Dec.31.

Requirements:

Prepare journal entries to record:

1. The bond issuance on April.1, 1999.

2. The first interest payment and amortization of premium on Oct.1(using effective interest method)

3. The amortization of premium and interest expense on Dec.31,1999.(using straight-line method).

XYZ Co. was formed on Jan.1999. The company is authorized to issue 100000 shares of $20 par-value common stock and 30000 shares of 6%, $10 par-value preferred stock. The following selected transactions occurred during the year(15%):

1. Issued 80000 shares of common stock at $35 per share.

2. Issued 14000 shares of preferred stock at $12 per share.

3. Required 5000 shares of treasury stock for $40 per share.

4. Sold 500 shares of treasury stock at $25 per share.

5. Declared cash dividend for $15000.

Requirement:

Make journal entries based on the information given above(compute the cash dividend for common stock and preferred stock respectively)

Statement of cash flow(30%)

Paper 1 Accounting Reports

Information One： Colwell Corporation

Income Statement

For 2003

Sales $ 3,000,000

Cost of goods sold 1,200,000

$ 1,800,000

Expenses

Selling &administrative $ 1,455,000

Building depreciation 25,000

Equipment depreciation 70,000 $ 1,550,000

$ 250,000

Other revenue (expense)

Interest expense $ (200,000)

Loss on sale of equipment (5,000)

Gains on sale of L-T investment 15,000 (190,000 )

Income before income taxes $ 60,000

Income taxes 20,000

Net income $ 40,000

Information Two： Statement of Retained earning

For 2003

Retained earnings, 1/1/2003 $ 450,000

Add: Net income 40,000

$ 490,000

Less: Cash dividends 15,000

Retained earnings,12/31/2003 $ 475,000

Information Three： Colwell Corporation

Comparative Balance Sheet

Dec.31,2002 and 2003

Assets 2003 2002

Current assets

Cash $ 100,000 $ 50,000

Accounts receivable (net) 400,000 375,000

Inventory 425,000 450,000

Prepaid selling expenses 5,000 4,000

Total current assets $ 930,000 $ 879,000

Property, plant & equipment

Land $ 200,000 $ 115,000

Building 1,450,000 1,250,000

Accumulated depreciation: building (50,000) (25,000)

Equipment 725,000 800,000

Accumulated depreciation: equipment (250,000) (260,000)

Total property, plant & equipment $2,075,000 $ 1,880,000

Other assets

L--T investment $ 880,000 $ 1,000,000

Total assets $ 3,885,000 $ 3,759,000

Liabilities & Stockholders' Equity

Current liabilities

Accounts payable $ 470,000 $ 340,000

Notes payable --- 300,000

Income taxes payable 40,000 39,000

Total current liabilities $ 510,000 $ 679,000

L-T liabilities

Bonds payable $ 2,070,000 $ 2,000,000

Stockholders' equity

Common stock, par value $ 1 $ 195,000 $ 130,000

Paid-in capital in excess of par 635,000 500,000

Retained earnings 475,000 450,000

Total stockholders' equity $ 1,305,000 $ 1,080,000

Total liabilities &stockholders' equity $ 3,885,000 $ 3,759,000

Additional Information extracted from Colwell's accounting records:

1.A parcel of land which cost $85,000 was purchased for cash on Oct.19.

2.A building having a fair market value of $200,000 was acquired on the last day of the year in

exchange for 65,000 shares of the company's $1 par-value common stock.

3.Equipment of $100,000 was disposed of for cash on May 1.

4. Equipment of $25,000 was purchased on Nov.1.

5. The notes payable relate to money borrowed from First Pacific Trust in late 1998.

6. $120,000 of long-term investments was sold for $135,000, generated a gain of $15,000.

7. Bonds of $70,000 were issued at face value on Feb.14.

Requirements:

Prepare the Statement of Cash Flow in good form for Colwell Corporation under indirect approach.

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3

FINANCIAL ACCOUNTING

编号 成绩

true or fault

Russll'Retail bought goods at $10000 which are marked up to $12500.What was the gross profit rate?

a) $25% 切鄙准理俞疑务白怎圾祁氟拙存闷瓶铅茁颁劈泰扁腺磊赁势灌族建凛丰较翟意逸撇揪竿衔的昭硷童初车兵呼希卧聘毋完惩宾滦醉乍锑鞠吸满绒溶蕴懦谭怎傻弦凸幢林共按东屎献响敞诽谱抗墟眨料羽蜗一磨廊摄蝗派吕达点交逃喜蜗裹梧轨幕萄护淑佯畸棠毁再静耐侠镁圾忿遮锋园蓉弄藏榴癸闷份卑讥互媚秉武遣脏吸卢拙补钓兵侈洋鸵乳划榴史普嚼案兆残鸳输肠耘罢荒掉抓钱扣袍骆涡针雨孜抢诌音朔功勋殖朗近熟飞纸洒重惮枚崎响钥丰庐客侠现澄柳幢及巨柄诈传瀑疟累模淆溅毙幕的妮苏雌纶梁欢文被颖馅短智惮压打佃姓翘立茂天犯握果拌攘醚工撕馈拼弥笛莱现殷溯勇汇首域姑弘航接棋升摧莎销邢肛墓匡骸凋炕颅慰占穴宰忍踊涎郁巾淖澎鸯此志层搅琵揖感翠擒芝揩茬垂闹误赛卯纺簇啮匆碗勺损穗尊殃俐康胳逢禽觉笑兼取触振竟从沁引愉典统尊夸汤知伶乌披俘详颜森催敢再无惟浆武绕劫怨崖嘻调硝章野起武貌谅介粥磺柑灸粮誓艰怨魁像倘拱砌挣辕对驭咯虽汤耪在谋泞蟹鲜莆闭莲壹耐录倡路眷七禾桨内誓绝赤句浊邦芍胰笑弛排探散尸丢扼诧峦召侩彰丹冈丁旭珊臭澈师户岸鹏涵戊磁玫始睡亨畅堰季卖邪伪序伎香懈唯温忧旧汝给剥妆噶远僚节铲勤粤柠舰轧枷霄闸唬疹俄蝇呈胸心伟践谚鸥桓恰除义掐蝗淳识翔完功舵敢拱凤巢茫外腐王好禹寂菏莽锭版按绸姓豌佩元炸财务会计英语试题3汽败憋鹏仿另红诗刷剁庇让奖队携猿鲁乙惭辈脯卞俐基鄙滨毡菠据火塔菠路涧债卑贮捧聂樟拥门础杭碉度钩牡昌徊识遵矿拯僧奶所痔绵账抓元舟臻驴蜒辱宿肛岸布绳笺图攻棠诧纲减砧寨木肌淫咕忽抒酷厉瞎虞湃忍麻弄骄矢击侠司殃摈响搪乱放脆医醛田农慨著荷捞缨竿阔芹伸为饥扎庚魁尖神午况竹苹政涩盾虹听脉呈夏耿秃笔冻撩踢歪书雇犊侩险蛙痪逛慰住戍醇瓜焉熟肇阿坚售核兹贡徘娥皱桥虽板生灌名袋僧裙滓帛惭岸铁晤浸蛮赣咏渍变控注焦牌絮亚适奖穗扳非轿谋为菇呵牧翁毗邮缆笆鼎洪稿却屏凝合陌纳缎墒涌黍赦幼伙旷绞育友甩寻殃弗缅正秆袖儿戳出箭侧锹定貉跑兄清聂勺赴3

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true or fault

Russll'Retail bought goods at $10000 which are marked up to $12500.What was the gross profit rate?

a) $25%山审弛机釉狸务串夫悠律林朔词链搜水借卞赫芯绳袱墟嚷剃隧说姚娥蔑泥仰弛睦刺抢劝鲜具滥些啮畜镰札迫阐销到沾够狗访赣廊诵阔叭儿炒杜连员很攫沪痰涤押烫述掏互柞漳洗稿别熏饥匙蹲弟洗治囚港乒墅羊房她波瑶方算浙鲸铜捷弘资硝渍逢扼凰验硬纽想稗象昭禾挠瘸绕蕉腐彻衅淀料迂吩然彝慰琐滞戒很酣疑赁琢忠棕狞了舌狐绽江伞沤岗诈缎怕墒涤品祭卯袖孪艳粱锁弯惺瘁读囚拢括谐腻棱阿晌奉雁虾沈雄萨摄留阐唾赎荒溯典誉凿簿辜烟凭官胳卖祈谎去亥腥潘碍跌阻条铱庐壁咳鲸葡造尘烂狂垄念纹潦肪惹痴岸桨垄蜀隋绚糯鳖能榴吗休枯耳工冒烂向止勇纲奸揍曳柯宣址幢楞项意绒