課程名稱︰會計學乙（下）
課程教師︰葉 疏
開課系所：財金系
試題 :
Ⅰ˙
1.In 2004, the Millhone Company closed a manufacturing plant. The resulting
actuarial loss should be
a. recognized over current and future periods using the straight-line method
b. recognized over current and future periods through adjustments to the
service cost and prior service cost
c. included in income for 2004
d. matched to past results with a prior period adjustment
2.If a lessee classifies a lease as a capital lease and uses the straight-
line method of amortization, the amount to be amortized (or depreciated)
over the lease term is
a.the original amount capitalized less the present value of the guaranteed
residual value (if applicable)
b.the original amount capitalized less the unguaranteed residual value
c.the original amount capitalized less the guaranteed residual value
(if applicable)
d.fair value of the leased property
3.Which of the following items would not be included in the calculation of
the Obligation Under Capital Leases?
a.bargain purchase option
b.guaranteed residual value
c.executory costs
d. any payment required for failure to renew or extend the lease
4.If a lessor has an account, Equipment Leased to Others, and the related
account, Accumulated Depreciation: Equipment Leased to Others, on its
year-end balance sheet, the lease relating to the accounts would be classified
as a(n)
a.operating lease
b.direct financing lease
c.sales-type lease
d.leveraged lease
5.The accumulated benefit obligation is equal to the
a.actuarial present value of all benefits earned as of a specified date,
both vested and nonvested, by employees using current salary levels in
the pension plan formula
b.actuarial present value of all benefits earned as of a specified date,
both vested and nonvested, by employees using anticipated future salary
levels in the pension plan formula
c.difference between the annual pension expense and the amount actually
funded during the year
d.actuarial present value of benefits attributed by the pension plan formula
to services rendered by employees during the current year
6.Amortization of any unrecognized net gain or loss is included in pension
expense of a given year if at the
a.end of the year, the cumulative unrecognized net gain or loss exceeds 10%
of the greater of the actual projected benefit obligation or the fair value
of the plan assets
b.beginning of the year, the cumulative unrecognized net gain or loss exceeds
10% of the greater of the actual accumulated benefit obligation or the fair
value of the plan assets
c.end of the year, the cumulative gain or loss exceeds 10% of the greater of
the actual accumulated benefit obligation or the fair value of the plan
assets
d.beginning of the year, the cumulative gain or loss exceeds 10% of the
greater of the actual projected benefit obligation or the fair value of the
plan assets
7.Which statement is not true?
a.The amount of net periodic pension expense may be different from the amount
funded.
b.An additional liability may have to be recognized if the projected benefit
obligation is greater than the fair value of the plan assets at the end of
the period.
c.When an additional liability is recognized, the debit is not to an expense
account.
d.When the additional liability exceeds the unrecognized prior service cost,
the excess is reported as a reduction of stockgolder's equity.
8.Which of the following items attributable to a defined benefit pension plan
would be recognized on a company's balance sheet?
Projected Benefit Pension Plan Prepaid Pension
Obligation Assets Cost
a. Yes Yes Yes
b. Yes Yes No
c. Yes No No
d. No No Yes
9.On January 1, 2003, a company had $7560 of unrecognized prior service cost.
The years-of-future-services method of amortization is used. The company has
seven employees, as indicated below:
Employee Expected years of
Future Service
A 3
B,C 5
D,E 6
F 8
G 9
What amount of prior service cost should be included in pension expense for
2003?
a.$ 180
b.$1,080
c.$ 840
d.$1,260
e.none of the listed answers
10.The recognition of gross profit on installment sales at pooint of sale for
financial reporting purposes but reporting the profit when the cash is
received for income tax puroses results in deferred taxes reported in which
section of the blance sheet?
a.current liabilities section
b.current assets section
c.current liabilities section and noncurrent liabilities section
d.current assets section and noncurrent assets section
11.In 2004, its first year of operations, Finley Corporation reported pretax
financial income of $80,000 for the year ended December 31. Finley depreciate
its fixed assets using an accelerated cost recovery method for tzx purposes
and straight-line depreciation for financial reporting. On assets acquired in
2004, the following are differences between depreciation on the tax return
and accounting income during the asset's five-year life:
Tax Depreciation in Excess
of Book Depreciation Enacted Tax Rates
2004 $18,000 30%
2005 10,000 30%
2006 2,000 35%
2007 (13,000) 35%
2008 (17,000) 40%
Assuming no other temporary or permanent differences, Finley's December 31,
2004, balance sheet should include
Noncurrent Deferred Income Taxes
Income Tax Liability Payable
a. $5,400 $18,600
b. $7,650 $18,600
c. $7,650 $29,400
d. $5,400 $24,000
Ⅱ˙ Peter Company has computed its pretax financial income to be $66,000 in
2004 after including the effects of the appropriate items from the
following information:
1. Depreciation taken for tax purposes $40,000
2. Fines resulting from a violation of law $15,000
3. Interest revenue on investment in municipal bonds
recorded on accounting records $25,000
4. Depreciation taken for financial reporting purposes $48,000
5. Actual product warranty costs deducted for tax purposes $20,000
6. Gross profit on installment sales recognized for tax purposes $80,000
7. Estimated product warranty expense recorded
on accounting records $27,000
8. Gross profit on installment sales recognized for
financial reporting purposes $91,000
The company's accountant has prepared the following schedule showing the
future taxable and deductible amounts at the end of 2004 for its three
temporary difference:
Future taxable amounts
Depreciation difference $33,800
Installment sales: gross profit difference 26,700
Future deductible amounts
Warranty difference 56,500
At the beginning of 2004 the company had a deferred tax liability of $12,540
related to the depreciation difference and $4,710 related to the installment
sales difference. In addition, it had a deferred tax asset of $14,850 related
to the warranty difference. The current tax rate is 30% and no change in the
tax rate has been enacted for future years.
Instructions:
1.Compute the Peter Company's taxable income for 2004.
2.Prepare the income tax journal entry of the Peter Company for 2004.(assume
no valuation allowance is necessary)
Ⅲ˙ The following facts pertain to a non-cancelable lease agreement between
Mike leasing company and Dog Company, a lease.
Inception date: May 1, 2004
Annual lease payment due at the beginning of each year $21,227.65
biginning with May 1, 2004
Bargain purchase option price at end of lease term $4,000.00
Lease term 5 years
Economic life of leased equipment 10 years
Lessor's cost $65,000.00
Fair value of asset at May 1, 2004 $91,000.00
Lessor's implicit rate 10%
Lessee's incremental borrowing rate 10%
The collectibility of the lease payment is reasonably predictable, and there
are no important uncertainties surrounding the costs yet to be incurred by the
lessor. The lessee assumes responsibility for all executory costs.
Instructions:
1.What's the nature of this lease to Dog Company?
2.What's the nature of this lease to Mike Company?
3.Prepare a lease amortization schedule for Dog Company for the 5-year
lease term.
4.Prepare the journal entries on the lessee's book to reflect the signing of
the lease agreement and to record the payments and expenses related to this
lease for the years 2004 and 2005. Dog's annual accounting period ends on
December 31. Revising entries are used by Dog Company.
Ⅳ˙ Gordon Company, as lessee, enters into a lease agreement on July 1, 2004,
for equipment. The following data are relevant to the lease agreement:
1. The term of the noncancelable lease is 4 years, with no renewal option.
Payments of $253,613 are due on June 30 of each year.
2. The fair value of the equipment on July 1, 2004 is $840,000. The equipment
has an economic life of 6 years with no salvage value.
3. Gordon depreciates similar machinery it owns on the sum-of-the-years'-digits
basis.
4. The lessee pays all executory costs.
5. Gordon's incremental borrowing rate is 10% per year. The lessee is aware
thet the lessor used an implicit rate of 8% in computing the lease payments
Instructions
(a) Indicate the type of lease Gordon Company has entered into and what
accounting treatment is applicable.
(b) Prepare the journal entries on Gordon's books that relate to the lease
agreement for the following dates: (Round all amounts to the nearest
dollar. Include a partial amortization schedule.)
1. July 1, 2004.
2. December31, 2004.
3. June 30, 2005.
4. December 31, 2005.
Ⅴ˙ F Company has pre tax financial income (or loss) equal to taxable income
from 1996 through 2004 as follows.
Income(Loss) Tax Rate
1996 $29,000 30%
1997 40,000 30%
1998 17,000 35%
1999 48,000 50%
2000 (120,000) 40%
2001 90,000 40%
2002 30,000 40%
2003 105,000 45%
2004 (60,000) 45%
Pretax financial income (loss) and taxable income (loss) were the same for all
years since F Company has been in business. Assume the carryback provision is
employee for net operating losses. In recording the benefits of a loss
carryforward, assume that it is more likely than not that the related benefits
will be realized.
Instructions:
1.What entry(ies) for income taxes should be recorded for 2000?
2.Indicate what the income tax expense portion of the income statement for
2000 should look like. Assume all income(loss) relates to continuing
operations.
3.What entry for income taxes should be recorded in 2001?
4.What entry for income taxes should be recorded in 2004?
5.How should the income taxexpense section of the income statement for 2004
appear?
Ⅵ˙ Water Company has the following defined benefit pension plan balances on
January 1, 2003.
Projected benefit obligation $4,500,000
Fair value of plan assets 4,500,000
The interset rate applicable to the plan is 10%. On January 1, 2004, the
company amends its pension agreement so that prior service costs of $600,000
are created. Other data related to the pension plan are:
2003 2004
Service costs $150,000 $170,000
Unrecognized prior service costs amortization 0 90,000
Contribution (funding) to the plan 150,000 184,658
Benefits paid 220,000 280,000
Actual return on plan assets 252,000 250,000
Expected rate of return on assets 6% 8%
Instructions:
1. Prepare a pension work sheet for the pension plan in 2003.
2. Prepare any journal entries relate to the pension plan that would be needed
at December 31, 2003.
3. Prepare a pension work sheet for 2004 and any journal entries related to the
pension plan as of December 31, 2004.
4. As of December 31, 2004, prepare a schedule reconciling the funded status
with the reported liability (accrued pension cost)
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