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課程名稱︰會計學乙二上
課程性質︰系定必修
課程教師︰蔡彥卿老師
開課學院：管理學院
開課系所︰財金系雙班
考試日期（年月日）︰96年01月16日
考試時限（分鐘）：09:20-12:10
是否需發放獎勵金：是
（如未明確表示，則不予發放）
試題 :
Intermediate Accounting
Final
注意：(1)可用鉛筆作答 (2)可以中英文交互使用作答
Ⅰ. Multiple Choice(34%)
1. Which of the following costs are capitalized for self-constructed assets?
a. materials and labor only.
b. labor and overhead only.
c. materials and overhead only.
d. materials, labor, and overhead.
2. Assets that qualify for interest cost capitalization include
a. assets under construction for a company's own use.
b. assets that are ready for their intended use in the earnings of
the company.
c. assets that are not currently being used because of excess capacity.
d. all of these assets qualify for interest cost capitalization.
3. The King-Kong Corporation exchanges one plant asset for a similar plant
assets and gives cash in the exchange. The exchange is not expected to
cause a material change in the future cash flows for either entity. If a
gain on the disposal of the old asset is indicated, the gain will
a. be reported in the Other Revenues and Gains section of the income
statement.
b. effectively reduce the amount to be recorded as the cost of the new
asset.
c. effectively increase the amount to be recorded as the cost of the
new asset.
d. be credited directly to the owner's capital account.
4. An improvement made to a machine increased its fair market value and its
production capacity by 25% without extending the machine's useful life.
The cost of the improvement should be
a. expensed.
b. debited to accumulated depreciation.
c. capitalized in the machine account.
d. allocated between accumulated deprciation and the machine account.
5. Use the following information for 5-6 questions.
Seiler Co. purchased land as a factory site for $600000. Seiler paid
$60000 to tear down two buildings on the land. Salvage was sold for $5400.
Legal fees of $3480 were paid for title investigation and making the
purchase. Architect's fees were $31200. Title insurance cost $2400, and
liability insurance during construction cost $2600. Excavation cost $10440.
The contractor was paid $2200000. An assessment made by the city for
pavement was $6400. Interest costs during construction were $170000.
The cost of the land that chould be recorded by Seiler Co. is
a. $660480.
b. $666880.
c. $669880.
d. $676280.
6. The cost of the building that should be recorded by Seiler Co. is
a. $2403800.
b. $2404840.
c. $2413200.
d. $2414240.
7. A principal objection to the straight-line method of depreciation is that it
a. provides for the declining productivity of an aging asset.
b. ignores variations in the rate of asset use.
c. tends to result in a constant rate of asset use.
d. gives smaller periodic write-offs than decreasing charge methods.
8. Roberts Truck Rental uses the group depreciation method for its fleet of
trucks. When it retires one of its trucks and receives cash from a salvage
company, the carrying value of property, plant, and equipment will be
decreased by the
a. original cost of the truck.
b. original cost of the truck less the cash proceeds
c. cash proceeds received
d. cash proceeds received and original cost of the truck
9. Depletion expense
a. is usually part of cost of goods sold
b. includes tangible equipment costs in the depletion base
c. excludes intangible development costs from the depletion base
d. excludes restoration costs from the depletion base
10. The most common method of recording depletion for accounting purpose is the
a. percentage depletion method
b. decreasing charge method
c. straight-line method
d. units-of-production method
11. Factors considered in determining an intangible asset's useful life include
all of the following except
a. the expected use of the asset
b. any legal or contractual provisions that may limit the useful life
c. any provisions for renewal or extension of the asset's legal life
d. the amortization method used
12. Wriglee, Inc. went to court this year and successfully defended its patent
from infringe-ment by a competitor. The cost of this defense should be
charged to
a. patents and amortized over the legal life of the patent.
b. legal fees and amortized over 5 years or less.
c. expenses of the period.
d. patents and amortized over the remaining useful life of the patent.
13. Goodwill
a. generated internally should not be capitalized unless it is
measured by an individual independent of the enterprise involved.
b. is easily computed by assigning a value to the individual.
attributes that comprise its existence.
c. represents a unique asset in that its value can be identified only
with the business as a whole.
d. exists in any company that has earnings that differ from those of a
competitor
14. Which of the following costs should be excluded from research and
development expense?
a. modification of the design of a product.
b. acquisition of R & D equipment for use on a current project only.
c. cost of marketing research for a new product.
d. engineering activity required to advance the design of a product
to the manufacturing stage.
15. The cost of organizing a corporation include legal fees, fees paid to the
state of incorporation, fees paid to promoters, and the costs of meetings
for organizing the promoter. These costs are said to benefit the
corporation for the entity's entire life. These costs should be
a. capitalized and never amortized.
b. capitalized and amortized over 40 years.
c. capitalized and amortized over 5 years.
d. expensed as incurred.
16. Mark Ward is a farmer who owns land which borders on the right-of-way of
the Northern Railroad. On August 10, 2007, due to the admitted negligence
of the Railroad, hay on the farm was set on fire and burned. Ward had had
a dispute with the Railroad for several years concerning the ownership of
a small parcel of land. The representative of the Railroad has offered to
assign any rights which the Railroad may have in the land to Ward in
exchange for a release of his right to reimbursement for the loss he has
sustained from the fire. Ward appears inclined to accept the Railroad's
offer. The Railroad's 2007 financial statements should include the
following related to the incident:
a. recognition of a loss and creation of a liability for the value of
the land.
b. recognition of a loss only.
c. creation of a liability only.
d. disclosure in note form only.
17. On February 10, 2007, after issuance of its financial statements for 2006,
Flynn Company entered into a financing agreement with Lebo Bank, allowing
Flynn Company to borrow up to $4000000 at any time through 2009. Amounts
borrowed under the agreement bear interest at 2% above the bank's prime
interest rate and mature two years from the date of loan. Flynn Company
presently has $1500000 of notes payable with First National Bank maturing
March 15, 2007. The company intendes to borrow $2500000 under the agreement
with Lebo and liquidate the notes payable to First National. The agreement
with Lebo also requires Flynn to maintain a working capital level of
$6000000 and prohibits the payment of dividends on common stock without
prior approval by Lebo Bank. From the above information only, the total
short-term debt of Flynn Company as of the December 31, 2007 balance sheet
date is
a. $0.
b. $1500000.
c. $2000000.
d. $4000000.
Ⅱ. During 2006 and 2007, Gorman Corporation experienced several transactions
involving plant assets. A number of errors were made in recording some of
these transactions. For each item listed below, indicate the effect of the
error (if any) in the blanks provided by using the following codes:(12%)
O=Overstate; U=Understate; NE=No Effect
If no error was made, write NE in each of the four columns.
(the four columns are: 2006 Net Book Value of Plant Assets at 12/31/06
2006 Net Income
2007 Net Book Value of Plant Assets at 12/31/07
2007 Net Income)
Transaction:
1. The cost of installing a new computer system in 2006 was not recorded in
2006. It was charged to expense in 2007. ╴ ╴ ╴ ╴
2. In 2007 clerical workers were trained to use the new computer system at a
cost of $15000, which was erroneously capitalized. The cost is to be written
off over the expected life of the new computer system. ╴ ╴ ╴ ╴
3. A major overhaul of factory machinery in 2006, which extended its useful
life by 5 years, was charged to accumulated depreciation in 2006. ╴ ╴ ╴
╴
4. Interest cost qualifying for capitalization in 2006 was charged to interest
expense in 2006. ╴ ╴ ╴ ╴
5. In 2006 land was bought for an employee parking lot. The $2000 title search
fee was charged to expense in 2006. ╴ ╴ ╴ ╴
Ⅲ. Consider each of the items below. Place the proper letter in the blank
space provided to indicated the nature of the account or accounts to be
debited when recording each transaction using the preferred accounting
treatment. Prepayments should be recorded in balance sheet accounts.
Disregard income tax considerations unless instructed otherwise.(10%)
A. asset(s) only.
B. accumulated amortization, depletion, or depreciation only.
C. expense only.
D. asset(s) and expense.
E. some other account or combination of accounts.
╴1. A motor in one of Grant Company's trucks was overhauled at a cost of $600.
It is expected that this will extend the life of the truck for two years.
╴2. Machinery which had originally cost $130000 was rearranged at a cost of
$450, including installation, in order to improve production.
╴3. Long Bike Company recently purchased land and two buildings for a total
cost of $35000, and entered the purchase on the books. The $1200 cost of
razing the smaller building, which has an appraisal value of $6200, is
recorded.
╴4. Sanders Company traded its old machine with a net book value of $3000 plus
cash of $7000 for a new one which had a fair market value of $9000.
╴5. Ken Ellis and Barb Potter, maintenance repair workers, spent five days in
unloading and setting up a new $6000, precision machine in the plant. The
wages earned in this five-day period, $480, are recorded.
╴6. On June 1, the Colter Hotel installed a sprinkler system throughout the
building at a cost of $13000. As a result the insurance rate was decreased
by 40%.
╴7. An improvement, which extended the life but not the usefulness of the
asset, cost $6000.
╴8. The attic of the administration building was finished at a cost of $3000
to provide an additional office.
╴9. In March, the Iola Theatre bought projection equipment on the installment
basis. The contract price was $23610, payable $5610 down, and $2250 a
month for the next eight months. The cash price for this equipment was
$22530.
╴10. Tinsley Company recorded the first year's interest on 6% $100000 ten-year
bonds sold a year ago at 94. The bonds were sold in order to finance the
construction of a hydroelectric plant. Six monts after the sale of the
bonds, the construction of the hydroelectric plant was completed and
operations were begun. (Only cash interest, and not discount
amortization, is to be considered.)
Ⅳ. Short Problems(12%)
(Ⅰ) Candy company offers a toy as a premium for every five candy bar wrappers
presented by customers together with $50. The candy bars are sold by the
company to distributors for $20 each. The purchase price of each toy to
the company is $20. In addition it costs $10 to mail each toy. The results
of the premium plan for the year 2007, 2008 are as follows. (All purchases
and sales are for cash) (這題有個數字錯了不過我忘了是哪個改什麼sorry)
2007 2008
Toys purchased 100000 220000
Candy bars sold 2800000 2650000
Wrappers redeemed 1500000 1800000
2007 wrappers expected to be redeemed in 2008 300000
2008 wrappers expected to be redeemed in 2009 360000
Required:
1. Compute the premium expense of 2007 and 2008.
2. What will be the balance of the estimated liability for premiums at Dec.31,
2008?
(Ⅱ) FIT company sells radios at an average price of $700 and also offers to
each customer a separate 3-year warranty contract for $70 that requires
the company to perform periodic services and to replace defective parts.
During 2007, the company sold 300 radios and 270 warranty contracts for
cash. It estimates the 3-year warranty costs as $40 for parts and $30 for
labor and accounts for warranties separately. Assume sales occurred on
Dec.31, 2007, income is recognized on the warranties, and straight-line
recognition of warranty revenues occurs.
Required:
1. Record any necessary journal entries in 2007.
2. If in 2008, FIT company incurred actual costs relative to 2007 radio
warranty sales of $2055 for parts and $3000 for labor. What amounts relative
to the 2007 radio warranties would appear on the Dec.31, 2008, ballance
sheet?
(Ⅲ) Norris Co. has a contract with its president to pay her a 5% bonus for
2006 and 2007. The federal income tax rate is 30% during these two years.
Required:
1. In 2006, income before deductions for the bonus and federal income taxes was
$600000. If the bonus is based on income before deductions of the bonus but
after deductions of income tax, what is the bonus (to the nearest dollar) ?
2. In 2007, income before deductions for the bonus and federal income taxes was
$800000. If the bonus is based on income after deductions for the bonus and
income tax, what is the bonus (to the nearest dollar) ?
Ⅴ. On May 31, 2007, Porter Company paid $3200000 to acquire all of the common
stock of Eaton Corporation, which became a division of Porter. Eaton
reported the following ballance sheet at the time of the acquisition:(12%)
Current assets $800000 Cruuent liabilities $600000
Noncurrent assets 2700000 Long-term liabilities 500000
￣￣￣￣ Stockholders' quity 2400000
Total liabilities and ￣￣￣￣
Total assets $3500000 stockholders' equity $3500000
========= =========
It was determined at the date of the purchase that the fair value of the
identifiable net assets of Eaton was $2700000. At December 31, 2007, Eaton
reports the following balance sheet information:
Current assets $600000
Noncurrent assets(including good will recognized in purchase 2400000
Current liabilities (700000)
Noncurrent liabilities (500000)
￣￣￣￣￣
Net assets $1800000
==========
It is determined that the fair market value of the Eaton division is $1900000.
The recorded amount for Eaton's net assets (excluding goodwill) is the same as
fair value, except for property, plant, and equipment, which has a fair value
of $200000 above the carrying value.
Required:
1. Compute the amount of goodwill recognized, if any, on May 31, 2007.
2. Determine the impairment loss, if any, to be recorded on December 31, 2007.
3. Assume that the fair value of the Eaton division is $ 1700000 instead of
$1900000. Prepare the journal entry to record the impairment loss, if any,
on December 31, 2007.
Ⅵ. Early in 2007, Maley Corporation engaged Reese, Inc. to design and
construct a complete modernization of Maley's manufacturing facility.
Construction was begun on June 1, 2007 and was completed on December 31,
2007. Maley made the following payments to Reese, Inc. during 2007:(12%)
Date Payment
￣￣￣￣￣￣￣￣ ￣￣￣￣￣￣￣￣￣￣￣
June 1, 2007 $3600000
August 31, 2007 5400000
December 31, 2007 4500000
In order to help finance the construction, Maley issued the following during
2007:
1. $3200000 of 10-year, 9% bonds payble, issued at par on May 31, 2007, with
interest payble annually on May 31.
2. 1000000 shares of no-par common stock, issued at $10 per share on October 1,
2007.
In addition to the 9% bonds payable, the only debt outstanding during 2007 was
a $750000, 12% note payable dated January 1, 2003 and due January 1, 2013, with
interest payable annually on January 1.
Required:
Compute the amounts of each of the following (show computations):
1. Weighted-average accumulated expenditures qualifying for capitalization of
interest cost.
2. Avoidable interest incurred during 2007.
3. Total amount of interest cost to be capitalized during 2007.
Ⅶ. On Jan1, SANA company exchanged machine with RING company.(8%)
Machine Y (SANA) Machine Z (RING)
Original cost $90000 $220000
Accumulated depreciation 54000 160000
Fair market value 80000 100000
Cash paid by SANA 20000
Cash received by RING 20000
Required:
1. Assuming the exchange has commercial substance, record the exchange for both
SANA and RING company.
2. Assuming the exchange lacks commercial substance, record the exchage for
both SANA and RING company.
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