課程名稱︰中級會計學下
課程性質︰財金系必修
課程教師︰蔡彥卿
開課學院：管理學院
開課系所︰財金系
考試日期（年月日）︰２００７／６／１２
考試時限（分鐘）：１６０mins.
是否需發放獎勵金：是 謝謝～
（如未明確表示，則不予發放）
試題 :
一(25%)
Yarman Inc. began business on January 1,2007.Its pretax financial uncome
for the first 2 years as follows:
2007 $240,000 2008 $560,000
The following items caused the only differences between pretax financial
income and taxable income.
1.In 2007, the company collected $180,000 of rent; of this amount, $60,000
was earned in 2007; the other $120,000 will be earned equally over the
2008-2009 periods.The full $180,000 was included in taxable income in 2007.
2.The company pays $10,000 each year for life insurance on officers.
(Permanent difference)
3.In 2008, the company terminated a top executive and agreed to $90,000
of severance pay. The amount will be paid $30,000 per year for 2008-2010.
The 2008 payment was made.The $90,000 was expensed in 2008.For tax
purposes, the severance pay is deductible as it is paid.
The enacted tax rate existing at December 31,2007 are:
2007 30% 2008 35% 2009 40% 2010 40%
INSTRUCTIONS
(a)Determine taxable income for 2007 and 2008.
(b)Determine the defferd income taxes at the end of 2007, and prepare
the journal entry to record income taxes for 2007.
(c)Prepare a schedule of future taxable and (deductible) amounts at the
end of 2008.
(d)Prepare a schedule of the deffered tax (asset) and liability at the
end of 2008.
(e)Compute the net deffered tax expense (benefit) for 2008.
(f)Prepare the journal entry to record income taxes for 2008.
(g)Show how the deffered income taxes should be reported on the balance
sheet at December 31,2008.
二(25%)
Horton company, as lessee, enters into a lease agreement on July 1,2008,
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 $422,689 are due on June 30 of each year.
2.The fair value of the equipment on July 1,2008 is $1,400,000.The equipment
has an economic life of 4 years with no salvage value.
3.Horton depreciates similar machinery it owns on the sum-of-the-years'-digits
basis.
4.The lessee pays all executory costs.
5.Horton's incremental borrowing rate is 10% per year.The lessee is aware
that the lessor used an implicit rate of 8% in computing the lease patments
(present value factor for 4 periods at 8%, 3.31213; at 10%, 3.16986--PV
of an ordinary annuity).
INSTRUCTIONS
(a)Indicate the type of lease Horton Company has entered into and what
accounting treament is applicable.
(b)Prepare the journal entries on Horton'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, 2008.
2.December 31,2008.
3.June 30, 2009.
4.December 31, 2009.
三(15%)
Piper Corp. is a manufacturer of truck trailers.On January 1,2008, Piper
Corp. leases ten trailers to Runyan Company under a six-year noncancelable
lease agreement.The following information about the lease and the trailers
is provided:
1.Equal annual patments that are due on December 31 each year provide
Piper Corp. with an 8% return on net investment(present value factor
for 6 periods at 8% is 4.62288).
2.Titles to the trailers pass to Runyan at the end of the lease.
3.The fair value of each traler is $50,000.The cost of each trailer to
Piper Corp. is $45,000.Each trailer has an expected useful life of six
years(without residual value).
4.Collectibility of the lease patments us reasonably predictible and there
are no important uncertainties surrounding the amount of costs yet to
be incurred by Piper Corp.
INSTURCTIONS
(a)What type of lease is this for the lessor?Discuss.
(b)Calculate the annual lease payment.(Round to nearest dollar.)
(c)Prepare a lease amortization schedule for Piper Corp. for the first
three years.
(d)Prepare the journal entries fro the lessor for 2008 and 2009 to record
the lease agreement, the receipt of the lease rentals, and the
recognition of income(assume the use of a perpetual inventory method and
round all amounts to the nearest dollar).
四(20%)
Donelly, Inc. has prepared the following comparative balance sheets for
2007 and 2008:
2008 2007
Cash $ 297,000 153,000
Receivables 159,000 117,000
Inventory 150,000 180,000
Prepaid expense 18,000 27,000
Plant assets 1,260,000 1,050,000
Accumulated depreciation (450,000) (375,000)
Patent 153,000 174,000
$ 1,587,000 1,326,000
=========== =========
Accounts payable $ 153,000 168,000
Accrued liabilities 60,000 42,000
Mortgage payable － 450,000
Preferred stock 525,000 －
Additional paid-in capital－Preferred 120,000 －
Common stock 600,000 600,000
Retained earnings 129,000 66,000
$ 1,587,000 1,326,000
=========== =========
1.The Accumulated Depreciation account has been credited only for the
depreciation expense for the period.
2.The Retained Earnings account has been charged for dividends of $138,000
(payment of cash dividends)and credited for the net income for the year.
The income statement for 2008 is as follows:
Sales $1,980,000
Cost of sales 1,089,000
Gross profit 891,000
Operating expenses 690,000
Net income $ 201,000
==========
INSTRUCTIONS
(a)From the information above, prepare a statement of cash flows
(indirect method) for Donelly, Inc. for the year ended December 31,2008.
(b)From the information above, prepare a schedule of cash provided by
operating activities using the direct method.
五(15%)
(a)Define temporary differences, future taxable amounts, and future
deductible amounts.
(b)When should a deffered tax asset be reduced by a valuation allowance?
(c)What are the criteria that must be satisfied for a lessor to classify
a lease as a capital lease(direct-financing or sales-type lease)?
(d)Any given transaction may affect a statement of cash flows(using the
indirect method)in one or more of the following ways:
Cash flows from operation activities
a.Net income be increased or adjusted upward.
b.Net income be decreased or adjusted downward.
Cash flows from investing activities
c.Increase as a result of cash inflows.
d.Decrease as a result of cash outflows.
Cash flows from financing activities
e.Increase as a result of cash inflows.
f.Decrease as a result of cash outflows.
The statement of cash flows is not affected
g.Not required to be reported in the body of the statement.
INSTRUCTIONS
For each transaction listed below, list the letter or letters from above
that describe(s) the effect of the transaction on a statement of cash
flows for the year ending December 31,2008.(Ignore any income tax effect).
＿1.Preferrd stock with a carrying value of $44,000 was redeemed for
$50,000 on January 1, 2008.
＿2.Uncollectible accounts receivables un the amount of $3,000 were written
off against the allowance for doubtful accounts balance of $12,200 on
December 31,2008.
＿3.Machinery which originally cost $3,000 and has a book value of $1,800
is sold for $1,400 on December 31, 2008.
＿4.Land is acquired through the issuance of bonds payable on July 1,2008.
＿5.1,000 shares of stock, stated value $10 per share, are issued for $25
per share in 2008.
＿6.An appropriation of retained earnings for treasury stock in the amount
of $35,000 is established in 2008.
＿7.A cash dividend of $8,000 is paid on December 31,2008.
＿8.The portfolio of long-term investments(available-for-sale) is at an
aggregate market value higher than aggregate cost at December 31,2008.
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