課程名稱︰會計學乙二下
課程性質︰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）︰98/03/16
考試時限（分鐘）：110分鐘
是否需發放獎勵金：是
（如未明確表示，則不予發放）
試題 :
Ⅰ.Presented below are two independent situations.
a.Banks Co. sold $6,000,000 of 8%, 10-year bonds at 102 on January 1, 2008.
The bonds were dated January 1, 2008, and pay interest on July 1 and
January 1. If Banks uses the straight-line method to amortize bond premium
or discount, determine the amount of interest expense to be reported on
July 1, 2008, and December 31, 2009.(5%)
b.Cey Inc. issued $4,000,000 of 13%, 20-year bonds on June 30, 2008, for
$4,300,920. This price provided a yield of 12% on the bonds. Interest is
payable semiannually on December 31 and June 30. If Cey use the effective-
interest method, determine the amount of interest expense to record if
financial statements are issued on October 31, 2008.(5%)
Ⅱ.On January 2, 2002, Banno Corporation issued $1,000,000 of 10% bonds at 97
due December 31, 2011. Legal and other costs of $24,000 were incurred in
connection with the isssue. Interest on the bonds is payable annually each
December 31. The $24,000 issue costs are being deferred and amortized on
straight-line basis over 10-year term of the bonds. The discount on the
bonds is also being amortized on straight-line method basis over the 10
years. (Straight-line is not materially different in effect from the
preferable "interest method".)
The bonds are callable at 102(i.e., at 102% of far amount), and January 2,
2007, Banno called $800,000 face amount of the bonds and retired them.
Instructuins:
Ignoring income taxes, compute the amount of loss, if any, to be recognized
by Banno as a result of retiring the $800,000 of bonds in 2007 and prepare
the journal entry to record the retirement.(10%)
Ⅲ.On January 1, 2008, Robin Wright Inc. purchased land that had an assessed
value of $350,000 at time of purchase. A $550,000, zero-interest-bearing
notes due January 1, 2011 was given in exchange. There were no established
exchange price for the land, nor a ready market value for the note. The
interest rate charged on a note of this type is 12%.
Instructions:
a.Prepare the journal entry for the purchase on January 1, 2008.(5%)
b.Prepare any nesessary adjusting entries relative to interest and
amortization on December 31, 2008.(5%)
Ⅳ.Steiff Graf Corp. owes $450,000 to First Trust. The debt is a 10-year, 12%
note due December 31, 2007. Because Graf Crop. is in financial trouble,
First Trust agrees to extend the maturity due to December 31, 2009, reduce
the principal to $400,000, and reduce the interest rate to 5%, payable
annually on December 31.
Instructions:
a.Prepare the journal entries on Graf's books on December 31, 2007, 2008,
2009.(6%)
b.Prepare the journal entries on First Trust's books on December 31, 2007,
2008, 2009.(14%)
Ⅴ.Pistons Inc. recently hired a new accountant with extensive experience in
accounting for partnerships. Because of the pressure of the new job, the
accountant was unable to review what he had learned earlier
about corporation accounting. During the first month, he made the following
entries for the corporation's capital stock.
May 2 Cash 280,000
Capital Stock 280,000
(Issued 20,000 shares of $5 par value common
stock at $14 per share.)
10 Cash 675,000
Capital Stock 675,000
(Issued 15,000 shares of $25 par value preferred
stock at $45 per share.)
15 Capital Stock 51,000
Cash 51,000
(Purchased 3,000 shares of common stock for the
treasury at $17 per share.)
31 Cash 15,000
Loss on Sale of Stock 1,000
Capital Stock 16,000
(Sold 1,000 shares of treasury stock at $15 per
share.)
Instructions:
On the basis of the explanation for each entry, prepare the entries that
should have been made for the capital stock transaction.(20%)
Ⅵ.Forty thousand shares reacquired by Elixir Corporation for $66 per share
were exchanged for undeveloped land that has an appraised value of
$2,900,000. At the time of the exchange the common stock was trading at $70
per share on an organized exchange.
Instructions:
Prepare the journal entry to record the acquisition of land assuming that
the purchase of the stock was originally recorded using the cost method.(5%)
Ⅶ.Lotoya Davis Corporation has one million shares of common stock issued and
outstanding. On September 28, the board of directors voted a 70 cents per
share cash dividend to stockholders of record as of October 14, payable
October 30.
Instructions:
a.Prepare the journal entry for each of the dates above assuming the
dividend represents a distribution of earning.(10%)
b.How would the entry differ if the dividend were a liquidating dividend?
(5%)
Ⅷ.Presented below is information from the annual report of Emporia Plastics,
Inc.
Operating Income $310,530
Bonds Interest Expense 156,000
--------
154,530
Income Taxes 61,812
--------
Net Income $92,718
========
Bonds Payable $1,300,000
Common Stock 675,000
Retained Earnings 225,000
Instructions:
a.Compute the return on common stock equity and the rate of interest paid on
bonds.(Assume balances for debt and equity accounts approximate average
for the year.)(6%)
b.Is Emporia Plastics Inc. trading on the equity successfully? Explain.(4%)
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※ 編輯: hiakira 來自: 220.134.6.107 (04/07 19:01)