江西财经大学高级财务会计国际学院题库.doc

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In the most recent year, Sable had net earnings of $40,000 and paid dividends of $6,000. Pinkertons accountant mistakenly assumed Pinkerton had considerable influence over Sable and used the equity method instead of the cost method. What is the impact on the investment account and net earnings, respectively?A) By using the equity method, the accountant has understated the investment account and overstated the net earnings.B) By using the equity method, the accountant has overstated the investment account and understated the net earnings.C) By using the equity method, the accountant has understated the investment account and understated the net earnings.D) By using the equity method, the accountant has overstated the investment account and overstated the net earnings.Answer: DObjective: LO3Difficulty: Moderate6) Griffon Incorporated holds a 30% ownership in Duck Corporation. Griffon should use the equity method under which of the following circumstances?A) Griffon has surrendered significant stockholder rights by agreement between Griffon and Duck.B) Griffon has been unable to secure a position on the Duck Corporations Board of Directors.C) Griffon has inadequate or untimely information to apply the equity method.D) The ownership of Duck Corporation is diverse.Answer: DObjective: LO1Difficulty: Easy7) Pond Corporation uses the fair value method of accounting for its investment in Swan Company. Which one of the following events would affect the Investment in Swan Co. account?A) Investee lossesB) Investee dividend paymentsC) An increase in the investees share price from last periodD) All of the above would affect the Investment in Swan Co. account.Answer: CObjective: LO2Difficulty: Easy8) Sadie Corporations stockholders equity at December 31, 2010 included the following:6% Preferred stock, $10 par value$1,000,000Common stock, $1 par value10,000,000Other paid-in capitalcommon4,000,000Retained earnings 4,000,000$19,000,000Pilga Corporation purchased a 30% interest in Sadies common stock from other shareholders on January 1, 2011 for $5,800,000. What was the book value of Pilgas investment in Sadie on January 1, 2011?A) $5,400,000B) $5,700,000C) $7,120,000D) $7,440,000Answer: AExplanation: A) Total stockholders equity$19,000,000Less: preferred equity(1,000,000)Equals: common equity18,000,000x Pilgas percentage 30%Book value of Pilga investment$5,400,000Objective: LO5Difficulty: Moderate9) Jabiru Corporation purchased a 20% interest in Fish Company common stock on January 1, 2008 for $300,000. This investment was accounted for using the complete equity method and the correct balance in the Investment in Fish account on December 31, 2010 was $440,000. The original excess purchase transaction included $60,000 for a patent amortized at a rate of $6,000 per year. In 2011, Fish Corporation had net income of $4,000 per month earned uniformly throughout the year and paid $20,000 of dividends in May. If Jabiru sold one-half of its investment in Fish on August 1, 2011 for $500,000, how much gain was recognized on this transaction?A) $278,950B) $280,000C) $280,950D) $282,000Answer: CExplanation: C) Dec 31, 2010 investment balance$440,000Jabirus interest in Fishs income from Jan 1-July 31:($4,000 7 months 20%) =5,600Less: Dividends ($20,000 20%) =(4,000)Less: Seven months of patent amortization: $500 7 =(3,500)Investment account balance at July 31, 2011$438,100Amount received from sale:$500,000Book value of one-half interest(219,050)Gain on sale$280,950Objective: LO5Difficulty: Moderate10) An investor uses the cost method of accounting for its investment in common stock. During the current year, the investor received $25,000 in dividends, an amount that exceeded the investors share of the investee companys undistributed income since the investment was acquired. The investor should report dividend income of what amount?A) $25,000B) $25,000 less the amount in excess of its share of undistributed income since the investment was acquiredC) $25,000 less the amount that is not in excess of its share of undistributed income since the investment was acquiredD) None of the above is correct.Answer: AObjective: LO3Difficulty: EasyUse the following information to answer the question(s) below.On January 1, 2011, Pansy Company acquired a 10% interest in Sunflower Corporation for $80,000 when Sunflowers stockholders equity consisted of $400,000 capital stock and $100,000 retained earnings. Book values of Sunflowers net assets equaled their fair values on this date. Sunflowers net income and dividends for 2011 through 2013 were as follows: 2011 2012 2013 Net income$ 8,000$ 10,000$15,000Dividends paid5,0005,0005,00011) Assume that Pansy Incorporated used the cost method of accounting for its investment in Sunflower. The balance in the Investment in Sunflower account at December 31, 2013 wasA) $76,700.B) $80,000.C) $83,300.D) $95,000.Answer: BExplanation: B) Income and dividends are not added or deducted from the investment account under the cost method unless liquidating dividends are receivedObjective: LO3Difficulty: Moderate12) Assume that Pansy has significant influence and uses the equity method of accounting for its investment in Sunflower. The balance in the Investment in Sunflower account at December 31, 2013 wasA) $78,200.B) $80,000.C) $81,800.D) $83,300.Answer: CExplanation: C) Initial Investment in Sunflower$80,000adjustments:2011: 10% ($8,000-$5,000)=3002012: 10% ($10,000-$5,000)=5002013: 10% ($15,000-$5,000)= 1,000Investment balance at 12/31/2013:$81,800Objective: LO3Difficulty: Moderate13) Pyming Corporation accounts for its 40% investment in Sillabog Company using the equity method. On the date of the original investment, fair values were equal to the book values except for a patent, which cost Pyming an additional $40,000. The patent had an estimated life of 10 years. Sillabog has a steady net income of $20,000 per year and consistently pays out 40% of its net income as dividends to its shareholders. Which one of the following statements is correct?A) The net change in the investment account for each full year will be a debit of $8,000.B) The net change in the investment account for each full year will be a debit of $4,800.C) The net change in the investment account for each full year will be a debit of $800.D) The net change in the investment account for each full year will be a credit of $800.Answer: CObjective: LO3Difficulty: Moderate14) Jacana Corporation paid $200,000 for a 25% interest in Lilypad Corporations common stock on January 1, 2010, but was not able to exercise significant influence over Lilypad. During 2011, Jacana reported income of $120,000, excluding its income from Lilypad, and paid dividends of $50,000. Lilypad reported net income of $40,000 during 2011 and paid dividends of $20,000. Jacana should report net income for 2011 in the amount ofA) $115,000.B) $120,000.C) $125,000.D) $130,000.Answer: CExplanation: C) Jacanas separate income$ 120,000Dividend income from Lilypadequals $20,000 25% =5,000Jacanas net income =$ 125,000Objective: LO4Difficulty: Moderate15) Panda Corporation purchased 100,000 previously unissued shares of Skunk Companys $10 par value common stock directly from Skunk for $2,200,000. Skunks stockholders equity immediately before the investment by Panda consisted of $3,000,000 of common stock and $4,800,000 in retained earnings. What is Pandas book value of equity in the net assets of Skunk?A) $2,200,000B) $2,500,000C) $3,000,000D) $3,333,000Answer: BExplanation: B) Shares outstanding before issue of new shares300,000Shares issued to Panda100,000Total shares outstanding400,000Percentage owned by Panda(100,000/400,000)25.00%Stockholders equity before issue of new shares$7,800,000+Investment by Panda2,200,000=Stockholders equity after Panda investment10,000,000 Pandas percentage ownership25.00%= Book value of Pandas interest$2,500,000Objective: LO5Difficulty: Difficult16) The income from an equity method investee is reported on one line of the investor companys income statement except whenA) the cost method is used.B) the investee has extraordinary items.C) the investor company is amortizing cost-book value differentials.D) the investor company changes from the cost to the equity method.Answer: BObjective: LO5Difficulty: Easy17) Bart Company purchased a 30% interest in Simpson Corporation on January 1, 2008, and Bart accounted for its investment in Simpson under the equity method for the next 3 years. On January 1, 2011, Bart sold one-half of its interest in Simpson after which it could no longer exercise significant influence over Simpson. Bart shouldA) continue to account for its remaining investment in Simpson under the equity method for the sake of consistency.B) adjust the investment in Simpson account to one-half of its original amount and account for the remaining 15% interest using the equity method.C) account for the remaining investment under the cost method, using the investment in Simpson account balance immediately after the sale as the new cost basis.D) adjust the investment account to one-half of its original amount (one-half of the purchase price in 2008), and account for the remaining 15% investment under the cost method.Answer: CObjective: LO5Difficulty: Easy18) Pelican Corporation acquired a 25% interest in Seafare Incorporated at book value several years ago. Seafare declared $100,000 dividends in 2010 and reported its income for the year as follows:Income from continuing operations$600,000Loss on discontinued division(100,000)Net income$500,000Pelicans Investment in Seafare account for 2010 should increase byA) $ 100,000.B) $ 125,000.C) $ 150,000.D) $ 180,000.Answer: AExplanation: A) Pelicans share of income ($500,000 25%) =$125,000Pelicans share of dividends = $100,000 25%(25,000)Increase in investment account$100,000Objective: LO5Difficulty: Moderate19) In reference to intercompany transactions between an investor and an investee, when the investor can significantly influence the investee, which of the following statements is correct, assuming that the investor is using the equity method?A) There is the presumption of arms-length bargaining between the related parties.B) As long as the investor recognizes the effects of the transaction in its financial statements, it is not required to provide any additional disclosures.C) In reporting its share of earnings and losses of an investee, the investor must eliminate the effect of profits and losses on the intercompany transactions until they are realized.D) None of the above is correct.Answer: CObjective: LO5Difficulty: Easy20) In reference to the determination of goodwill impairment, which of the following statements is correct?A) The goodwill impairment test under FASB 142 is a three-step process.B) If the reporting units fair value exceeds its carrying value, goodwill is unimpaired.C) Under FASB 142, firms must first compare carrying values (book values) at the firm level.D) All of the above are correct.Answer: BObjective: LO6Difficulty: Easy21) Firms must conduct impairment tests more frequently than annually whenA) other shareholders hold more than 50% interest.B) a more-likely-than-not expectation exists that a reporting unit will be sold or disposed of.C) a specific unit does not have publicly traded stock.D) using the equity method.Answer: BObjective: LO6Difficulty: EasyExercises1) Plum Corporation paid $700,000 for a 40% interest in Satin Company on January 1, 2011 when Plums stockholders equity was as follows:10% cumulative preferred stock, $100 par$ 500,000Common stock, $10 par value300,000Other paid-in capital 400,000Retained earnings 800,000Total stockholders equity$2,000,000On this date, the book values of Plums assets and liabilities equaled their fair values and there were