中级财务会计英模拟试题

中级财务会计英模拟试题（分录部分）

考点一：应付账款与应付票据

Ex.13-68—Notespayable.

OnAugust31,FargoCo.partiallyrefunded$270,000ofitsoutstanding10%note

payablemadeoneyearagotoArmaStateBankbypaying$270,000plus$27,000

interest,havingobtainedthe$297,000byusing$78,600cashandsigninganew

one-year$240,000notediscountedat9%bythebank.

Instructions

(1)Maketheentrytorecordthepartialrefunding.AssumeFargoCo.makesreversing

entrieswhenappropriate.

(2)PreparetheadjustingentryatDecember31,assumingstraignt-lineamortization

ofthediscount.

Solution13-68

(1)NotesPayable...............................................................................270,000

InterestExpense..............................................................................27,000

DiscountonNotesPayable(9%x$240,000)...............................21,600

NotesPayable.....................................................................240,000

Cash.....................................................................................78,600

(2)InterestExpense(1/3x$21,600)..................................................7,200

DiscountonNotesPayable................................................7,200

Pr.13-75—AccountsandNotesPayable.

DescribedbelowarecertaintransactionsofBeaconCompanyfor2004:

1.OnMay10,thecompanypurchasedgoodsfromJayCompanyfor$90,000,terms

2/10,n/30.Purchasesandaccountspayablearerecordedatnetamounts.The

invoicewaspaidonMay18.

2.OnJune1,thecompanypurchasedequipmentfor$120,000f，omNolanCompany,

paying$40,000incashandgivingaone-year,9%noteforthebalance.

3.OnSeptember30,thecompanydiscountedat10%its$240,000,one-year

zero-interest-bearingnoteatFirstStateBank.

Instructions

(a)Preparethejournalentriesnecessarytorecordthetransactionsaboveusing

appropriatedates.

(b)PreparetheadjustingentriesnecessaryatDecember31,2004inorderto

properlyreportinterestexpenserelatedtotheabovetransactions.Assume

slraighl-liriearnurlizalionofdiscounts.

(c)Indicatethemannerinwhichtheabovetransactionsshouldbereflectedinthe

CurrentLiabilitiessectionofBeaconCompany'sDecember31,2004balance

sheet.

Solution13-75

(a)May10,2004

Purchases/lnventory..................................................................88,200

AccountsPayable................................................................88,200

Mav18,2004

AccountsPayable............................................................................88,200

Cash.....................................................................................88,200

JuneL2004

Equipment.........................................................................................120,000

Cash.....................................................................................40,000

NotesPayable.....................................................................80,000

Solution13-75(cont.)

September30,2004

Cash................................................................................................216,000

DiscountonNotesPayable............................................................24,000

NotesPayable.....................................................................240,000

(b)InterestExpense.............................................................................4,200

InterestPayable($80,000x.09x7/12)...........................4,200

InterestExpense..............................................................................6,000

DiscountonNotesPayable($24,000x3/12)...................6,000

(c)CurrentLiabilities

Interestpayable$4,200

Notepayable—NolanCompany80,000

Notepayable—FirstStateBank$240,000

Less:Discountonnote18,000222Q00

$306.200

考点二：股票的出售再出售

Ex.15-78—Treasurystock.

CambyCorporation'sbalancesheetreportedthefollowing:

Capitalstockoutstanding,5,000shares,par$30pershare$150,000

Paid-incapitalinexcessofpar80,000

Retainedearnings100,000

Thefollowingtransactionsoccurredthisyear:

(a)Purchased80sharesofcapitalstocktobeheldastreasurystock,paying$60per

share.

(b)Sold60ofthesharesoftreasurystockat$65pershare.

(c)Soldtheremainingsharesoftreasurystockat$50pershare.

Instructions

Preparethejournalentryforthesetransactionsunderthecostmethodofaccountingfor

treasurystock.

(a)TreasuryStock4,800

Cash...............................................................................................4,800

(b)Cash.......................................................................................................3,900

TreasuryStock.................................................................................3,600

Paid-inCapitalfromTreasuryStock...............................................300

(c)Cash..........................................................................................................1,000

Paid-inCapitalfromTreasuryStock........................................................200

TreasuryStock................................................................................1,200

Ex.15-79—Treasurystock.

GagneCompany'sbalanceshee:shows:

Commonstock,$20par$3,000,000

Paid-incapitalinexcessofpar1,050,000

Retainedearnings750,000

Instructions

Recordthefollowingtransactionsbythecostmethod.

(a)Bought4,000sharesofitscommonstockat$29ashare.

(b)Sold2,000treasurysharesat$30ashare.

(c)Sold800sharesoftreasurystockat$26ashare.

Solution15-79

(a)TreasuryStock....................................................................................116,000

Cash.........................................................................................116,000

(b)Cash.........................................................................................................60,000

TreasuryStock........................................................................58,000

Paid-inCapital(ruinTreasurySlock......................................2,000

(c)Cash.........................................................................................................20,800

Paid-inCapitalfromTreasuryStock...................................................1,600

RetainedEarnings..................................................................................800

TreasuryStock........................................................................23,200

Ex.15-80—Treasurystock.

In2003,NicholsCo.issued200,000ofits500,000authorizedsharesof$10parvalue

commonstockat$35pershare.InJanuary,2004,Nichols^purchased10,000

sharesat$30pershare.Assumethesearetheonlystocktransactionsthecompany

haseverhad.

Instructions

(a)Whatarethetwomethodsofaccountingfortreasurystock?

(b)Preparethejournalentrytorecordthepurchaseoftreasurystockbythecostmethod.

(c)3,000sharesoftreasurystockarereissuedat$33pershare.Preparethejournal

entrytorecordthereissuancebythecostmethod.

Solution15-80

(a)Thetwomethodsofaccountingfortreasurystockarethecostmethodandthepar

valuemethod.

(b)TreasuryStock.......................................................................................300,000

Cash.........................................................................................300,000

(c)Cash....................................................................................................99,000

Paid-inCapitalfromTreasurySlock......................................9,000

TreasuryStock........................................................................90,000

Pr.15-88—Treasurystocktransactions.

Theoriginalsaleofthe$50parvaluecommonsharesofEddyCompanywas

recordedasfollows:

Cash..................................................................................................290,000

CommonStock.....................................................................250,000

Paid-inCapitalinExcessofPar.........................................40,000

Instructions

Recordthetreasurystocktransactions(givenbelow)underthecostmethod:

Transactions:

(a)Bought500sharesofcommonstockastreasurysharesat$62.

(b)Sold120sharesoftreasurystockat$60.

(c)Sold60treasurysharesat$68.

Solution15-88

(a)TreasuryStock..............................................................................................31,000

Cash....................................................................................................31,000

(b)Cash...............................................................................................................7,200

RetainedEarnings.........................................................................................240

TreasuryStock....................................................................................7,440

(c)Cash...............................................................................................................4,080

Paid-inCapitalfromTreasuryStock.................................................360

TreasuryStock....................................................................................3,720

考点三：投资与债券溢价购买

Ex.17-66—Investmentindebtsecuritiesatpremium.

OnApril1,2004,SeanCo.purchased$360,000of6%bondsfor$374,175plus

accruedinterestasanavailable-for-salesecurity.InterestispaidonJuly1and

January1andthebondsmatureonJuly1,2009.

Instructions

(a)PreparethejournalentryonApril1,2004.

(b)ThebondsaresoldonNovember1,2005at103plusaccruedinterest.Amortization

wasrecordedwheninterestwasreceivedbythestraight-linemethod(bymonthsand

roundtothenearestdollar).Prepareallentriesrequiredtoproperlyrecordthesale.

Solution17-66

(a)Available-for-SaleSecurities................................................................374,175

InterestRevenue($360,000x.06x1/4).............................................5,400

Cash.........................................................................................379,575

(b)InterestRevenue($14,175x4・63)...................................................900

Available-for-SaleSecurities..................................................900

Cash($360,000x.06x1/3).................................................................7,200

InterestRevenue.....................................................................7,200

Cash........................................................................................................370,800

GainonSaleofSecurities.....................................................900

Available-for-SaleSecurities..................................................369,900

$374,175-[($14,175+63)x19]

考点四：长期工程合同一一完工百分比

Ex.18-69—Journalentries—percentage-of-completion.

GrantConstructionCompanywasawardedacontracttoconstructaninterchangeatthejunction

ofU.S.94andHighway30atatotalcontractpriceof$6,000,000.Theestimatedtotalcoststo

completetheprojectwere$4,500,000.

Instructions

(a)Maketheentrytorecordconstructioncostsof$2,700,000,onconstructionin

processtodate.

(b)Maketheentrytorecordprogressbillingsof$1,500,000.

(c)Maketheentrytorecognizetheprofitthatcanberecognizedtodate,ona

percentage-of-completionbasis.

Solution18-69

(a)ConstructioninProcess.....................................................................................2,700,000

Materials,Cash,Payables,Etc............................................................2,700,000

(b)AccountsReceivable—ConstructioninProcess...............................................1,500,000

BillingsonConstructioninProcess...................................................1,500,000

(c)ConstructionExpenses.......................................................................................2,700,000

ConstructioninProcess(60%complete)........................................................900,000

RevenuefromLong-TermContracts..................................................3,600,000

考点五:应税所得一一所得税分录

Ex.19-52—Deferredincometaxes.

NottCo.attheendof2004,itsfirstyearofoperations,preparedareconciliationbetweenpretax

financialincomeandtaxableincomeasfollows:

Pretaxfinancialincome$300,000

Extradepreciationtakenfortaxpurposes(750,000)

Estimatedexpensesdeductiblefortaxeswhenpaid600,000

Taxableincome$150,000

Useofthedepreciableassetswillresultintaxableamountsof$250,000ineachofthenextthree

years.Theestimatedlitigationexpensesof$600,000willbedeductiblein2007whensettlement

isexpected.

Instructions

(a)Prepareascheduleoffuturetaxableanddeductibleamounts.

(b)Preparethejournalentrytorecordincometaxexpense,deferredtaxes,andincometaxes

payablefor2004,assumingataxrateof40%forallyears.

Solution19-52

(a)200520062007_

Total

Futuretaxable(deductible)amounts

Extradepreciation$250,000$250,000$250,000$750,000

Litigation(500,000)(500,000)

(b)IncomelaxExpense($60,000+$300,000-$240,000).120,000

DeferredTaxAsset($600,000x40%)...........................................................240,000

DeferredTaxLiability($750,000x40%).........................................300,000

IncomeTaxPayable($150,000x40%)...........................................60,000

Ex.19-53—Deferredincometaxes.

EarlCo.attheendof2004,itsfirstyearofoperations,preparedareconciliationbetweenpretax

financialincomeandtaxableincomeasfollows:

Pretaxfinancialincome$500,000

Estimatedexpensesdeductiblefortaxeswhenpaid800,000

Extradepreciation(900,000)

TaxableincomeS400,000

Estimatedwarrantyexpenseof$530,000willbedeductiblein2005,$200,000in2006,and

$70,000in2007.Theuseofthedepreciableassetswillresultintaxableamountsof$300,000in

eachofthenextthreeyears.

Instructions

(a)Prepareatableoffuturetaxableanddeductibleamounts.

(b)Preparethejournalentrytorecordincometaxexpense,deferredincometaxes,andincome

taxespayablefor2004,assuminganincometaxrateof40%forallyears.

Solution19-53

(a)200520062007

Total

Futuretaxable(deductible)amounts

Warranties$(530,000)$(200,000)$(70,000)$(800,000)

Excessdepreciation300,000300,000300,000900,000

(b)IncomeTaxExpense[$160,000+($360,000-$320,000)].........................200,000

DeferredTaxAsset($800,000x40%)...........................................................320,000

DeferredTaxLiability($900,000x40%).........................................360,000

IncomeTaxPayable($400,000x40%)...........................................160,000

PROBLEMS

Pr.19-59—Differencesbetweenaccountingandtaxableincomeandtheeffectondeferredtaxes.

Thefollowingdifferencesenterintothereconciliationoffinancialincomeandtaxable

incomeofHatleyCompanyfortheyearendedDecember31,2004,itsfirstyearof

operations.Theenactedincometaxrateis30%forallyears.

Pretaxaccountingincome$450,000

FXCPSStaxdpprpciatinn(-^00,000)

Litigationaccrual45,000

Unearnedrentrevenuedeferredonthebooksbutappropriately

recognizedintaxableincome25,000

InterestincomefromNewYorkmunicipalbonds(10,000)

TaxableincomeS210Q00

1.Excesstaxdepreciationwillreverseequallyoverafour-yearperiod,2C05-2008.

2.Itisestimatedthatthelitigationliabilitywillbepaidin2008.

3.Rentrevenuewillberecognizedduringthelastyearofthelease,2008.

4.InterestrevenuefromtheNewYorkbondsisexpectedtobe$10,000eachyearuntiltheir

maturityattheendof2008.

Instructions

(a)Prepareascheduleoffuturetaxableand(deductible)amounts.

(b)Prepareascheduleofthedeferredtax(asset)andliability.

(c)Sincethisisthefirstyearofooerations,thereisnobeginningdeferredtaxassetorliability.

Computethenetdeferredtaxexpense(benefit).

(d)Preparethejournalentrytorecordincometaxexpense,deferredtaxes,andtheincome

taxespayablefor2004.

Solution19-59

(a)2005200620072008Total

Futuretaxable(deductible)amounts:

Depreciation$75,000$乃,000$75,000$乃,000$300,000

Litigation(45,000)(45,000)

Unearnedrent(25,000)(25,000)

(b)FutureTaxable

(Deductible)Deferred

Tax

TemporaryDifferencesAmountsTaxRate(Asset)Liability

Depreciation$300,00030%$90,000

Litigation(45,000)30%$(13,500)

Unearnedrent(25,000)30%(7,500)

Totals$180,000$(21.000)=

$90,000

(c)Deferredtaxexpense$90,000

Deferredtaxbenefit(21,000)

NetdeferredtaxexpenseS69Q00

Solution19-59(cont.)

(d)IncomeTaxExpense($63,000+$69,000).....................................................132,000

DeferredTaxAsset..........................................................................................21,000

DeferredTaxLiability........................................................................90,000

IncomeTaxPayable($210,000x30%)...........................................63,000

Pr.19-61-Interperiodtaxallocationwithchangeinenactedtaxrates.

NorwayCompanypurchasedequipmentfor$270,000onJanuary2,2003,itsfirstdayof

operations.Forbookpurposes,theequipmentwillbedepreciatedusingthestraight-linemethod

overthreeyearswithnosalvagevalue.Pretaxfinancialincomeandtaxableincomeareas

follows:

200320042005

Pretaxfinancialincome$156,000$170,000$180,000

Taxableincome120,000170,000216,000

Thetemporarydifferencebetweenpretaxfinancialincomeandtaxableincomeisduetotheuse

ofaccelerateddepreciationfortaxpurposes.

Pr.19-61(cont.)

Instructions

(a)Preparethejournalentriestorecordincometaxesforallthreeyears(expense,deferrals,

andliabilities)assumingthattheenactedtaxrateapplicabletoallthreeyearsis30%.

(b)Preparethejournalentriestorecordincometaxesforallthreeyears(expense,deferrals,

andliabilities)assumingthattheenactedtaxrateasof2003is30%butthatinthemiddle

of2004,Congressraisestheincometaxrateto35%retroactivetothebeginningof2004.

Solution19-61

(a)200320042005

Total

Bookdepreciation$90,000$90,000$90,000$270,000

Taxdepreciation126,00090,00054,000270,000

Temporarydifference$(36,000)S-0-$36,000

S-0-

2003IncomeTaxExpense.........................................................................46,800

DeferredTaxLiability($36,000x.30).................................10,800

IncomeTaxPayable($120,000x.30).................................36,000

2004IncomeTaxExpense.........................................................................51,000

IncomeTaxPayable($170,000x.30)...............................51,000

2005IncomeTaxExpense.........................................................................54,000

DeferredTaxLiability........................................................................10,800

IncomeTaxPayable($216,000x.30)...............................64,800

(b)2003IncomeTaxExpense.........................................................................46,800

DeferredTaxLiability($36,000x.30).................................10,800

IncomeTaxPayable($120,000x.30)...............................36,000

2004IncomeTaxExpense.........................................................................61,300

DeferredTaxLiability.........................................................1,800*

IncomeTaxPayable($170,000x.35)...............................59,500

2005IncomeTaxExpense.........................................................................63,000

DeferredTaxLiability........................................................................12,600

IncomeTaxPayable($216,000x.35)...............................75,600

2005

♦Futuretaxableamount$36,000

Deferredtax@30%10,800

Deferredtax@35%12,600

Adjustment$L800

Pr.19-62—Deferredtaxasset.

YarmanInc.beganbusinessonJanuary1,2003.Itspretaxfinancialincomeforthefirst2years

wasasfollows:

2003$95,000

2004180,000

Thefollowingitemscausedtheonlydifferencesbetweenpretaxfinancialincomeandtaxable

income.

1.In2003,thecompanycollected$90,000ofrent;ofthisamount,$30,000wasearnedin2003;

theother$60,000willbeearnedequallyoverthe2004-2005period.Thefull$90,000was

includedintaxableincomein2003.

2.Thecompanypays$5,000ayearforlifeinsuranceonofficers.

3.In2004,thecompanyterminatedatopexecutiveandagreedto$60,000ofseverancepay.

Theamountwillbepaid$20,000peryearfor2004-2006.The2004paymentwasmade.The

$60,000wasexpensedin2004.Fortaxpurposes,theseverancepayisdeductibleasitispaid.

TheenactedtaxratesexistingatDecember31,2003are:

200330%200540%

200435%200640%

Instructions

(a)Determinetaxableincomefor2003and2004.

(b)Determinethedeferredincometaxesattheendof2003,andpreparethejournalentryto

recordincometaxesfor2003.

(c)Prepareascheduleoffuturetaxableand(deductible)amountsattheendof2004.

(d)Prepareascheduleofthedeferredtax(asset)andliabilityattheendof2004.

(e)Computethenetdeferredtaxexpense(benefit)for2004.

(f)Preparethejournalentrytorecordincometaxesfor2004.

(g)Showhowthedeferredincometaxesshouldbereportedonthebalancesheetat

December31,2004.

Solution19-62

(a)20032004

Pretaxfinancialincome$95,000$180,000

Permanentdifferences:

Lifeinsurance5,0005,000

100,000185,000

Temporarydifferences:

Rent60,000(30,000)

Severancepay______40,000

Taxableincome$160,000S195,OOO

Solution19-62(cont.)

(b)