中级财务会计英模拟试题

1、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. 13-68Notes payable.On August 31, Fargo Co. partially refunded $270,000 of its outstanding 10% note payable made one year ago to Arma State Bank by paying $270,000 plus $27,000 interest, having obtained the $297,000 by using $78,600 cash and signing a new one-year $2

2、40,000 note discounted at 9% by the bank.Instructions(1)Make the entry to record the partial refunding. Assume Fargo Co. makes reversing entries when appropriate.(2)Prepare the adjusting entry at December 31, assuming straight-line amortization of the discount.Solution 13-68(1)Notes Payable 270,000I

3、nterest Expense 27,000Discount on Notes Payable (9% $240,000) 21,600Notes Payable 240,000Cash 78,600(2)Interest Expense (1/3 $21,600) 7,200Discount on Notes Payable 7,200Pr. 13-75Accounts and Notes Payable.Described below are certain transactions of Beacon Company for 2004:1.On May 10, the company p

4、urchased goods from Jay Company for $90,000, terms 2/10, n/30. Purchases and accounts payable are recorded at net amounts. The invoice was paid on May 18.2.On June 1, the company purchased equipment for $120,000 from Nolan Company, paying $40,000 in cash and giving a one-year, 9% note for the balanc

5、e.3.On September 30, the company discounted at 10% its $240,000, one-year zero-interest-bearing note at First State Bank.Instructions(a)Prepare the journal entries necessary to record the transactions above using appropriate dates.(b)Prepare the adjusting entries necessary at December 31, 2004 in or

6、der to properly report interest expense related to the above transactions. Assume straight-line amortization of discounts.(c)Indicate the manner in which the above transactions should be reflected in the Current Liabilities section of Beacon Companys December 31, 2004 balance sheet.Solution 13-75(a)

7、May 10, 2004Purchases/Inventory 88,200Accounts Payable 88,200May 18, 2004Accounts Payable 88,200Cash 88,200June 1, 2004Equipment 120,000Cash 40,000Notes Payable 80,000Solution 13-75 (cont.)September 30, 2004Cash 216,000Discount on Notes Payable 24,000Notes Payable 240,000(b)Interest Expense 4,200Int

8、erest Payable ($80,000 .09 7/12) 4,200Interest Expense 6,000Discount on Notes Payable ($24,000 3/12) 6,000(c)Current LiabilitiesInterest payable$ 4,200Note payableNolan Company80,000Note payableFirst State Bank$240,000Less: Discount on note 18,000 222,000$306,200考点二：股票的出售再出售Ex. 15-78Treasury stock.C

9、amby Corporations balance sheet reported the following:Capital stock outstanding, 5,000 shares, par $30 per share$150,000Paid-in capital in excess of par80,000Retained earnings100,000The following transactions occurred this year:(a)Purchased 80 shares of capital stock to be held as treasury stock, p

10、aying $60 per share.(b)Sold 60 of the shares of treasury stock at $65 per share.(c)Sold the remaining shares of treasury stock at $50 per share.InstructionsPrepare the journal entry for these transactions under the cost method of accounting for treasury stock.(a)Treasury Stock4,800Cash4,800(b)Cash 3

11、,900Treasury Stock3,600Paid-in Capital from Treasury Stock300(c)Cash1,000Paid-in Capital from Treasury Stock200Treasury Stock1,200Ex. 15-79Treasury stock.Gagne Companys balance sheet shows:Common stock, $20 par$3,000,000Paid-in capital in excess of par1,050,000Retained earnings750,000InstructionsRec

12、ord the following transactions by the cost method.(a)Bought 4,000 shares of its common stock at $29 a share.(b)Sold 2,000 treasury shares at $30 a share.(c)Sold 800 shares of treasury stock at $26 a share.Solution 15-79(a)Treasury Stock 116,000Cash 116,000(b)Cash60,000Treasury Stock 58,000Paid-in Ca

13、pital from Treasury Stock 2,000(c)Cash20,800Paid-in Capital from Treasury Stock 1,600Retained Earnings800Treasury Stock 23,200Ex. 15-80Treasury stock.In 2003, Nichols Co. issued 200,000 of its 500,000 authorized shares of $10 par value common stock at $35 per share. In January, 2004, Nichols repurch

14、ased 10,000 shares at $30 per share. Assume these are the only stock transactions the company has ever had.Instructions(a)What are the two methods of accounting for treasury stock?(b)Prepare the journal entry to record the purchase of treasury stock by the cost method.(c)3,000 shares of treasury sto

15、ck are reissued at $33 per share. Prepare the journal entry to record the reissuance by the cost method.Solution 15-80(a)The two methods of accounting for treasury stock are the cost method and the par value method.(b)Treasury Stock 300,000Cash 300,000(c)Cash 99,000Paid-in Capital from Treasury Stoc

16、k 9,000Treasury Stock 90,000Pr. 15-88Treasury stock transactions.The original sale of the $50 par value common shares of Eddy Company was recorded as follows:Cash 290,000Common Stock 250,000Paid-in Capital in Excess of Par 40,000InstructionsRecord the treasury stock transactions (given below) under

17、the cost method:Transactions:(a)Bought 500 shares of common stock as treasury shares at $62.(b)Sold 120 shares of treasury stock at $60.(c)Sold 60 treasury shares at $68.Solution 15-88(a)Treasury Stock31,000Cash31,000 (b)Cash7,200Retained Earnings240Treasury Stock7,440(c)Cash4,080Paid-in Capital fro

18、m Treasury Stock360Treasury Stock3,720考点三：投资与债券溢价购买Ex. 17-66Investment in debt securities at premium.On April 1, 2004, Sean Co. purchased $360,000 of 6% bonds for $374,175 plus accrued interest as an available-for-sale security. Interest is paid on July 1 and January 1 and the bonds mature on July 1

19、, 2009.Instructions(a)Prepare the journal entry on April 1, 2004.(b)The bonds are sold on November 1, 2005 at 103 plus accrued interest. Amortization was recorded when interest was received by the straight-line method (by months and round to the nearest dollar). Prepare all entries required to prope

20、rly record the sale.Solution 17-66(a)Available-for-Sale Securities 374,175Interest Revenue ($360,000 .06 1/4) 5,400Cash 379,575(b)Interest Revenue ($14,175 4 63) 900Available-for-Sale Securities 900Cash ($360,000 .06 1/3) 7,200Interest Revenue 7,200Cash 370,800Gain on Sale of Securities 900Available

21、-for-Sale Securities 369,900$374,175 ($14,175 63) 19考点四：长期工程合同完工百分比Ex. 18-69Journal entriespercentage-of-completion.Grant Construction Company was awarded a contract to construct an interchange at the junction of U.S. 94 and Highway 30 at a total contract price of $6,000,000. The estimated total cos

22、ts to complete the project were $4,500,000.Instructions(a)Make the entry to record construction costs of $2,700,000, on construction in process to date.(b)Make the entry to record progress billings of $1,500,000.(c)Make the entry to recognize the profit that can be recognized to date, on a percentag

23、e-of-completion basis.Solution 18-69(a)Construction in Process2,700,000Materials, Cash, Payables, Etc.2,700,000(b)Accounts ReceivableConstruction in Process1,500,000Billings on Construction in Process1,500,000(c)Construction Expenses2,700,000Construction in Process (60% complete)900,000Revenue from

24、Long-Term Contracts3,600,000考点五:应税所得所得税分录Ex. 19-52Deferred income taxes.Nott Co. at the end of 2004, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows:Pretax financial income$300,000Extra depreciation taken for tax purposes(750,000)

25、Estimated expenses deductible for taxes when paid 600,000Taxable income$150,000Use of the depreciable assets will result in taxable amounts of $250,000 in each of the next three years. The estimated litigation expenses of $600,000 will be deductible in 2007 when settlement is expected.Instructions(a

26、)Prepare a schedule of future taxable and deductible amounts.(b)Prepare the journal entry to record income tax expense, deferred taxes, and income taxes payable for 2004, assuming a tax rate of 40% for all years.Solution 19-52(a) 2005 2006 2007 TotalFuture taxable (deductible) amountsExtra depreciat

27、ion$250,000$250,000$250,000$750,000Litigation(500,000)(500,000)(b)Income Tax Expense ($60,000 + $300,000 $240,000) 120,000Deferred Tax Asset ($600,000 40%) 240,000Deferred Tax Liability ($750,000 40%) 300,000Income Tax Payable ($150,000 40%) 60,000Ex. 19-53Deferred income taxes.Earl Co. at the end o

28、f 2004, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows:Pretax financial income$500,000Estimated expenses deductible for taxes when paid800,000Extra depreciation (900,000)Taxable income$400,000Estimated warranty expense of $530,00

29、0 will be deductible in 2005, $200,000 in 2006, and $70,000 in 2007. The use of the depreciable assets will result in taxable amounts of $300,000 in each of the next three years.Instructions(a)Prepare a table of future taxable and deductible amounts.(b)Prepare the journal entry to record income tax

30、expense, deferred income taxes, and income taxes payable for 2004, assuming an income tax rate of 40% for all years.Solution 19-53(a) 2005 2006 2007 TotalFuture taxable (deductible) amountsWarranties$(530,000)$(200,000)$(70,000)$(800,000)Excess depreciation300,000300,000300,000900,000(b)Income Tax E

31、xpense $160,000 + ($360,000 $320,000) 200,000Deferred Tax Asset ($800,000 40%) 320,000Deferred Tax Liability ($900,000 40%) 360,000Income Tax Payable ($400,000 40%) 160,000PROBLEMSPr. 19-59Differences between accounting and taxable income and the effect on deferred taxes.The following differences en

32、ter into the reconciliation of financial income and taxable income of Hatley Company for the year ended December 31, 2004, its first year of operations. The enacted income tax rate is 30% for all years.Pretax accounting income$450,000Excess tax depreciation(300,000)Litigation accrual45,000Unearned r

33、ent revenue deferred on the books but appropriately recognized in taxable income25,000Interest income from New York municipal bonds (10,000)Taxable income$210,0001.Excess tax depreciation will reverse equally over a four-year period, 2005-2008.2.It is estimated that the litigation liability will be

34、paid in 2008.3.Rent revenue will be recognized during the last year of the lease, 2008.4.Interest revenue from the New York bonds is expected to be $10,000 each year until their maturity at the end of 2008.Instructions(a)Prepare a schedule of future taxable and (deductible) amounts.(b)Prepare a sche

35、dule of the deferred tax (asset) and liability.(c)Since this is the first year of operations, there is no beginning deferred tax asset or liability. Compute the net deferred tax expense (benefit).(d)Prepare the journal entry to record income tax expense, deferred taxes, and the income taxes payable

36、for 2004.Solution 19-59(a) 2005 2006 2007 2008 TotalFuture taxable (deductible) amounts:Depreciation$75,000$75,000$75,000$75,000$300,000Litigation(45,000)(45,000)Unearned rent(25,000)(25,000)(b)Future Taxable(Deductible) Deferred Tax Temporary Differences AmountsTax Rate (Asset)LiabilityDepreciation

37、$300,00030%$90,000Litigation(45,000)30%$(13,500)Unearned rent (25,000)30% ( 7,500)Totals$180,000$(21,000) $90,000(c)Deferred tax expense$90,000Deferred tax benefit (21,000)Net deferred tax expense$69,000Solution 19-59 (cont.) (d)Income Tax Expense ($63,000 + $69,000) 132,000Deferred Tax Asset 21,000

38、Deferred Tax Liability 90,000Income Tax Payable ($210,000 30%) 63,000Pr. 19-61Interperiod tax allocation with change in enacted tax rates.Norway Company purchased equipment for $270,000 on January 2, 2003, its first day of operations. For book purposes, the equipment will be depreciated using the st

39、raight-line method over three years with no salvage value. Pretax financial income and taxable income are as follows: 2003 2004 2005Pretax financial income$156,000$170,000$180,000Taxable income120,000170,000216,000The temporary difference between pretax financial income and taxable income is due to

40、the use of accelerated depreciation for tax purposes.Pr. 19-61 (cont.)Instructions(a)Prepare the journal entries to record income taxes for all three years (expense, deferrals, and liabilities) assuming that the enacted tax rate applicable to all three years is 30%.(b)Prepare the journal entries to

41、record income taxes for all three years (expense, deferrals, and liabilities) assuming that the enacted tax rate as of 2003 is 30% but that in the middle of 2004, Congress raises the income tax rate to 35% retroactive to the beginning of 2004.Solution 19-61(a) 2003 2004 2005 TotalBook depreciation$

42、90,000$90,000$90,000$270,000Tax depreciation 126,000 90,000 54,000 270,000Temporary difference$ (36,000)$ -0- $36,000$ -0-2003Income Tax Expense 46,800Deferred Tax Liability ($36,000 .30)10,800Income Tax Payable ($120,000 .30)36,0002004Income Tax Expense 51,000Income Tax Payable ($170,000 .30) 51,00

43、02005Income Tax Expense 54,000Deferred Tax Liability 10,800Income Tax Payable ($216,000 .30) 64,800(b)2003Income Tax Expense 46,800Deferred Tax Liability ($36,000 .30)10,800Income Tax Payable ($120,000 .30) 36,0002004Income Tax Expense 61,300Deferred Tax Liability 1,800*Income Tax Payable ($170,000

44、.35) 59,5002005Income Tax Expense 63,000Deferred Tax Liability 12,600Income Tax Payable ($216,000 .35) 75,600 2005*Future taxable amount$36,000Deferred tax 30%10,800Deferred tax 35% 12,600Adjustment$ 1,800Pr. 19-62Deferred tax asset.Yarman Inc. began business on January 1, 2003. Its pretax financial

45、 income for the first 2 years was as follows:2003$ 95,0002004180,000The following items caused the only differences between pretax financial income and taxable income.1.In 2003, the company collected $90,000 of rent; of this amount, $30,000 was earned in 2003; the other $60,000 will be earned equall

46、y over the 2004-2005 period. The full $90,000 was included in taxable income in 2003.2.The company pays $5,000 a year for life insurance on officers.3.In 2004, the company terminated a top executive and agreed to $60,000 of severance pay. The amount will be paid $20,000 per year for 2004-2006. The 2

47、004 payment was made. The $60,000 was expensed in 2004. For tax purposes, the severance pay is deductible as it is paid.The enacted tax rates existing at December 31, 2003 are:200330%200540%200435%200640%Instructions(a)Determine taxable income for 2003 and 2004.(b)Determine the deferred income taxes

48、 at the end of 2003, and prepare the journal entry to record income taxes for 2003.(c)Prepare a schedule of future taxable and (deductible) amounts at the end of 2004.(d)Prepare a schedule of the deferred tax (asset) and liability at the end of 2004.(e)Compute the net deferred tax expense (benefit)

49、for 2004.(f)Prepare the journal entry to record income taxes for 2004.(g)Show how the deferred income taxes should be reported on the balance sheet at December 31, 2004.Solution 19-62(a) 2003 2004 Pretax financial income$95,000$180,000Permanent differences:Life insurance 5,000 5,000100,000185,000Tem

50、porary differences:Rent60,000(30,000)Severance pay -0- 40,000Taxable income$160,000$195,000Solution 19-62 (cont.)(b) 2003 2004 TotalFuture taxable (deductible) amounts:Rent$(30,000)$(30,000)$(60,000)Tax rate 35% 40%Deferred tax (asset) liability$(10,500)$(12,000)$(22,500) at end of 2003Income Tax Ex

51、pense ($48,000 $22,500) 25,500Deferred Tax Asset 22,500Income Tax Payable ($160,000 30%) 48,000(c) 2005 2006 TotalFuture taxable (deductible) amounts:Rent$(30,000)$(30,000)Severance pay (20,000) $(20,000) (40,000)(d)Future Taxable(Deductible)Tax Deferred TaxTemporary Difference AmountsRate (Asset)Li

52、abilityRent$(30,000)40%$(12,000)Severance pay (40,000)40% (16,000)Totals$(70,000)$(28,000)(e)Deferred tax asset at end of 2004$(28,000)Deferred tax asset at beginning of 2004 (22,500)Net deferred tax (expense) for 2004$ (5,500)(f)Income Tax Expense ($68,250 $5,500) 62,750Deferred Tax Asset 5,500Inco

53、me Tax Payable ($195,000 35%) 68,250(g)The deferred income taxes should be reported on the December 31, 2004 balance sheet as follows:Current assetsDeferred tax asset ($50,000* 40%)$20,000Other assetsDeferred tax asset ($20,000 40%)$8,000 *$30,000 + $20,000计算题部分：考点一：实际利率法票据贴现effective interestPr. 14-70Bond interest and discount amortization.Logan Corporation issued $600,000 of 8% bonds on October 1, 2004, du