[試題] 97下 蔡彥卿 會計學乙二下 第二次小考
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）98/04/27︰
考試時限（分鐘）：110
是否需發放獎勵金：是
（如未明確表示，則不予發放）
試題 :
範圍：ch17~19 （投資、收入認列、所得稅）
I. Arantxa Corporation made the following cash purchases of securities during
2007, which is the first year in which Arantxa invested in securities.
1. On January 15, purchased 10,000 shares of Sanchez Company's common
stock at $33.00 per share plus commission $1,980.
2. On April 1, purchased 5,000 shares of Vicario Co.'s common stock at
%52.00 per share plus commission $3,375.
3. On September 10, purchased 7,000 shares of WTA Co.'s preferred stock
at $27.50 per share plus commission $3,910.
On May 20, 2007, Arantxa sold 5,000 shares of Sanchez Company's common
stock at a market price of $35 per share less brokerage commissions, taxes,
and fees of $3,850. The year-end fair value per share were: Sanchez $28,
Vicario $54, and WTA $28. In addition, the chief accountant of Arantxa told
you that Arantxa Corporation plans to hold these securities for the long
term but may sell them in order to earn profits from appreciation in prices.
Instructions
(a) Prepare the journal entries to record the above three security purchases.
(b) Prepare the journal entry for the security sale of May 20.
(c) Compute the unrealized gains or losses and prepare the adjusting entries
for Arantxa on December 31, 2007. (20%)
II. Presented below is the information taken from a bond investment amortization
schedule with related fair values provided. These bonds are classified as
available-for-sale.
│ 12/31/06 │ 12/31/07 │ 12/31/08
─────────┼──────┼──────┼───────
Amortization cost │ $491,150 │ $519,442 │ $550,000
─────────┼──────┼──────┼───────
Fair Value │ $499,000 │ $506,000 │ $550,000
Instructions
(a) Indicate whether the bonds were purchased at a discount or at a premium.
(b) Prepare the adjusting entry to record the bonds at fair value at December
31, 2006. The securities Fair Value Adjustment account has a debit balance
of $1,000 prior the adjustment.
(c) Prepare the adjusting entry to record the bonds at fair value at December
31, 2007. (20%)
III. Barnes Corporation, which began business on January 1, 2007, appropriately
uses the installment-sales method of accounting. The following data were
obtained for the years 2007 and 2008.
│ 2007 │ 2008
───────────────────┼─────┼─────
Installment Sales │ $750,000 │ $900,000
───────────────────┼─────┼─────
Cost of installment sales │ 562,500 │ 648,000
───────────────────┼─────┼─────
General & administrative expenses │ 70,000 │ 84,000
───────────────────┼─────┼─────
Cash collections on sales of 2007 │ 310,000 │ 300,000
───────────────────┼─────┼─────
Cash collections on sales of 2008 │ 0 │ 400,000
Instructions
(a) Compute the balances in the deferred gross profit account on December 31,
2007, and on December 31, 2008.
(b) A 2007 sale resulted in default in 2009. At the date of default, the
balance on the installment receivable was $12,000, and the repossessed
merchandise had a fair value of $8,000. Prepare the entry to record the
repossession. (20%)
IV. In 2007, Landers Construction Corp. began construction work under a 5-year
contract. The contract price was $6,250,000. Landers uses the percentage-
of-completion method for financial accounting purposes. The income to be
recognized each year is based on the proportion of cost incurred to total
estimated costs for completing the contract. The financial statement
presentations relating to this contract at December 31, 2007, follow.
Balance Sheet
────────────────────────────────
Accounts receivable-construction contract billings $180,500
Construction in progress $750,000
Less:Contract billings 400,000
─────
Cost of uncompleted contract in excess of billings 350,000
Income Statement
──────────────────────────────────
Income (before tax) on the contract recognized in 2007 $150,000
Instructions
(a) How much cash was collected in 2007 on the contract?
(b) What was the initial estimated total income before tax on this contract?
(20%)
V. At the end of 2006, Lucretia McEvil Company has $150,000 of cumulative
temporary differences that will result in reporting future taxable amounts
as follows.
2007 $60,000
2008 50,000
2009 30,000
2010 10,000
──────
$150,000
════
Tax rates enacted as of the beginning of 2005 are:
2005 & 2006: 35%
2007 & 2008: 30%
2009 & later:25%
McEvil's taxable income for 2006 is $600,000. Taxable income is expected
in all future years.
Instructions
(a) Prepare the journal entry for McEvil to record taxes payable, deferred
income taxes, and income tax expense for 2006, assuming that there were no
deferred taxes at the end of 2005.
(b) Prepare the journal entry for McEvil to record income taxes payable,
deferred income taxes, and income tax expense for 2006, assuming that there
was a balance of $22,000 in a Deferred Tax Asset account at the end of 2005
. (20%)
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