复旦管院会计学2010考试试题.doc

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1、复旦大学管理学院20102011学年第一学期期末考试试卷A卷 课程名称：_会计学 _ 课程代码：_ _MANA120003_开课院系：_管理学院 _ 考试形式： 闭卷 姓 名： 学 号： 专 业： 题 号12345678910总 分得 分1. 1. Aloha Company uses a perpetual inventory system. It entered into the following calendar-year 2008 purchases and sales transactions.DateActivitiesUnits Acquired at CostUnits So

2、ld at RetailJan.1Beginning Inventory700 units $55/unitJan.10Purchase550 units $56/unitFeb.12Purchase220 units $57/unitFeb.15Sales900units $90/unitJuly .21Purchase270 units $58/unitAug.5Purchase445 units $59/unitAut.10Sales750 units $90/unitTotal2185 units1650 unitsRequired1. Compute cost of goods av

3、ailable for sale and the number of units available for sale.2. Compute the number of units in ending inventory.3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) specific identificationunits sold consist of 700 units from beginning inventory, 500 units from the January 10

4、 purchase, 220 units from the February 13 purchase, 200 units from the July 21 purchase, and 30 units from the August 5 purchase, and (d) weighted averageround per unit costs to tenth of a cent and inventory balances to the dollar.4. Compute gross profit earned by the company for each of the four co

5、sting methods in part 3.5. If the companys manager earns a bonus based on a percent of gross profit, which method of inventory costing will the manager likely prefer?答案1. Compute cost of goods available for sale and units available for saleBeginning inventory 700 units $55 =$ 38,500Jan. 10 550 units

6、 $56 =30,800Feb. 13 220 units $57 =12,540July 21 270 units $58 =15,660Aug. 5 445 units $59 = 26,255Units available 2,185 unitsCost of goods available for sale$123,7552. Units in ending inventoryUnits available (from part 1)2,185Less: Units sold (given) 1,650Ending Inventory 5353a. FIFO perpetualDate

7、Goods PurchasedCost of Goods SoldInventory Balance1/1700 $55 = $38,500= $69,3001/10550 $56 = $30,800700 $55 550 $56 2/13220 $57 = $12,540700 $55550 $56 = $81,840220 $572/15 700 $55 200 $56 = $49,700350 $56220 $57 = $32,140= $47,8007/21270 $58 = $15,660350 $56220 $57 270 $58 8/5445 $59 = $26,255350 $

8、56220 $57270 $58 = $74,055445 $598/10350 $56220 $57 = $42,580180 $58_ 90 $58445 $59 = $31,475$92,280Alternate FIFO solution formatCost of goods available for sale$123,755Less: Cost of Goods Sold 700 $55$38,500 200 5611,200 350 5619,600 220 5712,540 180 58 10,440 1,650Total cost of goods sold 92,280E

9、nding Inventory$ 31,475Proof of Ending Inventory 90 $58$ 5,220445 $59 26,255Ending Inventory535 units$ 31,4753b. LIFO perpetualDateGoods PurchasedCost of Goods SoldInventory Balance1/1700 $55 = $38,5001/10 550 $56 = $30,800700 $55550 $56 = $69,3002/13 220 $57 = $12,540700 $55550 $56 = $81,840220 $57

10、2/15220 $57550 $56 = $50,490130 $55570 $55 = $31,3507/21 270 $58 = $15,660570 $55270 $58 = $47,0108/5 445 $59 = $26,255570 $55270 $58445 $59= $73,2658/10445 $59270 $58 = $43,840 35 $55_535 $55 = $29,425 $94,330Alternate LIFO solution formatCost of goods available for sale$123,755Less: Cost of Goods

11、Sold 220 $57$12,540 550 5630,800 130 55 7,150 445 5926,255 270 5815,660 35 55 1,925 1,650Cost of Goods Sold 94,330Ending Inventory$ 29,425Proof of Ending Inventory 535 $55$ 29,4253c. Specific IdentificationCost of goods available for sale$123,755Less: Cost of Goods Sold 700 $55$38,500 500 5628,000 2

12、20 5712,540 200 5811,600 30 59 1,7701,650Cost of Goods Sold 92,410Ending inventory$ 31,345Proof of Ending Inventory50$56$ 2,80070 584,060 41559 24,485Ending inventory 535 Units$31,3453d. Weighted Average DateGoods PurchasedCost of Goods SoldInventory Balance1/1700 $55.00 = $38,500 = $69,3001/10550 $

13、56 = $30,800700 $55.00 550 $56.00 (AVG. COST IS $55.44*)2/13220 $57 = $12,540700 $55.00550 $56.00 = $81,840220 $57.00(AVG. COST IS $55.673*)2/15900 $55.673 = $50,106*570 $55.673* = $31,734* = $47,394*7/21270 $58 = $15,660570 $55.673* 270 $58.00 (AVG. COST IS $56.421*)8/5445 $59 = $26,255840 $56.421*

14、445 $59.00 = $73,649*(AVG. COST IS $57.3144*)8/10750 $57.3144 = $42,986* = $30,663*535 $57.314*$93,091*rounded to nearest tenth of a cent*rounded to nearest dollarNote: Total cost of goods sold plus ending inventory = $93,091 + $30,663 = $123,754. The $1 difference from the cost of goods available f

15、or sale of $123,755 is due to rounding.4. FIFOLIFOSpecificIdentifica-tionWeightedAverageSales (1,650 x $90)$148,500$148,500$148,500$148,500Less: Cost of goods sold 92,280 94,330 92,410 93,091Gross profit$ 56,220 $ 54,170$ 56,090$ 55,4095.The manager of Aloha Company likely will prefer the FIFO metho

16、d because it would yield the largest gross profit. This would give the manager the highest bonus based on gross profit.2. Brown Companys bank statement for September 30 showed a cash balance of $1,350. The companys Cash account in its general ledger showed a $995 debit balance. The following informa

17、tion was also available as of September 30. a. A $125 debit memoranda is included with the bank statement and dealt with a customers check for $100 marked NSF and returned to Brown Company by the bank. In addition, the bank charged the companys a $25 processing fee.b. The September 30 cash receipts,

18、 $1,250, were placed in the banks night depository after banking hours on that date and this amount did not appear on the September 30 bank statement.c. A $15 debit memorandum for checks printed by the September 30 bank was included with the canceled checks.d. Outstanding checks amounted to $1,145.e

19、. A customers note for $900 was collected by the bank. A collection fee of $25 was deducted by the bank and the difference was deposited in the account.f. Included with the canceled checks was a check for $275, drawn on another company, Browne Inc.(a) Prepare a bank reconciliation as of September 30

20、.(b) Prepare any necessary adjusting journal entries necessary as a result of the bank reconciliation.答案a.b.3. A company established a petty cash fund of $100 on September 1. On September 10, the petty cash fund was replenished when there was $16 remaining and there were petty cash receipts for: off

21、ice supplies, $27; transportation-in on inventory purchased, $32; and postage, $22. On September 15, the petty cash fund was increased to $125 in total. Record the above transactions in general journal form.4. Viking Company began its operation on Nov. 1, 2009. Prepare general journal entries for th

22、e following transactions and events of Viking Company, assuming they use the allowance method to account for uncollectible accounts. Nov., 1Sold $2,500 of merchandise to Arthur Co., receiving an 8%, 60-day, $2,500 note15 Sold $1,500 of merchandise to Network Co. on credit.20Sold $6,000 of merchandis

23、e to Calvin Co., receiving a 5%, 30-day note.Dec. 19The note received from Calvin on Nov. 20 was collected in full. 28Wrote off $1,500 owed by Network Co.30 Arthur Co. was unable to pay the note on the due date.31 The bad debts are estimated as 5% of its ending balance of Accounts Receivables.4. Sol

24、ution:Nov.1 Notes Receivables$2,500Revenue$2,500Nov.15Accounts Receivables$1,500Revenue$1,500Nov. 20Notes Receivables$6,000Revenue$6,000Dec. 19Cash$6,025Interest Revenue $25Notes Receivable$6,000Dec. 28Allowance for Doubtful Accounts$1,500Accounts Receivables$1,500Dec.30Accounts Receivables$2,533.33

25、Interest Revenue $33.33Notes Receivable $2,500Dec. 31Bad Debts Expense$1,626.67Allowance for Doubtful Accounts$1,626.67$1,626.67=$1,500 +5%*$2,533.335.On July 1 of the current year, a company purchased and placed in service a machine with a cost of $240,000. The company estimated the machines useful

26、 life to be four years or 60,000 units of output with an estimated salvage value of $60,000. During the current year, 15,000 units were produced. Prepare the necessary December 31 adjusting journal entry to record depreciation for the current year assuming the company uses:a. The straight-line metho

27、d of depreciation.b. The units-of-production method of depreciation.c. The double-declining balance method of depreciation.d. On January 1 of the second year, the company made the following additional expenditures on the machine: annual cleaning costing $2,500; re-painted the machine costing $3,000;

28、 replaced one of the major engines costing $10,000. One the same day, the company revised the accounting estimate and decided that the machine had five-year remaining useful life with a re-estimated salvage value of $27,500. On September 1 of that year, the company decided to sell the machine with a

29、 net selling price of $200,000. Prepare the journal entry, assuming straight-line depreciation method is used.答案d. Jan 1 Maintenance Expense-Machinery 5,500 Cash 5,500 Machinery 10,000 Cash 10,000Sep 1 Depreciation Expense-Machinery 30,000 Accumulated Depreciation-Machinery 30,000*Depreciation=(240,

30、000-22,500+10,000-27,500)/5*(9/12)=30,000 Cash 200,000 Accumulated Depreciation-Machinery 52,500 Gain on Disposal of Machinery 2,500 Machinery 250,0006. Dec 1, Dr. cash 3,000,000 Equipment 26,000 Cr. capital 3,026,0002 Dr. administrative expense 2,000 Cr. Cash 2,0002 Dr. prepaid rent 2,400 Cr. Cash

31、2,4003 Dr truck 100,000 Cr. Cash 100,000 Dr. prepaid insurance 2,000 Cr. Cash 2,0004 Dr supply 1,500 Cr cash 1,50010 Dr. cash 16,000 Cr. Unearned revenue 16,00015 Dr. accounts receivable 12,000 Cr. Consulting revenue 12,00025 Dr. administrative expense 200 Cr. Cash 20025 Dr. administrative expense 6

32、00 Cr. Cash 600Adjusting entry31 Dr. administrative expense 1,050 Cr. Supply 1,050Dr. Unearned revenue 8,000 Cr. Consulting revenue 8,000Dr. depreciation expense 247.5 Cr. Accumulated depreciation-truck 247.5Dr. depreciation expense 722.22 Cr. Accumulated depreciation-computer 722.22Dr. salary expen

33、se 8,000 Salary payable 8,000Dr. salary payable 8,000 Cr. Cash 8,000Dr. administrative expense 100 Cr. Prepaid rent 100Dr. administrative expense 166.67 Cr. Prepaid insurance 166.67Closing entryDr. consulting revenue 20,000 Cr. Income summary 20,000Dr. income summary 13,086.39 Cr. Administrative exp

34、ense 4,116.67 Depreciation expense 969.72Salary expense 8,000Dr. income summary 6,913.61 Cr. Capital 6,913.61Dr. capital 1,000 Cr. Withdrawal 1,0007. Walker Corporation issued 14%, 5-year bonds with a par value of $5,000,000 on January 1, 2009. Interest is to be paid semiannually on each June 30 and

35、 December 31. The bonds are issued at $5,368,035 cash when the market rate for this bond is 12%. (a) Prepare the general journal entry to record the issuance of the bonds on January 1, 2009.(b) Show how the bonds would be reported on Walkers balance sheet at January 1, 2009.(c) Assume Walker uses th

36、e straight-line method of amortization of any discount or premium on bonds. Prepare the general journal entry to record the first semiannual interest payment on June 30, 2009.8. On January 1, 2009 a company borrowed $70,000 cash by signing a 9% installment note that is to be repaid with 4 annual yea

37、r-end payments of $21,607, the first of which is due on December 31, 2009 (a) Prepare the companys journal entry to record the notes issuance.(b) Prepare the journal entries to record the first and second installment payments.9. On January 1, 2009, Frederich Corporation purchased 7,500 shares of Spo

38、rtTech, Inc. as a long-term investment for a total of $235,000. The 7,500 shares represent 30% of the outstanding (25,000) shares of SportTech. Prepare the journal entries for Frederich to record the following transactions and events: 10. Haladam Company had the following transactions relating to in

39、vestments in trading securities during the year. Prepare the required general journal entries for these transactions. May 4Haladam purchased 600 shares of Cob Company stock at $120 per share plus a $750 brokerage fee.July 1Haladam received a $2.5 per share cash dividend on the Cob Company stock.Sept

40、. 15Sold 300 shares of Cob Company stock for $125 per share, less a $450 brokerage fee.Dec. 31Besides the shares of the Cob Company, Haladam made several other investments in trading securities during the year. The cost of the entire portfolio of trading securities is $80,000 with a market value of $93,000. The balance of the Market Adjustment Trading had a credit balance of $5,000 prior to adjustment.Dec. 31 Market adjustment Trading 18,000 Unrealiz