中级财务会计英计算题.doc

《中级财务会计英计算题.doc》由会员分享，可在线阅读，更多相关《中级财务会计英计算题.doc（29页珍藏版）》请在淘文阁 - 分享文档赚钱的网站上搜索。

1、中级财务会计英计算题第五章各种报表数据填写Ex. 5-116Statement of cash flows ratios.Financial statements for Hilton Company are presented below:Hilton CompanyBalance SheetDecember 31, 2010AssetsLiabilities & Stockholders EquityCash$ 40,000Accounts payable$ 20,000Accounts receivable35,000Bonds payable50,000Buildings and eq

2、uipment150,000Accumulated depreciationbuildings and equipment(50,000)Common stock65,000Patents 20,000Retained earnings 60,000$195,000$195,000Hilton CompanyStatement of Cash FlowsFor the Year Ended December 31, 2010Cash flows from operating activitiesNet income$50,000Adjustments to reconcile net inco

3、me to net cash provided by operating activities:Increase in accounts receivable$(16,000)Increase in accounts payable8,000Depreciationbuildings and equipment15,000Gain on sale of equipment(6,000)Amortization of patents 2,000 3,000Net cash provided by operating activities53,000Cash flows from investin

4、g activitiesSale of equipment12,000Purchase of land(25,000)Purchase of buildings and equipment (48,000)Net cash used by investing activities(61,000)Cash flows from financing activitiesPayment of cash dividend(15,000)Sale of bonds 40,000Net cash provided by financing activities 25,000Net increase in

5、cash17,000Cash, January 1, 2010 23,000Cash, December 31, 2010$40,000At the beginning of 2010, Accounts Payable amounted to $12,000 and Bonds Payable was $10,000.InstructionsCalculate the following for Hilton Company:a.Current cash debt coverage ratiob.Cash debt coverage ratioc.Free cash flowSolution

6、 5-116Net cash provided by operating activitiesa.Current cash debt coverage ratio= Average current liabilities$53,000$53,000= = = 3.3 : 1($12,000 + $20,000) 2$16,000Net cash provided by operating activitiesb.Cash debt coverage ratio=Average total liabilities$53,000$53,000= = = 1.2 : 1($22,000 + $70,

7、000) 2$46,000c.Free cash flow=Net cash provided by operating activities capital expenditures and dividends=$53,000 *$73,000 $15,000 = $(35,000)*$25,000 + $48,000Pr. 5-118Balance sheet presentation.The following balance sheet was prepared by the bookkeeper for Kraus Company as of December 31, 2010.Kr

8、aus CompanyBalance Sheetas of December 31, 2010Cash$ 80,000Accounts payable$ 75,000Accounts receivable (net)52,200Long-term liabilities100,000Inventories57,000Stockholders equity218,500Investments76,300Equipment (net)96,000Patents 32,000$393,500$393,500The following additional information is provide

9、d:1.Cash includes the cash surrender value of a life insurance policy $9,400, and a bank overdraft of $2,500 has been deducted.2.The net accounts receivable balance includes:(a)accounts receivabledebit balances $60,000;(b)accounts receivablecredit balances $4,000;(c)allowance for doubtful accounts $

10、3,800.3.Inventories do not include goods costing $3,000 shipped out on consignment. Receivables of $3,000 were recorded on these goods.4.Investments include investments in common stock, trading $19,000 and available-for-sale $48,300, and franchises $9,000.5.Equipment costing $5,000 with accumulated

11、depreciation $4,000 is no longer used and is held for sale. Accumulated depreciation on the other equipment is $40,000.InstructionsPrepare a balance sheet in good form (stockholders equity details can be omitted.)Solution 5-118Kraus CompanyBalance SheetAs of December 31, 2010AssetsCurrent assetsCash

12、$ 73,100(1)Trading securities19,000Accounts receivable$ 57,000(2)Less: Allowance for doubtful accounts 3,80053,200Inventories60,000(3)*Equipment held for sale 1,000(4)Total current assets206,300InvestmentsAvailable-for-sale securities 48,300Cash surrender value 9,40057,700Property, plant, and equipm

13、entEquipment135,000(5)Less accumulated depreciation 40,00095,000Intangible assetsPatents32,000Franchises 9,000 41,000Total assets$400,000Liabilities and Stockholders EquityCurrent liabilitiesAccounts payable$ 79,000(6)Bank overdraft 2,500Total current liabilities81,500Long-term liabilities 100,000 T

14、otal liabilities181,500Stockholders equity 218,500Total liabilities and stockholders equity$400,000(1)($80,000 $9,400 + $2,500)(2)($60,000 $3,000)(3)($57,000 + $3,000)(4)($5,000 $4,000)(5)($96,000 + $40,000 $5,000 + $4,000)(6)($75,000 + $4,000)*An alternative is to show it as an other asset.Pr. 5-11

15、9Balance sheet presentation.Given the following account information for Leong Corporation, prepare a balance sheet in report form for the company as of December 31, 2010. All accounts have normal balances.Equipment40,000Interest Expense2,400Interest Payable600Retained Earnings?Dividends50,400Land137

16、,320Inventory102,000Bonds Payable78,000Notes Payable (due in 6 months)14,400Common Stock60,000Accumulated Depreciation - Eq.10,000Prepaid Advertising5,000Revenue331,400Buildings80,400Supplies1,860Taxes Payable3,000Utilities Expense1,320Advertising Expense1,560Salary Expense53,040Salaries Payable900A

17、ccumulated Depr. - Bld.15,000Cash30,000Depreciation Expense,Building & Equipment8,000Solution 5-119Leong CorporationBalance SheetDecember 31, 2010AssetsCash $ 30,000Inventory 102,000Supplies 1,860Prepaid advertising 5,000Total current assets $ 138,860Land 137,320Building$ 80,400Accumulated depreciat

18、ion - bld (15,000) 65,400Equipment 40,000Accumulated depreciation -eq (10,000) 30,000 232,720Total assets$ 371,580Liabilities & Stockholders EquityNotes payable$ 14,400Taxes payable 3,000Salaries payable 900Interest payable 600Total current liabilities$ 18,900Long-term liabilitiesBond payable 78,000

19、Total liabilities 96,900Common stock 60,000Retained earnings ($265,080*- $50,400)214,680Total stockholders equity 274,680Total liabilities & stockholders equity$ 371,580*$331,400 - $53,040 - $8,000 - $2,400 - $1,560 - $1,320Pr. 5-120Statement of cash flows preparation.Selected financial statement in

20、formation and additional data for Stanislaus Co. is presented below. Prepare a statement of cash flows for the year ending December 31, 2010December 3120092010Cash$42,000$63,000Accounts receivable (net)84,000151,200Inventory168,000201,600Land58,80021,000Equipment504,000 789,600TOTAL$856,800$1,226,40

21、0Accumulated depreciation$84,000$115,600Accounts payable50,40086,000Notes payable - Short-term67,20029,400Notes payable - Long-term168,000302,400Common stock420,000487,200Retained earnings67,200 205,800TOTAL$856,800$1,226,400Additional data for 2010:1.Net income was $235,200.2.Depreciation was $31,6

22、00.3.Land was sold at its original cost.4.Dividends of $96,600 were paid.5.Equipment was purchased for $84,000 cash.6.A long-term note for $201,600 was used to pay for an equipment purchase.7.Common stock was issued to pay a $67,200 long-term note payable.Solution 5-120Stanislaus Co.Statement of Cas

23、h FlowsFor the year ended December 31, 2010Net Income $235,200Cash flow from operating activitiesDepreciation expense31,600Increase in accounts receivable(67,200)Increase in inventory(33,600)Increase in accounts payable35,600Decrease in short-term notes payable (37,800) (71,400)Net cash provided by

24、operating activities 163,800Cash flow from investing activitiesPurchase equipment(84,000)Sale of land37,800Net cash used by investing activities(46,200)Cash flow from financing activitiesPayment of cash dividend(96,600)Net cash used by financing activities(96,600)Net increase in cash21,000Cash at be

25、ginning of year42,000Cash at end of the year63,000Noncash investing and financing activitiesPayment of long-term note payable with issuance of $67,200 of common stockPr. 5-121Statement of cash flows preparation.Selected financial statement information and additional data for Johnston Enterprises is

26、presented below. Prepare a statement of cash flows for the year ending December 31, 2010Johnston EnterprisesBalance Sheet and Income Statement DataDecember 31,December 31, 2010 2009_Current Assets:Cash$153,000$119,000Accounts Receivable238,000306,000Inventory 391,000 340,000Total Current Assets782,0

27、00765,000Property, Plant, and Equipment1,241,0001,122,000Less: Accumulated Depreciation (476,000) (442,000)Total Assets$1,547,000$1,445,000Current Liabilities:Accounts Payable$187,000$102,000Notes Payable51,00068,000Income Tax Payable 85,000 76,500Total Current Liabilities323,000246,500Bonds Payable

28、340,000391,000Total Liabilities663,000637,500Stockholders Equity:Common Stock510,000467,500Retained Earnings374,000340,000Total Stockholders Equity 884,000 807,500Total Liabilities & Stockholders Equity$1,547,000$1,445,000Sales1,615,000$1,513,000Less Cost of Goods Sold731,000731,000Gross Profit884,0

29、00782,000Expenses:Depreciation Expense153,000136,000Salary Expense391,000357,000Interest Expense34,00034,000Loss on Sale of Equipment 17,000 0Income Before Taxes289,000255,000Less Income Tax Expense 119,000 102,000Net Income$170,000$153,000Additional Information:During the year, Johnston sold equipm

30、ent with an original cost of $153,000 and accumulated depreciation of $119,000 and purchased new equipment for $272,000.Solution 5-121Johnston EnterprisesStatement of Cash FlowsFor the Year Ended December 31, 2010Net Income$ 170,000Cash flow from operating activitiesDepreciation expense153,000Loss o

31、n sale of equipment17,000Decrease in accounts receivable68,000Increase in inventory(51,000)Increase in accounts payable85,000Decrease in notes payable(17,000)Increase in tax payable 8,500263,500Net cash provided by operating activities433,500Cash flow from investing activitiesSale of equipment17,000

32、Purchase of equipment(272,000)Net cash used by investing activities(255,000)Cash flow from financing activitiesRetirement of bonds payable(51,000)Issuance of common stock42,500Payment of dividends(136,000)*Net cash used by financing activities(144,500)Net increase in cash34,000Beginning cash119,000C

33、ash at end of year$153,000*Beginning R/E + Net income - Dividends = Ending R/E$340,000 + $170,000 - Dividends = $374,000Dividends = $136,000考点二：第七章应收票据，协价议价，摊销表Pr. 7-139Amortization of discount on note.On December 31, 2010, Green Company finished consultation services and accepted in exchange a prom

34、issory note with a face value of $400,000, a due date of December 31, 2013, and a stated rate of 5%, with interest receivable at the end of each year. The fair value of the services is not readily determinable and the note is not readily marketable. Under the circumstances, the note is considered to

35、 have an appropriate imputed rate of interest of 10%.The following interest factors are provided: Interest RateTable Factors For Three Periods 5% 10%Future Value of 11.157631.33100Present Value of 1.86384.75132Future Value of Ordinary Annuity of 13.152503.31000Present Value of Ordinary Annuity of 12

36、.723252.48685Instructions(a)Determine the present value of the note.(b)Prepare a Schedule of Note Discount Amortization for Green Company under the effective interest method. (Round to whole dollars.)Solution 7-139(a)Present value of interest=$20,000 2.48685=$ 49,737Present value of maturity value=$

37、400,000 .75132= 300,528$350,265(b)Green CompanySchedule of Note Discount AmortizationEffective Interest Method5% Note Discounted at 10% (Imputed) Cash EffectiveUnamortizedPresent Interest Interest DiscountDiscount Value Date (5%) (10%)Amortized Balance of Note12/31/10$49,735$350,26512/31/11$20,000$

38、35,027$15,02734,708365,29212/31/1220,00036,52916,52918,179381,82112/31/13 20,000 38,179* 18,1790400,000$60,000$109,735$49,735*$3 adjustment to compensate for rounding.*Pr. 7-142Bank reconciliation.Benson Plastics Company deposits all receipts and makes all payments by check. The following informatio

39、n is available from the cash records:MARCH 31 BANK RECONCILIATIONBalance per bank$26,746Add: Deposits in transit2,100Deduct: Outstanding checks (3,800)Balance per books$25,046Month of April ResultsPer BankPer BooksBalance April 30$27,995$28,855April deposits10,78413,889April checks11,60010,080April

40、note collected (not included in April deposits)3,000-0-April bank service charge35-0-April NSF check of a customer returned by the bank (recorded by bank as a charge)900-0-Instructions(a)Calculate the amount of the April 30:1.Deposits in transit2.Outstanding checks(b)What is the April 30 adjusted ca

41、sh balance? Show all work.*Solution 7-142(a)1.Deposits in transit, $5,205 $13,889 ($10,784 $2,100)2.Outstanding checks, $2,280 $10,080 ($11,600 $3,800)(b)Adjusted cash balance at April 30, $30,920($27,995 + $5,205 $2,280)OR($28,855 + $3,000 $35 $900)考点三：永续盘存和实地盘存Ex. 8-152FIFO and LIFO periodic inven

42、tory methods.The Rock Shop shows the following data related to an item of inventory:Inventory, January 1100 units $5.00Purchase, January 9300 units $5.40Purchase, January 19 70 units $6.00Inventory, January 31120 unitsInstructions(a)What value should be assigned to the ending inventory using FIFO?(b

43、)What value should be assigned to cost of goods sold using LIFO?Solution 8-152(a)70 $6.00 =$42050 $5.40 = 270$690(b) 70 $6.00 =$ 420280 $5.40 = 1,512$1,932Ex. 8-153Perpetual LIFO.A record of transactions for the month of May was as follows:PurchasesSalesMay 1(balance) 400 $4.20May 3300 $7.0041,300 $4.1061,000