财务会计英文试题

FINANCIAL ACCOUNTING

编号 成绩

true or fault
1.Russll'Retail bought goods at $10000 which are marked up to $12500.What was the gross profit rate?
a) $25% b)20% c)12.5% d)15%

2.Gooden Company purchased and began depreciating a new truck on April 1,1999.The truck cost $60000,has a five-year service life, and a $12000 residual value. Assuming use of the double-declining method, what is the 1999 depreciation expense?
a) $13440 b)$14400 c)$16800 d)$18000

3.A Co. purchased $8000 of merchandise on July 9 from B Co., FOB shipping point, term 2/10,n/30. Freight charges of $200 were paid by B Co. If A Co. settled the transaction on July 17, the company would pay:
a)$7840 b)8040 c)8036 d)8200

4.Extraordinary items are:
a)disclosed on the statement of retained earnings.
b)disclosed as part of income from continuing operations
c)unusual or infrequent in nature
d)unusual and infrequent in nature

5.Accumulated depreciation, as the term is used on financial accounting represents:
a)cash set aside to replace plant assets when they are worn out
b)earnings retained in the business that will be used to purchase another plant asset when the present asset becomes fully depreciated
c)the portion of the cost of an asset that has been written off as expense since acquisition
d)an expense to be shown on the income statement

6.Using the data presented below, calculate the cost of goods sold for the ABC Company for 1999.
Current ratio 3.5
Acid ratio 3
Current liabilities 12/31/1999 $600000
Inventory 12/31/1998 $500000
Inventory turnover 8
The cost of goods sold for the ABC Company of 1999 was:
a)$1600000 b)$2400000 c)$3200000 d)$6400000

7.Which of the following transactions would result in an increase in the current ratio if the ratio is presently 2:1?
a) repaid a 90-day loan
b)purchased merchandise on account
c)liquidated a long-term liability
d)received payment of an accounts receivable
e)none of the above

8.An aging schedule indicated that M Co. had $12500 of uncollectible accounts. Yet, the adjusting entry for bad debts expense was prepared for only $6000. This situation arose because:
a) There was a $6500 debit balance in the Allowance for Bad Debts account prior to adjustment.
b) There was a $6500 credit balance in the Allowance for Bad Debts account prior to adjustment.
c) The Bad Debts expense account had an existing balance of $6500
d) $6500 of uncollectible accounts were written off during the accounting period.

9.The LIFO inventory valuation method:
a) is acceptable only if a company sells its newest goods first.
b)will result in higher income levels than FIFO in periods of rising prices.
c)will result in a match of fairly current inventory cost against recent selling prices on the income statement.
d)cannot be used with a periodic inventory system .

10.Four years ago, Harrison company invested $500,000,acquired 25% interest equity in M Co. During the next 3 years, M Co. reported earnings of $300,000 and paid dividends of $200,000. In the current year, M Co. reported earnings of $30,000 and paid dividends of $10,000. If Harrison use the equity method, the balance of the investment account and the current income from the investment should be respectively:
a) $582,500 and $7500
b)$530,000 and $7500
c)$530,000 and $2500
d)$500000 and $2500

Bonds Transactions(15%):
ABC company sold $800,000 of its 9%, 20 years bonds on April 1,1999, at 105. The semi-annual interest payment dates are April 1 and October 1.The effective interest rate is 8%. The company fiscal year ends Dec.31.
Requirements:
Prepare journal entries to record:
1. The bond issuance on April.1, 1999.
2. The first interest payment and amortization of premium on Oct.1(using effective interest method)
3. The amortization of premium and interest expense on Dec.31,1999.(using straight-line method).

XYZ Co. was formed on Jan.1999. The company is authorized to issue 100000 shares of $20 par-value common stock and 30000 shares of 6%, $10 par-value preferred stock. The following selected transactions occurred during the year(15%):
1. Issued 80000 shares of common stock at $35 per share.
2. Issued 14000 shares of preferred stock at $12 per share.
3. Required 5000 shares of treasury stock for $40 per share.
4. Sold 500 shares of treasury stock at $25 per share.
5. Declared cash dividend for $15000.
Requirement:
Make journal entries based on the information given above(compute the cash dividend for common stock and preferred stock respectively)

Statement of cash flow(30%)

Paper 1 Accounting Reports

Information One： Colwell Corporation
Income Statement
For 2003
Sales $ 3,000,000
Cost of goods sold 1,200,000
$ 1,800,000
Expenses
Selling &administrative $ 1,455,000
Building depreciation 25,000
Equipment depreciation 70,000 $ 1,550,000
$ 250,000
Other revenue (expense)
Interest expense $ (200,000)
Loss on sale of equipment (5,000)
Gains on sale of L-T investment 15,000 (190,000 )

Income before income taxes $ 60,000
Income taxes 20,000
Net income $ 40,000

Information Two： Statement of Retained earning
For 2003
Retained earnings, 1/1/2003 $ 450,000
Add: Net income 40,000
$ 490,000
Less: Cash dividends 15,000
Retained earnings,12/31/2003 $ 475,000

Information Three： Colwell Corporation
Comparative Balance Sheet
Dec.31,2002 and 2003
Assets 2003 2002
Current assets
Cash $ 100,000 $ 50,000
Accounts receivable (net) 400,000 375,000
Inventory 425,000 450,000
Prepaid selling expenses 5,000 4,000
Total current assets $ 930,000 $ 879,000

Property, plant & equipment
Land $ 200,000 $ 115,000
Building 1,450,000 1,250,000
Accumulated depreciation: building (50,000) (25,000)
Equipment 725,000 800,000
Accumulated depreciation: equipment (250,000) (260,000)
Total property, plant & equipment $2,075,000 $ 1,880,000

Other assets
L--T investment $ 880,000 $ 1,000,000
Total assets $ 3,885,000 $ 3,759,000

Liabilities & Stockholders' Equity
Current liabilities
Accounts payable $ 470,000 $ 340,000
Notes payable --- 300,000
Income taxes payable 40,000 39,000
Total current liabilities $ 510,000 $ 679,000

L-T liabilities
Bonds payable $ 2,070,000 $ 2,000,000

Stockholders' equity
Common stock, par value $ 1 $ 195,000 $ 130,000
Paid-in capital in excess of par 635,000 500,000
Retained earnings 475,000 450,000
Total stockholders' equity $ 1,305,000 $ 1,080,000

Total liabilities &stockholders' equity $ 3,885,000 $ 3,759,000

Additional Information extracted from Colwell's accounting records:
1.A parcel of land which cost $85,000 was purchased for cash on Oct.19.
2.A building having a fair market value of $200,000 was acquired on the last day of the year in exchange for 65,000 shares of the company's $1 par-value common stock.
3.Equipment of $100,000 was disposed of for cash on May 1.
4.Equipment of $25,000 was purchased on Nov.1.
5.The notes payable relate to money borrowed from First Pacific Trust in late 1998.
6.$120,000 of long-term investments was sold for $135,000, generated a gain of $15,000.
7.Bonds of $70,000 were issued at face value on Feb.14.
Requirements:
Prepare the Statement of Cash Flow in good form for Colwell Corporation under indirect approach.

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