复旦管院会计学2010考试试题.doc

复旦大学管理学院复旦大学管理学院 20102010 20112011 学年第一学期期末考试试卷学年第一学期期末考试试卷 A 卷 课程名称 课程名称 会计学会计学 课程代码 课程代码 MANA120003 MANA120003 开课院系 开课院系 管理学院管理学院 考试形式 考试形式 闭卷闭卷 姓姓 名名 学学 号号 专专 业业 题题 号号 1 12 23 34 45 56 67 78 89 91010 总总 分分 得得 分分 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 Sold at Retail Jan 1Beginning Inventory700 units 55 unit Jan 10Purchase550 units 56 unit Feb 12Purchase220 units 57 unit Feb 15Sales900units 90 unit July 21Purchase270 units 58 unit Aug 5Purchase445 units 59 unit Aut 10Sales750 units 90 unit Total2185 units1650 units Required 1 Compute cost of goods available 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 identification units sold consist of 700 units from beginning inventory 500 units from the January 10 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 average round 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 costing methods in part 3 5 If the company s 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 sale Beginning inventory 700 units 55 38 500 Jan 10 550 units 56 30 800 Feb 13 220 units 57 12 540 July 21 270 units 58 15 660 Aug 5 445 units 59 26 255 Units available 2 185 units Cost of goods available for sale 123 755 2 Units in ending inventory Units available from part 1 2 185 Less Units sold given 1 650 Ending Inventory 535 3a FIFO perpetual DateGoods PurchasedCost of Goods SoldInventory Balance 1 1700 55 38 500 1 10550 56 30 800700 55 550 56 2 13220 57 12 540700 55 550 56 81 840 220 57 2 15 700 55 200 56 49 700 350 56 220 57 32 140 7 21270 58 15 660350 56 220 57 270 58 8 5445 59 26 255350 56 220 57 270 58 74 055 445 59 8 10350 56 220 57 42 580 180 58 90 58 445 59 31 475 92 280 Alternate FIFO solution format Cost of goods available for sale 123 755 Less Cost of Goods Sold 700 55 38 500 200 56 11 200 350 56 19 600 220 57 12 540 180 58 10 440 1 650 Total cost of goods sold 92 280 47 800 69 300 Ending Inventory 31 475 Proof of Ending Inventory 90 58 5 220 445 59 26 255 Ending Inventory 535 units 31 475 3b LIFO perpetual DateGoods PurchasedCost of Goods SoldInventory Balance 1 1700 55 38 500 1 10 550 56 30 800700 55 550 56 69 300 2 13 220 57 12 540700 55 550 56 81 840 220 57 2 15220 57 550 56 50 490 130 55 570 55 31 350 7 21 270 58 15 660570 55 270 58 47 010 8 5 445 59 26 255570 55 270 58 445 59 8 10445 59 270 58 43 840 35 55 535 55 29 425 94 330 Alternate LIFO solution format Cost of goods available for sale 123 755 Less Cost of Goods Sold 220 57 12 540 550 56 30 800 130 55 7 150 445 59 26 255 73 265 270 58 15 660 35 55 1 925 1 650 Cost of Goods Sold 94 330 Ending Inventory 29 425 Proof of Ending Inventory 535 55 29 425 3c Specific Identification Cost of goods available for sale 123 755 Less Cost of Goods Sold 700 55 38 500 500 56 28 000 220 57 12 540 200 58 11 600 30 59 1 770 1 650 Cost of Goods Sold 92 410 Ending inventory 31 345 Proof of Ending Inventory 50 56 2 800 70 584 060 415 59 24 485 Ending inventory 535 Units 31 345 3d Weighted Average DateGoods PurchasedCost of Goods SoldInventory Balance 1 1700 55 00 38 500 1 10550 56 30 800700 55 00 550 56 00 avg cost is 55 44 2 13220 57 12 540700 55 00 550 56 00 81 840 220 57 00 avg cost is 55 673 2 15900 55 673 50 106 570 55 673 31 734 7 21270 58 15 660570 55 673 270 58 00 avg cost is 56 421 8 5445 59 26 255840 56 421 445 59 00 73 649 avg cost is 57 3144 8 10750 57 3144 42 986 535 57 314 93 091 rounded to nearest tenth of a cent rounded to nearest dollar Note Total cost of goods sold plus ending inventory 93 091 30 663 123 754 The 1 difference from the cost of goods available for sale of 123 755 is due to rounding 4 FIFOLIFO Specific Identifica tion Weighted Average Sales 1 650 x 90 148 500 148 500 148 500 148 500 Less Cost of goods sold 69 300 47 394 30 663 92 28094 33092 41093 091 Gross profit 56 220 54 170 56 090 55 409 5 The manager of Aloha Company likely will prefer the FIFO method because it would yield the largest gross profit This would give the manager the highest bonus based on gross profit 2 Brown Company s bank statement for September 30 showed a cash balance of 1 350 The company s Cash account in its general ledger showed a 995 debit balance The following information was also available as of September 30 a A 125 debit memoranda is included with the bank statement and dealt with a customer s check for 100 marked NSF and returned to Brown Company by the bank In addition the bank charged the company s a 25 processing fee b The September 30 cash receipts 1 250 were placed in the bank s 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 A customer s 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 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 office 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 the 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 note 15Sold 1 500 of merchandise to Network Co on credit 20Sold 6 000 of merchandise 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 30Arthur Co was unable to pay the note on the due date 31The bad debts are estimated as 5 of its ending balance of Accounts Receivables 4 Solution Nov 1 Notes Receivables 2 500 Revenue 2 500 Nov 15 Accounts Receivables 1 500 Revenue 1 500 Nov 20 Notes Receivables 6 000 Revenue 6 000 Dec 19 Cash 6 025 Interest Revenue 25 Notes Receivable 6 000 Dec 28 Allowance for Doubtful Accounts 1 500 Accounts Receivables 1 500 Dec 30 Accounts Receivables 2 533 33 Interest Revenue 33 33 Notes Receivable 2 500 Dec 31 Bad Debts Expense 1 626 67 Allowance for Doubtful Accounts 1 626 67 1 626 67 1 500 5 2 533 33 5 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 machine s useful 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 method 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 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 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 10 000 Sep 1 Depreciation Expense Machinery 30 000 Accumulated Depreciation Machinery 30 000 Depreciation 240 000 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 250 000 6 Dec 1 Dr cash 3 000 000 Equipment 26 000 Cr capital 3 026 000 2 Dr administrative expense 2 000 Cr Cash 2 000 2 Dr prepaid rent 2 400 Cr Cash 2 400 3 Dr truck 100 000 Cr Cash 100 000 Dr prepaid insurance 2 000 Cr Cash 2 000 4 Dr supply 1 500 Cr cash 1 500 10 Dr cash 16 000 Cr Unearned revenue 16 000 15 Dr accounts receivable 12 000 Cr Consulting revenue 12 000 25 Dr administrative expense 200 Cr Cash 200 25 Dr administrative expense 600 Cr Cash 600 Adjusting entry 31 Dr administrative expense 1 050 Cr Supply 1 050 Dr Unearned revenue 8 000 Cr Consulting revenue 8 000 Dr depreciation expense 247 5 Cr Accumulated depreciation truck 247 5 Dr depreciation expense 722 22 Cr Accumulated depreciation computer 722 22 Dr salary expense 8 000 Salary payable 8 000 Dr salary payable 8 000 Cr Cash 8 000 Dr administrative expense 100 Cr Prepaid rent 100 Dr administrative expense 166 67 Cr Prepaid insurance 166 67 Closing entry Dr consulting revenue 20 000 Cr Income summary 20 000 Dr income summary 13 086 39 Cr Administrative expense 4 116 67 Depreciation expense 969 72 Salary expense 8 000 Dr income summary 6 913 61 Cr Capital 6 913 61 Dr capital 1 000 Cr Withdrawal 1 000 7 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 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 Walker s balance sheet at January 1 2009 c Assume Walker uses the 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 year end payments of 21 607 the first of which is due on December 31 2009 a Prepare the company s journal entry to record the note s issuance b Prepare the journal entries to record the first and