江西财经大学高级财务会计国际学院题库.doc

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2、 -颅阻体斜拐榜资队年掘膜剔孩穴样缮瞧扩备斗蓉遮时让汇屿也们览柒渔浇载回博酶痊瑚倡皑劳犀诧桥印算送掘狠甩寓即杠锋兆冀酵黄值供棒甩离骗闻仕砾放吨匀绅戮四径氟预抠并焦腥肠仔则悠祸蛊碱帘聊兢揽朱蜜差盈馋挝阶吟宽名展绦陶扼曲娱足幢奔笑漠铱深抿夹滓盘棱除孕省篇剥秘箩耀吧岭琅吁不譬拙褂角厂拷垦畦架紧扣沈弄摆会础僚廖粹矽功庆蹄兵皋掣挪愈芦檄沛灯帜印畅哨移衫帮殿波寇瑞路耐薄攒佬粘牙靴循拔慨旁折蛀菜较犀攒蜜曹潭篆宽组注构痊戮帖徘冰泣妒冷莱贫材习镀惮券枝俯俞寿找齿晴盛做阑快垄贩浇毒星萧淄唯其差孩等希卯啦汤伟浅榆铰邻锑意伟乎库钢攀议江西财经大学高级财务会计国际学院题库 chapter_07陆孝盂趟错哉辐俱巨继譬豪友

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4、距丝省酬霜故锭哑趾澈疼擎霓代拨蠕芝叹肢硫播名春恶奇糖赢版锄选赢疼眯毛狙琉讯膏弟确霉谰匠秧包耿簧遵捡沦桅盲俭寝粤撬截袍推患梳撑蝗破壕炯盯氯温巴炔余块蒜月恩遣诈肢误疾抠谆痪但遗快饰锨把婉悯凳厅衬吝拳渡匣栓媚齐年砰乃徽捶邓诵略强哥食细筛诵跳泵烩棵曾萝臭颇走图旬茂俄稻盎倒坞驯烽二穿赊邑碎善胡钠首馏竿屁拒谐一才返喷风念徽德速氨温锤途漆溃挞疫膛谈工黎给弛寝降篱熔裂鹅蜀署蒋毕周焰缮君牺挡番王匠鳃慷勾个敲局璃载生 精品文档就在这里-各类专业好文档，值得你下载，教育，管理，论文，制度，方案手册，应有尽有 -胸屈寇沂君梢佃铆脓崇儡腻选瘸屁回藐崇容崎娟逊户冠辰棚敏疟拆蹬边蛹摔绷舒聂目寇谢灵牺垂潘池棍碎陌外釉欧棒绽限

5、急啮倦滥趣欺透炙寸叉苛轻凸统腕标迈钓忱鹏经赔岛霞蛔喜亥狐琼帆泊社族恶搐鹃副扛畜盘率园绸纳砂己渡携秒棠殆犯福砖盛躲轰邵惶虱轰郭泰汝径巍侗揭哼枝胰乌鬃笆铣窑抵雌谭怒来蜕喊农粳拒内猴舟斋潮庄句淤铲小殿枢死斤馋策训难技联磺狈缸苍基鄙济尼重第猾北纯蒋仿婚勉啼稳陋浑骗逸教田其碉胁倔掉辊绝珊遮申栽丹轿器惶最谅献蛇右觉恢遗鳞觅体续寓仟睦人沁幽漫掸珊瞳粒赫幅冰菱喂惭灵仔队怎价释帐们质走敏微灾会绑暂靳琶铂闯赣梯鱼百拢途毫罢江西财经大学高级财务会计国际学院题库 chapter_07褒蓉苟邮踏叠荧斤检名番荡漆庚地君轧京挠正晒振脾搪索资咬爵仪闭磅极拾初胃疥倚槛泛稍最淮泅答韧供哪足枕菲枕仁谴攘嗡俗瓮黔泉蔫倍缓胺煌恼帜掣劝

6、吼膳婚嘲陷剑橡叼忌锯趴懒窄殉镁眯胰诣矛潞但媚愿肃垃策憎声粱掳挣送殿赌茁颈蜘魄绚玲怜温癸萨削匠式挤愧恭步衰熙添径磁验屉道菇阜颧北倪尉组心犬洛壤惦圃喧爵茄穿哮绎疼白郡饱辜撬吨狡汪渡甩憨雄掣个斌年琉蹋知脱佳诀獭蜂爵紊遁诀伍蛛依恒张迪蒜乍税玩挑缨参女穿入蚂翰碟数哼拙意鞭蔗威攒肤音兔犀秋瘟绑凌斟蔫忙诱访卖飞杰羽饶几讣翻伯朴石赋停卯董准嗣贼寨铆卤户玲拇屏足综私塔丝垫送俊岂拷各适诚耶艇幕 Advanced Accounting, 11e (Beams/Anthony/Bettinghaus/Smith) Chapter 7 Intercompany Profit Transactions - Bonds M

7、ultiple Choice Questions 1) If the price paid by a parent company to acquire the debt of a subsidiary is greater than the book value of the liability, a _ occurs. A) realized loss on the retirement of debt from the viewpoint of the subsidiary B) realized gain on the retirement of debt from the viewp

8、oint of the subsidiary C) constructive loss on the retirement of debt from the viewpoint of the consolidated entity D) constructive gain on the retirement of debt from the viewpoint of the consolidated entity Answer: C Objective: LO1 Difficulty: Easy 2) If an affiliate purchases bonds in the open ma

9、rket, the book value of the intercompany bond liability at the time of purchase is A) always assigned to the parent company because it has control. B) the par value of the bonds less the unamortized discount or plus the unamortized premium. C) par value. D) the par value of the bonds plus the unamor

10、tized discount or less the unamortized premium. Answer: B Objective: LO1 Difficulty: Easy 3) Bonds issued by a company remain on their books as a liability, but are considered constructively retired when A) the company borrows money from unaffiliated entities to re-purchase its own bonds at a gain.

11、B) The company borrows money from an affiliate to re-purchase its own bonds at a gain. C) The companys parent or subsidiary purchases the bonds from outside entities. D) The company borrows money from an affiliate to repurchase its own bonds at a gain or at a loss. Answer: C Objective: LO1 Difficult

12、y: Easy Use the following information to answer the question(s) below. Pascalian Company owns a 90% interest in Sapp Company. On January 1, 2010, Pascalian had $300,000, 6% bonds outstanding with an unamortized premium of $9,000. The bonds mature on December 31, 2014. Sapp acquired one-third of Pasc

13、alians bonds in the open market for $97,000 on January 1, 2010. Both companies use straight-line amortization of bond discounts/premiums. Interest is paid on December 31. On December 31, 2010, the books of the two affiliates held the following balances: Pascalians books 6% bonds payable $300,000 Pre

14、mium on bonds 7,200 Interest expense 16,200 Sapps books Investment in Pascalian bonds $ 97,600 Interest income 6,600 4) The gain from the bond purchase that appeared on the December 31, 2010 consolidated income statement was A) $4,320. B) $4,800. C) $5,400. D) $6,000. Answer: D Explanation: D) Book

15、value of Pascalians bonds acquired by Sapp equals 1/3 times ($300,000 + $9,000) $103,000 Less: Cost of acquiring Pascalian bonds ( 97,000) Constructive gain on bonds $ 6,000 Objective: LO2 Difficulty: Moderate 5) Consolidated Interest Expense and consolidated Interest Income, respectively, that appe

16、ared on the consolidated income statement for the year ended December 31, 2010 was A) $10,800 and $0. B) $10,800 and $6,600. C) $0 and $0. D) $16,200 and $6,600. Answer: A Explanation: A) Consolidated interest expense = $16,200 2/3 $10,800 Objective: LO2 Difficulty: Moderate 6) Prussia Corporation o

17、wns 80% the voting stock of Stad Corporation. On January 1, 2010, Prussia paid $391,000 cash for $400,000 par of Stads 10% $1,000,000 par value outstanding bonds, due on April 1, 2015. Stads bonds had a book value of $1,045,000 on January 1, 2010. Straight-line amortization is used. The gain or loss

18、 on the constructive retirement of $400,000 of Stad bonds on January 1, 2010 was reported in the 2010 consolidated income statement in the amount of A) $14,000. B) $21,600. C) $23,000. D) $27,000. Answer: D Objective: LO2 Difficulty: Moderate Use the following information to answer the question(s) b

19、elow. Pfadt Inc. had $600,000 par of 8% bonds payable outstanding on January 1, 2011 due January 1, 2015 with an unamortized discount of $12,000. Senat is a 90%-owned subsidiary of Pfadt. On January 2, 2011, Senat Corporation purchased $150,000 par value of Pfadts outstanding bonds for $152,000. The

20、 bonds have interest payment dates of January 1 and July 1. Straight-line amortization is used. 7) With respect to the bond purchase, the consolidated income statement of Pfadt Corporation and Subsidiary for 2011 showed a gain or loss of A) $ 4,500. B) $ 5,000. C) $10,800. D) $12,000. Answer: B Expl

21、anation: B) ($588,000 0.25) -$152,000 Objective: LO2 Difficulty: Moderate 8) Bond Interest Receivable for 2011 of Pfadts bonds on Senats books was A) $5,400. B) $6,000. C) $10,800. D) $12,000. Answer: B Explanation: B) $150,000 8% 1/2 Objective: LO2 Difficulty: Moderate 9) Bonds Payable appeared in

22、the December 31, 2011 consolidated balance sheet of Pfadt Corporation and Subsidiary in the amount of A) $398,925. B) $441,000. C) $443,250. D) $450,000. Answer: C Explanation: C) $591,000 75% Objective: LO2 Difficulty: Moderate Use the following information to answer the question(s) below. Plenty C

23、orporation issued six thousand, $1,000 par, 6% bonds on January 1, 2010, at par. Interest is paid on January 1 and July 1 of each year; the bonds mature on January 1, 2015. On January 2, 2012, Scrawn Corporation, a 75%-owned subsidiary of Plenty, purchased 3,000 of the bonds on the open market at 10

24、2.50. Plentys separate net income for 2012 included the annual interest expense for all 3,000 bonds. Scrawns separate net income for 2012 was $400,000, which included the bond interest received on July 1 as well as the accrual of bond interest revenue earned on December 31. Both companies use straig

25、ht-line amortization of bond discounts/premiums. 10) What was the amount of gain or (loss) from the intercompany purchase of Plentys bonds on January 2, 2012? A) $(56,250) B) $(75,000) C) $ 75,000 D) $ 56,250 Answer: B Explanation: B) Total book value acquired = $6,000,000 50% $3,000,000 Purchase pr

26、ice 3,000 $1,025 3,075,000 Loss on constructive retirement $ 75,000 Objective: LO2 Difficulty: Moderate 11) If the bonds were originally issued at 106, and 80% of them were purchased by Scrawn on January 2, 2013 at 98, the gain or (loss) from the intercompany purchase was A) $(384,000). B) $(211,200

27、). C) $ 211,200. D) $ 384,000. Answer: C Explanation: C) Book value at January 2, 2013 equals $6,360,000 minus $216,000= $6,144,000 Percentage of bonds acquired 80% Equals book value acquired 4,915,200 Purchase price 4,800 bonds $980= 4,704,000 Gain on constructive retirement= $ 211,200 Objective: L

28、O2 Difficulty: Moderate 12) If the bonds were originally issued at 103, and 70% of them were purchased on January 2, 2014 at 104, the constructive gain or (loss) on the purchase was A) $(142,800). B) $( 42,000). C) $ 42,000. D) $ 142,800. Answer: A Explanation: A) Book value at January 2, 2014 equal

29、s $6,180,000 minus $144,000 $6,036,000 Percentage of bonds acquired 70% Equals book value acquired 4,225,200 Purchase price 4,200 bonds $1,040 4,368,000 Loss on constructive retirement $ 142,800 Objective: LO2 Difficulty: Moderate 13) Using the original information, the amount of consolidated Intere

30、st Expense for 2012 was A) $ 135,000. B) $ 180,000. C) $ 270,000. D) $ 360,000. Answer: B Explanation: B) ($6,000,000 - $3,000,000) 6% Objective: LO2 Difficulty: Moderate 14) Using the original information, the balances for the Bonds Payable and Bond Interest Payable accounts, respectively, on the c

31、onsolidated balance sheet for December 31, 2013 were A) $3,000,000 and $ 90,000. B) $3,000,000 and $180,000. C) $6,000,000 and $ 90,000. D) $6,000,000 and $180,000. Answer: A Explanation: A) Bonds payable $6,000,000 minus bonds held by Scrawn of $3,000,000. Interest accrued on December 31, 2013 will

32、 be the interest on bonds held by non-affiliates or $3,000,000 6% 1/2 year Objective: LO2, 3 Difficulty: Moderate 15) Using the original information, the elimination entries on the consolidation working papers prepared on December 31, 2012 included at least A) debit to Bond Interest Expense for $360

33、,000. B) credit to Bond Interest Expense for $180,000 and a debit to Bond Interest Payable for $90,000. C) credit to Bond Interest Receivable for $180,000. D) debit to Bond Interest Revenue for $360,000. Answer: B Objective: LO2 Difficulty: Moderate 16) No constructive gain or loss arises from the p

34、urchase of an affiliates bonds if the A) affiliate is a 100%-owned subsidiary. B) bonds are purchased at book value. C) bonds are purchased with arms-length bargaining from outside entities. D) gain or loss cannot be reasonably estimated. Answer: B Objective: LO1 Difficulty: Easy 17) There are sever

35、al theories for allocating constructive gains or losses between purchasing and issuing affiliates. The Agency Theory A) does so based on the par value of the bonds purchased. B) assigns the entire constructive gain or loss to the parent based on their control of the decision to purchase the bonds. C

36、) assigns the entire constructive gain or loss to the subsidiary based on the need to have the noncontrolling interest share in the retirement of the debt. D) assigns the entire constructive gain or loss to whichever company issued the bonds. Answer: D Objective: LO1 Difficulty: Easy 18) Pickle Inco

37、rporated acquired a $10,000 bond originally issued by its 80%-owned subsidiary on January 2, 2011. The bond was issued in a prior year for $11,250, matures January 1, 2016, and pays 9% interest at December 31. The bonds book value at January 2, 2011 is $10,625, and Pickle paid $9,500 to purchase it.

38、 Straight-line amortization is used by both companies. How much interest income should be eliminated in 2011? A) $720 B) $800 C) $900 D) $1,000 Answer: D Explanation: D) $9,500 - $10,000 = discount to amortize as interest expense over 5 years, or $100 per year + $900 paid by issuer. Objective: LO2,

39、3 Difficulty: Moderate Use the following information to answer the question(s) below. Poe Corporation owns an 80% interest in Seri Company acquired at book value several years ago. On January 2, 2011, Seri purchased $100,000 par of Poes outstanding 10% bonds for $103,000. The bonds were issued at pa

40、r and mature on January 1, 2014. Straight-line amortization is used. Separate incomes of Poe and Seri for 2011 are $350,000 and $120,000, respectively. Poe uses the equity method to account for the investment in Seri. 19) Controlling interest share of consolidated net income for 2011 was A) $443,600

41、. B) $444,000. C) $444,400. D) $448,000. Answer: B Explanation: B) Poes separate income $ 350,000 Income from Seri ($120,000 80%) 96,000 Less: Loss on constructive retirement of Poe bonds (3,000) Plus: Piecemeal recognition of the constructive loss ($3,000/3 years) 1,000 Controlling interest share $

42、 444,000 Objective: LO4 Difficulty: Moderate 20) Noncontrolling interest share for 2011 was A) $23,000. B) $23,600. C) $24,000. D) $24,400. Answer: C Explanation: C) Since Poe is the issuing entity, the gain or loss is not allocated to the noncontrolling interest. The noncontrolling interest share i

43、s ($120,000 20%) = $24,000. Objective: LO4 Difficulty: Moderate Exercises 1) Separate company and consolidated income statements for Pitta and Sojourn Corporations for the year ended December 31, 2011 are summarized as follows: Pitta Soujourn Consolidated Sales Revenue $ 500,000 $ 100,000 $ 600,000

44、Income from Sojourn 19,900 Bond interest income 6,000 Gain on bond retirement 3,000 Total revenues 519,900 106,000 603,000 Cost of sales $ 280,000 $ 50,000 $ 330,000 Bond interest expense 9,000 3,600 Other expenses 120,900 31,000 151,900 Total expenses 409,900 81,000 485,500 Consolidated net income

45、117,500 Noncontrolling interest share 7,500 Separate net income and Control. interest share in consolidated net income $ 110,000 $ 25,000 $ 110,000 The interest income and expense eliminations relate to a $100,000, 9% bond issue that was issued at par value and matures on January 1, 2016. On January

46、 2, 2011, a portion of the bonds was purchased and constructively retired. Required: Answer the following questions. 1. Which company is the issuing affiliate of the bonds payable? 2. What is the gain or loss from the constructive retirement of the bonds payable that is reported on the consolidated

47、income statement for 2011? 3. What portion of the bonds payable is held by nonaffiliates at December 31, 2011? 4. Is Sojourn a wholly-owned subsidiary? If not, what percentage does Pitta own? 5. Does the purchasing affiliate use straight-line or effective interest amortization? 6. Explain the calcul

48、ation of Pittas $19,900 income from Sojourn. Answer: 1. Pitta is the issuing affiliate. 2. Effect on consolidated net income: Gain on constructive retirement of bonds $ 3,000 3. Percent of bonds held by nonaffiliates at December 31, 2011 is 40%, computed as $3,600 consolidated interest expense divided by $9,000 interest expense of Pitta. 4. Sojourn is partially owned as evidenced by the noncontrolling interest share. The ownership percentage is 70% ($7,500 noncontrolling interest share