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Page1of7GuangxiUniversityofFinance&EconomicsBachelorDegreeProgrammeEXAMINATIONPAPER:ACADEMICSESSION2010/2011Level2TITLEOFPAPER:AccountingForEnglishDateandTime:Autumn2010ThisisaTWOANDHALFHOUROPENBOOKexaminationANSWERFiveQUESTIONSASFOLLOWS:SECTIONA:ThispartofquestioniscompulsoryQ1Q2Q3=50marksSECTIONB:AnswerTWOoutofTHREEquestionsQ4,Q5,Q6(Eachquestion=25marks)Twoquestions=50marksTotal=100marks姓名：学号：班级：……………………………装…………………订……………………线………………………装……………………订………………………线…………………………Page2of7SECTIONA(ANSWERAllCOMPULSORYQUESTION)QESTION1(15Marks)(30-40min.)January2Simmonsreceived$39,000cashandissuedcommonstocktothestockholders.3Purchasedsupplies,$200,andequipment,$3,100,onaccount.4Performedserviceforacustomerandreceivedcash,$1,600.7Paidcashtoacquireland,$27,000.11Performedserviceforacustomerandbilledthecustomer,$900.Weexpecttocollectwithinonemonth.16PaidfortheequipmentpurchasedJanuary3onaccount.17Paidthetelephonebill,$170.18Receivedpartialpaymentfromcustomeronaccount,$450.22Paidthewaterandelectricitybills,$190.29Received$1,400cashforservicingtheheatingunitofacustomer.31Paidemployeesalary,$2,400.31Declaredandpaiddividendsof$3,000.Requirements:1.Recordeachtransactioninthejournal.Keyeachtransactionbydate.2.PostthetransactionstotheT-accounts,usingtransactiondatesaspostingreferences.LabelendingbalanceofeachaccountBalance.QUESTION2(15Marks)(10-20min.)JournalizetheadjustingentryneededonDecember31;theendofthecurrentaccountingperiod,foreachofthefollowingindependentcasesaffectingIronsCorp.a.DetailsofPrepaidInsuranceareshownintheaccount:Jan.1Bal.Mar.31PrepaidInsuranceIronsprepayinsuranceonMarch31eachyear.AtDecember31,$900isstillprepaid.b.IronpaysemployeeseachFriday.Theamountoftheweeklypayrollis$5,800forafive-dayworkweek.ThecurrentaccountingperiodendsonWednesday.Page3of7c.Ironshaveanotereceivable.Duringthecurrentyear,hasearnedaccruedinterestrevenueof$700thatitwillcollectnextyear."d.Thebeginningbalanceofsupplieswas$2,700.Duringtheyear,Ironspurchasedsuppliescosting$6,100,andatDecember31suppliesonhandtotal$2,200.e.IronsisprovidingservicesforOrcaInvestments,andtheownerofOrcapaidIrons$12,100astheannualservicefee.IronsrecordedthisamountasUnearnedServiceRevenue.Ironsestimatesthatithasearned60%ofthetotalfeeduringthecurrentyear.f.DepreciationforthecurrentyearincludesOfficeFurniture,$3,500,andEquipment,$5,400.Makeacompoundentry."QUESTION3(20Marks)(20-30min.)TheadjustedtrialbalanceofSneedCorporationatOctober31,2010,follows:TheadjustedtrialbalanceofSneedCorporationatOctober31,2010,follows:DebitCreditCash................................................$1,600Accountsreceivable.........................8,800Supplies...........................................2,100Prepaidrent.....................................1,000Equipment.......................................36,700Accumulateddepreciation...............$4,400Accountspayable............................3,800Interestpayable...............................400Unearnedservicerevenue................900Incometaxpayable.........................2,500Notepayable...................................18,600Commonstock................................8,000Retainedearnings............................4,000Dividends........................................25,000Servicerevenue................................101,700Depreciationexpense......................1,200Salaryexpense.................................40,500Rentexpense...................................10,200Interestexpense...............................3,200Insuranceexpense...........................3,600Suppliesexpense..............................2,900Incometaxexpense.........................7,500Total...............................................$144,300#######SneedCorporationAdjustedTrialBalanceOctober31,2010AccountRequirement:Page4of7PrepareSneed’s2010incomestatement(statementoffinancialperformanceandBalanceSheet(statementoffinancialposition)SECTIONBQUESTION4(25Marks)(20-25min.)Computingcostofgoodssoldandgrossprofitonsales—periodicsystem.AssumeaChampionshipoutletstorebeganJanuary2010with50unitsofinventorythatcost$19each.Thesalepriceoftheseunitswas$71.DuringJanuarythestorecompletedtheseinventorytransactions:UnitsUnitCostUnitSalesPriceJul.3Sale.............1719$71$8Purchase......77207311Sale.............33197119Sale.............2207324Sale.............39207330Purchase......19217431Sale.............52073RequirementsDeterminethestore’scostofgoodssoldforJanuaryundertheperiodicinventorysystem.AssumetheFIFOmethod.ComputegrossprofitforJanuary.Question5(25Marks)(30-40min.)OnJanuary6,2010,K.P.ScottCo.paid$245,000foracomputersystem.Inadditiontothebasicpurchaseprice,thecompanypaidasetupfeeof$800,$6,400salestax,and$27,800foraspecialplatformonwhichtoplacethecomputer.K.P.Scottmanagementestimatesthatthecomputerwillremaininserviceforfiveyearsandhavearesidualvalueof$20,000.Thecomputerwillprocess45,000documentsthefirstyear,withannualprocessingdecreasingby2,500documentsduringeachofthenextfourPage5of7years(thatis,42,500documentsin2011;40,000documentsin2012;andsoon).Intryingtodecidewhichdepreciationmethodtouse,thecompanypresidenthasrequestedadepreciationscheduleforeachofthethreedepreciationmethods(straight-line,units-of-production,anddoubledeclining-balance).Requirements1.Foreachofthegenerallyaccepteddepreciationmethods,prepareadepreciationscheduleshowingassetcost,depreciationexpense,accumulateddepreciation,andassetbookvalue.2.K.P.Scottreportstostockholdersandcreditorsinthefinancialstatementsusingthedepreciationmethodthatmaximizesreportedincomeintheearlyyearsofassetuse.Forincometaxpurposes,thecompanyusesthedepreciationmethodthatminimizesincometaxpaymentsinthoseearlyyears.ConsiderthefirstyearK.P.ScottCo.usesthecomputer.IdentifythedepreciationmethodsthatmeetScott’sobjectives,assumingtheincometaxauthoritiespermittheuseofanyofthemethods.3.Cashprovidedbyoperationsbeforeincometaxis$155,000forthecomputer’sfirstyear.Theincometaxrateis35%.ForthetwodepreciationmethodsidentifiedinRequirement2,comparethenetincomeandcashprovidedbyoperations(cashflow).Showwhichmethodgivesthenet-incomeadvantageandwhichmethodgivesthecash-flowadvantage.Page6of7Solution:Req.1DateAssetCostDepreciationRatexDepreciableCost=DepreciationExpenseAccumulatedDepreciationAssetBookValueDateAssetCostDepreciationperNumberofDocumentsDepreciationExpenseAccumulatedDepreciationAssetBookValueDateAssetCostDDBRatexAssetBookValue=DepreciationExpenseAccumulatedDepreciationAssetBookValueReq.2(Depreciationforfinancialstatementsvs.Depreciationforincometaxpurposes)Req.3(comparisonofnetincomeandcashprovidedbyoperations)DepreciationfortheYearUnits-of-ProductionDepreciationScheduleDepreciationfortheYearDouble-Declining-BalanceDepreciationScheduleDepreciationfortheYearStraight-LineDepreciationSchedulePage7of7QUESTION6