高級財務(wù)會計（英）-西南財經(jīng)大學(xué)中國大學(xué)mooc課后章節(jié)答案期末考試題庫2023年

高級財務(wù)會計（英）_西南財經(jīng)大學(xué)中國大學(xué)mooc課后章節(jié)答案期末考試題庫2023年P(guān)arkCorporationbought100percentofKimmy,Inc.,onJanuary1,2015.Onthatdate,Park’sequipment(10-yearremaininglife)hasabookvalueof$420,000butafairvalueof$520,000.Kimmyhasequipment(10-yearremaininglife)withabookvalueof$272,000butafairvalueof$400,000.ParkusestheequitymethodtorecorditsinvestmentinKimmy.OnDecember31,2017,Parkhasequipmentwithabookvalueof$294,000butafairvalueof$445,200.Kimmyhasequipmentwithabookvalueof$190,400butafairvalueof$357,000.WhatistheconsolidatedbalancefortheEquipmentaccountasofDecember31,2017?

參考答案:

$574,000

OnJanuary1,2017,GreenHaven,Inc.,reportsnetassetsof$760,000althoughequipment(withafour-yearremaininglife)havingabookvalueof$440,000isworth$500,000andanunrecordedpatentisvaluedat$45,000.VivianBobCorporationpays$692,000onthatdatetoacquirean80percentequityownershipinGreenHaven.Ifthepatenthasaremaininglifeofnineyears,atwhatamountshouldthepatentbereportedonVivianBob'sconsolidatedbalancesheetatDecember31,2018?

參考答案:

$35,000.

OnJanuary1,Jarelacquired80percentoftheoutstandingvotingstockofSuarezfor$260,000cashconsideration.Theremaining20percentofSuarezhadanacquisition-datefairvalueof$65,000.OnJanuary1,Suarezpossessedequipmentthatwasundervaluedonitsbooksby$25,000.Thisequipmenthasfive-yearremaininglife.SuarezalsohaddevelopedseveralsecretformulasthatJarelassessedat$50,000.Theseformulas,althoughnotrecordedonSuarez'sfinancialrecords,wereestimatedtohavea20-yearfuturelife.AsofDecember31,thefinancialstatementsappearedasfollows:【圖片】Includedintheabovestatements,Jarelsoldinventorycosting$80,000toSuarezfor$100,000.Ofthesegoods,Suarezstillowns60percentonDecember31.Whatisthetotalofconsolidatedrevenues?

參考答案:

$400,000.

Whichofthefollowingindicatethataninvestorcompany’sabilitytoinfluenceaninvesteeisnotsignificant?

參考答案:

Theinvestorowns30percentoftheinvesteebutanotherownerholdstheremaining70percent.

Whenshouldaconsolidatedentityrecognizeswhenagoodwillimpairmentlossexists?

參考答案:

Ifboththefairvalueofareportingunitanditsassociatedimpliedgoodwillfallbelowtheirrespectivecarryingamounts.

OnJanuary1,2016,PersonCorporationpurchased90percentoftheoutstandingvotingsharesofSimon,Inc.for$540,000cash.Theacquisition-datefairvalueofthenoncontrollinginterestwas$60,000.AtJanuary1,2016,Simon’snetassetshadatotalcarryingamountof$420,000.Equipment(eight-yearremaininglife)wasundervaluedonSimon’sfinancialrecordsby$80,000.AnyremainingexcessfairvalueoverbookvaluewasattributedtoacustomerlistdevelopedbySimon(four-yearremaininglife),butnotrecordedonitsbooks.Simonrecordednetincomeof$70,000in2016and$80,000in2017.Eachyearsincetheacquisition,Simonhasdeclareda$20,000dividend.AtJanuary1,2018,Person’sretainedearningsshowa$250,000balance.Selectedaccountbalancesforthetwocompaniesfromtheirseparateoperationswereasfollows:PersonSimon2018Revenues$498,000$285,0002018Expenses350,000195,000AssumingthatPerson,initsinternalrecords,accountsforitsinvestmentinSimonusingtheequitymethod,whatamountofretainedearningswouldPersonreportonitsJanuary1,2018consolidatedbalancesheet?

參考答案:

$250,000.

TokCompanyholds90percentofBoomCompany’scommonstock.Inthecurrentyear,Tokreportssalesof$800,000andcostofgoodssoldof$600,000.Forthissameperiod,Boomhassalesof$300,000andcostofgoodssoldof$180,000.Duringthecurrentyear,BoomsoldmerchandisetoTokfor$100,000.Theparentstillpossesses40percentofthisinventoryatthecurrentyear-end.Boomhadestablishedthetransferpricebasedonitsnormalgrossprofitrate.Whataretheconsolidatedsalesandcostofgoodssold?

參考答案:

$1,000,000and$696,000.

Whatisastatutorymerger?

參考答案:

Abusinesscombinationinwhichonlyonecompanycontinuestoexistasalegalentity.

Whendoesgetrecognitionaccompanyabusinesscombination?

參考答案:

Whenabargainpurchaseoccurs.

Thenoncontrollinginterestrepresentsanoutsideownershipinasubsidiarywhichisnotattributabletotheparentcompany.Whereisthisoutsideownershipinterestrecognizedintheconsolidatedbalancesheet?

參考答案:

Intheowners’equitysection.

Whatisabasicpremiseoftheacquisitionmethodregardingaccountingforanoncontrollinginterest?

參考答案:

Asubsidiaryisanindivisiblepartofabusinesscombinationandshouldbeincludedinitsentiretyregardlessofthedegreeofownership.

FASBASC805,BusinessCombinations,providesprinciplesforallocatingthefairvalueofanacquiredbusiness.Whenthecollectivefairvaluesoftheseparatelyidentifiedassetsacquiredandliabilitiesassumedexceedthefairvalueoftheconsiderationtransferred,thedifferenceoughttobe:

參考答案:

Recognizedasanordinarygainfromabargainpurchase.

Anacquiredfirm’sfinancialrecordssometimesshowgoodwillwhichisgeneratedfrompreviousbusinesscombinations.Howdoesaparentcompanyaccountforthepreexistinggoodwillofitsnewlyacquiredsubsidiary?

參考答案:

Theparentignorespreexistingsubsidiarygoodwillandallocatesthesubsidiary’sfairvalueamongtheseparatelyidentifiableassetsacquiredandliabilitiesassumed.

Whennegotiatingabusinessacquisition,ifperformancemetricsareachievedoverspecifiedtimehorizons,buyerssometimesagreetopayextraamountstosellersinthefuture.Howshouldbuyersaccountforsuchcontingentconsiderationinrecordinganacquisition?

參考答案:

Thefairvalueofthecontingentconsiderationisincludedintheoverallfairvalueoftheconsiderationtransferred,andaliabilityoradditionalowners’equityisrecognized.

Beforethebusinesscombination,Atkins,Inc.,andWatersonCorporationhadthefollowingstockholders’equityfigures:【圖片】Atkinsissues51,000newsharesofitscommonstockvaluedat$3pershareforalloftheoutstandingstockofWaterson.Immediatelyafterward,whatareconsolidatedAdditionalPaid-InCapitalandRetainedEarnings,respectively?

參考答案:

$192,000and$300,000.

EconomyCompanyreportsnetincomeof$140,000eachyearanddeclaresanannualcashdividendof$50,000.Thecompanyholdsnetassetsof$1,200,000onJanuary1,2017.Onthatdate,Shirleypurchases40percentofEconomy'soutstandingcommonstockfor$600,000,whichgivesittheabilitytosignificantlyinfluenceEconomy.Atthepurchasedate,theexcessofShirley'scostoveritsproportionateshareofEconomy'sbookvaluewasassignedtogoodwill.OnDecember31,2019,whatistheInvestmentinEconomyCompanybalance(equitymethod)inShirley'sfinancialrecords?

參考答案:

$708,000.

Frankpurchases40percentofWatsonCompanyonJanuary1for$500,000.AlthoughFrankdidnotuseit,thisacquisitiongaveFranktheabilitytoapplysignificantinfluencetoWatson’soperatingandfinancingpolicies.Watsonreportsassetsonthatdateof$1,400,000withliabilitiesof$500,000.Onebuildingwithaseven-yearremaininglifeisundervaluedonWatson’sbooksby$140,000.Also,Watson’sbookvalueforitstrademark(10-yearremaininglife)isundervaluedby$210,000.Duringtheyear,Watsonreportsnetincomeof$90,000whiledeclaringdividendsof$30,000.WhatistheInvestmentinWatsonCompanybalance(equitymethod)inFrank’sfinancialrecordsasofDecember31?

參考答案:

$507,600.

InJanuary2018,DavidsCompanyacquired20percentoftheoutstandingcommonstockofMartesCompanyfor$700,000.ThisinvestmentgaveDavidstheabilitytohavesignificantinfluenceoverMartes,whosebalancesheetonthatdateshowedtotalassetsof$3,900,000withliabilitiesof$900,000.Anyexcessofcostoverbookvalueoftheinvestmentwasattributedtoapatenthavingaremainingusefullifeof10years.In2018,Martesreportednetincomeof$170,000.In2019,Martesreportednetincomeof$210,000.Dividendsof$70,000weredeclaredineachofthesetwoyears.WhatistheequitymethodbalanceofDavids'sInvestmentinMartesCompanyatDecember31,2019?

參考答案:

$728,000.

OnJanuary1,JackCompanypaid$1.6millionfor50,000sharesofWatt’svotingcommonstock,whichrepresentsa40percentinvestment.Noallocationtogoodwillorotherspecificaccountwasmade.SignificantinfluenceoverWattisachievedbythisacquisitionandsoJackusestheequitymethod.Wattdeclareda$2persharedividendduringtheyearandreportednetincomeof$560,000.WhatisthebalanceintheInvestmentinWattaccountfoundinJack’sfinancialrecordsasofDecember31?

參考答案:

$1,724,000.

MediaInc.,buys60percentoftheoutstandingstockofSherry,Inc.Sherryownsapieceoflandthatcost$212,000buthadafairvalueof$549,000attheacquisitiondate.Whatvalueshouldbeattributedtothislandinaconsolidatedbalancesheetatthedateoftakeover?

參考答案:

$549,000.

Jack,Inc.,holds75percentoftheoutstandingstockofJansonCorporation.JansoncurrentlyowesJack$400,000forinventoryacquiredoverthepastfewmonths.Inpreparingconsolidatedfinancialstatements,whatamountofthisdebtshouldbeeliminated?

參考答案:

$400,000.

Whenaninvestorreduceanequitymethodinvestmentaccounttoazerobalance

參考答案:

Theinvestmentretainsazerobalanceuntilsubsequentinvesteeprofitseliminateallunrecognizedlosses.

OnJanuary1,2017,ChampionCorporationpays$388,000fora60percentownershipinNevermore.Annualexcessfair-valueamortizationof$15,000resultsfromtheacquisition.OnDecember31,2018,Nevermorereportsrevenuesof$400,000andexpensesof$300,000andChampionreportsrevenuesof$700,000andexpensesof$400,000.Theparentfigurescontainnoincomefromthesubsidiary.WhatisconsolidatednetincomeattributabletoChampionCorporation?

參考答案:

$351,000.

OnJanuary1,2016,PersonCorporationpurchased90percentoftheoutstandingvotingsharesofSimon,Inc.for$540,000cash.Theacquisition-datefairvalueofthenoncontrollinginterestwas$60,000.AtJanuary1,2016,Simon’snetassetshadatotalcarryingamountof$420,000.Equipment(eight-yearremaininglife)wasundervaluedonSimon’sfinancialrecordsby$80,000.AnyremainingexcessfairvalueoverbookvaluewasattributedtoacustomerlistdevelopedbySimon(four-yearremaininglife),butnotrecordedonitsbooks.Simonrecordednetincomeof$70,000in2016and$80,000in2017.Eachyearsincetheacquisition,Simonhasdeclareda$20,000dividend.AtJanuary1,2018,Person’sretainedearningsshowa$250,000balance.Selectedaccountbalancesforthetwocompaniesfromtheirseparateoperationswereasfollows:PersonSimon2018Revenues$498,000$285,0002018Expenses350,000195,000Whatisconsolidatednetincomefor2018?

參考答案:

$203,000.

WatsonCompanyacquired60percentofSimonCompanyfor$300,000whenSimon’sbookvaluewas$400,000.Thenewlycomprised40percentnoncontrollinginteresthadanassessedfairvalueof$200,000.Alsoattheacquisitiondate,Simonhadatrademark(witha10-yearremaininglife)thatwasundervaluedinthefinancialrecordsby$60,000.Also,patentedtechnology(witha5-yearremaininglife)wasundervaluedby$40,000.Twoyearslater,thefollowingfiguresarereportedbythesetwocompanies(stockholders’equityaccountshavebeenomitted):WatsonCompanyBookValueSimonCompanyBookValueSimonCompanyFairValueCurrentassets$620,000$300,000$320,000Trademarks260,000200,000280,000Patentedtechnology410,000150,000150,000Liabilities(390,000)(120,000)(120,000)Revenues(900,000)(400,000)Expenses500,000300,000InvestmentincomeNotgivenNote:Parenthesesindicateacreditbalance.Whatistheconsolidatednetincomebeforeallocationtothecontrollingandnoncontrollinginterests?

參考答案:

$486,000.

WatsonCompanyacquired60percentofSimonCompanyfor$300,000whenSimon’sbookvaluewas$400,000.Thenewlycomprised40percentnoncontrollinginteresthadanassessedfairvalueof$200,000.Alsoattheacquisitiondate,Simonhadatrademark(witha10-yearremaininglife)thatwasundervaluedinthefinancialrecordsby$60,000.Also,patentedtechnology(witha5-yearremaininglife)wasundervaluedby$40,000.Twoyearslater,thefollowingfiguresarereportedbythesetwocompanies(stockholders’equityaccountshavebeenomitted):WatsonCompanyBookValueSimonCompanyBookValueSimonCompanyFairValueCurrentassets$620,000$300,000$320,000Trademarks260,000200,000280,000Patentedtechnology410,000150,000150,000Liabilities(390,000)(120,000)(120,000)Revenues(900,000)(400,000)Expenses500,000300,000InvestmentincomeNotgivenNote:Parenthesesindicateacreditbalance.Whatistheconsolidatedtrademarksbalance?

參考答案:

$508,000.

Whenaninvestorusefair-valueaccountingforanequityinvestment,whichofthefollowingaffectstheincometheinvestorrecognizesfromitsownershipoftheinvestee?

參考答案:

Changesinthefairvalueoftheinvestor’sownershipsharesoftheinvestee.

NewCompanyhasowned15percentofSunnyCompanyforthepastseveralyears.ThisownershipdidnotallowNewtohavesignificantinfluenceoverSunny.Recently,Newacquiredanadditional30percentofSunnyanddecidetousetheequitymethod.Howwilltheinvestorreportchange?

參考答案:

Nochangeisrecorded;theequitymethodisusedfromthedateofthenewacquisition.

Theequitymethodisusedbyaninvestortoaccountforinvestmentsincommonstock,theinvestor’sshareofcashdividendsfromtheinvesteeshouldberecordedas

參考答案:

Adeductionfromtheinvestmentaccount.

Accordingtotheacquisitionmethodofaccountingforbusinesscombinations,thecostsofpayingtoattorneysandaccountantsforservicesinarrangingamergershouldbe

參考答案:

Recordedasanexpenseintheperiodthemergertakesplace.

OnJanuary1,Jarelacquired80percentoftheoutstandingvotingstockofSuarezfor$260,000cashconsideration.Theremaining20percentofSuarezhadanacquisition-datefairvalueof$65,000.OnJanuary1,Suarezpossessedequipmentthatwasundervaluedonitsbooksby$25,000.Thisequipmenthasfive-yearremaininglife.SuarezalsohaddevelopedseveralsecretformulasthatJarelassessedat$50,000.Theseformulas,althoughnotrecordedonSuarez'sfinancialrecords,wereestimatedtohavea20-yearfuturelife.AsofDecember31,thefinancialstatementsappearedasfollows:【圖片】Includedintheabovestatements,Jarelsoldinventorycosting$80,000toSuarezfor$100,000.Ofthesegoods,Suarezstillowns60percentonDecember31.Whatisthetotalofconsolidatedexpenses?

參考答案:

$37,500.

OnJanuary1,Jarelacquired80percentoftheoutstandingvotingstockofSuarezfor$260,000cashconsideration.Theremaining20percentofSuarezhadanacquisition-datefairvalueof$65,000.OnJanuary1,Suarezpossessedequipmentthatwasundervaluedonitsbooksby$25,000.Thisequipmenthasfive-yearremaininglife.SuarezalsohaddevelopedseveralsecretformulasthatJarelassessedat$50,000.Theseformulas,althoughnotrecordedonSuarez'sfinancialrecords,wereestimatedtohavea20-yearfuturelife.AsofDecember31,thefinancialstatementsappearedasfollows:【圖片】Includedintheabovestatements,Jarelsoldinventorycosting$80,000toSuarezfor$100,000.Ofthesegoods,Suarezstillowns60percentonDecember31.Whatisthetotalofconsolidatedcostofgoodssold?

參考答案:

$132,000.

Angle,Inc.,holdsa90percentinterestinCubeCompany.During2017,Cubesoldinventorycosting$77,000toAnglefor$110,000.Ofthisinventory,$40,000worthwasnotsoldtooutsidersuntil2018.During2018,Cubesoldinventorycosting$72,000toAnglefor$120,000.Atotalof$50,000ofthisinventorywasnotsoldtooutsidersuntil2019.In2018,Anglereportedseparatenetincomeof$150,000whileCube'snetincomewas$90,000afterexcessamortizations.Whatisthenoncontrollinginterestinthe2018incomeofthesubsidiary?

參考答案:

$8,200.

TokCompanyholds90percentofBoomCompany’scommonstock.Inthecurrentyear,Tokreportssalesof$800,000andcostofgoodssoldof$600,000.Forthissameperiod,Boomhassalesof$300,000andcostofgoodssoldof$180,000.Duringthecurrentyear,ToksoldmerchandisetoBoomfor$100,000.Thesubsidiarystillpossesses40percentofthisinventoryatthecurrentyear-end.Tokhadestablishedthetransferpricebasedonitsnormalgrossprofitrate.Whataretheconsolidatedsalesandcostofgoodssold?

參考答案:

$1,000,000and$690,000.

Park,Inc.,acquireda60percentinterestinSkyCompanyseveralyearsago.During2017,Skysoldinventorycosting$160,000toParkfor$200,000.Atotalof18percentofthisinventorywasnotsoldtooutsidersuntil2018.During2018,Skysoldinventorycosting$297,500toParkfor$350,000.Atotalof30percentofthisinventorywasnotsoldtooutsidersuntil2019.In2018,Parkreportedcostofgoodssoldof$607,500whileSkyreported$450,000.Whatistheconsolidatedcostofgoodssoldin2018?

參考答案:

$716,050.

Incalculatingthenoncontrollinginterest’sshareofconsolidatednetincome,howshouldadjustthesubsidiary'snetincomeforintra-entitytransfers?

參考答案:

Thesubsidiary’sreportednetincomeisadjustedfortheimpactofupstreamtransferspriortocomputingthenoncontrollinginterest’sallocation.

JackCorporationowns80percentofCartCorporation'scommonstock.DuringOctober,CartsoldmerchandisetoJackfor$250,000.AtDecember31,40percentofthismerchandiseremainsinJack'sinventory.Grossprofitpercentageswere20percentforJackand30percentforCart.Theamountofintra-entitygrossprofitininventoryatDecember31thatshouldbeeliminatedintheconsolidationprocessis

參考答案:

$30,000.

Whatisthemainreasonwedeferfinancialstatementrecognitionofgrossprofitsonintra-entitysalesforgoodsthatremainwithintheconsolidatedentityatyear-end?

參考答案:

Whenintra-entitysalesremaininendinginventory,controlofthegoodshasnotchanged.

Forconsolidatedfinancialstatements,whichofthefollowingisthebesttheoreticaljustification?

參考答案:

Informthecompaniesareseparate;insubstancetheyareoneentity.

Forbusinesscombinations,whichonedoesnotrepresentaprimarymotivation?

參考答案:

Largerfirmsarelesslikelytofail.

Acompanyhasacquiredasubsidiary.Ithasdecidedtoprepareconsolidatedfinancialstatementsforexternalreportingpurposes.Forinternalreportingpurposes,thecompanyhasdecidedtoapplytheinitialvaluemethod.Whymightthecompanyhavemadethisdecision?

參考答案:

Itisarelativelyeasymethodtoapply.

XCorporationbought100percentofY,Inc.,onJanuary1,2015.Onthatdate,X'sequipment(10-yearremaininglife)hasabookvalueof$420,000butafairvalueof$520,000.Yhasequipment(10-yearremaininglife)withabookvalueof$272,000butafairvalueof$400,000.XusestheequitymethodtorecorditsinvestmentinY.OnDecember31,2017,Xhasequipmentwithabookvalueof$294,000butafairvalueof$445,200.Yhasequipmentwithabookvalueof$190,400butafairvalueof$357,000.TheconsolidatedbalancefortheEquipmentaccountasofDecember31,2017is$574,000.WhatwouldbetheimpactonconsolidatedbalancefortheEquipmentaccountasofDecember31,2017iftheparenthadappliedtheinitialvaluemethodratherthantheequitymethod?

參考答案:

Noeffect:Themethodtheparentusesisforinternalreportingpurposesonlyandhasnoimpactonconsolidatedtotals.

Goodwillmustbeallocatedamongafirm’sidentifiedreportingunitswhenrecognizedinabusinesscombination.Adoptingthesimplifiedgoodwillimpairmentapproach,ifthefairvalueofaparticularreportingunitwithrecognizedgoodwillfallsbelowitscarryingamount,whichofthefollowingistrue?

參考答案:

Agoodwillimpairmentlossisrecognizedfortheexcessofareportingunit'scarryingamountoveritsfairvalue,nottoexceedthecarryingamountofgoodwill.

OnJanuary1,2018,JackCompanyacquiredalltheoutstandingownershipsharesofZoeyCompany.InassessingZoey’sacquisition-datefairvalues,JackconcludedthatthecarryingvalueofZoey’slong-termdebt(8-yearremaininglife)waslessthanitsfairvalueby$20,000.AtDecember31,2018,ZoeyCompany’saccountsshowinterestexpenseof$12,000andlong-termdebtof$250,000.Whatamountsofinterestexpenseandlong-termdebtshouldappearontheDecember31,2018,consolidatedfinancialstatementsofJackanditssubsidiaryZoey?InterestexpenseLong-termdebta.$14,500$270,000b.$14,500$267,500c.$9,500$270,000d.$9,500$267,500

參考答案:

OptionD

OnJanuary1,2016,PhoenixCo.acquired100percentoftheoutstandingvotingsharesofSedonaInc.for$600,000cash.AtJanuary1,2016,Sedona’snetassetshadacarryingamountof$420,000intotal.Equipment(eight-yearremaininglife)wasundervaluedonSedona’sfinancialrecordsby$80,000.AnyremainingexcessfairoverbookvaluewasattributedtoacustomerlistdevelopedbySedona(four-yearremaininglife),butnotrecordedonitsbooks.PhoenixappliestheequitymethodtorecorditsinvestmentinSedona.Eachyearsincetheacquisition,Sedonahasdeclareda$20,000dividend.Sedonarecordednetincomeof$70,000in2016and$80,000in201