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Practice Exam Chapters 1-8

Solutions

Problem1

Netincomeasreported $42,000
Adjustments:
Only$4,000ofrentshouldbeexpensed +2,000
Salesrevenueoverstated 5,000
Interestexpenseunderstated($30,000x10%x4/12) 1,000
Suppliesexpenseoverstated +1,200
Adjustednetincome $39,200
Problem2

CastansaCorporation
PARTIALINCOMESTATEMENT
FortheYearEndedDecember31,2000

Incomefromcontinuingoperationsbefore
incometaxes(1) $1,900,000
Incometaxexpense (570,000)
Incomefromcontinuingoperations 1,330,000
Discontinuedoperations:
Incomefromoperations(netof$12,000tax
expense $28,000
Lossondisposal(netof$60,000taxbenefit) (140,000)
Lossfromdiscontinuedoperations (112,000)
Incomebeforeextraordinaryitem 1,218,000
Extraordinaryitem:
Lossfromearthquake(netof$120,000taxbenefit) (280,000)

Netincome $938,000

(1) $2,000,000less$100,000lossfromsaleoffactory=$1,900,000
(2) Lossondisposal:
OperatingincomefromMayuntilNovember $50,000
Deduct:Lossonsaleofassets (250,000)
Net (200,000)
Taxbenefit(30%x$200,000) 60,000
Lossondisposal,netoftax $(140,000)
Problem3
1.

Beginningbalance $1,240,000
Add:Creditsales 5,190,000
Less:Cashcollections (5,380,000)
Writeoffs (33,000)
Endingbalance $1,017,000

2.
Torecordthewriteoffofaccountsreceivable:
Allowanceforuncollectibleaccounts ..................... 33,000
Accountsreceivable............................................. 33,000

Torecordbaddebtexpense:
Baddebtexpense...................................................... 29,300
Allowanceforuncollectibleaccounts(below)...... 29,300

Requiredallowance $32,300
Allowanceaccount:
Beginningbalance $36,000
Less:Writeoffs (33,000)
Balancebeforeyearendadjustingentry (3,000)
Yearendadjustment $29,300
Problem4

1.

$1,500,000$7,500,000=20%complete

$250,000.20=$1,250,000totalgrossprofitanticipatedoncontract

$7,500,000+$1,250,000=$8,750,000contractprice

2.

600@$20=$12,000

3.

$672,0001.05=$640,000

Endinginventory:
$500,000x1.00= $500,000
140,000x1.05= 147,000
Total $647,000
Problem5

1.
1999 0
2000 $200,000loss($400,000+2,200,000+2,600,000=
$5,200,000incosts)

2.
1999 $400,000$4,000,000=10%completex$1,000,000
=$100,000
$300,000loss($200,000losstodateplus$100,000of
grossprofitrecognizedin1999

3.
1999revenue=10%x$5,000,000=$500,000
2000revenue:
50%x5,000,000=$2,500,000$500,000=$2,000,000

1998Costofconstruction:
Revenue+loss
$2,000,000+$300,000=$2,300,000
Problem6

Averageinventory=$450,000

$450,000x2(inventoryturnoverratio)=$900,000costofgoodssold

Therefore,salesrevenue=$1,200,000($900,000.75)

Grossprofit=$300,000

Accountsreceivable,endofyear:

$1,200,0004(receivablesturnoverratio)=$300,000=averagereceivables
Therefore,sincebeginningreceivables=$250,000,endingaccounts
receivablemustbe$350,000
Problem7

J 1. A 6.
F 2. D 7.
A 3. C 8.
F 4. H 9.
F 5. F 10.

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