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  1. Corresponds to CLO 1(a)
    West Coast Corporation had 800,000 shares of common stock outstanding on January 1, issued 200,000 shares on October 1, and had income applicable to common stock of $2,865,000 for the year ended December 31, 2013. Rounded to the nearest penny, earnings per share of common stock for 2013 would be
    $2.86
    $3.01
    $3.37
    $3.58

7 points

Question 2

  1. Corresponds to CLO 1(b)
    On July 1, 2013, an interest payment date, $120,000 of Tally Corporation bonds were converted into 3,100 shares of Tally Corporation common stock, each having a par value of $35 and a market value of $42. There is $5,700 unamortized discount on the bonds. Using the book value method, Tally would record
    a $5,300 increase in paid-in capital in excess of par
    a $5,800 increase in paid-in capital in excess of par
    a $11,500 increase in paid-in capital in excess of par
    a $15,900decrease in paid-in capital in excess of par

7 points

Question 3

  1. Corresponds to CLO 1(c)
    Proceeds from an issue of debt securities having stock warrants should not be allocated between debt and equity features when

    the market value of the warrants is not readily available.

    the warrants issued with the debt securities are nondetachable.

    the allocation would result in a discount on the debt security.

    exercise of the warrants within the next few fiscal periods seems remote.

7 points

Question 4

  1. Corresponds to CLO 1(d)
    On January 1, 2013, Morgan Corporation granted stock options to officers and key employees for the purchase of 50,000 shares of the company's $10 par common stock at $25 per share as additional compensation for services to be rendered over the next three years. The market price of common stock was $31 per share at the date of the grant. The options are exercisable during a five-year period beginning January 1, 2016 by grantees still employed by Morgan. The Black-Scholes option pricing model determines total compensation expense to be $360,000. The journal entry to record the compensation expense related to these options for 2013 would include a credit to the Paid-in Capital - Stock Options account for

    $120,000

    $180,000

    $300,000

    $360,000

7 points

Question 5

  1. Corresponds to CLO 2(a)
    On July 1, 2013, Wilshire Corporation acquired 500, $1,000, 8% bonds at 97 plus accrued interest. The bonds were dated April 1, 2013, and mature on March 31, 2018, with interest paid each September 30 and March 31. The bonds will be added to Wilshire's available-for-sale portfolio. The amount to record as the cost of this debt investment on July 1, 2013 is
    $485,000
    $495,000
    $500,000
    $540,000

7 points

Question 6

  1. Corresponds to CLO 2(b)
    On January 1, 2013, Capital Corporation acquired for $700,000 of 10% bonds, paying $658,175. The bonds mature January 1, 2024; interest is payable each July 1 and January 1. The discount of $41,825 provides an effective yield of 11%. Capital Corporation uses the effective-interest method and plans to hold these bonds to maturity. On July 1, 2013, Capital Corporation should increase its Debt Investments account for these bonds by (round to the nearest dollar):
    $1,200
    $2,091
    $6,582
    $7,000

7 points

Question 7

  1. Corresponds to CLO 2(c)
    Wright Company's trading securities portfolio, which is appropriately included in current assets, is as follows on December 31, 2013: Holmes Corporation - cost of $300,000 and fair value of $260,000; Woods Corporation - cost of $500,000 and fair value of $520,000. Ignoring income taxes, what amount should be reported as a charge against income in Wright's 2013 income statement if 2013 is Wright's first year of operation?
    $ -0-
    $40,000 Unrealized Loss
    $20,000 Unrealized Gain
    $20,000 Unrealized Loss

7 points

Question 8

  1. Corresponds to CLO 2(d)
    Canton Corporation owns 3,000 of the 10,000 outstanding shares of Wallis Corporation. During 2013, Wallis Corporation earns $500,000 and pays cash dividends of $100,000. What amount should Canton show in the investment account at December 31, 2013 if the beginning of the year balance in the account was $600,000?
    $600,000
    $630,000
    $720,000
    $750,000

7 points

Question 9

  1. Corresponds to CLO 3(a)
    Which of the following are temporary differences that are normally classified as expenses or losses that are deductible for tax purposes after they are recognized in financial income?
    Product warranty liabilities.
    Depreciable property.
    Fines and expenses resulting from a violation of law.
    Advance rental receipts.

7 points

Question 10

  1. Corresponds to CLO 3(b)
    Anderson Appliance Company reported the following results for the year ended December 31, 2014, its first year of operations:

    2014
    Income (per books before income taxes) $1,500,000
    Taxable income $2,000,000

    The disparity between book income and taxable income is attributable to a temporary difference which will reverse in 2015. What should Anderson record as a net deferred tax asset or liability for the year ended December 31, 2014, assuming that the enacted tax rates in effect are 35% in 2014 and 40% in 2015?
    $175,000 deferred tax liability
    $200,000 deferred tax liability
    $175,000 deferred tax asset
    $200,000 deferred tax asset

7 points

Question 11

  1. Corresponds to CLO 3(c)
    At December 31, 2013, Edwards Corporation reported a deferred tax liability of $140,000 which was attributable to a taxable temporary difference of $400,000. The temporary difference is scheduled to reverse in 2018. During 2014, a new tax law increased the corporate tax rate from 35% to 40%. Edwards should record this change by debiting
    Income Tax Expense for $14,000
    Income Tax Expense for $20,000
    Retained Earnings for $14,000
    Retained Earnings for $20,000

7 points

Question 12

  1. Corresponds to CLO 3(d)
    Operating income/(loss) and tax rates for Lombard Corporation for 2012 through 2015 were as follows: 2012: $150,000, 30%; 2013: $250,000, 35%; 2014: ($500,000), 35%; 2015: $700,000, 40%. Assuming that Lombard opts to carryback its 2014 NOL, what is the amount of income tax payable at December 31, 2015?
    $280,000
    $240,000
    $180,000
    $80,000

7 points

Question 13

  1. Corresponds to CLO 4(a)
    Granite Oaks Homebuilding, Inc. is a publicly traded corporation that follows generally accepted accounting principles. Granite Oaks has a defined benefit pension plan in place for its employees. Which of the following measures should Granite Oaks use to determine the company's pension liability?
    Vested benefit obligation
    Accumulated benefit obligation
    Projected benefit obligation
    Granite Oaks may use anyof the above measures.

7 points

Question 14

  1. Corresponds to CLO 4(b)
    Hathaway, Inc. sponsors a defined-benefit pension plan. The following data relates to the plan for 2013: Contributions to the plan, $450,000; Service cost, $500,000; Interest on projected benefit obligation, $445,000; Amortization of prior service cost due to increase in benefits, $85,000; Expected return on plan assets, $280,000. What amount should be reported for pension expense in 2013?
    $300,000
    $450,000
    $750,000
    $1,310,000

7 points

Question 15

  1. Corresponds to CLO 4(c)
    Johnson, Inc. sponsors a defined-benefit pension plan. The following balance sheet data relates to the plan on December 31, 2013: Plan assets (at fair value), $775,000; Accumulated benefit obligation, $1,300,000; Projected benefit obligation, $1,600,000. Contributions of $95,000 were made to the plan during the year. What amount should Johnson report as its pension liability on its balance sheet as of December 31, 2013?
    $1,600,000
    $1,300,000
    $825,000
    $730,000

7 points

Question 16

  1. Corresponds to CLO 4(d)
    Which of the following information about its pension plan would a company not normally be required to disclose in the notes to the financial statements?
    The number of employees enrolled in the defined-benefit plan.
    Amounts recognized in other comprehensive income.
    The components of pension expense.
    The rates used in measuring the benefit amounts.

7 points

Question 17

  1. Corresponds to CLO 5(a)
    When a company decides to switch from LIFO to FIFO for inventory valuation, this change should be treated as a
    Correction of an error.
    Prior period adjustment.
    Change in accounting principle.
    Change in accounting estimate.

7 points

Question 18

  1. Corresponds to CLO 5(b)
    On January 1, 2011, Graham Corporation acquired machinery at a cost of $600,000. Graham adopted the double-declining balance method of depreciation for this machinery and had been recording depreciation over an estimated useful life of 10 years, with no residual value. At the beginning of 2013, a decision was made to change to the straight-line method of depreciation for the machinery. The depreciation expense for 2013 should be
    $76,800
    $60,000
    $48,000
    $26,743

7 points

Question 19

  1. Corresponds to CLO 5(c)
    During 2014, a construction company changed from the completed-contract method to the percentage-of-completion method for accounting purposes but not for tax purposes. Gross profit figures under both methods for the past three years follow. Completed-Contract: 2012, $595,000; 2013, $730,000; 2014, $810,000. Percentage-of-Completion: 2012, $700,000; 2013, $850,000; 2014, $900,000. Assuming an income tax rate of 40% for all years, the affect of this accounting change on prior periods should be reported by a credit of
    $135,000 on the 2014retained earnings statement
    $189,000 on the 2014retained earnings statement
    $135,000 on the 2014income statement
    $189,000 on the 2014income statement

7 points

Question 20

  1. Corresponds to CLO 5(d)
    On January 10, 2012, Montgomery Corporation purchased machinery that cost $600,000. The entire cost was recorded as an expense. The machinery has an estimated useful life of 10 years and a $50,000 salvage value. Montgomery uses the straight-line method to account for depreciation expense. The error was discovered on December 29, 2013. Ignore income tax considerations. Montgomery's income statement for the year ended December 31, 2013, should show the cumulative effect of this error in the amount of
    $-0-
    $385,000
    $440,000
    $495,000

7 points

Question 21

  1. Corresponds to CLO 6(a)
    Selected information from Trolley Corporation's 2013 accounting records is as follows: Proceeds from sale of land, $150,000; Proceeds from long-term borrowings, $325,000; Purchases of plant assets, $70,000; Purchases of inventories, $300,000; Proceeds from sale of Trolley common stock, $100,000. What is the net cash provided (used) by investing activities for the year ended December 31, 2013?
    $425,000
    $205,000
    $80,000
    $55,000

7 points

Question 22

  1. Corresponds to CLO 6(b)
    Selected information from Maxwell Corporation's 2013 accounting records is as follows: Proceeds from issuance of common stock, $650,000; Proceeds from issuance of bonds, $1,600,000; Cash dividends paid on common stock, $150,000; Cash dividends paid on preferred stock paid, $60,000; Purchases of treasury stock, $120,000. What is the net cash provided (used) by financing activities for the year ended December 31, 2013?
    $1,920,000
    $2,040,000
    $2,130,000
    $2,160,000

7 points

Question 23

  1. Corresponds to CLO 6(c)
    A decrease in accounts receivable during a period would be reported in a statement of cash flows, using the indirect method, as a(n)
    deduction from net income in arriving at net cash flow from operating activites.
    addition to net income in arriving at net cash flow from operating activities.
    cash inflow from investing activities.
    cash inflow from financing activities.

7 points

Question 24

  1. Corresponds to CLO 6(d)
    Which of the following formulas would a bank or an investor most likely not use to evaluate a company's cash flows?
    Quick ratio
    Free cash flow
    Current cash debt coverage ratio
    Cash debt coverage ratio

7 points

Question 25

  1. Corresponds to CLO 7(a)
    Which of the following statements best describes the full disclosure principle?
    Companies may use the cash-basis of accountingin the financial statements, as long as accrual-basis amounts are disclosed in the notes to the financial statements.
    Publicly traded companies should provide a balance sheet, income statement, statement of cash flows, and statement of owners' equity.
    Companies provide information that is of sufficient importance to influence the judgment and decisions of an informed user.
    To be recognized in the main body of financial statements, an item should be measurable with sufficient certainty, and be relevant and reliable.

7 points

Question 26

  1. Corresponds to CLO 7(b)
    The following information pertains to Nolen Corporation and its divisions for the year ended December 31, 2013:

    Segments Total Revenue (Unaffiliated)
    A $600,000
    B $900,000
    C $1,500,000
    D $250,000

    Nolen has a reportable segment if that segment's revenue exceeds
    $250,000
    $325,000
    $0
    $150,000

7 points

Question 27

  1. Corresponds to CLO 7(c)
    Companies preparing interim financial reports
    should use the discrete approach.
    should use the integral approach.
    should use the same accounting principles used for the annual reports.
    are required by GAAP to issue an interim income statement, balance sheet, and statement of cash flows, with appropriate notes.

7 points

Question 28

  1. Corresponds to CLO 7(d)
    Which of the following post-balance-sheet events would require adjustment of the accounts before issuance of the financial statements?
    Issue of a large amount of capital stock.
    Loss on a lawsuit, the outcome of which was deemed uncertain at year end.
    Retirement of the company president.
    Loss of plant as a result of fire.
Business Tutor: F. Naz, B.Com replied 1 year ago
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