Zicklin School of Business, Baruch College ACC Financial Accounting 1 Fall Mid Term 2
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1 Zicklin School of Business, Baruch College ACC Financial Accounting 1 Fall 2004 Mid Term 2 Instructor: Prof. Donal Byard Name: Office: VC Phone: (646) Last 4 Digits of SSN: donal_byard@baruch.cuny.edu General Instructions: This is a closed book, closed notes, closed discussion exam. Your exam must reflect only your work. Please verify that you have all eight pages of the exam booklet. You may bring an ordinary non-memory programmable calculator into the exam. There are 250 points for this exam and you have 100 minutes to complete. The exam points are divided as follows: 10 Multiple-choice questions (4 points each) 40 points 3 Numerical Problem questions (70 point each) 210 points 250 For the multiple choice questions, circle your choice of answer on the exam paper. For the discussion question and the numerical problem questions, provide your answers in the spaces provided on this exam. For numerical problems you must show all your supporting calculations/explanations, where appropriate. All supporting calculations and schedules must be legible and in good form. Be neat with your answers. You must honor Baruch College s standards regarding integrity, honesty, and cheating at all times; sharing of information during this exam in any form is strictly forbidden. Any breach of these standards will be dealt with in accordance with Baruch College s Code of Academic Integrity. There are no extra credit options available for this exam. You must return the entire exam book when you are complete. 1
2 Part 1 -- Multiple Choice Questions [10 questions, 4 points each] Question 1 Bank overdrafts, if material, should be a. reported as a deduction from the current asset section. b. reported as a deduction from cash. c. netted against cash and a net cash amount reported. d. reported as a current liability. Question 2. Which of the following methods of determining annual bad debt expense best achieves the matching concept? a. Percentage of sales b. Percentage of ending accounts receivable c. Percentage of average accounts receivable d. Direct write-off Question 3. At the close of its first year of operations, December 31, 2004, Linn Company had accounts receivable of $490,000, after deducting the related allowance for doubtful accounts. During 2004, the company had charges to bad debt expense of $90,000 and wrote off, as uncollectible, accounts receivable of $40,000. What should the company report on its balance sheet at December 31, 2004, as accounts receivable before the allowance for doubtful accounts? a. $620,000 b. $540,000 c. $440,000 d. $360,000 Question 4. The advantage of relating a company's bad debt expense to its outstanding accounts receivable is that this approach a. gives a reasonably correct statement of receivables in the balance sheet. b. best relates bad debt expense to the period of sale. c. is the only generally accepted method for valuing accounts receivable. d. makes estimates of uncollectible accounts unnecessary. Question 5. Which table would you use to determine how much must be deposited now in order to provide for 5 annual withdrawals at the beginning of each year, starting one year hence? a. Future value of an ordinary annuity of 1 b. Future value of an annuity due of 1 c. Present value of an annuity due of 1 d. None of these 2
3 Question 6. A trial balance before adjustments included the following: Debit Credit Sales $425,000 Sales returns and allowance $14,000 Accounts receivable 53,000 Allowance for doubtful accounts 760 If the estimate of uncollectibles is made by taking 1-percent of net sales, the amount of the adjustment is a. $3,350. b. $4,110. c. $4,250. d. $4,870. Question 7. Assuming that the ideal measure of short-term receivables in the balance sheet is the discounted value of the cash to be received in the future, failure to follow this practice usually does not make the balance sheet misleading because a. most short-term receivables are not interest-bearing. b. the allowance for uncollectible accounts includes a discount element. c. the amount of the discount is not material. d. most receivables can be sold to a bank or factor. Question 8. A sale should not be recognized as revenue by the seller at the time of sale if a. payment was made by check. b. the selling price is less than the normal selling price. c. the buyer has a right to return the product and the amount of future returns cannot be reasonably estimated. d. none of these. Question 9. The percentage-of-completion method must be used when certain conditions exist. Which of the following is not one of those necessary conditions? a. Estimates of progress toward completion, revenues, and costs are reasonably dependable. b. The contractor can be expected to perform the contractual obligation. c. There is some uncertainty as to whether the buyer can satisfy some of the obligations under the contract. d. The contract clearly specifies the enforceable rights of the parties, the consideration to be exchanged, and the manner and terms of settlement. Question 10. An amount is deposited for eight years at 8%. If compounding occurs quarterly, then the present value is found at using a. 8% for eight periods. b. 2% for eight periods. c. 8% for 32 periods. d. 2% for 32 periods. 3
4 Part 2 -- Numerical Problems [3 questions, 70 points each] Question 11. On December 31, 2004, Green Company finished consultation services and accepted in exchange a promissory note with a face value of $600,000, a due date of December 31, 2007, and a stated rate of 5%, with interest receivable at the end of each year. The fair value of the services is not readily determinable and the note is not readily marketable. Under the circumstances, the note is considered to have an appropriate imputed rate (an market rate) of interest of 10%. Instructions (a) Determine the present value of the note. (b) Prepare a Schedule of Note Discount Amortization for Green Company under the effective interest method. (Round to whole dollars.) 4
5 Question 12. On July 1, 2004, Kim Kyung-wook Construction Company Inc. contracted to build an office building for Fu Mingxia Corporation for a total construction price of $1,950,000. On July 1, Kim Kyung-wook estimated that it would take between 2 and 3 years to complete the building. On December 31, 2006, the building was deemed substantially completed. The following are data for accumilated costs incurred to date, estimated costs to complete the contract, and accumulated billings to Mingxia for 2004, 2005, and Contract costs incurred to date $ 150,000 $1,200,000 $2,100,000 Estimated costs to complete 1,350, ,000 0 Billings to Mingxia 300,000 1,100,000 1,850,000 Instructions Using the percentage-to-completion method, prepare schedules to compute the profit or loss to be recognized as a result of this contract for the years ending December 31, 2004, 2005 and
6 Question 13. During January 2004 Smith company started a construction project that will be completed in September The construction project will generate total revenues of $1,500,000, which will be paid when the project ends in September The company for which Smith is undertaking this construction project is currently in litigation regarding liabilities for product safect and it is unclear if it will be able to pay the $1,500,000 in September As a result, Smith decides to use the completed contract method to account for this project Costs Incurred to Date $400,000 $1,100,000 $1,600,000 Estimated costs to complete $600, ,000 0 Instructions: 1) Using the completed contract method, compute the gross profit/loss to recognize each year. 2) Show the journal entries to record any gross profit/loss in each year. 6
7 Present Value of a Single Sum PRESENT VALUE TABLES Present Value of a Single Sum Number of Market Interest Rate: Periods 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% Present Value of an Annuity PRESENT VALUE TABLES Present Value of an Ordinary Annuity Number of Market Interest Rate: Periods 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16%
8 Answer Key Multiple Choice Questions Part A: [10 Questions, 4 points each] Question Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Q9 Q10 Answer d a b a d b c c c d Question 11. [70 points] (a) Present value of interest = $30, = $ 74,606 Present value of maturity value = $600, = 450,792 $525,398 [20 pts] (b) Green Company Schedule of Note Discount Amortization Effective Interest Method 5% Note Discounted at 10% (Imputed) Cash Effective Unamortized Present Interest Interest Discount Discount Value Date (5%) (10%) Amortized Balance of Note 12/31/04 $74,602 $525,398 12/31/05 $30,000 $ 52,540 $22,540 52, ,938 12/31/06 30,000 54,794 24,794 27, ,732 12/31/07 30,000 57,268* 27, ,000 $90,000 $164,602 $74,602 [50 pts] *$5 adjustment to compensate for rounding. 8
9 Question 12. [70 points] Percentage-of-Completion Method 2004 Costs to date (12/31/04) $ 150,000 Estimated costs to complete 1,350,000 Estimated total costs $1,500,000 Percent complete ($150,000 $1,500,000) 10% Revenue recognized ($1,950,000 X 10%) $ 195,000 Costs incurred 150,000 Gross profit recognized in 2004 $ 45,000 [15 points] 2005 Costs to date (12/31/05) $1,200,000 Estimated costs to complete 880,000 2,080,000 Contract price $1,950,000 Total loss $ 130,000 [15 points] Total loss $ 130,000 Plus gross profit recognized in ,000 Loss recognized in 2005 $ (175,000) [15 points] 2006 Costs to date (12/31/06) $2,100,000 Estimated costs to complete 0 2,100,000 Contract price 1,950,000 Total loss $ (150,000) [15 points] Total loss $ (150,000) Less: Loss recognized in 2005 $175,000 Gross profit recognized in 2004 (45,000) (130,000) Loss recognized in 2006 $ (20,000) [10 points] 9
10 Question 13. [70 points] Estimatd total cost = $1,000,000 Total revenues = 1,500,000 So, no total loss. Since there is no total loss, there are no journal entries. Estimated total cost = $1,100, ,000 = $1,700,000 Total revenues = 1,500,000 Total loss = 200,000 Must book a total loss of $200,000 Journal entries to book total loss of $200,000: Dr: Loss on long-term contract 200,000 Cr: Construction in process 200, Total cost of project = $1,600,000 Total revenues = 1,500,000 Realized total loss = 100,000 The realized total loss on the whole project is $100,000, the loss realized in prior years is $200,000. As a result, a gain of $100,000 should be recognized in The journal entries to recognize a gain of $100,000 in 2006 are: Dr: Construction in process 100,000 Cr: Gain on long term cotract 100,000 10
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