Final Examination Booklet. Intermediate Accounting 1
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1 Final Examination Booklet Intermediate Accounting 1
2 Intermediate Accounting 1 EXAMINATION NUMBER: Complete the following exam by answering the questions and compiling your answers into a word-processing document. When you re ready to submit your answers, refer to the instructions at the end of your exam booklet. Be certain to indicate the proper question number before each of your answers. Remember to show your work if an answer requires a mathematical solution. Part A: Three questions worth 20 points each. Show all work. 1. The following balance sheet information (in $ millions) comes from the Annual Report to Shareholders of Hotel California for the 2013 fiscal year. (Certain amounts have been replaced with question marks to test your understanding of balance sheets.) In addition, you re provided with the following information from an analysis of Hotel California s financial position at the same date: Current ratio = Acid-test ratio = Debt-to-equity ratio = Compute the missing amounts (rounded to the nearest $ in millions) in the Hotel California balance sheet. E x a m i n a t i o n 1
3 Assets Current assets Cash and equivalents $565 Accounts and notes receivable? Inventory? Other 175 Total current assets? Property and equipment, net $1,443) Intangible assets, net?) Investments 596) Notes and other receivables, net 988) Other 973) Total non-current asssets? Total assets 8,934 Liabilities and Shareholders Equity Current liabilities Accounts payable $854 Accrued payroll and benefits? Other payables and accruals 996 Total current liabilities 2533 Long-term debt?) Other long-term liabilities 1,915) Total long-term liabilities? Total liabilities? Shareholders equity Common stock 1,136) Additional paid-in capital 3,490) Retained earnings 3,265) Treasury stock and other (-5,680) Total shareholders equity 2,211 Total liabilities and shareholders equity $? 2 Intermediate Accounting 1
4 2. Shown below is activity for one of the products of Big Oil: January 1 balance, 400 $75 for a total of $30,000 Purchases January $45 January 20 1,000 $52 Sales: January units January units a. Compute the ending inventory and cost of goods sold assuming Big Oil uses FIFO. b. Compute the ending inventory and cost of goods sold assuming Big Oil uses LIFO and a perpetual inventory system. c. Compute the ending inventory and cost of goods sold assuming Big Oil uses average cost and a perpetual inventory system. d. Compute the ending inventory and cost of goods sold assuming Big Oil uses average cost and a periodic inventory system. e. Compute the ending inventory and cost of goods sold assuming Big Oil uses LIFO and a periodic inventory system. 3. The following information is provided in the 2013 annual report to shareholders of Old Spice: December 31, 2013 December 31, 2012 Accounts receivable??? $100 million Inventory $70 million $30 million Other assets??? $170 million Total assets??? $300 million Total liabilities??? $100 million Total stockholders equity??? $200 million For the year ended Dec. 31, 2013 Net sales??? Cost of goods sold??? Net income $40 million Return on assets 10% Receivables turnover 8.0 Inventory turnover 12.0 Asset turnover 2.5 Return on stockholders equity 20% Profit margin on sales 4% Required: Compute the missing amount in the Old Spice financial statement information, indicated by??? in the table above. Final Examination 3
5 Part B: Ten questions worth 4 points each. Show all work. 1. The following information ($ in millions) comes from a recent annual report of Amazing Inc.: Net sales $12,301) Total assets 4,363) End of year balance in cash 2,102) Total stockholders equity 431) Gross profit (Sales Cost of Sales) 4,526) Net increase in cash for the year 19) Operating expenses 2,067) Net operating cash flow 702) Other income (expense), net (12) a. Compute Amazing s balance in cash at the beginning of the year. b. Compute Amazing s total liabilities at the end of the year. c. Compute cost of goods sold for the year. d. Compute the income before income tax for Amazing. 2. The current asset section of Sanford & Son, CPA s balance sheet consists of cash, accounts receivable, investments, and prepaid expenses. The 2013 balance sheet reported the following: cash, $110,000; investments, $22,000; prepaid expenses, $18,000; noncurrent assets, $422,000; and shareholders equity, $350,000. The current ratio at the end of the year was 1.6 and the debt to equity ratio was.8. Required: Determine the following 2013 amounts and ratios: a. Current liabilities. b. The acid-test ratio. c. Accounts receivable. d. Long-term liabilities. 3. Cooper s reported the following items in its adjusted trial balance for the year ended December 31, 2013: Income from continuing operations before income taxes $110,000) Extraordinary gain on property condemnsation 28,000) Extraordinary loss on natural disaster (50,000) Cooper s is subject to a 34% tax rate. Required: Prepare the December 31, 2013, income statement for Cooper s, starting with income from continuing operations before income taxes. 4 Intermediate Accounting 1
6 4. In 2013, KP Building Inc. began work on a four-year construction project (called Cincy One ). The contract price is $300 million. KP uses the percentage-of-completion method of accounting. At the end of 2013, the following financial statement information indicates the results to date for Cincy One: INCOME STATEMENT Gross Profit (before-taxes) recognized in 2013 $22 million BALANCE SHEET Accounts Receivable from construction billings Construction in progress Less: Billings on construction Net billings in excess of construction in progress $66 million ($75 million) $10 million $9 million Required: Compute the following, placing your answer in the spaces provided and showing supporting computations: Items to compute: Cash collected by KP on Cincy One during 2013 Actual costs incurred by KP on Cincy One during 2013 At 12/31/2013, the estimated remaining costs to complete Cincy One The percentage of Cincy One that was completed during On June 30, 2013, Gentex issued 5% stated rate bonds with a face amount of $300 million. The bonds mature on June 30, 2033 (20 years). The market rate of interest for similar bond issues was 4% (2% semiannual rate). Interest is paid semiannually (2.5%) on June 30 and December 31, beginning on December 31, Required: a. Determine the price of the bonds on June 30, b. Calculate the interest expense Gentex reports in 2013 for these bonds. 6. During Burns Company s first year of operations, credit sales totaled $140,000 and collections on credit sales totaled $105,000. Burns estimates that bad debt losses will be 1.5% of credit sales. By year-end, Burns had written off $300 of specific accounts as uncollectible. Required: a. Prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense. b. Show the year-end balance sheet presentation for accounts receivable. Final Examination 5
7 7. Crabby Appleton Inc. adopted dollar-value LIFO on January 1, 2013, when the inventory value was $1,200,000. The December 31, 2013, ending inventory at year-end costs was $1,430,000 and the cost index for the year is Required: Compute the dollar-value LIFO inventory valuation for the December 31, 2013, inventory. 8. OK Super Stores Inc. uses the average cost retail method to estimate its ending inventory. Information at June 30, 2013, is as follows: Cost Retail Beginning inventory $105,000 Net purchases 375,000 Net sales 380,000 Ending inventory 64,000 Required: Compute the cost-to-retail percentage used by OK. 9. Open Pit Mining operates a copper mine in Wyoming. Acquisition, exploration, and development costs totaled $8.2 million. Extraction activities began on July 1, After the copper is extracted in approximately six years, Open Pit is obligated to restore the land to its original condition, including constructing a park. The company s controller has provided the following three cash flow possibilities for the restoration costs: Cash Flow Probability 1. $700,000 30% 2. $800,000 25% 3. $900,000 45% The company s credit-adjusted, risk-free rate of interest is 4%, and its fiscal year ends on December 31. Required: a. What is the initial cost of the copper mine? (Round computations to nearest whole dollar.) b. How much accretion expense will Open Pit report in its 2013 income statement? c. What is the carrying value (book value) of the asset retirement obligation that Open Pit will report in its 2013 balance sheet? d. Assume that actual restoration costs incurred in 2019 totaled $860,000. What amount of gain or loss will Open Pit recognize on retirement of the liability? 6 Intermediate Accounting 1
8 10. On June 30, 2012, Quarker State purchased a drilling machine for $840,000. The estimated useful life of the machine is 10 years, and no residual value is anticipated. An important component of the machine is the drill housing component that will need to be replaced in five years. The $200,000 cost of the drill housing component is included in the $840,000 cost of the machine. Quarker State uses the straight-line depreciation method for all machinery. The company s fiscal year ends on December 31. Required: a. Calculate depreciation on the drilling machine for 2012 and 2013 applying the typical U.S. GAAP treatment. b. Repeat requirement 1 applying IFRS. SUBMITTING YOUR ASSIGNMENT You can submit your final exam online using this process: 1. On your computer, save a revised and corrected version of your project. Be sure to include your student number and exam number on your saved documents. 2. Go to and log in. 3. Go to Student Portal. 4. Click on Take Exam next to the lesson you re working on. 5. Enter your address in the box provided. (Note: This information is required for online submission.) 6. Attach your file or files as follows: a. Click on the Browse box. b. Locate the file you wish to attach. c. Double-click on the file. d. Click on Upload Files. e. If you have more than one file to attach, repeat steps a d. 7. Click on Submit Files. Be sure to keep a backup copy of your completed assignment. Final Examination 7
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