6.Bonds payable issue and recording interest expenses.(15%）
The ABC Company sold $600000 of its 9.5%,12 years bonds on April 1,2000,at 106. The semi-annual interest payment dates are April 1 and October 1. The effective interest rate is approximately 8.9%. The company‘s fiscal year ends December 31.
Required：
Prepare journal entries to record：
(1)The issue of the bonds on April 1，2000
(2)The first interest payment on October 1,2000
(3)The Amortization of premium or discount and interest expenses on December 31,2001.
7.Statement of Cash Flows (14%）
The net income of the ZY Company for 1999 was $260000. Additional data available relative to activities for the year are given below：
A.Depreciation expenses for the year,$90000；
B.Loss on sale of machinery used in operations was $2400；
C.Accounts receivable increased by $2000；
D.Accounts payable increased by $8400；
E.Patent amortization for the year was $14800；
F.Amortization of premium on bonds payable for the year was $4600.
Required
Prepare the cash flows from operating activities section of a statement of cash flows under the indirect method.
8.Determining Revenue and Capital Expenditures (11%）
The controller for XYZ Co. Asks you to review the Repair and Maintenance Expenses account to determine if all of the charges are appropriate. The account contains many transactions totaling $215540. All of the transactions are considered material.
Required：
You examine three of the transactions. Indicate whether each transaction is properly charged to the reqair and maintenance account and,if not,indicate why not and to which account the transaction should be charged. The three transactions as follows：
Item Date Amount Decription
1 01/03/00 $10000 Two-year service contract on office equipment
2 05/18/00 $38500 Sealing roof leaks over entire production plant
3 10/20/00 $48500 Purchase a crane for the assembly departement
答案1. (1)Journal entry
A chronological record of transactions,showing for each transaction the debits and credits to be entered in specific ledger accounts.
(2)Going concern
An assumption that a business entity will continue in operation indefinitely and thus will carry out its existing commitments.
(3)Matching principle
The revenue earned druing an accounting period is offset with the expenses incurred in generating this revenue.
(4)Working capital
Current assets minus current liabilities
(5)Revenue expenditure
Any expenditure that will benefit only the current accounting period.
2. 每空1分，其中两个debit合计1分
(1)(two） (debit） (debit） (equal）
(2)(adjusting） (assign） (end） (prior）
(3)(liquid） (that） (at）
3.题一10分，第一小段6分，第二小段4分； 题二8分
(1)Financial statements show the financial position of a business and the results of its operations,presented in conformity with generally accepted accounting principles. These statements are intended for use by many different decision makers,for many different purposes.
Tax returns show the computation of taxable income,legal concept by tax laws and regulations. In many cases,tax laws are similar to generally accepted accounting principles,but substantial differences do exist.
(2)Auditors do not guarantee the accuracy of financial statements； they express only their expert opinion as to the fairness of the statements. However,CPA firms stake their reputations on the thoroughness of their audits and the dependability of their audit reports.
4.每小题6分，每小题包括三小句，每小句2分。
(1)会计原则不象自然法则，从性质上来说不是等待人们去发现，而是我们考虑财务报告的最重要目标后据此由人制定的。在很多方面公认会计准则类似于为有组织的体育比赛，如足球或篮球比赛制定的比赛规则。
(2)会计师制定了一些会计程序，据此将现金收支分配于一定期间，以某种方式确定出收益，该收益代表这个企业特定期间的经济成果。收益概念应用于现实生活涉及许多的抉择和判断。
5.每小题选对1分
(1）C，(2）A，(3）B，(4）C，(5）C，(6）A，(7）C，(8）C，(9）B，(10）B
6.(1）全对4分，(2）全对5分，(3）全对6分
(1)Debit： cash 636000
Credit： Bonds payable 600000
Premium on bonds payable 36000
(2)Debit： Interest Expenses 28302
Premium on bonds payable 198
Credit： Cash 28500
(3)Debit： Interest Expenses 14137
Premium on bonds payable 113
Credit： Interest payable 14250
7.共6个调整数据，做对一个2分，合计数对2分，计14分。
Cash flows from operating activities：
Net income …………………………………………………………… $260000
Adjustment for non cash revenue and expenses：
Added (less）： depreciation ……………………………$90000
Loss on sale of machinery ……………$2400
Patent amortization …………………$14800
Amortization of premium on bond …。($4600)$102600
Working capital changes：
Accounts receivable increase …………($2000）
Accounts payable increase …………$8400 $6400
Cash flows from operating activities ………………………………$369000
8.项目1和项目3正确表述各4分，项目2正确表述3分。
Item 1：This item is a prepaid expenses and not properly recorded. Half of this expenses should be charged to the repair and maintenance account in the current year,half of this expenses should be deferred to next year.
Item 2：This item is properly charged the account,because that is for regulative repairs.
Item 3：This item is not properly charged,because this expenditure is for increasing the efficiency of production and should be capitalized.
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