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本帖最后由 catherine 于 2015-7-16 09:56 编辑
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9 O# ?3 R/ r- OQuestion 617 Y6 q4 L- T+ A. o4 l5 v& S
Selected information from Mendota, Inc.’s financial statements for the year ended December 31 includes the following (in $):/ S) i! L6 W& u' h7 {9 i3 u
Sales 7,000,0002 o# ]% S1 f) N) R/ A9 a4 w) h
Cost of Goods Sold 5,000,0002 ^9 d" ?. n6 H0 f, w* U1 K% F8 G
LIFO Reserve on Jan. 1 600,000* g% j, n& ]! Q( z J1 d) ^
LIFO Reserve on Dec. 31 850,000( m( |2 ^' S0 K9 X9 c, S
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Mendota uses the last in, first out (LIFO) inventory cost flow assumption. The tax rate is 40%. If Mendota changed from LIFO to first in, first out (FIFO), its gross profit margin would:! t" ^$ ^. I1 p2 y b9 Q
A) increase to 32.1%.
* C, |! S* _- k8 ?, E o% VB) increase to 30.0%.+ [8 J, M2 }) O; `4 J4 R. \
C) increase to 40.1%.
( e" ~! Q7 y0 d# b! D2 n$ e* LD) remain unchanged at 28.6%.
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. g& V' W& K: C1 W0 K7 g. q0 r+ _Question 62
/ z# P. t: m9 x* gCan the stage in the life cycle of a firm’s industry and earnings manipulation by management cause differences between the growth rate of a firm’s net income and the growth rate of its operating cash flow over annual reporting periods?8 @5 u6 h! D) S( N
Life cycle Earnings manipulation7 X( f5 F) W& J1 s2 X2 u' O
A) Yes Yes2 E. t6 v% A+ T* o6 q, f2 h4 O
B) Yes No$ p m- B' \& ]9 l: V& j
C) No Yes
' Q9 v/ d& `+ z9 |* j5 i6 f! TD) No No
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Question 63) ~. b& ^7 n* \3 y
Which of the following statements is correct regarding the financial statement adjustments that an analyst must make regarding firms that choose different accounting methods but are subject to the same standards, and firms with different accounting methods due to differences in applicable accounting standards, respectively?
+ g6 Q4 H% F# Q+ `3 q3 f* X8 \* bSame accounting standards Different accounting standards
s) ]5 v4 I( z$ HA) Adjustments required No adjustments required
]# s: v7 `; ?3 t4 ~- FB) Adjustments required Adjustments required
b8 B: u# X3 |5 N9 hC) No adjustments required Adjustments required& U% q6 l& C& ^! {- `, t) `' X
D) No adjustments required No adjustments required
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Question 647 }7 `- W$ O* t W1 T
Jason Corp. has a permanently impaired asset that must be written down from its carrying value of $5,000,000 to its present value of future cash flows of $3,500,000. The asset’s salvage value is $1,000,000. Before considering the asset write-down, Jason Corp.’s financial data are as follows (in $):* v9 `% ~, ~( ]2 i: }, A R
Sales 27,000,000
r; Z- A; u3 q7 ^) T8 z. C6 ~Cost of Goods Sold (15,000,000)/ Z6 o" {$ {5 H2 i
Gross Profit 12,000,000
: E& l* B, G5 b1 u; cDepreciation Expense (5,000,000)
9 L; r# g+ i H# j% JOther Expenses (1,000,000)' T3 J7 m+ G1 p ~/ {
Operating Income (EBIT) 6,000,000
, z, ]8 c8 b# @Interest Expense (1,000,000)8 c7 |6 i1 y6 |2 c7 D) G- m; _
Income Taxes Expense (2,000,000)
% m! t$ \% c G/ \3 R3 Q" UNet Income 3,000,000 9 U/ f3 y- [7 I5 T
9 q; F' u( S. f! \1 z U, tWhen Jason Corp. takes the write-down, its operating profit margin will be closest to:( S7 l# l1 Q7 h- e5 m8 X' a
A) 18.5%.& W1 ]/ W. S# T4 R6 o9 ~
B) 22.2%.5 q$ {% h3 ]. f7 u! B1 U4 Q
C) 16.7%.
3 R4 \; h' T0 L/ b4 jD) 14.2%./ K# F% U3 E5 t0 O6 v# h2 ]
0 K, \' C/ f( H% o0 cQuestion 652 B3 x. @$ p$ i7 B" \2 R/ A
Dalrymple, Inc. has operations in a country that taxes ordinary net income at a rate of 40%, has gains on the sale of long-term assets at 20%, and exempts interest income from any taxation. Dalrymple’s net income before taxes is derived from the following sources: O, K( ~* @$ _: B1 V( y
Net Income from Ordinary Activities $2,000,000
4 ~( U- l$ _7 r' ]2 ?Net Income from Sale of Long-term Asset 1,000,000) z# M- p$ a: o6 @
Net Interest Income 1,000,000, t+ O% T6 X; D
Net Income before Taxes 4,000,000
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On its income statement, Dalrymple should: |% w# `; C% Z5 M: G
A) apply an effective tax rate of 25%.
6 u4 L0 {& Z0 z- v& H/ t; a* CB) show its income in different categories and apply the appropriate tax rate to each.
/ ^& w; n" Y3 J' M" SC) apply an effective tax rate of 40% and add $600,000 to its deferred tax liability account.4 F! r! G1 t. A$ `; ^
D) apply an effective tax rate of 40% and add $600,000 to its deferred tax asset account. |
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发表于 2015-7-16 09:51:00
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