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本帖最后由 catherine 于 2015-7-16 09:56 编辑
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Question 61& r- J" g; M) Y# V2 @( X, B
Selected information from Mendota, Inc.’s financial statements for the year ended December 31 includes the following (in $): ~6 d) l e* Q: o D
Sales 7,000,000
$ y- k+ S6 x1 e% @) [$ TCost of Goods Sold 5,000,000
# ? \/ Y0 y" J, t. q: ]; nLIFO Reserve on Jan. 1 600,000& T$ f( R- @9 I% Y2 q; u+ {
LIFO Reserve on Dec. 31 850,000$ L; g& W2 D: x! i/ C. a/ D) p/ K+ C
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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:* _9 v) v% C6 Q& t0 [
A) increase to 32.1%.7 |$ M6 y) B( e. P$ d2 _
B) increase to 30.0%.
- d6 ?" e8 n5 N) W8 R1 Y* i" WC) increase to 40.1%.
5 ?* a8 E% _, GD) remain unchanged at 28.6%. 9 c( t3 p |2 D6 }4 T, F9 N8 z4 A
1 a' E3 c8 o( r% Z& L( jQuestion 62
3 D3 x& t6 C2 b- A7 sCan 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?* [) j# E+ k. n& h3 q
Life cycle Earnings manipulation
1 g/ M4 H9 V, n! D+ @0 BA) Yes Yes
9 K# Z: l0 |1 B& |1 f ]+ Z5 p6 VB) Yes No
7 f% A) c K* t( m/ N" }5 V# d$ pC) No Yes
* g2 l2 w& Y! h, _; d: w% w# [0 VD) No No
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8 V# b' u/ r( C! R8 G& y# ^Question 631 I6 }+ N d8 V" `
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?
) c7 V/ L/ B5 _, x# RSame accounting standards Different accounting standards) I: s& X1 j1 k7 J
A) Adjustments required No adjustments required' X; e) V/ ^* N+ t7 q! Y0 H
B) Adjustments required Adjustments required
1 R0 X) g/ ^. QC) No adjustments required Adjustments required: @( [+ D6 U% D% k* }* U
D) No adjustments required No adjustments required6 [! T- @+ ?8 C2 Q% V5 I
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Question 64
! X+ ^8 e- |0 C n6 d8 NJason 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 $):
) Z' ~& s- i4 D. \& v9 gSales 27,000,000
& @) V$ M7 \" V" XCost of Goods Sold (15,000,000)
7 I0 `# Q# n8 f: k, N; ^. X3 RGross Profit 12,000,000
* Z. I8 U0 U& \& X- uDepreciation Expense (5,000,000)
" ~2 x4 E ~' I2 v! r# v( {8 i$ \Other Expenses (1,000,000)+ m' g$ |% g+ H' A
Operating Income (EBIT) 6,000,000 % m0 S, l2 o: P3 y/ h0 }
Interest Expense (1,000,000): @6 ]5 ?0 k$ p
Income Taxes Expense (2,000,000)6 W5 [( q+ ^! A# Z4 H7 p( o
Net Income 3,000,000
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3 y% ~4 {; F E: e0 a( @( CWhen Jason Corp. takes the write-down, its operating profit margin will be closest to:8 @" `# B& e+ ?+ L% f2 ^
A) 18.5%.
) j$ c. C9 `, T- m# L, {7 ? V" h! oB) 22.2%.
8 d5 K, E4 R1 Z* _: ]8 ~& `3 T1 W3 _C) 16.7%.( N8 q% Z! u" _6 e
D) 14.2%.
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7 Q2 Y4 X# ]* k* w1 L! @Question 65
. B3 k3 Z: B) B1 v7 j. Y4 yDalrymple, 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:5 M6 X/ v4 b1 a- V; l
Net Income from Ordinary Activities $2,000,000
, F3 y0 c% `3 _ u- \Net Income from Sale of Long-term Asset 1,000,000
; B' l7 w u& \Net Interest Income 1,000,0005 H- T+ l% \* }8 y. |
Net Income before Taxes 4,000,000
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- q3 g. R% F. M8 l# rOn its income statement, Dalrymple should:
1 [' o3 y7 ^/ m+ s7 |% ~ A' @A) apply an effective tax rate of 25%.+ J4 T' I# d4 ?/ z4 v6 o) P: y
B) show its income in different categories and apply the appropriate tax rate to each.
+ d1 G: k) }3 z6 N( f* |0 H/ l. bC) apply an effective tax rate of 40% and add $600,000 to its deferred tax liability account.
! e. s/ \4 D- z/ W7 i& QD) 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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