财务报表分析:存货、长期资产、递延税项和表内及表外负债(一)及答案解析.doc
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1、财务报表分析:存货、长期资产、递延税项和表内及表外负债(一)及答案解析(总分:49.00,做题时间:90 分钟)一、B单项选择题/B(总题数:1,分数:49.00)QuestionThe following information has been gathered regarding Williams Investing, which uses thestraight-line method for depreciation.Depreciable life of 8 years on its assets.Net book value of assets is $ 40 million.A
2、ccumulated depreciation is $ 28 million.Salvage value is $12 million.It recently revised the estimates for the remaining useful life of its assets from 4 years to 6 years.Net income before the change is $13 million. The effective tax rate for the firm is 40 percent.(分数:49.00)(1).Depreciation expense
3、 for Williams Investing will decrease by: A. $ 2.3 million. B. $ 3.6 million. C. $ 1.4 million.(分数:1.00)A.B.C.D.(2).Net income for Williams Investing will increase by: A. 13.85%. B. 10.62%. C. 15.39%.(分数:1.00)A.B.C.D.(3).A firm ended the last period with inventory of $ 4.0 million and a last in, fir
4、st out (LIFO) reserve of $175000. During the year, it made purchases of $ 2. 0 million and reported sales of $ 5.5 million with a gross margin of 0.32. At the end of the year, it reported a LIFO reserve of $ 75000. What is the value of the firm s cost of goods sold (COGS) on a first in, first out (F
5、IFO) basis ? A. $ 384000O. B. $ 3740000. C. $ 3640000.(分数:1.00)A.B.C.D.(4).Which of the following statements about a company that capitalizes significant costs this year is least likely correct? Compared with expensing, a company that capitalized these costs would: A. show smoother reported income a
6、nd lower return on assets in future years. B. have higher cash flow from operations and lower cash flow from investing. C. have lower profitability ratios this year and higher cash flows from operations.(分数:1.00)A.B.C.D.(5).Which of the following situations will most likely require a company to reco
7、rd a valuation allowance on its balance sheet? A. To report depreciation, a firm uses the double-declining balance method for tax purposes and the straight-line method for financial reporting purposes. B. A firm with deferred tax assets expects an increase in the tax rate. C. A firm is unlikely to h
8、ave future taxable income that would enable it to take advantage of deferred tax assets.(分数:1.00)A.B.C.D.(6).The best way to compute an inventory turnover ratio is to use: A. LIFO for COGS and FIFO for average inventory. B. FIFO for both COGS and average inventory. C. LIFO for both COGS and average
9、inventory.(分数:1.00)A.B.C.D.(7).During periods of rising prices and stable or growing inventories, the most informative inventory accounting method for income statement purposes is: A. FIFO because it allocates historical prices to cost of good sold (COGS) and provides a better measure of current inc
10、ome. B. LIFO because it allocates historical prices to cost of good sold (COGS) and provides a better measure of current income. C. LIFO because it allocates current prices to cost of good sold (COGS) and provides a better measure of current income.(分数:1.00)A.B.C.D.(8).TY Corp. is a manufacturing fi
11、rm with a reputation for very aggressive financial management. The company has a very high ROE of 28 percent and a spectacular return on assets of 42 percent.Which of the following is the most likely explanation of these ratios? TY Corp. : A. has just started using accelerated depreciation methods.
12、B. leases most of its fixed assets. C. does not capitalize most of its product development costs.(分数:1.00)A.B.C.D.(9).Ralph & Sons, Inc., uses the straight-line method of depreciation for its long-lived assets. After a recent meeting with the independent accountants where industry depreciation pract
13、ices were discussed, Ralph decided to switch to the double-declining balance method. In the year in which the switch occurs, Ralph should report this change as: A. a change in accounting principle and report its effect on prior period results as a non-recurring item, net of tax. B. an accounting err
14、or and directly adjust retained earnings. C. a change in accounting principle and report its effect on prior earnings as part of operating earnings.(分数:1.00)A.B.C.D.(10).Selected financial data from Krandall, Inc. s balance sheet for the year ended December 31 was as follows (in $ ) : Cash $1100000
15、Accounts Payable $ 400000Accounts Receivable 300000Deferred Tax Liability 700000Inventory 2400000 Long-term Debt 8200000Property, Plant & Eq. U8000000/U Conunon Stock 1000000Total Assets 11800000 Retained Earnings U1500000/ULIFO Reserve at Jan. 1 600000Total Liabilities & Equity11800000LIFO Reserve
16、at Dec. 31 900000Krandall uses the last in, first out (LIFO) inventory cost flow assumption. The tax rate is 40 percent. If Krandall used first in, first out (FIFO) instead of LIFO and paid any additional tax due, its assets-to-equity ratio would be closest to: A. 4.06. B. 3.63. C. 3.73.(分数:1.00)A.B
17、.C.D.(11).A company issued a bond with a face value of $ 67831, maturity of 4 years, and 7 percent coupon, while the market interest rates are 8 percent.What is the unamortized discount when the bonds are issued? A. $498.58. B. $ 15726.54. C. $ 2246. 65.(分数:1.00)A.B.C.D.(12).Lakeside Co. recently de
18、termined that one of its processing machines has become obsolete three years early and, unexpectedly, has no salvage value. Which of the following statements is most consistent with this discovery? A. Historically, economic depreciation was understated. B. Lakeside Co. will owe back taxes. C. Histor
19、ically, economic depreciation was overstated.(分数:1.00)A.B.C.D.(13).In 2005, Carpet Company decides to change from the straight-line method of depreciation to the sum of the year s digits method. The following information is available : Pre-2005 2005Straight Line Depreciation $ 1600000 $ 400000Sum of
20、 the Years Digits $ 2300000 $ 500000On its 2005 financial statements, Carpet will report: A. $ 400000 depreciation expense in the 2005 income statement and $ 800000 separately as a change in accounting principle net of taxes. B. $ 500000 depreciation expense in the 2005 income statement and $ 700000
21、 separately as a change in accounting principle net of taxes. C. $1200000 depreciation expense in the 2005 income statement and include a footnote of explanation including the tax effect.(分数:1.00)A.B.C.D.(14).Annual interest expense is the: A. sum of the annual coupon payments. B. amount paid to cre
22、ditors in excess of par. C. book value of the debt times the market interest rate when it was issued.(分数:1.00)A.B.C.D.(15).Selected information from the financial statements of Salvo Company for the years ended December 31,2003 and 2004 is as follows ( in $ millions) : 2003 2004Sales $ 21 $ 23Cost o
23、f Goods Sold (8) (9)Gross Profit 13 14Cost of Franchise (6) 0Other Expenses (6) (6)Net Income $ 1 $ 8 Cash $ 4 $ 5 Accounts Receivable 6 5Inventory 9 7Property, Plant & Equip. 12 15(net)Total Assets $ 31 $ 32 Accounts Payable $ 7 $ 5 Long-term Debt 10 5Common Stock 8 8Retained Earnings 6 14Total Lia
24、bilities and Equity $ 31 $ 32Salvos return on average total equity for 2004 was ( $8/( ( $8 + $6) + ( $8 + $14) )/2 =) 44.4 percent.If Salvo had amortized the cost of the franchise acquired in 2003 over six years instead of expensing it, Salvo s return on average total equity for 2004 would have dec
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