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1Copyright©2012PearsonEducation,Inc.PublishingasPrenticeHallAdvancedAccounting,11e(Beams/Anthony/Bettinghaus/Smith)Chapter10SubsidiaryPreferredStock,ConsolidatedEarningsPerShare,andConsolidatedIncomeTaxationMultipleChoiceQuestionsUsethefollowinginformationtoanswerthequestion(s)below.OnDecember31,2010,ParminterCorporationownsan80%interestinthecommonstockofSanchezCorporationandan80%interestinSanchez'spreferredstock.OnDecember31,2010,Sanchez'sstockholders'equitywasasfollows:10%preferredstock,cumulative,$10parvalue$50,000Commonstock350,000Retainedearnings100,000Totalstockholders'equity$500,000OnDecember31,2010,preferreddividendsarenotinarrears.Sanchezhad2011netincomeof$30,000andonlypreferreddividendsaredeclaredandpaidin2011.Therearenobookvalue/fairvaluedifferentialsassociatedwithParminter'sinvestments.1)HowmuchshouldtheParminter'sInvestmentinSanchez—CommonStock,changeduring2011?A)$5,000B)$20,000C)$25,000D)$30,000Answer:BExplanation:B)($30,000-$5,000)×80%Objective:LO1Difficulty:Moderate2)Whatshouldbethenoncontrollinginterestshare,commonintheconsolidatedfinancialstatementsofParminterfortheyearendingDecember31,2011?A)$5,000B)$20,000C)$25,000D)$30,000Answer:AExplanation:A)($25,000×20%)Objective:LO1Difficulty:Moderate2Copyright©2012PearsonEducation,Inc.PublishingasPrenticeHall3)Whatshouldbethenoncontrollinginterestshare,preferredintheconsolidatedfinancialstatementsofParminterfortheyearendingDecember31,2011?A)$1,000B)$2,000C)$4,000D)$5,000Answer:AExplanation:A)($5,000×20%)Objective:LO1Difficulty:Moderate4)Asubsidiaryhasdilutivesecuritiesoutstandingthatincludeconvertiblebondspayable.Thebondsareconvertibleintotheparent'scommonstock.Whencalculatingconsolidateddilutedearningspershare,theconvertiblebondswillaffectA)thenumeratorofconsolidateddilutedEPSonly.B)thedenominatorofconsolidateddilutedEPSonly.C)thenumeratoranddenominatorofconsolidateddilutedEPS.D)Noneoftheabovewillbeaffected.Answer:CObjective:LO2Difficulty:Moderate3Copyright©2012PearsonEducation,Inc.PublishingasPrenticeHallUsethefollowinginformationtoanswerthequestion(s)below.OnJanuary1,2011,PardyCorporationacquireda70%interestinthecommonstockofSalterCorporationfor$7,000,000whenSalter'sstockholders'equitywasasfollows:10%cumulative,nonparticipatingpreferredstock,$100par,witha$105liquidationpreference,callableat$110$1,000,000Commonstock,$10parvalue6,000,000Additionalpaid-incapital1,500,000Retainedearnings2,500,000Totalstockholders'equity$11,000,000TherewerenopreferreddividendsinarrearsonJanuary1,2011.Therearenobookvalue/fairvaluedifferentials.5)WhatistheimpliedgoodwillforSalterbasedonPardy'spurchasepriceforSalteronJanuary1,2011?A)$0B)$35,000C)$70,000D)$100,000Answer:DExplanation:D)Stockholders'equity$11,000,000Less:Preferredstockholders'equity(10,000×$110)1,100,000Commonstockholders'equity9,900,000Costof70%interestacquired$7,000,000Impliedfairvalueofinvestment($7,000,000/0.7)10,000,000Commonstockholders'equity9,900,000Goodwill$100,000Objective:LO1Difficulty:Moderate6)Salterhasa2011netlossof$200,000.Nodividendsaredeclaredorpaidin2011.WhatisthechangeinPardy'sInvestmentinSalterfortheyearendingDecember31,2011?A)$50,000B)$70,000C)$140,000D)$210,000Answer:DExplanation:D)Salter'snetloss$(200,000)Preferreddividend10%×$1,000,000(100,000)TotalLosstocommonstockholders(300,000)Pardy'sownershippercentage70%Pardy'sshareofthelossoninvestment$(210,000)Objective:LO1Difficulty:Moderate4Copyright©2012PearsonEducation,Inc.PublishingasPrenticeHall7)AssumeSalter'snetincomefor2011is$220,000.Nodividendsaredeclaredorpaidin2011.WhatisthechangeinPardy'sInvestmentinSalterfortheyearendingDecember31,2011?A)$84,000B)$119,000C)$154,000D)$189,000Answer:AExplanation:A)Salter'snetincome$220,000Less:Incometothepreferredstockholders(100,000)Incometothecommonstockholders120,000Pardy'sownershippercentage70%Pardy'sshareoftheincome$84,000Objective:LO1Difficulty:ModerateUsethefollowinginformationtoanswerthequestion(s)below.OnJanuary1,2011,PamplinCorporationstockholders'equityconsistedof$1,000,000of$10parvalueCommonStock,$750,000ofAdditionalPaid-inCapital,and$3,000,000ofRetainedEarnings.OnJanuary1,2011,Pamplinpurchased90%oftheoutstandingcommonstockofSageCorporationfor$1,500,000withallexcesspurchasecostassignedtogoodwill.Thestockholders'equityofSageonthisdateconsistedof$800,000of$100parvalue,8%cumulative,preferredstockcallableat$105,$900,000of$10parvaluecommonstockand$500,000ofRetainedEarnings.Sage'snetincomefor2011was$100,000.OnJanuary1,2011,nopreferreddividendsareinarrears.Nodividendsaredeclaredorpaidin2011.InaseparatetransactiononJanuary1,2011,Pamplinpurchased70%ofSage'spreferredstockfor$600,000.8)FortheyearendingDecember31,2011,theamountofPamplin'sincomefromSage(associatedwiththecommonstockinvestmentinSage)isA)$32,400.B)$36,000.C)$60,000.D)$90,000.Answer:AExplanation:A)Preliminarycomputations:Totalstockholders'equity(Sage)$2,200,000Less:Preferredstockholders'equity($800,000×1.05)840,000Equals:Commonstockholders'equity$1,360,000Netincomeasgiven$100,000Less:Preferreddividends($800,000×8%)64,000Incomeavailabl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