課程名稱︰高等會計學下
課程性質︰必修
課程教師︰許文馨
開課學院：管理學院
開課系所︰會計學系
考試日期（年月日）︰2015年5月21日
考試時限（分鐘）：90分鐘
試題 :
一、(25分)
Pet Corporation acquired 80% of the common stock of Sul for $4,000,000 on
January 2,2011,when the stockholders' equity of Sul consisted of 5,000,000
euros capital stock and 2,000,000 euros retained earnings.The spot rate for
euros on this date was $0.5.Any cost/book value difference attributable to a
patent is to be amortized over a 10-year period,and Sul's functional currency
is the euro.
Accounts from Sul's adjusted trial balance in euros at December 31,2011,are as
follows:
Debit Credits
Cash Eu1,000,000 Accumulated depreciation Eu2,400,000
Account receivable 2,000,000 Account payable 3,600,000
Inventories 4,000,000 Capital stock 5,000,000
Equipment 8,000,000 Retained earnings 2,000,000
Cost of goods sold 4,000,000 Sales 10,000,000
Depreciaton expenses 800,000
Operating expense 2,700,000
Dividends 500,000
Eu23,000,000 Eu23,000,000
Relevent exchange rates in U.S. dollars for euros are as follows:
Current exchange rate December 31,2011 $0.60
Average exchange rate 2011 $0.55
Exchange rate applicable to dividends $0.54
REQUIRED:
1.Prepare a translation worksheet for Sul at December 31,2011.
2.Calculate Pet's income from Sul for 2011 on the basis of a one-line
consolidation.
3.Determine the correct balance of Pet's investment in Sul at December 31,2011.
4.Prepare Pet's entry under the equity method at December 31,2011.
二、(16分)
American TV Corporation had two foreign currency translation during December
2011,as follows:
December 12 Purchased electronic parts from Tokyo Company of Japan at an
invoice price of 50,000,000 yen when the spot rate for yen was
$0.00750.Payment is due on January 11,2012.
December 15 Sold television sets to British Products Ltd. for 40,000 pounds
when the spot rate for British pounds was $1.65.The invoice is
denominated in pounds and is due on January 14,2012.
REQUIRED:
1.Prepare journal entries to record the foregoing transaction.
2.Prepare journal entries to adjust the accounts of American TV Corporation at
December 31,2011,if the current exchange rates are $0.00760 and $1.60 for
Japanese yen and British pounds,respectively.
3.Prepare journal entries to record payments to Toko Company on January 11,
2012,when the spot rate for Japanese yen is $0.00765,and to record receipt from
British Products Ltd. on January 14,2012,when the spot rate for British pounds
is $1.63.
三、(12分)
Acme Corporation has four operating segments.
Operating Intersegment Operating Operating
Segment Segment's Profit
Segment Revenue Revenue Assets (Loss)
Transportation $360,000 $0 $700,000 $(100,000)
Oil refining 405,000 480,000 950,000 200,000
Insurance 95,000 20,000 180,000 20,000
Finance _140,000_ _ 0 _ _1,170,000_ _50,000_
Total $1,000,000 $500,000 $3,000,000 $170,000
REQUIRED:
1.Which Acme's operating segments required seperate disclosure under (a)the
revenue test,(b)the asset test,and (c)the profit test?(請列出判斷過程)
2.Do additional reportable segments have to be identified?
四、(23分)
Wave Company refines oil.Wave purchases raw crude from various producers and,
after the refinement process,sells it to gasoline wholesalers.The price that
Wave receives from a gasoline wholesaler depends on the raw crude market price
as well as other factors.Typically,Wave refines the oil almost immediately
after purchase;however,because of some factory breakdowns,it has about 200,000
barrels of oil that will not be processed for six months.Wave is concerned
about how to maintain the value of that oil.While it would be nice if the oil
was worth more in six months than it currently is worth,there are no guarantees
,and it might be worth less.As a result,Wave is considering entering into a
derivative contract that will help it maintain its net investment value.
◎On November 1,2011,Wave enters into a forward contract to sell the crude for
$90 per barrel in six months(for fear of the drop in price).The contract will
be settled net.The spot price of the oil is also $90.
◎Let us assume that the forward contract price of $90 equals the spot price at
the contract date.Wave's book value of the oil is $86,its historical cost.
Again,the present value model will be used to measure the forward value.
◎Discount rate per month is 1%.
REQUIRED:
1.What type of hedge accounting is the forward contract qualified for?
2.The market price of oil is $90 on November 1,2011,$92 on December 31,2011,$89
on March 31,2012,and $87.5 on April 30,2012.Please prepare journal entries for
these dates.
五、(24分)
Par of Chicago acquired all the outstanding capital stock and Sar Company of
London on January 1,2011,for $1,300,000.The exchange rate for British pounds
was bp800,000,consisting of bp500,000 capital stock and bp300,000 retained
earnings.The functional currency of Sar is the U.S. dollar.Exchange rates for
British pounds for 2011 are as follows:
Current rate December 31,2010 $1.60
Current rate December 31,2011 1.70
Average exchange rate for 2011 1.65
Exchange rate for dividends 1.64
Sar's cost of goods sold consists of bp200,000 inventory on hand at January 1,
2011,and purchases of bp600,000 less bp150,000 inventory on hand at December 31
,2011,that was acquired at an exchange rate of bp1.68.
All of Sar's plant assets were on hand when Par acquired Sar,and Sar's other
expenses were paid in cash or relate to accounts payable.
REQUIRED:
1.Prepare a remeasurement worksheet to restate Sar's adjusted trial balance at
December 31,2011,in U.S. dollars.
British pounds Exchange rate U.S. dollars
Cash 50,000
Accounts receivable 200,000
Short-term note receivable 50,000
Inventories 150,000
Land 300,000
Buildings-net 400,000
Equipment-net 500,000
Cost of sales 650,000
Depreciation expense 200,000
Other expenses 400,000
Dividends _100,000_
3,000,000
Accounts payable 180,000
Bonds payable-10% 500,000
Bond interest payable 20,000
Capital stock 500,000
Retained earnings 300,000
Sales _1,500,000_
3,000,000
2.Prepare consolidation working papers entries for Par Corporation and
subsidiary for the year ended December 31,2011.All the excess of cost over book
value is treated as goodwill.