finwkw98

finwkw98 - H. Sander Economics 1368 Winter 1998 -‘ » ‘...

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Unformatted text preview: H. Sander Economics 1368 Winter 1998 -‘ » ‘ Final fweml (40%) g M Johnson Inc. has issued a bond on 1/1/1 to the general pu licxwhich has a face value. of $190M and a sale price EEWO. The stated rate of interest 's___1_0fi2)nd the yield rate ALlZ/3113 the bond is repurchgsgdxby lohnsonmCmgmpany. from the typewrrrn‘arjg at market value of $108,000. Wam- Required 1. What is the approximate term ofrthe, bond? Your choices are (1) > 10 years (2) 3-10 years (3) < 3 years. Why? 2. Assuming that the risk factors surrounding the company have not increased or decreased during years 1-3, what can you assume about the general interest rates in the market during this period? Ur , 3. Give the journal entriesfoLlohnsonlncrduringyems 1-3. 4. Show the balance sheet and income statement results for the annual (12/31) financial statements of Johnson Inc. in all 3 years. 5. A. Show the balance sheet and income statement results for the investor in the bonds for their annual income statement based on G.A.A.P. Assume the value of the bond has increased by $1,000 per year during the holding period and the investor intended on holding the bonds until maturity. B. Repeat part A. but this time asSume the bond was not intended to be held to maturity. 6. Why would the accounting for this bond be different in parts A. and B.? .J Problem I] (20 mins) M, I” A . ., ‘ f ‘w-\ « I ( sang ‘ i If“ r ‘ fl . ' ‘j / V Wan; ' On 1/1/1 Sands Co. buys a machine for $3000 down and $5,000 per year Starting 1/ 1/2 through ' .' L 1/1/4 and $2,300 on 12/31/4; The machine will last 7 years and have a salvage of $3,000. company’s incremental borrowing rate is 12% and double declining balance-depreciation is used. ' (A) Show the carrying value of the machine and its related liability on 1/1/1/, 12/3 1/ 1, 12/31/2. (B) Show the income statement results year 1 and 2. I ' -- e r f ' ' (C) Compare the cash paid in year 1 with your expenses on the income statement for year 1 and theoretically justify why they are different. wt ~.,..~.,..,._ dw—e'“ \\ L .M" '“x,” u r“ " - ' ' \f \Vr/ ’ .r’“ “N. .r' . /"‘ I {'4 - ’u ‘ ' V 4 "Wm-g .. i _ 4 Wg,......,..~.‘i“} KY; ....w—-‘~«-w “7;”? 3 ww— wm; L, V I S— , ~\ * . '2 i 'L. V ,2 Ww~ mu m. w — — can... A] Problem III (15 mins) 4 g, - if b On l/l/l Jones Inc. is considering making investments in equity securities and would like you to help them determine the proper carrying value of the investment assuming the following: Investment cost r $100,000 % of outstanding stock owned ' 30% Earnings of investee « ‘ $20,000 '7’“ Decrease in market value 10% Book value of the net assets of the company invested in \ Undervalued identifiable assets on the books of the investee Life of undervalued identifiable assets Dividends paid by the investee during year 1 * “$5,000 Life of any goodwill involved maximum allowed Reguired (1) Present the balance sheet results for the investment and the income statement results for the holding period of this investment if the equity security is (A) preferred stock (available for sale security) N\ (B) common stock (available for sale security) 9‘ W‘- 5A“ (C) common stock (trading security) T ' Problem IV (10 mins) Write answer in your bluebook. '\ In comparing and contrasting FIFO vs. LIFO inventory procedures, the following listing was developed. You are to complete the tabulation with an answer of "YES" or "NO". Any combination of yes, no answers is possible in each situation. FIFO LIFO \) Improves cash flow in periods of rising prices. ‘ (L) Usually matches the actual physical flow of goods. V ‘ a ) Emphasizes the balance sheet. ‘ If used for tax purposes, it must be used for financial reporting 0 I » ’ . . purposes. ' ' " V ~ Z‘ c; Quick inventory turnover may have somewhat of a mitigating ) effect on some of the method’s claimed disadvantages. V ‘ l L\ Somewhat opens door for profit manipulation and may cause I I poor purchase decisions. _ .2 _ J/Problem 111 (15 mins) // On 1/1/1 Jones Inc. is considering making investments in equity securities and would like you to help them determine the proper carrying value of the investment assuming the following: Investment cost $100,000 % of outstanding stock owned 30% Earnings of investee $20,000 Decrease in market value 10% Book value of the net assets of the company invested in $233,333 Undervalued identifiable assets on the books of the investee $20,000 / Life of undervalued identifiable assets 10 years Dividends paid by the investee during year 1 $5,000 I Life of any goodwill involved maximum allowed Required (1) Present the balance sheet results for the investment and the income statement results for the holding period of this investment if the equity security is (A) preferred stock (available for sale security) (B) common stock (available for sale security) / p ' (C) common stock (trading security) ‘ \ In comparing and contrasting FIFO vs. LIFO inventory procedures, the following listing was developed. You are to complete the tabulation with an answer of "YES" or "NO". Any combination of yes, no answers is possible in each situation. ' mg LIFO- Improves cash flow in periods of rising prices, t.) , 4: Usually matches the actual physical flow of goods. ' ’i ’. J I a f Emphasizes the balance sheet. ' \lg‘. ,1; _ -- If used for tax purposes, it must be used) for financial reporting ’1 J 3 ; _ V ' ‘ ' ‘ " purposes. - ' - . : V 7 g - - Quick inventory turnover may have a effect on some of the‘methodls claimed; . 7 S°mtwhm °P°n§d°<>5f°rbt6fir mama and. iniiééhse péor purchase decisions. ’ . . - V _.. .4“? Items 1 through 3 are based on the following data: City Stationers, Inc. had 200 calculators on hand at January 1, 1991, costing $18 each. Purchases and sales of calculators during the year of 1991 were as follows: Rite Purchases S_al§ DD 15 January 12, 1991 2.03%. V \ 150@$28 1 ‘ [<0 @ a) January 14, 1991 . 100@$20 January 29, 1991 W 160 Q 3V January 30, 1991 firm I ‘00 >\ /\'Lf City maintainiperpetual inventory records. According to a physical count, 150 calculators were on hand atlannam31,199l. 1. The cost 0W, under the LIFO method is a. $3 mm b. $2,700 ‘\ I r c. $3,100 \d. : $2,900 5,. None of the above. 2 The cost of inventory at January 31, 1991 under average cost is I, '2) L00 a. $3,300. 100 Ln. “.4. C (L, 000 ‘ 1 b. O T. L0 «:39 [7.9 . C. 3,1 \ 0 , ,L a; / d. 7 $3,200 {00 f . "fl 7‘00 e. / None of the above. a, ‘ {40.0 ‘ \\ 3. The cost of the inventory at January 31, 1991, under the FIFO method is r a. $3,300 1 b. $2,700 - c. 7 d. “@0 m e. None 1))f the above. {017 («I (Lg/00’ J 227?” z . ~» if” Vt- " ' I ,) ” WWW-i . w i Glens Falls Sayings’and Loan is trying to clean up some delinquent loansfrom amuired information disélOsures’to the (FDIC) Federal Deposit Insurangegpmorationglt has a loan out to a local real estate company which has now misseflt'slaétfiquarterly interestupayrgnefi‘ts. ‘ Tire ‘ bank manager’wants you to indicate the impact on their financialLs‘t‘atéfiientsi-of the following restructftrgterms‘.”"The following factspertaintofthelgapflinhquestion. Principal amount of loan before restructure $100,000 . 1 j: Interest rate on loan before restructure 10% I O i ,9»? Original term Of loan remaining 2 years U5” °O K" Restructured interest rate 8% V Restructured term 10 years v LA q, 03 O Restructured principal $80,000 / ' . Restructured payments pattern Annually interest only . .Jwae Hired 2 < (1) Why would an S&L do a restructure? ‘ _ ' r " ' " L 1 (2) Show the journal entry to record the restructure on Glens Falls’ S&L books. 0 _ j , “pl:-u‘r.-.'—,,"-':'—4 turtim'i’iuz' ' v"???II":;A~'.'7tiémiiiIl' «3.2- .‘11"‘ . ..I record the ' first interest only payment after the restructure. 7 . (4) Indicate in general how these results would have been different during periods prior to I , FAS 115 & 117 or during the savings and loan crisis of the early 19908. ‘0 - (5) I Will the real estate company experience a gain or a loss on reStructure? Why or why not? V Problem VI '(10 mills) A ' :Bicknell Co. is a retail outlet selling; lawn care equipment. During the-p-monthiof April,vtheff 4' following events occurred: ‘ ' v v ' ~ ' ' ' I a); . the yeariandthefuture years",_the companywas not insured against floods. " ‘ Due to El Nifio the company feels it’s probable that a flood loss will occur in the next few ' i 'Yfiarsrinsuranceis now not available. ' - v ‘ 1 ’ :9 agggfffigesp‘ecfivelyt A11. salaries are subject to'FIGA andgnemptéiymept ' eompaifiy peeing :s'iied'by intertiyidual wise-as drunk aim felt. on gammy; my , k magmas7.55%;iedaaigmme «. 4 , @159pr the gross-salary; the state andfederal unemployment-tattrstesfm 54% ' lumYv’PNWi‘lem-sWmnsdoins anthetamvanrisvatsesame' u‘ifié Warranty costs are expected to be $50 per unit in fair market value and $30 per unit in cost. 50,000 units were sold this year and 60,000 units were produced. Only $50,000 of repair work was done. ' 6) During April Bicknell Co. gave out 100,000 coupons to customers allowing the customer $5 off their next purchase of lawn care equipment. The company feels 20% of the coupons will be returned in the future. Required Determine whether each of the above is a liability and explain why or why not. Also indicate the amount of liability that is appropriate. (Show work.) I 5‘ VII (15 mins) \ Lester Retailers keeps it internal inventory records on a FIFO (not LCM) basis. At interim reporting dates, Lester’s accountants convert the book balances to a LIFO basis for reporting purposes by using the DV LIFO retail method. The following data for the quarter ended March 31, 19D, are available: ~ Quarter ended 3/ 3 1/19D _ At cost At retail Base layer from 19C (when LIFO was adopted); index - 100 $ 19,750 $ 38,500 Purchases (net) v 23 1,000 400,000 Net additional markups 30,000 Net markdowns WWW. Return sales 6,000 Sales (gross) «-/ 382 000 Price index at end of March 1913(- 125 l r I </ e ,_ - - a,” 31‘er *- Reguired I it u “7“ "’0 0‘ “V 1"“ 2,150.5" A. Compute the ending inventory at March 31:1: at DV LIFO cost using the retail inventory method. Show W in order and round all cost ratios and price index "£6650 the nearest three decimal laces. B. Theoretically and practically justify why Lester uses this method of external reporting when it uses FIFO internally. p . r . 1.16119 ‘@ VIII (20 mins) Short Answers:::‘ 1. If a bond is sold on other than its issuance date, indicate why accrued interest is added to the purchase price and how this amount should be accounted for in its journal entries. How does the sale date affect the yield of the bond compared to one 331d on its issuance . . M . { date? (Assume the bond was sold at a discount In both cases.) I _ I Avg/[er Ti 7 l p (green! WW6 , “(Ml '1' q 2. Describe how interest incurred related to the acquisition of an asset. heoreti‘callyi justify ge r v M”! the accounting treatment both before and after the asset is placed in service. 3. a) Indicate where on a financial statement the account goodwill belongs and what it represents. b) Assuming a company has generated goodwill internally, how does it value the goodwill on its financial statement and why? c) Briefly explain how one values goodwill obtained externally. (may 7 Lt LOO“ (“fa l " (m i ,_ t I . . Appendix A The Time'Value of Moo" Tun A-6 . Present value of an annuity due of $1 ——————————__________\ Periods (u) 2% 3% 4% 5% 6% 7% 895 1 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 2 1.98039 1.97087 1.96154 1.95238 1.94340 1.93458 1.92593 3 2.94156 2.91347 2.88609 2.85941 2.83339 2.80802 2.78326 4 3.88388 3.82861 3.77509 3.72325 3.67301 3.62432 3.57710 5 4.80773 4.71710 4.62990 4.54595 4.46511 4.38721 4.31213 6 5.71346 5.57971 5.45182 5.32948 5.21236 5.10020 4.99271 7 6.60143 6.41719 6.24214 6.07569 5.91732 5.76654 5.62283 8 7.47199 7.23028 7.00205 6.78637 6.58238 6.38929 6.20537 9 8.32548 8.01969 7.73274 7.46321 7.20979 6.97130 6.74664 10 9.16224 8.78611 8.43533 8.10782 7.80169 7.51523 7.24639 11 9.98259 9.53020 9.11090 8.72173 8.36009 8.02358 7.71008 12 10.78685 ’ 10.25262 9.76048 9.30641 8.88687 8.49867 8.13895 15 13.10625 12.29607 11.56312 10.89864 10.29498 9.74547 9.24424 20 16.67846 15.32380 14.13394 13.08532 12.15812 - 11.33560 10.60360 30 22.84438 20.18845 17.98371 16.14107 14.59072 13.27767 12.15841 40 27.90259 23.80822 20.58448 18.01704 19.94907 14.26493 12.87858 50 32.05208 26.50166 22.34147 19.16872 16.70757 14.76680 13.21216 60 35.45610 28.50583 23.52843 19.87575 17.13111 15.02192 13.36668 Period: (7!) 996 10% 11% 12% 1496 15% 1 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 2 1.91743 1.90909 1.90090 1.89286 1.87719 1.86957 3 2.75911 2.73554 2.71252 2.69005 2.64666 2.62571 ,4, 3.53129 3.48685 3.44371 3.40183 3.32163 3.28323 ~ 5 4.23972 4.16987 4.10245 4.03735 3.91371 3.85498 6 4.88965 4.79079 4.69590 4.60478 4.43308 4.35216 7 5.48592 5.35526 5.23054 5.11141 4.88867 4.78448 8 6.03295 5.86842 5.71220 5.56376 5.28830 5.16042 ' 9 6.53482 6.33493 6.14612 5.96764 5.63886 5.48732 10 6.99525 0 6.75902. 6.53705 6.32825 5.94637 5.77158 11 7.41766 7.14457 6.88923 6.65022 6.21612 1 6.01877 12 7.80519 7.49506 ‘ 7.20652 6.93770 1 6.45273 6.23371 15 8.78615 8.36669 7.98187 7.62817 7.00207 6.72448 3 20 ' 9.95011 6 9.36492 ' 8.83929* "i 8.36578 7.55037 7.19823 30 11.198281,“ 10.36961 . ‘ 9.65011 » 9.02181 7.98304 7.55088 40 11.72552 10.75696 9.93567 9.23303 8.09975 7.63805 50 11.94823 _.10.90630. 10.03624 0.30104 8.13123 7.65959 60 12.04231, 7: 10.96387 10.07165 9.32294 8.13972. 7.66492 f; a :3 .. :3. . a... 2 a a: S a 2 3a a :21... 3 3:8... :33: .22.... .33.: fins: 38:: 3 .23.. .. .1... . . 3:: a 3...: a 3:: a 3.3.... 3 3:3: 3:8... 33:: ~33: ~33... :33... an a. z... = 1...... . a: 2. a 5. w: a 3:: a 3.2:. 3. «:8... 33:... «33.: 32:... :33... 3.3.: :v 33.2. .. 3...... . a. 2.: a :23 x .33: S. 2.... 2 2.2:... 3:5: 33:... 33.2. .28: 523.: :m 22:. .. . :3: 41...: K 23a 5 02:... 23. 3 :~ :— 39: was: 53.... «33.: 3-3.: «3:: 3 2 2.. n 2.... a 3:... c :53: 1.3.. 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This note was uploaded on 01/31/2010 for the course ECON 136B taught by Professor Anderson during the Spring '08 term at UCSB.

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finwkw98 - H. Sander Economics 1368 Winter 1998 -‘ » ‘...

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