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中级会计课后习题ch7

中级会计课后习题ch7
中级会计课后习题ch7

Q 7–13 Explain any possible differences between accounting for an account receivable factored with recourse compared

with one factored without recourse.

Q 7–14 Do U.S. GAAP and IFRS differ in the criteria they use to determine whether a transfer of receivables is treated

as a sale? Explain.

Q 7–15 What is meant by the discounting of a note receivable? Describe the four-step process used to account for

discounted notes.

Q 7–16 What are the key variables that influence a company’s investment in receivables? Describe the two ratios used

by financial analysts to monitor a company’s investment in receivables.

Q 7–17 (Based on Appendix 7A) In a two-step bank reconciliation, identify the items that might be necessary to adjust

the bank balance to the corrected cash balance. Identify the items that might be necessary to adjust the book balance to the corrected cash balance.

Q 7–18 (Based on Appendix 7A) How is a petty cash fund established? How is the fund replenished? Q 7–19 (Based on Appendix 7B) Marshall Companies, Inc., holds a note receivable from a former subsidiary. Due to

financial difficulties, the former subsidiary has been unable to pay the previous year’s interest on the note. Marshall agreed to restructure the debt by both delaying and reducing remaining cash payments. The concessions impair the creditor’s investment in the receivable. How is this impairment recorded?

Q 7–20 (Based on Appendix 7B) Do U.S. GAAP and IFRS differ in the ability of a company to recognize in net income

the recovery of impairment losses of accounts and notes receivable?

IFRS

IFRS

that includes the name of the customer and the check amount. The checks, along with the spreadsheet, are then sent to Jim Seymour in the accounting department who records the checks and deposits them daily in the com-pany’s checking account. How could the company improve its internal control procedure for the handling of its cash receipts?

C

utler Company has a cash account with a balance of $250,000 with Wright Bank and a cash account with an overdraft of $5,000 at Lowe Bank. What would the current assets section of Cutler’s balance sheet include for “cash” under IFRS? Under U.S. GAAP?

T

he following items appeared on the year-end trial balance of Consolidated Freight Corporation: cash in a checking account, U.S. Treasury bills that mature in six months, undeposited customer checks, cash in a savings account, and currency and coins. Which of these items would be included in the company’s balance sheet as cash and cash equivalents?

O

n December 28, 2013, Tristar Communications sold 10 units of its new satellite uplink system to various cus-tomers for $25,000 each. The terms of each sale were 1?10, n/30. Tristar uses the gross method to account for sales discounts. In what year will income before tax be affected by discounts, assuming that all customers paid the net-of-discount amount on January 6, 2014? By how much?

R

efer to the situation described in BE 7–4. Answer the questions assuming that Tristar uses the net method to account for sales discounts.

D

uring 2013, its first year of operations, Hollis Industries recorded sales of $10,600,000 and experienced returns of $720,000. Cost of goods sold totaled $6,360,000 (60% of sales). The company estimates that 8% of all sales will be returned. Prepare the year-end adjusting journal entries to account for anticipated sales returns. S

ingletary Associates has accounts receivable due from normal credit customers, and also has an account receiv-able due from a director of the company. Singletary would like to combine both of those receivables on one line in the current assets section of their balance sheet and in the footnotes. Is that permissible under U.S. GAAP? Under IFRS? Explain.

I nternal control

● LO7–1

B E 7–2

B ank overdrafts

● L O7–2, LO7–10

IFRS B E 7–3

C ash and cash equivalents

● LO7–2

B E 7–4

C ash discounts; gross method

● LO7–3

B E 7–5

C ash discounts; net method

● LO7–3

B E 7–6

S ales returns

● LO7–4

B E 7–7

A ccounts receivable classification

● LO7–5, LO7–10

IFRS

T

he following information relates to a company’s accounts receivable: accounts receivable balance at the beginning of the year, $300,000; allowance for uncollectible accounts at the beginning of the year, $25,000 (credit balance); credit sales during the year, $1,500,000; accounts receivable written off during the year, $16,000; cash collections from customers, $1,450,000. Assuming the company estimates bad debts at an amount equal to 2% of credit sales, calculate (1) bad debt expense for the year and (2) the year-end balance in the allowance for uncollectible accounts. R

efer to the situation described in BE 7–8. Answer the two questions assuming the company estimates that future bad debts will equal 10% of the year-end balance in accounts receivable.

A

company’s year-end balance in accounts receivable is $2,000,000. The allowance for uncollectible accounts had a beginning-of-year credit balance of $30,000. An aging of accounts receivable at the end of the year indi-cates a required allowance of $38,000. If bad debt expense for the year was $40,000, what was the amount of bad debts written off during the year?

R

efer to the situation described in BE 7–10. If credit sales for the year were $8,200,000 and $7,950,000 was collected from credit customers, what was the beginning-of-year balance in accounts receivable?

O

n December 1, 2013, Davenport Company sold merchandise to a customer for $20,000. In payment for the merchandise, the customer signed a 6% note requiring the payment of interest and principal on March 1, 2014. How much interest revenue will the company recognize during 2013? In 2014?

L

ogitech Corporation transferred $100,000 of accounts receivable to a local bank. The transfer was made with-out recourse. The local bank remits 85% of the factored amount to Logitech and retains the remaining 15%. When the bank collects the receivables, it will remit to Logitech the retained amount less a fee equal to 3% of the total amount factored. Logitech estimates a fair value of its 15% interest in the receivables of $11,000 (not including the 3% fee). What is the effect of this transaction on the company’s assets, liabilities, and income before income taxes?

R

efer to the situation described in BE 7–13. Assuming that the sale criteria are not met, describe how Logitech would account for the transfer.

H

uling Associates plans to transfer $300,000 of accounts receivable to Mitchell Inc. in exchange for cash. Hul-ing has structured the arrangement so that it retains substantially all the risks and rewards of ownership but shifts control over the receivables to Mitchell. Assuming all other criteria are met for recognizing the transfer as a sale, how would Huling account for this transaction under IFRS? Under U.S. GAAP?

O

n March 31, Dower Publishing discounted a $30,000 note at a local bank. The note was dated February 28 and required the payment of the principal amount and interest at 6% on May 31. The bank’s discount rate is 8%. How much cash will Dower receive from the bank on March 31?

C

amden Hardware’s credit sales for the year were $320,000. Accounts receivable at the beginning and end of the year were $50,000 and $70,000, respectively. Calculate the accounts receivable turnover ratio and the average collection period for the year.

B E 7–8

U ncollectible accounts; income statement approach

● LO7–5, LO7–6

B E 7–9

U ncollectible accounts; balance sheet approach

● LO7–5, LO7–6

B E 7–10

U ncollectible accounts; solving for unknown

● LO7–5, LO7–6

B E 7–11

U ncollectible accounts; solving for unknown

● LO7–5, LO7–6

B E 7–12

N ote receivable

● LO7–7

B E 7–13

F actoring of accounts receivable

● LO7–8

B E 7–14

F actoring of accounts receivable

● LO7–8

B E 7–15

T ransfers of accounts receivable

● LO7–8, LO7–10

IFRS B E 7–16

D iscounting a note

● LO7–8

B E 7–17

R eceivables turnover

● LO7–8

T

he controller of the Red Wing Corporation is in the process of preparing the company’s 2013 financial statements. She is trying to determine the correct balance of cash and cash equivalents to be reported as a current asset in the balance sheet. The following items are being considered:

a . Balances in the company’s accounts at the First National Bank; checking $13,500, savings $22,100.

b . Undeposited customer checks of $5,200.

c . Currency an

d coins on hand of $580.

d . Savings account at th

e East Bay Bank with a balance o

f $400,000. This account is bein

g used to accumulate cas

h for future plant expansion (in 2015).

e . $20,000 in a checking account at the East Bay Bank. The balance in the account represents a 20% compen-sating balance for a $100,000 loan with the bank. Red Wing may not withdraw the funds until the loan is due in 2016.

f . U.S. Treasury bills; 2-month maturity bills totalin

g $15,000, and 7-mont

h bills totaling $20,000.

R equired:

1. Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the 2013 balance sheet.

2. For each of the items not included in your answer to requirement 1, explain the correct classification of the item. Delta Automotive Corporation has the following assets listed in its 12/31/2013 trial balance:

Cash in bank—checking account

$22,500U.S. Treasury bills (mature in 60 days)*5,000Cash on hand (currency and coins)

1,350U.S. Treasury bills (mature in six months)*10,000Undeposited customer checks

1,840

*Purchased on 11/30/2013

R equired:

1. Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the 2013 balance sheet.

2. For each of the items not included in your answer to requirement 1, explain the correct classification of the item. A ccess the F ASB’s Codification Research System at the FASB website ( w https://www.sodocs.net/doc/7514888761.html, ).

R equired: D

etermine the specific citation for accounting for each of the following items: 1. Accounts receivables from related parties should be shown separately from trade receivables. 2. The definition of cash equivalents.

3. The requirement to value notes exchanged for cash at the cash proceeds.

4. The two conditions that must be met to accrue a loss on an accounts receivable.

Parker Inc. has the following cash balances:

First Bank:

$150,000

Second Bank:(10,000)Third Bank:25,000Fourth Bank:

(5,000)

R equired:

1. Prepare the current assets and current liabilities section of Parker’s 2013 balance sheet, assuming Parker reports under U.S. GAAP.

2. Prepare the current assets and current liabilities section of Parker’s 2013 balance sheet, assuming Parker reports under IFRS.

E 7–1

C ash and cash equivalents; restricted cash

● LO7–2

E 7–2

C ash and cash equivalents

● LO7–2

E 7–3

F ASB codification research

● LO7–2, LO7–6, LO7–7

CODE

E 7–4

B ank overdrafts

● LO7–2, LO7–10

IFRS

T

racy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2013. The units have a list price of $600 each, but Thomas was given a 30% trade discount. The terms of the sale were 2/10, n/30.

R equired:

1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2013, assuming that the gross method of accounting for cash discounts is used.

2. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2013, assuming that the gross method of accounting for cash discounts is used.

3. Repeat requirements 1 and 2 assuming that the net method of accounting for cash discounts is used. H

arwell Company manufactures automobile tires. On July 15, 2013, the company sold 1,000 tires to the Nixon Car Company for $50 each. The terms of the sale were 2/10, n/30. Harwell uses the gross method of accounting for cash discounts.

R equired: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on July 23, 2013.

2. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on August 15, 201

3.

[

This is a variation of Exercise 7–6 modified to focus on the net method of accounting for cash discounts.]

H arwell Company manufactures automobile tires. On July 15, 2013, the company sold 1,000 tires to the Nixon Car Company for $50 each. The terms of the sale were 2/10, n/30. Harwell uses the net method of accounting for cash discounts.

R equired: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and payment on July 23, 2013. 2. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and payment on August 15, 2013.

H

alifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. The company began 2013 with an allowance for sales returns of $300,000. During 2013, Halifax sold merchandise on account for $11,500,000. This merchandise cost Halifax $7,475,000 (65% of selling prices). Also during the year, customers returned $450,000 in sales for credit. Sales returns, esti-mated to be 4% of sales, are recorded as an adjusting entry at the end of the year.

R equired: 1. Prepare the entry to record the merchandise returns and the year-end adjusting entry for estimated returns. 2. What is the amount of the year-end allowance for sales returns after the adjusting entry is recorded?

T he F ASB Accounting Standards Codification represents the single source of authoritative U.S. generally

accepted accounting principles.

R equired:

1. Obtain the relevant authoritative literature on accounting for accounts receivable using the FASB’s Codifi-cation Research System at the FASB website ( w https://www.sodocs.net/doc/7514888761.html, ). What is the specific citation that describes disclosure of accounting policies for credit losses and doubtful accounts?

2. List the disclosure requirements. J

ohnson Company uses the allowance method to account for uncollectible accounts receivable. Bad debt expense is established as a percentage of credit sales. For 2013, net credit sales totaled $4,500,000, and the estimated bad debt percentage is 1.5%. The allowance for uncollectible accounts had a credit balance of $42,000 at the begin-ning of 2013 and $40,000, after adjusting entries, at the end of 2013.

R equired: 1. What is bad debt expense for 2013?

2. Determine the amount of accounts receivable written off during 201

3.

3. If the company uses the direct write-off method, what would bad debt expense be for 2013?

C

olorado Rocky Cookie Company offers credit terms to its customers. At the end of 2013, accounts receivable totaled $625,000. The allowance method is used to account for uncollectible accounts. The allowance for uncol-lectible accounts had a credit balance of $32,000 at the beginning of 2013 and $21,000 in receivables were writ-ten off during the year as uncollectible. Also, $1,200 in cash was received in December from a customer whose account previously had been written off. The company estimates bad debts by applying a percentage of 10% to accounts receivable at the end of the year.

E 7–5

T rade and cash discounts; the gross method and the net method compared

● LO7–3

E 7–6

C ash discounts; the gross method

● LO7–3

E 7–7

C ash discounts; the net method

● LO7–3

E 7–8

S ales returns

● LO7–4

E 7–9

F ASB codification research

● LO7–5

CODE

E 7–10

U ncollectible accounts; allowance

method vs. direct write-off method

● LO7–5, LO7–6

E 7–11

U ncollectible accounts;

allowance method; balance sheet approach

● LO7–5, LO7–6

R equired:

1. Prepare journal entries to record the write-off of receivables, the collection of $1,200 for previously written off receivables, and the year-end adjusting entry for bad debt expense.

2. How would accounts receivable be shown in the 2013 year-end balance sheet?

C

astle Company provides estimates for its uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $17,280 at the beginning of 2013 and a $22,410 credit balance at the end of 2013 (after adjusting entries). If the direct write-off method had been used to account for uncollectible accounts (bad debt expense equals actual write-offs), the income statement for 2013 would have included bad debt expense of $17,100 and revenue of $2,200 from the collection of previously written off bad debts.

R equired: D etermine bad debt expense for 2013 according to the allowance method.

G eneral Mills reported the following information in its 2011 financial statements ($ in millions):2011

2010Balance Sheet:

Accounts receivable, net $ 1,162.3$1,041.6

2011 Income statement: Sales revenue

$14,880.2

A

note disclosed that the allowance for uncollectible accounts had a balance of $16.3 million and $15.8 million at the end of 2011 and 2010, respectively. Bad debt expense for 2011 was $12.7 million.

R equired: D etermine the amount of cash collected from customers during 2011.

O

n June 30, 2013, the Esquire Company sold some merchandise to a customer for $30,000. In payment, Esquire agreed to accept a 6% note requiring the payment of interest and principal on March 31, 2014. The 6% rate is appropriate in this situation.

R equired:

1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, 2013 interest accrual, and the March 31, 2014 collection.

2. If the December 31 adjusting entry for the interest accrual is not prepared, by how much will income before income taxes be over- or understated in 2013 and 2014?

[This is a variation of Exercise 7–14 modified to focus on a noninterest-bearing note.]

O n June 30, 2013, the Esquire Company sold some merchandise to a customer for $30,000 and agreed to accept as payment a noninterest-bearing note with an 8% discount rate requiring the payment of $30,000 on March 31, 2014. The 8% rate is appropriate in this situation.

R equired:

1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, 2013 interest accrual, and the March 31, 2014 collection.

2. What is the e ffective interest rate on the note?

O

n January 1, 2013, the Apex Company exchanged some shares of common stock it had been holding as an investment for a note receivable. The note principal plus interest is due on January 1, 2014. The 2013 income statement reported $2,200 in interest revenue from this note and a $6,000 gain on sale of investment in stock. The stock’s book value was $16,000. The company’s fiscal year ends on December 31.

R equired: 1. What is the note’s effective interest rate?

2. Reconstruct the journal entries to record the sale of the stock on January 1, 2013, and the adjusting entry to record interest revenue at the end of 201

3. The company records adjusting entries only at year-end. O

n June 30, 2013, the High Five Surfboard Company had outstanding accounts receivable of $600,000. On July 1, 2013, the company borrowed $450,000 from the Equitable Finance Corporation and signed a promis-sory note. Interest at 10% is payable monthly. The company assigned specific receivables totaling $600,000 as collateral for the loan. Equitable Finance charges a finance fee equal to 1.8% of the accounts receivable assigned.

E 7–12

U ncollectible accounts;

allowance method and direct write-off method

compared; solving for unknown

● LO7–6

E 7–13

U ncollectible accounts; allowance

method; solving for unknowns; General Mills

● LO7–5, LO7–6Real World Financials

E 7–14

N ote receivable

● LO7–7

E 7–15

N oninterest-bearing note receivable

● L O7–7

E 7–16

I nterest-bearing note receivable; solving for unknown rate

● L O7–7

E 7–17

A ssigning of specific accounts receivable

● L O7–8

R equired: P repare the journal entry to record the borrowing on the books of High Five Surfboard.

M

ountain High Ice Cream Company transferred $60,000 of accounts receivable to the Prudential Bank. The trans-fer was made w ithout recourse. Prudential remits 90% of the factored amount to Mountain High and retains 10%. When the bank collects the receivables, it will remit to Mountain High the retained amount (which Mountain esti-mates has a fair value of $5,000) less a 2% fee (2% of the total factored amount).

R equired: P

repare the journal entry to record the transfer on the books of Mountain High assuming that the sale criteria are met. [

This is a variation of Exercise 7–18 modified to focus on factoring with recourse.]

M ountain High Ice Cream Company transferred $60,000 of accounts receivable to the Prudential Bank. The transfer was made w ith recourse. Prudential remits 90% of the factored amount to Mountain High and retains 10% to cover sales returns and allowances. When the bank collects the receivables, it will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $5,000). Mountain High anticipates a $3,000 recourse obligation. The bank charges a 2% fee (2% of $60,000), and requires that amount to be paid at the start of the factoring arrangement.

R equired: P

repare the journal entry to record the transfer on the books of Mountain High assuming that the sale criteria are met.

[

This is a variation of Exercise 7–19 modified to focus on factoring with recourse under IFRS.]

M ountain High Ice Cream Company reports under IFRS. Mountain High transferred $60,000 of accounts receivable to the Prudential Bank. The transfer was made w ith recourse. Prudential remits 90% of the factored amount to Mountain High and retains 10% to cover sales returns and allowances. When the bank collects the receivables, it will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $5,000). Mountain High anticipates a $3,000 recourse obligation. The bank charges a 2% fee (2% of $60,000), and requires that amount to be paid at the start of the factoring arrangement. Mountain High has transferred control over the receivables, but determines that it still retains substantially all risks and rewards associated with them.

R equired: P

repare the journal entry to record the transfer on the books of Mountain High, considering whether the sale cri-teria under IFRS have been met.

S

elkirk Company obtained a $15,000 note receivable from a customer on January 1, 2013. The note, along with interest at 10%, is due on July 1, 2013. On February 28, 2013, Selkirk discounted the note at Unionville Bank. The bank’s discount rate is 12%.

R equired: P

repare the journal entries required on February 28, 2013, to accrue interest and to record the discounting (round all calculations to the nearest dollar) for Selkirk. Assume that the discounting is accounted for as a sale.

Listed below are several terms and phrases associated with cash and receivables. Pair each item from List A (by letter) with the item from List B that is most appropriately associated with it.

List A

List B

1. Internal control a . Restriction on cash.

2. Trade discount b . Cash discount not taken is sales revenue.

3. Cash equivalents

c . Includes separation of duties. 4. Allowance for uncollectibles

d . Bad debt expens

e a % o

f credit sales. 5. Cash discount

e . Recognizes bad debts as they occur. 6. Balance sheet approach

f . Sale of receivables to a financial institution. 7. Income statement approach g. Include highly liquid investments. 8. Net method

h . Estimate of bad debts.

9. Compensating balance i. Reduction in amount paid by credit customer. 10. Discounting j. Reduction below list price.

11. Gross method

k. Cash discount not taken is interest revenue.

12. Direct write-off method l. Bad debt expense determined by estimating realizable value. 13. Factoring

m. Sale of note receivable to a financial institution.

E 7–18

F actoring of accounts receivable

without recourse

● LO7–8

E 7–19

F actoring of accounts receivable with recourse

● LO7–8

E 7–20

F actoring of accounts receivable with recourse under IFRS

● LO7–8, LO7–10

IFRS

E 7–21

D iscounting a note receivable

● LO7–8

E 7–22

C oncepts; terminology

● LO7–1 through LO7–8

Weldon Corporation’s fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2013:

Mar. 17

Accounts receivable of $1,700 were written off as uncollectible. The company uses the allowance method.

30Loaned an officer of the company $20,000 and received a note requiring principal and interest at 7% to be paid on March 30, 2014.

May 30Discounted the $20,000 note at a local bank. The bank’s discount rate is 8%. The note was discounted without recourse and the sale criteria are met.

June 30Sold merchandise to the Blankenship Company for $12,000. T erms of the sale are 2/10, n/30. Weldon uses the gross method to account for cash discounts.July 8The Blankenship Company paid its account in full.

Aug. 31

Sold stock in a nonpublic company with a book value of $5,000 and accepted a $6,000 non-interest-bearing note with a discount rate of 8%. The $6,000 payment is due on February 28, 2014. The stock has no ready market value.

Dec. 31Bad debt expense is estimated to be 2% of credit sales for the year. Credit sales for 2013 were $700,000.

R equired: 1. Prepare journal entries for each of the above transactions (round all calculations to the nearest dollar). 2. Prepare any additional year-end adjusting entries indicated.

M icrosoft Corporation reported the following information in its financial statements for three successive quar-ters during the 2011 fiscal year ($ in millions):

Three Months Ended

3/31/2011 (Q3)

12/31/2010 (Q2)

9/30/2010 (Q1)

Balance sheets:

Accounts receivable, net $10,033$12,874$ 9,646Income statements: Sales revenue

$16,428

$19,953

$16,195

R equired: C

ompute the receivables turnover ratio and the average collection period for the second and third quarters. Assume that each quarter consists of 91 days.

The current asset section of the Moorcroft Outboard Motor Company’s balance sheet reported the following amounts:

12/31/2013

12/31/2012Accounts receivable, net

$400,000

$300,000

T he average collection period for 2013 is 50 days.

R equired: D etermine net sales for 2013.

Loucks Company established a $200 petty cash fund on October 2, 2013. The fund is replenished at the end of

each month. At the end of October 2013, the fund contained $37 in cash and the following receipts:

Office supplies $76

Lunch with client 48Postage

20Miscellaneous

19

R equired: P

repare the necessary general journal entries to establish the petty cash fund on October 2 and to replenish the fund on October 31.

The petty cash fund of Ricco’s Automotive contained the following items at the end of September 2013:

Currency and coins

$ 58

Receipts for the following expenditures: Delivery charges $16

Printer paper

11 Paper clips and rubber bands 8

35An I.O.U. from an employee 25Postage 32 Total

$150

E 7–23

R eceivables; transaction analysis

● LO7–3, LO7–5 through LO7–8

E 7–24

R atio analysis; Microsoft

● LO7–9

Real World Financials

E 7–25

R atio analysis; solve for unknown

● LO7–9

E 7–26 P etty cash

● Appendi x 7A

E 7–27

P etty cash

● Appendi x 7A

T

he petty cash fund was established at the beginning of September with a transfer of $150 from cash to the petty cash account.

R equired: P repare the journal entry to replenish the fund at the end of September.

J

ansen Company’s general ledger showed a checking account balance of $23,820 at the end of May 2013. The May 31 cash receipts of $2,340, included in the general ledger balance, were placed in the night depository at the bank on May 31 and were processed by the bank on June 1. The bank statement dated May 31, 2013, showed bank service charges of $38. All checks written by the company had been processed by the bank by May 31 and were listed on the bank statement except for checks totaling $1,890.

R equired: P repare a bank reconciliation as of May 31, 2013. [ H int: You will need to compute the balance that would appear on the bank statement.]

Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank

statement along with canceled checks on the last day of each month. The July 2013 bank statement included the following information:

Balance, July 1, 2013$ 55,678 Deposits 179,500 Checks processed (192,610)

Service charges (30) NSF checks

(1,200) Monthly loan payment deducted directly by bank from account (includes $320 in interest) (3,320)Balance, July 31, 2013

$ 38,018

T

he company’s general ledger account had a balance of $38,918 at the end of July. Deposits outstanding totaled $6,300 and all checks written by the company were processed by the bank except for those totaling

$8,420. In addition, a $2,000 July deposit from a credit customer was recorded as a $200 debit to cash and credit to accounts receivable, and a check correctly recorded by the company as a $30 disbursement was incorrectly processed by the bank as a $300 disbursement.

R equired: 1. Prepare a bank reconciliation for the month of July.

2. Prepare the necessary journal entries at the end of July to adjust the general ledger cash account.

A

t January 1, 2013, Clayton Hoists Inc. owed Third BancCorp $12 million, under a 10% note due December 31, 2014. Interest was paid last on December 31, 2011. Clayton was experiencing severe financial difficulties and asked Third BancCorp to modify the terms of the debt agreement. After negotiation Third BancCorp agreed to: ? Forgive the interest accrued for the year just ended.

? Reduce the remaining two years’ interest payments to $1 million each. ? Reduce the principal amount to $11 million.

R equired: P

repare the journal entries by Third BancCorp necessitated by the restructuring of the debt at 1. January 1, 2013. 2. December 31, 2013. 3. December 31, 2014. A

t January 1, 2013, NCI Industries, Inc. was indebted to First Federal Bank under a $240,000, 10% unsecured note. The note was signed January 1, 2011, and was due December 31, 2014. Annual interest was last paid on December 31, 2011. NCI was experiencing severe financial difficulties and negotiated a restructuring of the terms of the debt agreement. First Federal agreed to reduce last year’s interest and the remaining two years’ interest payments to $11,555 each and delay all payments until December 31, 2014, the maturity date.

R equired: P

repare the journal entries by First Federal Bank necessitated by the restructuring of the debt at 1. January 1, 2013. 2. December 31, 2013. 3. December 31, 2014. E 7–28

B ank reconciliation

● Appendi x 7A

E 7–29

B ank reconciliation and adjusting entries

● Appendi x 7A

E 7–30

I mpairment of securities

available-for-sale; troubled debt restructuring

● Appendi x 7B

E 7–31

I mpairment of securities

available-for-sale; troubled debt restructuring

● Appendi x 7B

C PA and CMA Review Questions CPA Exam

Questions

● LO7–5

● LO7–5,

● LO7–5

● LO7–4,

● LO7–8

● LO7–5,

IFRS

a. E ither an amount based on a percentage of total sales or an amount based on a percentage of accounts receivable after adjusting for any balance in the allowance for doubtful accounts.

b. A percentage of total sales.

c. E ither an amount based on a percentage of credit sales or an amount based on a percentage of accounts receivable after adjusting for any balance in the allowance for doubtful accounts.

d. A n amount equal to last year’s bad debt expens

e.

Q

uestions 2 and 3 are based on the following information: Madison Corporation uses the allowance method to value its accounts receivable and is making the annual adjust-ments at fiscal year-end, November 30. The proportion of uncollectible accounts is estimated based on past expe-rience, which indicates 1.5% of net credit sales will be uncollectible. Total sales for the year were $2,000,000, of which $200,000 were cash transactions. Madison has determined that the Norris Corporation accounts receivable balance of $10,000 is uncollectible and will write off this account before year-end adjustments are made. Listed below are Madison’s account balances at November 30 prior to any adjustments and the $10,000 write-off.

Sales

$2,000,000Accounts receivable 750,000Sales discounts

125,000Allowance for doubtful accounts 16,500Sales returns and allowances 175,000

Bad debt expense

2. The entry to write off Norris Corporation’s accounts receivable balance of $10,000 will a. Increase total assets and decrease net income. b. Decrease total assets and net income.

c. Have no effect on total assets and decrease net income.

d. Have no effect on total assets and net incom

e.

3. As a result of the November 30 adjusting entry to provide for bad debts, the allowance for doubtful accounts will a. Increase by $30,000. b. Increase by $25,500. c. Increase by $22,500. d. Decrease by $22,500. ● LO7–5

● LO7–5

R equired: 1. Prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the year.

2. Prepare the necessary year-end adjusting entry for bad debt expense.

3. What is total bad debt expense for 2013? How would accounts receivable appear in the 2013 balance sheet?

A mdahl Corporation manufactures large-scale, high performance computer systems. In a recent annual report, the balance sheet included the following information (dollars in thousands):

Current Year

Previous Year

Current assets:

Receivables, net of allowances of $5,042 and $6,590 in the previous year

$504,944$580,640

I

n addition, the income statement reported sales revenue of $2,158,755 ($ in thousands) for the current year. All sales are made on a credit basis. The statement of cash flows indicates that cash collected from customers during the current year was $2,230,065 ($ in thousands). There were no recoveries of accounts receivable previ-ously written off.

R equired:

1. Compute the following (dollar amounts in thousands): a . The amount of uncollectibles written off by Amdahl during the current year.

b . The amount of bad debt expense that Amdahl would include in its income statement for the current year.

c . The approximate percentage that Amdahl use

d to estimat

e uncollectibles for the current year, assuming that it uses the income statement approach.

2. Suppose that Amdahl had used the direct write-off method to account for uncollectibles. Compute the following (dollars in thousands):

a . The accounts receivable information that would be included in the year-end balance sheet.

b . The amount of bad debt expense that Amdahl would include in its income statement for the current year.

C irrus Logic, Inc. , is a leading designer and manufacturer of advanced integrated circuits that integrate algo-rithms and mixed-signal processing for mass storage, communications, consumer electronics, and industrial markets. The company’s 2011 financial statements contained the following information:

($ in thousands)

Balance sheets

20112010Current assets:

Accounts receivable, net $ 39,098$ 23,963Income statements 20112010Net sales

$369,571

$220,989

I

n addition, the statement of cash flows disclosed that accounts receivable increased during 2011 by $15,135 (in thousands). This indicates that cash received from customers was $15,135 (in thousands) less than accrual sales revenue. Also, a disclosure note reported that the allowance for uncollectible accounts (in thousands) was $421 and $488 at the end of 2011 and 2010, respectively

R equired: 1. What is the amount of accounts receivable due from customers at the end of 2011 and 2010?

2. Assuming that all sales are made on a credit basis, determine the amount of bad debt expense for 2011 and the amount of actual bad debt write-offs made in 2011.

Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt

expense is recorded only at December 31, the company’s fiscal year-end. The 2012 balance sheet disclosed the following:

Current assets:

Receivables, net of allowance for uncollectible accounts of $30,000

$432,000

During 2013, credit sales were $1,750,000, cash collections from customers $1,830,000, and $35,000 in ac-counts receivable were written off. In addition, $3,000 was collected from a customer whose account was written off in 2012. An aging of accounts receivable at December 31, 2013, reveals the following:

P 7–2

U ncollectible accounts; Amdahl

● LO7–5

Real World Financials

?

P 7–3

B ad debts; Cirrus Logic

● LO7–5

Real World Financials

?

P 7–4

U ncollectible accounts

● LO7–5, LO7–6

e cel

x

?

Age Group Percentage of Year-End

Receivables in Group

Percent Uncollectible

0–60 days 65% 4%61–90 days 201591–120 days 1025Over 120 days

5

40

R equired:

1. Prepare summary journal entries to account for the 2013 write-offs and the collection of the receivable previously written off.

2. Prepare the year-end adjusting entry for bad debts according to each of the following situations: a . Bad debt expense is estimated to be 3% of credit sales for the year.

b . Bad debt expense is estimated by computing net realizable value of the receivables. The allowance for uncollectible accounts is estimated to be 10% of the year-end balance in accounts receivable.

c . Ba

d debt expens

e is estimated by computing net realizable value o

f the receivables. The allowance for uncollectible accounts is determined by an agin

g of accounts receivable.

3. For situations (a)–(c) in requirement 2 above, what would be the net amount of accounts receivable reported in the 2013 balance sheet?

S ymantec Corp. , located in Cupertino, California, is one of the world’s largest producers of security and sys-tems management software. The company’s consolidated balance sheets for the 2009 and 2008 fiscal years

included the following ($ in thousands):

2009

2008

Current assets:

Receivables, less allowances of $20,991 in 2009 and $23,314 in 2008

$837,010

$758,200A disclosure note accompanying the financial statements reported the following ($ in thousands):

Year Ended 2009

2008

(In thousands)

Trade accounts receivable, net: Receivables

$858,001$781,514 Less: allowance for doubtful accounts (8,863)(8,915) Less: reserve for product returns (12,128) (14,399) Trade accounts receivable, net:

$837,010

$758,200 A

ssume that the company reported bad debt expense in 2009 of $1,500 and had products returned for credit totaling $3,155 (sales price). Net sales for 2009 were $6,149,800 (all numbers in thousands).

R equired: 1. What is the amount of accounts receivable due from customers at the end of 2009 and 2008? 2. What amount of accounts receivable did Symantec write off during 2009? 3. What is the amount of Symantec’s gross sales for the 2009 fiscal year?

4. Assuming that all sales are made on a credit basis, what is the amount of cash Symantec collected from customers during the 2009 fiscal year?

Cypress Oil Company’s December 31, 2013, balance sheet listed $645,000 of notes receivable and

$16,000 of interest receivable included in current assets. The following notes make up the notes receivable balance:

Note 1Dated 8/31/2013, principal of $300,000 and interest at 10% due on 2/28/2014.Note 2Dated 6/30/2013, principal of $150,000 and interest due 3/31/2014.

Note 3

$200,000 face value noninterest-bearing note dated 9/30/2013, due 3/31/2014. Note was issued in exchange for merchandise.

P 7–5

R eceivables; bad debts and returns; Symantec

● LO7–4, LO7–5Real World Financials

?

P 7–6

N otes receivable; solving for unknowns

● LO7–7

T

he company records adjusting entries only at year-end. There were no other notes receivable outstanding during 2013.

R equired: 1. Determine the rate used to discount the noninterest-bearing note. 2. Determine the explicit interest rate on Note 2.

3. What is the amount of interest revenue that appears in the company’s 2013 income statement related to these notes?

L

onergan Company occasionally uses its accounts receivable to obtain immediate cash. At the end of June 2013, the company had accounts receivable of $780,000. Lonergan needs approximately $500,000 to capi-talize on a unique investment opportunity. On July 1, 2013, a local bank offers Lonergan the following two alternatives:

a . Borrow $500,000, sign a note payable, and assign the entire receivable balance as collateral. At the end of each month, a remittance will be made to the bank that equals the amount of receivables collected plus 12% interest on the unpaid balance of the note at the beginning of the period.

b . Transfer $550,000 of specifi

c receivables to the bank without recourse. The bank will charge a 2% finance charge on the amount of receivables transferred. The bank will collect the receivables directly from customers. The sale criteria are met.

R equired: 1. Prepare the journal entries that would be recorded on July 1 for each of the alternatives.

2. Assuming that 80% of all June 30 receivables are collected during July, prepare the necessary journal entries to record the collection and the remittance to the bank.

3. For each alternative, explain any required note disclosures that would be included in the July 31, 2013, financial statements.

S

amson Wholesale Beverage Company regularly factors its accounts receivable with the Milpitas Finance Com-pany. On April 30, 2013, the company transferred $800,000 of accounts receivable to Milpitas. The transfer was made without recourse. Milpitas remits 90% of the factored amount and retains 10%. When Milpitas collects the receivables, it remits to Samson the retained amount less a 4% fee (4% of the total factored amount). Samson estimates the fair value of the last 10% of its receivables to be $60,000.

R equired: P

repare journal entries for Samson Wholesale Beverage for the transfer of accounts receivable on April 30 assuming the sale criteria are met.

T

he following facts apply to Walken Company during December 2013: a . Walken began December with an accounts receivable balance (net of bad debts) of €25,000. b . Walken had credit sales of €85,000. c . Walken had cash collections of €30,000. d . Walken factored €20,000 of net accounts receivable with Reliable Factor Company, transferring all risks and rewards associated with the receivable, and otherwise meeting all criteria necessary to qualify for treating the transfer of receivables as a sale.

e . Walken factored €15,000 o

f net accounts receivable with Dependable Factor Company, retainin

g all risks and rewards associated wit

h the receivable, and otherwise meeting all criteria necessary to qualify for treating the transfer of receivables as a sale.

f. Walken did not recognize any additional bad debts expense, and had no write-offs of bad debts during the month. g . At December 31, 2013, Walken had a balance of €40,000 of cash at M&V Bank and an overdraft of (€5000) at First National Bank. (That cash balance includes any effects on cash of the other transactions described in this problem.)

R equired: P

repare the cash and accounts receivable lines of the current assets section of Walken’s balance sheet, as of December 31, 2013.

Evergreen Company sells lawn and garden products to wholesalers. The company’s fiscal year-end is December 31. During 2013, the following transactions related to receivables occurred:

P 7–7

F actoring versus assigning of accounts receivable

● LO7–8

P 7–8

F actoring of accounts receivable;

without recourse

● LO7–8

P 7–9

C ash and accounts receivable under IFRS

● LO7–2, LO7–5, LO7–8, LO7–10

IFRS

P 7–10

M iscellaneous receivable transactions

● LO7–3, LO7–4, LO7–7, LO7–8

Feb. 28Sold merchandise to Lennox, Inc. for $10,000 and accepted a 10%, 7-month note. 10% is an

appropriate rate for this type of note.

Mar. 31Sold merchandise to Maddox Co. and accepted a noninterest-bearing note with a discount rate of 10%. The $8,000 payment is due on March 31, 2014.

Apr. 3

Sold merchandise to Carr Co. for $7,000 with terms 2/10, n/30. Evergreen uses the gross method to account for cash discounts.11Collected the entire amount due from Carr Co.

17

A customer returned merchandise costing $3,200. Evergreen reduced the customer’s receivable balance by $5,000, the sales price of the merchandise. Sales returns are recorded by the company as they occur.

30Transferred receivables of $50,000 to a factor without recourse. The factor charged Evergreen a 1% finance charge on the receivables transferred. The sale criteria are met.June 30Discounted the Lennox, Inc., note at the bank. The bank’s discount rate is 12%. The note was discounted without recourse.

Sep. 30Lennox, Inc., paid the note amount plus interest to the bank.

R equired:

1. Prepare the necessary journal entries for Evergreen for each of the above dates. For transactions involving the sale of merchandise, ignore the entry for the cost of goods sold (round all calculations to the nearest dollar).

2. Prepare any necessary adjusting entries at December 31, 201

3. Adjusting entries are only recorded at year-end (round all calculations to the nearest dollar).

3. Prepare a schedule showing the effect of the journal entries in requirements 1 and 2 on 2013 income before taxes. Descriptors are provided below for six situations involving notes receivable being discounted at a bank. In each case, the maturity date of the note is December 31, 2013, and the principal and interest are due at maturity. For each, determine the proceeds received from the bank on discounting the note.

Note Note Face Value

Date of Note Interest Rate

Date Discounted Discount Rate

1$50,0003/31/20138%6/30/201310%250,0003/31/201389/30/201310350,0003/31/201389/30/201312480,0006/30/2013610/31/201310580,0006/30/2013610/31/2013126

80,000

6/30/2013

6

11/30/2013

10

Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2013, year-end balance sheet:

Current assets:

Accounts receivable, net of $24,000 in allowance for uncollectible accounts $218,000

I

nterest receivable 6,800 Notes receivable

260,000

A dditional Information:

1. The notes receivable account consists of two notes, a $60,000 note and a $200,000 note. The $60,000 note is dated October 31, 2013, with principal and interest payable on October 31, 2014. The $200,000 note is dated June 30, 2013, with principal and 6% interest payable on June 30, 2014.

2. During 2014, sales revenue totaled $1,340,000, $1,280,000 cash was collected from customers, and $22,000 in accounts receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the allowance account to an amount equal to 10% of year-end accounts receivable.

3. On March 31, 2014, the $200,000 note receivable was discounted at the Bank of Commerce. The bank’s discount rate is 8%. Chamberlain accounts for the discounting as a sale.

R equired:

1. In addition to sales revenue, what revenue and expense amounts related to receivables will appear in Cham-berlain’s 2014 income statement?

2. What amounts will appear in the 2014 year-end balance sheet for accounts receivable?

3. Calculate the receivables turnover ratio for 201

4.

P 7–11

D iscounting a note receivable

● LO7–7

e cel

x

P 7–12

A ccounts and notes receivable; discounting a note receivable; receivables turnover ratio

● LO7–5, LO7–6, LO7–7, LO7–8, LO7–9

?

T

he bank statement for the checking account of Management Systems Inc. (MSI) showed a December 31, 2013, balance of $14,632.12. Information that might be useful in preparing a bank reconciliation is as follows:a . Outstanding checks were $1,320.25. b . The December 31, 2013, cash receipts of $575 were not deposited in the bank until January 2, 2014.

c . One check written in payment of rent for $246 was correctly recorde

d by th

e bank but was recorded by MSI as a $264 disbursement. d . In accordance with prior authorization, the bank withdrew $450 directly from the checking account as pay-ment on a mortgage note payable. The interest portion o

f that payment was $350. MSI has made no entry to record the automatic payment.

e . Bank service charges o

f $14 were listed on the bank statement.

f. A deposit of $875 was recorded by the bank on December 13, but it did not belong to MSI. The deposit should have been made to the checking account of MIS, Inc. g . The bank statement included a charge of $85 for an NSF check. The check was returned with the bank state-ment and the company will seek payment from the customer. h . MSI maintains a $200 petty cash fund that was appropriately reimbursed at the end of December.

i. According to instructions from MSI on December 30, the bank withdrew $10,000 from the account and pur-chased U.S. Treasury bills for MSI. MSI recorded the transaction in its books on December 31 when it received notice from the bank. Half of the Treasury bills mature in two months and the other half in six months.

R equired:

1. Prepare a bank reconciliation for the MSI checking account at December 31, 2013. You will have to compute the balance per books.

2. Prepare any necessary adjusting journal entries indicated.

3. What amount would MSI report as cash and cash equivalents in the current asset section of the December 31, 2013, balance sheet?

El Gato Painting Company maintains a checking account at American Bank. Bank statements are prepared at the

end of each month. The November 30, 2013, reconciliation of the bank balance is as follows:

Balance per bank, November 30$3,231Add: Deposits outstanding 1,200

Less: Checks outstanding #363$123 #365201 #38056 #38186 #382

340

(806)Adjusted balance per bank, November 30

$3,625

The company’s general ledger checking account showed the following for December:

Balance, December 1$ 3,625Receipts

42,650Disbursements (41,853)Balance, December 31

$ 4,422

The December bank statement contained the following information:

Balance, December 1

$ 3,231Deposits

43,000Checks processed (41,918)

Service charges (22)NSF checks

(440)Balance, December 31

$ 3,851

T

he checks that were processed by the bank in December include all of the outstanding checks at the end of November except for check #365. In addition, there are some December checks that had not been processed by the bank by the end of the month. Also, you discover that check #411 for $320 was correctly recorded by the bank but was incorrectly recorded on the books as a $230 disbursement for advertising expense. Included in the bank’s deposits is a $1,300 deposit incorrectly credited to the company’s account. The deposit should have been posted to the credit of the Los Gatos Company. The NSF checks have not been redeposited and the company will seek payment from the customers involved.

P 7–13

Bank reconciliation and adjusting entries; cash and cash equivalents

● Appendi x 7A

?

P 7–14

Bank reconciliation and adjusting entries

● Appendi x 7A

e cel

x

B roaden Your

中级会计师《会计实务》练习题及答案(一)

中级会计师《会计实务》练习题及答案 (一) 一、单项选择题(本题型共24题,每小题1分,共24分。每小题备选答案中,只有一个符合题意的正确答案。多选、错选、不选均不得分。) 1.不同法的形式具有不同的效力等级,下列各项中,效力高于法律的是( )。 A.宪法 B.地方政府规章 C.部门规章 D.行政法规 正确答案:A 试题解析:宪法>法律>行政法规>地方性法规>同级地方政府规章。 2.根据法的创制方式和发布形式,可以将法分为( )。 A.国际法和国内法 B.根本法和普通法 C.实体法和程序法 D.成文法和不成文法 正确答案:D 试题解析:选项A是根据法的主体、调整对象和渊源所作的分类;选项B是根据法的内容、效力和制定程序所作的分类;选项C是根据法的内容所作的分类。 3.根据规定,下列各项中,公民、法人和其他组织不能申请行政复议的是( )。 A.对行政机关作出的查封、扣押、冻结财产的强制措施决定不服的 B.申请行政机关履行保护人身权利、财产权利、受教育权利的法定职责,行政机关没有依法履行的

C.对行政机关对民事纠纷作出的调解不服的 D.认为行政机关变更或者废止农业承包合同,侵犯其合法权益的 正确答案:C 试题解析:下列事项不能申请行政复议:(1)不服行政机关作出的行政处分或者其他人事处理决定;(2)不服行政机关对民事纠纷作出的调解或者其他处理。 4.某企业正处于销售旺季,急需工人加班。根据规定,该企业可以延长工作时间,但需要经过一定的程序,该程序是( )。 A.经股东会批准 B.经总经理同意 C.经与工会协商同意 D.经与工会和劳动者协商同意 正确答案:D 试题解析:用人单位由于生产经营需要,经与工会和劳动者协商后可以延长工作时间。 5.对负有保密义务的劳动者,用人单位可以在劳动合同或者保密协议中与劳动者约定竞业限制条款。从事同类业务的竞业限制期限不得超过( )。 A.1年 B.2年 C.3年 D.5年 正确答案:B 6.甲企业2009年5月,以1200万元的价格购入一幢办公楼(不考虑其他税费),2011年3月因公司整体迁移,将该办公楼出售,取得收入为1800万。已知,销售不动产适用的营业税税率为5%,则甲企业出售该办公楼应当缴纳的营业税税额为( )万元。 A.90

2017中级会计实务考试真题及答案解析

2017 中级会计实务考试真题及答案解析 (考生回忆版 9.09)
完整版《中级会计实务》真题及答案已经上传至中公考后在线估分系统, 查看请进入 2017 年中级会计考后在线估分系统》 链接为: 选择真题估分→开始练习
矚慫润厲钐瘗睞枥。
一、单项选择题
1.2017 年 5 月 10 日,甲公司将其持有的一项以权益法核算的长期股权投资全部出售,取得价 款 1200 万元,当日办妥相关手续。出售时,该项长期股权投资的账面价值为 1100 万元,其中 投资成本为 700 万元,损益调整为 300 万元,可重分类进损益的其他综合收益为 100 万元, 不考虑增值税等相关税费及其他因素。甲公司处置该项股权投资应确认的投资收益为聞創沟燴鐺險
爱氇。
( A.100 B.500 C.200 D.400
)万元。
【答案】C
【解析】甲公司处置该项股权投资应确认的投资收益 =1200-1100+ 其他综合收益结转 100=200(万元)。残骛楼諍锩瀨濟溆。
1 / 21

2.甲公司系增值税一般纳税人,2016 年 12 月 31 日,甲公司出售一台原价为 452 万元,已 提折旧 364 万元的生产设备,取得的增值税专用发票上注明的价款为 150 万元,增值税税额 为 25.5 万元。出售该生产设备发生不含增值税的清理费用 8 万元,不考虑其他因素,甲公酽
锕极額閉镇桧猪。
司出售该生产设备的利得为( A.54 B.87.5 C.62 D.79.5 【答案】A
)万元。
【解析】甲公司出售该生产设备的利得=(150-8)-(452-364)=54(万元)。
3.下列关于不具有商业实质的企业非货币性资产交换的会计处理表述中,不正确的是(
)。
A.收到补价的,应以换出资产的账面价值减去收到的补价,加上应支付的相关税费,作为换 入资产的成本 B.支付补价的,应以换出资产的账面价值加上支付的补价和应支付的相关税费,作为换入资 产的成本 C.涉及补价的,应当确认损益 D.不涉及补价的,不应确认损益 【答案】C
【解析】 选项 C,不具有商业实质的非货币性资产交换,按照账面价值计量,无论是否涉及 补价,均不确认损益。彈贸摄尔霁毙攬砖。
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中级会计师中级会计实务复习题集第3387篇

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