QUIZ AKL - I Semester I TA 2019/2020 [PDF]

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QUIZ AKL_I Semester I TA 2019/2020 Kelas Transfer A SOAL TIPE A Drs. SUBEKTI DJAMALUDDIN, MSi, Ak Tanggal : 3/11/2020 Waktu : 50 menit



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Exercises Ch 5-Intercompany Profi Transactions—Inventories. Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. Intercompany profit elimination entries in consolidation workpapers are prepared in order to: a. Nullify the effect of intercompany transactions on consolidated statements b. Defer intercompany profit until realized c. Allocate unrealized profits between controlling and noncontrolling interests d. Reduce consolidated income ____



2. The direction of intercompany sales (upstream or downstream) does not affect consolidation workpaper proce-dures when the intercompany sales between affiliates are made: a. At fair value c. At book value b. Above market value d. To a 100 percent-owned subsidiary ____



3. Pet Corporation sells inventory items for $500,000 to Sen Corporation, its 80 percent-owned subsidiary. The con-solidated workpaper entry to eliminate the effect of this intercompany sale will include a debit to sales for: a. $500,000 c. The amount remaining in Sen’s ending inventory b. $400,000 d. 80 percent of the amount remaining in Sen’s ending inventory ____



4. Sar Corporation, a 90 percent-owned subsidiary of Pan Corporation, buys half of its raw materials from Pan. The transfer price is exactly the same price as Sar pays to buy identical raw materials from outside suppliers and the same price as Pan sells the materials to unrelated customers. In preparing consolidated statements for Pan Corpo-ration and Subsidiary: a. The intercompany transactions can be ignored because the transfer price represents arm’slength bargaining b. Any unrealized profit from intercompany sales remaining in Pan’s ending inventory must be offset against the unrealized profit in Pan’s beginning inventory c. Any unrealized profit on the intercompany transactions in Sar’s ending inventory is eliminated in its entirety



d. Only 90 percent of any unrealized profit on the intercompany transactions in Sar’s ending inventory is eliminated ____



5. Pit Corporation sells an inventory item to its subsidiary, Sin Company, to be used as a plant asset by Sin. The work-paper entry to eliminate intercompany profits in the year of sale will notinclude: a. A debit to sales c. A credit to inventories b. A credit to cost of sales d. A credit to plant assets ____



6. Sel Corporation regularly sells inventory items to its parent, Pul Corporation. In preparing the consolidated income statement, which of the following items would notbe affected by the direction (upstream or downstream) of these intercompany sales? a. Consolidated gross profit c. Controlling interest share of consolidated net income b. Noncontrolling interest share d. Consolidated retained earning ____ a. b. c. d.



7. Pen Corporation regularly sells inventory items to its subsidiary, Shu Corporation. If unrealized profits in Shu’s 2011 year-end inventory exceed the unrealized profits in its 2012 year-end inventory: Combined cost of sales will be greater than consolidated cost of sales in 2011 Combined cost of sales will be less than consolidated cost of sales in 2011 Combined gross profit will be greater than consolidated gross profit in 2011 Combined sales will be less than consolidated sales in 2011



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8. Spa Corporation is a 90 percent-owned subsidiary of Ply Corporation, acquired on January 1, 2011, at a price equal to book value and fair value. Ply accounts for its investment in Spa using the equity method of accounting. The only intercompany transactions between the two affiliates in 2011 and 2012 are as follows: 2011 Ply sold inventory items that cost $400,000 to Spa for $500,000. One-fourth of this merchandise remains unsold at December 31, 2011 2012 Ply sold inventory items that cost $600,000 to Spa for $750,000. One-third of this merchandise remains unsold at December 31, 2012 At December 31, 2012, Ply’s Investment in Spa account: a. Will equal its underlying equity in Spa b. Will be $25,000 greater than its underlying equity in Spa c. Will be $50,000 less than its underlying equity in Spa d. Will be $25,000 less than its underlying equity in Spa ____ a. b. c. d.



9. Per, Inc., owns 80 percent of Sen, Inc. During 2011, Per sold goods with a 40 percent gross profit to Sen. Sen sold all of these goods in 2011. For 2011 consolidated financial statements, how should the summation of Per and Sen income statement items be adjusted? es and cost of goods sold should be reduced by the intercompany sales. Sales and cost of goods sold should be reduced by 80 percent of the intercompany sales. Net income should be reduced by 80 percent of the gross profit on intercompany sales. No adjustment is necessary.



____ 10. Car Company had the following transactions with affiliated parties during 2011. Sales of $180,000 to Den, with $60,000 gross profit. Den had $45,000 of this inventory on hand at year-end. Car owns a 15 percent interest in Den and does not exert significant influence. Purchases of raw materials totaling $720,000 from Ken Corporation, a wholly owned subsidiary. Ken’s gross profit on the sale was $144,000. Car had $180,000 of this inventory



remaining on December 31, 2011. Before eliminating entries, Car had consolidated current assets of $960,000. What amount should Car report in its December 31, 2011, consolidated balance sheet for current assets? a. $960,000 b. $951,000 ____



c. $924,000 d. $303,000



11. Par Corporation owns 80 percent of Sit’s common stock. During 2011, Par sold Sit $750,000 of inventory on the same terms as sales made to third parties. Sit sold 100 percent of the inventory purchased from Par in 2011. The following information pertains to Sit’s and Par’s sales for 2011:



What amount should Par report as cost of sales in its 2011 consolidated income statement? a. $2,250,000 c. $1,500,000 b. $2,040,000 d. $1,290,000 ____



12. The separate incomes of Pil Corporation and Sil Corporation, a 100 percent-owned subsidiary of Pil, for 2012 are $2,000,000 and $1,000,000, respectively. Pil sells all of its output to Sil at 150 percent of Pil’s cost of production. During 2011 and 2012, Pil’s sales to Sil were $9,000,000 and $7,000,000, respectively. Sil’s inventory at Decem-ber 31, 2011, included $3,000,000 of the merchandise acquired from Pil, and its December 31, 2012, inventory included $2,400,000 of such merchandise. Assume Sil sells the inventory purchased from Pil in the following year. A consolidated income statement for Pil Corporation and Subsidiary for 2012 should show controlling interest share of consolidated net income of: a. $2,200,000 c. $3,000,000 b. $2,800,000 d. $3,200,000



____ 13. In a consolidated income statement for Pan Corporation and Subsidiary for the year 2012, consolidated sales should be: a. $2,900,000 c. $2,725,000 b. $2,800,000 d. $2,700,00



____ 14. In a consolidated income statement for Pan Corporation and Subsidiary for the year 2012, consolidated cost of sales should be: a. $1,372,000 c. $1,272,000 b. $1,360,000 d. $1,248,000



____ 15. Pid’s income from Sed for 2012 is: a. 6,000 b. $80,000



c. $76,000 d. $56,000



____ 16. Consolidated cost of sales for 2012 is: a. $900,000 b. $920,000



c. $880,000 d. $720,000



____



17.



Noncontrolling interest share for 2012 is: a. $24,000 b. $20,000



c. $8,000 d. 4,000



____ 18. Consolidated sales of Par Corporation and Subsidiary for 2012 were: a. $1,800,000 c. $1,400,000 b. $1,425,000 d. $1,240,000



____ 19. The unrealized profits in the year-end 2011 and 2012 inventories were: a. $100,000 and $125,000, respectively c. $20,000 and $25,000, respectively b. $80,000 and $100,000, respectively d. $16,000 and $20,000, respectively



____ 20. Consolidated cost of goods sold of Par Corporation and Subsidiary for 2012 was: a. $1,024,000 c. $1,052,800 b. $1,045,000 d. $1,056,000



Answer Section QUIZ AKL_I Semester I TA 2019/2020 Kelas Transfer A SOAL TIPE A Drs. SUBEKTI DJAMALUDDIN, MSi, Ak Tanggal : 3/11/2020 Waktu : 50 menit MULTIPLE CHOICE 1 2 3 4 5 6 7 8 9 10



B D A C C A A C A C



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Nama : Fika Aulia Ahsan NIM : F1320040 Email :[email protected] Kirimkan kembali hasil jawaban ke



Drs. SUBEKTI DJAMALUDDIN, MSi, Ak [email protected]



C D D C B D B C C B