FinancialAccounting2th財務(wù)會計ReviewCases全套復(fù)習(xí)案例

1、文檔來源為：從網(wǎng)絡(luò)收集整理.word版本可編輯.歡迎下載支持.ReviewCase1:MechanicalTechnologyIncorporatedMechanicalTechnologywasincorporatedin1961.Itsprincipalbusinessisthedevelopmentandcommercializationofmicrofuelcellsandthedevelopmentandsalesofprecisioninstrumentation.Overthelastfiveyears,MechanicalTechnologyhasstrengthenedits

2、commitmenttoandinvoIvementinthenewenergysector.TheCompanyhassoldoffnon-corebusinessesandrestructureditsbalancesheetinordertoimplementitscorebusinessstrategy,whichistodevelopnewenergytechnologiesandfurtherstrengthenitsoperation.Anincomestatement,balancesheet,statementofcashflows,statementofshareholde

3、rsequity,andseveralnotesappearattheendofthiscase.Required:Thefollowingquestionsallrelatetothesestatements.Explainandjustifyallanswers.a. ExplainthechangeinthebalanceintheretainedearningsaccountfromSeptember30,2000,toSeptember30,2001.b. Whyisthe“l(fā)ossonsaleoffixedassets”addedtoneashctoweinthestatement

4、inordertoobtaincashflowfromoperations?Bespecific.c. WhatisMechanicalTechnology'scomprehensiveincome(loss)totalfortheyearendedSeptember30,2001?Whatisthesingleitemaccountingforthelargestdifferencebetweennetincomeandcomprehensiveincomefortheyear?d. Accountspayablerelateonlytopaymentstosuppliersofin

5、ventory.During2001,byhowmuchdidthe“costofsales”(assumeallrelatedtoinventory)differfromthecashpaymentsmadetothesuppliersoftheinventory?e. Whatwasthebaddebtexpenserelatingtoallaccountsandnotesreceivable(bothshort-andIong-term)inthe2001incomestatement?Explain.“property,plantandeqi-i-|pmisn>t”andf. E

6、xplainthechanges(listallofthemajortransactionswhichaccountforchange)inthebalancesoftheaccumulateddepreciationaccounts.(Hint:consideralloftheinformationinthecashflowstatementaswellasthefootnoteinformation).Provideajournalentryforeachadditionorsubtractionineachofthet-accounts.PP&E(gross)Beg.bal.?A

7、dditions?SubtractionsEnd.Bal.?Beg.bal.Subtractions?>?Additions?End.bal.AccumulatedDepreciationg. Whatwastheamountofthe“minorityinterest”claimagainstconsolidatednetassetsintheconsolidatedfinancialstatementsatthetimethelessthanwhollyownedsubsidiarywassetupduringthe2001fiscalyear?h. Werethereanytrea

8、surystocktransactions(purchasesorsales)duringthe2001fiscalyear?Howcanyoutell?Bespecific.i. Whyis“Stockdividend”subtractedfromnetincomeinthecashflowstatementinordertoobtaincashflowfromoperations?Makeajournalentrytorecordreceiptofthisdividend.j. 'sfiscal2001pretaxnetincomehavebeenifithadusedLIFOin

9、steadofFIFOforitsinventoryaccounting?InventoriesconsistofthefollowingatSeptember30,2001:(Dollarsinthousands)20012000Finishedgoods$272$150Workinprocess693249Rawmaterials,componentsandassemblies709794FIFOinventoryvalue$1,674$1,193Less:LIFOreserve120100LIFOinventoryvalue$1,554$1,093k. SupposethatonOcto

10、ber1,2001,MechanicalTechnologyisconsideringraising$1,000thousandforgeneralcorporatepurposes.Itisconsideringtwoalternatives.(Forpurposesofthisproblem,makeallinterestandcouponcalculationsonanannualbasis.)Issueazero-couponbond.Getthe$1,000thousandnowandrepayallprincipalandinterestattheendofthreeyears.T

11、hemarketinterestrateonthebondwouldbe10%.1. Issue,atfacevalue,a10%couponbondwithafacevalueof$1,000thousand.Thebondmaturesinthreeyearsandtherelevantrateofinterestis10%Makethejournalentriestorecordtheissueofthebondundereachofthealternatives.i. Whatistheamountofinterestexpensetobereportedinthefiscal2002

12、incomestatementundereachofthealternatives?ii. Whatistheamountofinterestexpensetobereportedinthefiscal2003incomestatementundereachofthealternatives?iii. WhatisthebookvalueofthebondonOctober1,2003,exactlyoneyearpriortomaturity,undereachofthealternatives?iv. Supposethebondunderalternative2sellsinthemar

13、ketfor$1,100thousandonOctober1,2003.MakethejournalentrytorecordthebuybackofthebondbyMechanicalTechnologyonthatdate.v. IfthemarketrateofinterestforzerocouponbondsofthetypeissuedbyMechanicalTechnologyfallsto6%onSeptember30,2003whatwillbethemarketvalueofthealternative1bond?sbalancevi. Supposethepurchas

14、erofthezero-couponbondclassifiesitasanavailable-for-salesecurity.WhatvaluewillthebondhaveonthepurchasersheetatthecloseofbusinessonSeptember30,2003,iftheassumptionsofvi.prevail?l.SummarizedbelowisfinancialinformationforPlugPowerandSatCon,thetwocompaniesaccountedforbyusingtheequitymethodbyMechanicalTe

15、chnology.MechanicalTechnologyowns24.9%ofPlugPowerand8.05%ofSatCon.Bookvalueapproximatesmarketvalueforallofthenumbersinthefollowingtable.($inthousands)PlugPowerSatConCurrentassets$111,212$24,935Noncurrentassets53,60718,560Currentliabilities7,7375,271Noncurrentliabilities6,5345,773Stockholders'equ

16、ity150,54832,451i.Ifthesetwoaffiliateswereconsolidatedinsteadofbeingaccountedforundertheequitymethod,howmuchlargerorsmallerwouldlong-term(noncurrent)liabilitieshavebeen?Assumetherearenointercompanyliabilities.ii. Assuming(i),howwouldtheconsolidatedratiooflong-term(noncurrent)liabilitiestostockholder

17、s'equitychange?iii. Underconsolidation,asin(i),howmuchlargerwouldtotalassetsbe?Assumethattherearenointercompanyassetsorliabilities.文檔來源為：從網(wǎng)絡(luò)收集整理.word版本可編輯.歡迎下載支持.iv. WhydoyouthinkMechanicalTechnologyusestheequitymethodtoaccountforitsownershipinSatCon,whileonlyowning8.05%ofthecompany?MECHANICALTE

18、CHNOLOGYINCORPORATEDANDSUBSIDIARIESBalanceSheets(dollarsinthousands)Assets20012000CurrentAssets:Cashandcashequivalents$9,807$1,552Restrictedcashequivalents781,142Securitiesavailableforsale6,704-Accountsreceivable,lessallowancesof$0in2001and2000586693Inventories1,6741,193Notesreceivable-current,lessa

19、llowanceof$0in2001and$250in200025094Deferredincometaxes2,052979Prepaidexpensesandothercurrentassets1,108331TotalCurrentAssets$22,259$5,984Derivativeasset220-Property,plantandequipment,net1,581529Notesreceivable-noncurrent,lessallowanceof$660in2001and2000-97Holdings,atequity(Note7)47,19764,356Holding

20、s,atcost-6,050TotalAssets$71,257$77,016LiabilitiesandShareholders'EquityCurrentLiabilities:Lineofcredit(Note11)$5,000$27,000Accountspayable807283Accruedliabilities1,9451,603Accruedliabilities-relatedparties39Incometaxespayable259Contingentobligationtocommonstockwarrantholders288-Netliabilitiesof

21、discontinuedoperations358231TotalCurrentLiabilities$8,426$29,135Long-TermLiabilities:Deferredincometaxesandothercredits8,4532,852TotalLiabilities$16,879$31,987Minorityinterests$331$-Shareholders'EquityCommonstock,parvalue$1pershare,authorized75,000,000;35,505,010issuedin2001and35,437,285in2000$3

22、5,505$35,437Paid-in-capital65,10354,790Accumulateddeficit(41,328)(45,169)$59,280$45,058AccumulatedOtherComprehensiveLoss:Unrealizedlossonavailableforsalesecurities,netoftax(5,204)-Commonstockintreasury,atcost,20,250sharesin2001and2000(29)(29)TotalShareholders'Equity$54,047$45,029TotalLiabilities

23、andShareholders'Equity$71,257$77,016MECHANICALTECHNOLOGYINCORPORATEDANDSUBSIDIARIESIncomeStatements(dollarsinthousands)200120001999Netsales$7,298$5,558$12,895Costofsales3,1502,5878,249Grossprofit$4,148$2,971$4,646Selling,generalandadministrativeexpenses6,1594,8644,949Productdevelopmentandresearc

24、hcosts3,6842,0341,105Operatingloss$(5,695)$(3,927)$(1,408)Interestexpense(1,970)(1,943)(106)Lossonderivatives(1,266)-Gainonderivatives,Companystock922-Gainonsaleofholdings,net28,838-Gainonsaleofsubsidiary-1,262-Other(expense)income,net(93)(309)185Income(loss)fromcontinuingoperationsbeforeincometaxes

25、,equityinholdings'lossesandminorityinterests$20,736$(4,917)$(1,329)Incometax(expense)benefit524)1,927(37)Equityinholdings'losses(netoftaxbenefitof$9,722in2001,$10,219in2000and$0in1999)(17,072)(15,849)(9,363)Minorityinterestinlossesofconsolidatedsubsidiary123-Lossfromcontinuingoperations$(3,7

26、37)$(18,839)$(10,729)Incomefromdiscontinuedoperations(netoftaxesof$157in2000and$0in1999)-24341Lossbeforecumulativeeffectsofchangesinaccountingprinciples$(3,737)$(18,596)$(10,688)CumulativeeffectofaccountingchangeforderivativefinancialinstrumentsforCompany'sownstock,netoftax1,468-Cumulativeeffect

27、ofaccountingchangeforderivativefinancialinstruments,netoftax(Note2)6,110-Netincome(loss)$3,841$(18,596)$(10,688)MECHANICALTECHNOLOGYINCORPORATEDANDSUBSIDIARIESStatementofChangesinShareholders'Equity(dollarsinthousands)200120001999COMMONSTOCKBalance,October1$35,437$34,947$32,325Issuanceofshares-o

28、ptions68490168Issuanceofshares-2,454Balance,September30$35,505$35,437$34,947PAID-IN-CAPITALBalance,October1$54,790$19,457$(5,276)Issuanceofshares-options3(3)1Issuanceofshares-10,190MTIMicroFuelCellinvestment1,163-PlugPowerholding,netoftaxes8,67829,25214,487SatConholding,netoftaxes2,506872-Warrantsis

29、sued,netoftaxes-2,207-Compensatorystockoptions,netoftaxes(14)1,19955Reclassificationofcommonstockwarrantsfromequitytoliability,netoftaxes(2,207)-Stockoptionexercisesrecognizeddifferentlyforfinancialreportingandtaxpurposes1841,806-Balance,September30$65,103$54,790$19,457ACCUMULATEDDEFICITBalance,Octo

30、ber1$(45,169)$(26,573)$(15,885)Netincome(loss)3,841(18,596)(10,688)Balance,September30$(41,328)$(45,169)$(26,573)ACCUMULATEDOTHERCOMPREHENSIVELOSS:UNREALIZED(LOSS)GAINONAVAILABLEFORSALESECURITIES,NETOFTAXESBalance,October1Unrealizedlossonavailableforsalesecurities,netoftaxesBalance,September30$(5,20

31、4)$(5,204)$(5)5$-$(5)$(5)FOREIGNCURRENCYTRANSLATIONADJUSTMENTBalance,October1$-$(11)$(11)Adjustments-11-Balance,September30$-$-$(11)TREASURYSTOCKBalance,October1$(29)$(29)$(29)Balance,September30$(29)$(29)$(29)SHAREHOLDERS'EQUITYSeptember30$54,047$45,029$27,786TOTALCOMPREHENSIVEINCOME(LOSS):Neti

32、ncome(loss)$3,841$(18,596)$(10,688)Othercomprehensive(loss)income:Foreigncurrencytranslationadjustment-11-Unrealized(loss)gainonavailableforsalesecurities,net(5,204)5(5)Totalcomprehensiveloss$(1,363)$(18,580)$(10,693)MECHANICALTECHNOLOGYINCORPORATEDANDSUBSIDIARIESStatementofCashFlows(dollarsinthousa

33、nds)200120001999OPERATINGACTIVITIESNetincome(loss)excludingdiscontinuedoperations$3,841$(18,839)$(10,729)Adjustmentstoreconcilenetincome(loss)tonetcashusedbyoperatingactivities:Cumulativeeffectofaccountingchangeforderivativefinancialinstruments,gross(9,986)-Cumulativeeffectofaccountingchangesforderi

34、vativefinancialinstrumentsforCompany'sownstock,gross(2,468)Lossonderivatives1,266Gainonderivatives,Companystock(922)Stockdividend(827)Capitalizedinterest107Gainonsaleofholdings(28,838)Depreciationandamortization1,761264581Gainonsaleofsubsidiaries-(1,262)-Minorityinterest(123)-Equityinlossesofequ

35、ityholdings,gross26,79426,0689,363Allowanceforbaddebts(250)63614Lossonsaleoffixedassets42028Deferredincometaxesandothercredits2,197(12,152)(10)Stockbasedcompensation(14)54755Changesinoperatingassetsandliabilitiesnetofeffectsfromdiscontinuedoperations:Accountsreceivable1078871,093Otherreceivables-rel

36、atedparties-105(18)Inventories(481)(343)(4)Prepaidexpensesandothercurrentassets(166)(76)(174)Accountspayable524311(1,450)Incometaxes1619(7)Accruedliabilities-relatedparties(6)9-Accruedliabilities342(127)(1,085)Netcashusedbyoperatingactivitiesexcludingdiscontinuedoperations$(7,122)$(3,933)$(2,343)Dis

37、continuedOperations:Incomefromdiscontinuedoperations$-$243$41Deferredincometaxesandothercredits-157-Changesinnetliabilities/assets127(309)548Netcashprovidedbydiscontinuedoperations$127$91$589Netcashusedbyoperatingactivities$(6,995)$(3,842)$(1,754)MECHANICALTECHNOLOGYINCORPORATEDANDSUBSIDIARIESStatem

38、entofCashFlows(Continued)(dollarsinthousands)200120001999INVESTINGACTIVITIESPurchasesofproperty,plant&equipment$(1,318)$(286)$(2,738)Proceedsfromsaleofholdings37,842-PurchaseofstockinPlugPower-(20,500)(6,000)PurchaseofstockinSatCon-(7,070)-PurchaseofstockinBeaconPower-(6,050)-Proceedsfromsaleofs

39、ubsidiary,net-23-Changeinrestrictedcashequivalents,net1,064(1,142)-Investmentinmarketabledebtsecurities-(2,000)(7,881)Proceedsfromsaleofmarketabledebtsecurities-9,881-InvestmentinNotereceivable-(660)-Principalpaymentsfromnotereceivable1917278Netcashprovided(used)byinvestingactivities$37,779$(27,732)

40、$(16,541)FINANCINGACTIVITIESBorrowingsunderIDAfinancing,lessrestrictedcash$-$-$5,858Proceedsfromstockoptionexercises71489153Netproceedsfromsubsidiarystockissuance867-Proceedsfromrightsoffering-12,820Costsofrightsoffering-(158)Financingcosts(1,360)(233)(75)Netborrowings(payments)onrelatedpartydebt(10

41、7)-Paymentsunderlines-of-credit(23,200)(5,500)-Borrowingsunderlines-of-credit1,20032,500-Netcash(used)providedbyfinancingactivities$(22,529)$27,256$18,598Increase(decrease)incashandcashequivalents$8,255$(4,318)$303Cashandcashequivalents-beginningofyear1,5525,8705,567Cashandcashequivalents-endofyear$

42、9,807$1,552$5,870Property,PlantandEquipmentProperty,plantandequipmentconsistsofthefollowingatSeptember30:20012000$518$722,1491,41719072$2,857$1,5611,2761,032$1,581$529(Dollarsinthousands)LeaseholdimprovementsMachineryandequipmentOfficefurnitureandfixturesLessaccumulateddepreciationDepreciationexpens

43、ewas$262,$169,and$489thousandfor2001,2000,and1999,respectively.Repairsandmaintenanceexpensewas$52,$52,and$166thousandfor2001,2000,and1999,respectively.Valuationandqualifyingaccounts(amountsinthousands)Allowaneefordoubtfulaccounts(accountsandnotesreceivable)BalaneeatbeginningofperiodAdditionsBalaneea

44、tendofChargedtocostsandChargedtootherDescriptionexpensesaccountsDeductionsPeriodYearendedSeptember30:2,001$910$-$-$250$6602,0001136602501139101,9999976-62113ReviewCase2:CaliforniaSteelIndustriesCaliforniaSteelIndustries,Inc.(theCompany)wasincorporatedinthestateofDelawareonNovember3,1983.Itsstockhold

45、ersconsistoftwoU.S.companies,KawasakiSteelHoldings(USA),Inc.,aDelawarecorporation,andRioDoceLimited,aNewYorkcorporation,whicheachown50%ofthestockoftheCompany.FromitssiteinFontana,California,theCompanymanufacturesawiderangeofflatrolledsteelproducts,includinghotrolled,coldrolledandgalvanizedcoilandshe

46、et.TheCompanyalsoproduceselectricresistaneeweldpipe.Anincomestatement,balaneesheet,statementofcashflows,statementofshareholdersequityandseveralnotesappearattheendofthiscase.Required:Thefollowingquestionsallrelatetothesestatements.Explainandjustifyallanswers.a. Explainthechangeinthebalaneeintheretain

47、edearningsaccountfromDecember31,1998,toDecember31,1999.b. Whyisthegainondispositionofproperty,plant,andequipmentsubtractedfromnetincomeinthecashflowstatementinordertoobtaincashflowfromoperations?c. WhatisCaliforniaSteel'scomprehensiveincometotalforfiscal1999?d. Whataredeferredfinancingcostsandwh

48、yaretheyshownasauseofcashinthefinancingsectionofthecashflowstatement?e. Accountspayablerelatetopaymentstosuppliersofinventory.During1999,byhowmuchdidthecostofgoodssold(assumeallrelatedtoinventory)differfromthecashpaymentsmadetothesuppliersoftheinventory?f. Explainthechanges(listallofthemajortransact

49、ionsthataccountforchange)inthebalancesofthe-“telromngdebt,excludingcurrentinstallments”and“currentinstallmentsoflong-termdebt”accounts.g. Thescheduleoflong-termdebtoutstandinginafootnotetothestatementsshowsthatthereis$150,000thousand(faceamount)ofSeniorNotesbearinginterestat8.5%,payablesemi-annually

50、,dueApril2009,outstandingasofDecember31,1999.Therewasnosuchissueoutstandingatthebeginningoftheyear.Werethesenotesissuedatadiscountorapremium?Howdoyouknow?h. Thenotesin(g)wereissuedatthebeginningofApril1999.Couponinterestispayablesemi-annuallyoneachApril1andOctober1,commencingOctober1,1999.Makethenec

51、essaryjournalentriesCaliforniaSteelwouldhavemadeonDecember31,1999,relatingtothesenotes.i. SupposethattwoyearsfromApril1999,interestratesonnotesofthetypeandriskofthosein(g)riseto10%(compoundedsemi-annually).HowwilltheentriesmadeonDecember31,2001,differfromthosemadein(h)above?(Assumethatallofthenotesa

52、restilloutstanding.)Explainthechanges(listallofthemajortransactionsthataccountforchange)inthebalanceofthe“investmentinaffiliatedcompany”account.j. Whatwasthebalanceinthe“investmentinaffiliatedcompany”accountasofDecember31,1997?k. WhatpercentageownershipdoesCaliforniaSteelhaveofthisaffiliate?Howisitb

53、eingaccountedfor?Howwouldthe1999statementshavedifferedifitwereaccountedforasanavailable-for-salesecurity?l. ByhowmuchdidtheLIFOreservechangefromthebeginningtotheendoffiscal1998,whenthecompanywasstillusingLIFO?Assumeataxrateof40%.m. Assumingnoreversalsofaccountsreceivablewrittenoffasuncollectible,wha

54、twasthebaddebtexpenseinthe1999incomestatement?Explain.n. Depreciationandamortizationexpenseof$26,331thousandconsistsofdepreciationexpenseplustheamortizationofdeferredfinancingcosts.Whatisthetotalofunamortizedfinancingcoststobeamortized?WhatisleftasofDecember31,1999,tobeamortizedinthefuture?Hence,whatisthisamortizationexpensefor1999?o. Explainthechanges(listallofthemajortransactionsthataccountforchange)inthebalancesofthe“property,plantandequ-ipgmroesnst”and“accumulateddepreciation”accounts.(Hint：Consideralloftheinformat