Spring 2007 exam 1

Spring 2007 exam 1 - MISCH SPRING 2007 FINANCIAL ACCOUNTING...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
MISCH NAME_____________________________ SPRING 2007 FINANCIAL ACCOUNTING EXAM I FORM 1 PROBLEM POSSIBLE POINTS ACTUAL POINTS 1. Comprehensive Journal Entry Question 37 2. Financial Statements and Closing Entries 32 3. Statement of Cash Flows 08 4. Transaction Analysis 13 5. Multiple Choice 09 6. Quibble Point 01 ---------- Total 100 NOTE: A. If you are asked for an entry or an amount when none is required, write “no entry” or “zero” in the space provided. B. Round all answers to the nearest dollar. C. Partial credit will be given only when supporting computations are shown in good form. D. Calculators with stored-text capabilities are prohibited on this examination. Use of such calculators and/or possession of any unauthorized materials will result in your receiving a zero on the examination. 1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
PART I—COMPREHENSIVE JOURNAL ENTRY QUESTION (37 POINTS) Snoopy, Inc. had the following accounts, all with normal balances at December 1, 2006. Snoopy prepares adjusting entries once per year at December 31 (the company’s year end). The balance in Dividends Payable represents the amount of dividends declared in November that are payable on December 7, 2006 to stockholders of record on December 2, 2006. The office furniture was bought on October 1, 2005 and is expected to have a $2,000 salvage value at the end of its 5-year life. ACCOUNT BALANCE Accounts Payable 42,400 Accounts Receivable 112,000 Accumulated Depreciation—Office Furniture 1,800 Advertising Expense 1,000 Cash 44,800 Common Stock, $2 par 52,000 Dividends Payable, due December 7, 2006 3,000 Office Furniture 38,000 Insurance Expense 2,500 Rent Expense 29,100 Retained Earnings 25,600 Salary Expense 317,900 Service Revenue 425,800 Supplies 1,800 Utilities Expense 3,500 Snoopy had the following transactions in December: 1 Made a $5,000, three-month, 6% loan to Red Baron, Inc., a potential supplier. 1 Paid $2,400 for a 6-month insurance policy that will be in effect from December 2006 through May 2007. 2 Issued 4,500 shares of $2 par value common stock for a total of $9,000. 3
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 13

Spring 2007 exam 1 - MISCH SPRING 2007 FINANCIAL ACCOUNTING...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online