Exam 2 - Version A Full Solutions

Exam 2 - Version A Full Solutions - COMM 201 Mid-term #2...

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COMM 201 – Mid-term #2 Spring, 2006 - Professor Wilkie VERSION A Name (print)______________________________________________ Student ID _______________________________________________ Lecture Section Number : 0001 0002 0003 (circle one) Mid-term Instructions: 1) Check to make sure you have an entire exam. There are a total of 16 pages. 2) This mid-term is a closed-book, closed-note exam. You have a total of 120 minutes to complete the exam. 3) There are 35 multiple-choice problems (34 worth 7 points each and #35 worth 12 points). If you correctly answer the last question (#35) and correctly and completely fill-in the Scantron sheet, you will be awarded these 12 points. Thus, there are a total of 250 points available on the exam. 4) A correct and complete Scantron sheet must include the following: a. Printed Name (Last Name, First Name) b. Exam Version – (A, B, C, or D) write-in at the top of the bubble table at the top, third from right. c. Student Identification Number – fill-in the bubble table at top, second from right d. Lecture Section Number – write-in the number in bubble table at top, farthest right. e. Write-out and Sign the Honor Pledge on the back of Scantron form 5) In answering the multiple choice questions, choose the best answer and circle it on the Scantron answer sheet. It is your responsibility to properly mark the circles on the Scantron sheet. If you cannot completely erase a circle, ask for a new answer sheet. Note – the Scantron machine will give you zero credit if it detects that two or more circles have been filled-in. 6) Write out and sign the Honor Pledge in the space provided below 1
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1. Aristeo Corporation engaged in a series of transactions with its customers during January of 2006. Determine the amount of “net” Revenue the firm will report in January, 2006. Assume the firm uses Sales-Contra accounts whenever possible. January 2 - Sold 10 items of merchandise to Customer A for a total price of $1,000. Customer A paid with her VISA card. VISA charges Aristeo a 3% processing fee. January 4 - Sold merchandise to Customer B for a price of $1,000 on account, with terms 2/10; net 30. January 5 – Received $490 payment from Customer C for merchandise that was purchased on December 28, 2005. Customer C purchased these items on-account, with terms 2/10, net 30. January 9 – Collected the appropriate amount from Customer B for the January 4 th sale. Question – If these are the only transactions that occurred, what is the appropriate amount of net Revenue Aristeo will report for January, 2006? A) $1,940 B) $1,950 C) $1,970 D) $2,440 Customer A produces $970 of net revenue, while Customer B produces $980 of net revenue. The collection from Customer C, produces a reduction of $10 in net revenue.
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This note was uploaded on 04/30/2008 for the course COMM 201 taught by Professor M during the Fall '08 term at UVA.

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Exam 2 - Version A Full Solutions - COMM 201 Mid-term #2...

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