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2006 Fall Accounting_011_exam_2__Fall_2006

2006 Fall Accounting_011_exam_2__Fall_2006 - Name Temple...

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Name _____________________ Temple University Fox School of Business and Management Dr. Steven Balsam Accounting 011 Exam #2 October 25, 2006 Instructions: You have 100 minutes. Answer the questions on the pages provided and please remember to show all work so that you may receive partial credit. Also please put your name on each page in case the pages get separated. Good luck!
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Name ________________ Answer Sheet for Multiple Choice/Short Answer 1. ________________ 2. ________________ 3. ________________ 4. ________________ 5. ________________ 6. ________________ 7. ________________ 8. ________________ 9. ________________ 10. ________________ 2
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Name ________________ Multiple Choice/Short Answer 10 questions, 4 points each 1. The following information is available for Reagan Company: Allowance for doubtful accounts at December 31, 2005 $ 9,000 Credit sales during 2006 400,000 Accounts receivable deemed worthless and written off during 2006 8,000 As a result of a review and aging of accounts receivable in early January 2007, however, it has been determined that an allowance for doubtful accounts of $9,500 is needed at December 31, 2006. What amount should Reagan record as "bad debt expense" for the year ended December 31, 2006? a. $8,500 b. $9,500 c. $10,500 d. $17,500 2. Designated market value 3. AJ Corporation, a manufacturer of ethnic foods, contracted in 2007 to purchase 500 pounds of a spice mixture at $5.00 per pound, delivery to be made in spring of 2008. By 12/31/07, the price per pound of the spice mixture had risen to $5.60 per pound. In 2007, AJ should recognize
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