2005 Spring Accounting_011_exam_2__Spring_2005

2005 Spring Accounting_011_exam_2__Spring_2005 - Name _...

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Name _____________________ Temple University Fox School of Business and Management Dr. Steven Balsam Accounting 011 Exam #2 March 24, 2005 Instructions: You have 150 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 1. ________________ 2. ________________ 3. ________________ 4. ________________ 5. ________________ 6. ________________ 7. ________________ 8. ________________ 9. ________________ 10. ________________ 11. ________________ 12. ________________ 13. ________________ 14. ________________ 15. ________________ 2
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Name ________________ Multiple Choice 15 questions, 3 points each 1. During the year, Jantz Company made an entry to write off a $4,000 uncollectible account. Before this entry was made, the balance in accounts receivable was $80,000 and the balance in the allowance account was $4,500. The net realizable value of accounts receivable after the write-off entry was a. $80,000. b. $79,500. c. $71,500. d. $75,500. Use the following information for questions 2 - 5 James Co. has the following data related to an item of inventory: Inventory, March 1 200 units @ $4.20 Purchase, March 7 700 units @ $4.40 Purchase, March 16 140 units @ $4.50 Inventory, March 31 300 units 2. The value assigned to ending inventory if James uses LIFO is a. $1,334. b. $1,280. c. $1,260. d. $1,350. 3. The value assigned to cost of goods sold if James uses FIFO is a. $1,334. b. $1,280. c. $3,270. d. $3,216. 4. The value assigned to ending inventory if James uses average cost is a. $1,313 b. $1,260 c. $1,325 d. $1,335 5. The value assigned to cost of goods sold if James uses average cost is a. $3,237 b. $3,290 c. $3,225 d. $3,215 3
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Name ________________ 6. During 2004, Stone Co., a manufacturer of chocolate candies, contracted to purchase 200,000 pounds of cocoa beans at $3.00 per pound, delivery to be made in the spring of 2005. Because a record harvest is predicted for 2005, the
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2005 Spring Accounting_011_exam_2__Spring_2005 - Name _...

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