Old exam 3

Old exam 3 - Temple University Fox School of Business and...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Temple University Fox School of Business and Management Dr. Steven Balsam Accounting 011 Exam #3 November 25, 2002 Instructions: You have 50 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!
Background image of page 1

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

View Full DocumentRight Arrow Icon
Problem 1 (20 points) Office Express is on a 12/31 fiscal year end. At the end of the first quarter they estimate cost of goods sold and ending inventory given the following information: Cost Beginning Inventory 500,000 Purchases 1,000,000 Cost of Goods Available for Sale 1,500,000 Sales 2,000,000 Estimated Gross Profit as a Percentage of Sales 40% Estimate Cost of Goods Sold and Ending Inventory using the Gross Profit Method. Cost of Goods Sold _____________________________ Ending Inventory _____________________________ 2
Background image of page 2
Problem 2 (20 points) Treat the following as independent events. Matt Inc and Rich Co exchange trucks.
Background image of page 3

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

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 6

Old exam 3 - Temple University Fox School of Business and...

This preview shows document pages 1 - 4. Sign up to view the full document.

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