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2003 Fall Accounting_011_exam_2___Fall_2003

2003 Fall Accounting_011_exam_2___Fall_2003 - Temple...

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Temple University Fox School of Business and Management Dr. Steven Balsam Accounting 011 Exam #2 November 3/5, 2003 Instructions: You have 60 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. ________________
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Multiple Choice 12 questions, 5 points each 1. How much must be invested now to receive $30,000 for 15 years if the first $30,000 is received today and the rate is 9%? a. $241,821 b. $263,585 c. $450,000 d. $219,376 2. What will be the balance on September 1, 2010 in a fund which is accumulated by making $24,000 annual deposits each September 1 beginning in 2003, with the last deposit being made on September 1, 2010? The fund pays interest at 8% compounded annually. 3. 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 Use the following information for questions 4 & 5 A trial balance before adjustments included the following: Debit Credit Sales
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