2003 Fall Accounting_011_exam_3___Fall_2003

2003 Fall Accounting_011_exam_3___Fall_2003 - Temple...

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Temple University Fox School of Business and Management Dr. Steven Balsam Accounting 011 Exam #3 December 1/3, 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. ________________
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Multiple Choice 10 questions, 5 points each 1. Rich Co. exchanged merchandise that cost $24,000 and normally sold for $36,000 for a new delivery truck with a list price of $40,000. The delivery truck should be recorded on Rich' books at a. $24,000. b. $30,000. c. $36,000. d. $40,000. 2. During 2004, Bell Corporation constructed assets costing $750,000. The weighted-average accumulated expenditures on these assets during 2004 was $450,000. To help pay for construction, $330,000 was borrowed at 10% on January 1, 2004, and funds not needed for construction were temporarily invested in short-term securities, yielding $7,000 in interest revenue. Other than the construction funds borrowed, the only other debt outstanding during the year was a $375,000, 10-year, 9% note payable dated January 1, 1998. What is the amount of interest that should be capitalized by Bell during 2004?
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2003 Fall Accounting_011_exam_3___Fall_2003 - Temple...

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