practice exam - LEHIGH UNIVERSITY Department of Accounting...

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Unformatted text preview: LEHIGH UNIVERSITY Department of Accounting ACCOUNTING 151FIRST EXAMINATIONFALL 2007 Print: Your Name ___________________________________ Section (or instructor)______________________________ !!!SHOW ALL CALCULATIONS FOR FULL CREDIT!!! 1. (21) Complete the following missing items relating to income statement and balance sheet components. Case 1 Case 2 Case 3 Revenues 120,000 ______ 200,000 Cost of Sales 61,000 50,000 ______ Gross Profit ______ 100,000 120,000 Other Expenses ______ ______ 60,000 Net Income (Loss) 39,000 (10,000) ______ Beginning Retained Earnings ______ 230,000 300,000 Dividends Declared 36,000 40,000 ______ Ending Retained Earnings 118,000 ______ 310,000 Ending Current Assets ______ 95,000 ______ Ending Noncurrent Assets 450,000 ______ 820,000 Ending Total Assets 507,000 720,000 ______ Ending Current Liabilities 80,000 100,000 ______ Ending Noncurrent Liabilities 240,000 ______ 100,000 Ending Total Liabilities ______ 350,000 160,000 Ending Common StockPar 10,000 ______ 20,000 Ending Additional Paid-in Capital ______ 175,000 ______ Ending Stockholders Equity ______ 370,000 800,000 2. (6) At 12/31/07 the company failed to adjust for some unearned income that should have been counted as revenue. Assuming the 2008 adjustment properly states unearned income at 12/31/08: the 2007 net income is ___overstated, ___understated or ___properly stated; the 12/31/08 retained earnings is ___overstated, ___understated or ___properly stated; total liabilities at 12/31/08 are ___overstated, ___understated or ___properly stated....
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This note was uploaded on 09/23/2008 for the course ACCT 151 taught by Professor Largay during the Fall '07 term at Lehigh University .

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practice exam - LEHIGH UNIVERSITY Department of Accounting...

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