clem_284_e1a_s06

clem_284_e1a_s06 - Accounting 284 1. Exam 1 Clem A Spring...

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Accounting 284 Exam 1 A – Clem Spring 2006 1. During 2007, Sensa Corporation incurred operating expenses amounting to $100,000 of which $75,000 was paid in cash; the balance will be paid in January 2008. Transaction analysis of operating expenses for 2007, should reflect only the following A) decrease stockholders' equity, $75,000; decrease assets, $75,000. B) decrease assets, $100,000; decrease stockholders' equity, $100,000. C) decrease assets, $100,000; increase liabilities, $25,000; decrease stockholders' equity, $100,000. D) decrease stockholders' equity, $100,000; decrease assets, $75,000; increase liabilities, $25,000. 2. Which group of accounts contains only those that normally have a debit balance? A) Prepaid expenses, wages payable, and contributed capital B) Cash, utilities expense, and accounts receivable C) Retained earnings, cost of sales, and wages expense D) Utilities expense, prepaid expenses, and wages payable 3. At the end of its accounting period, December 31, 2009, August Corporation owed $1,000 for property taxes which had not been recorded or paid. Therefore, the 2009, adjusting entry should be A) $1,000 decrease to an expense account and decrease to a liability account. B) $1,000 increase to an expense account and decrease to an asset account. C) $1,000 increase to a liability account and increase to an expense account. D) $1,000 increase to a liability account and decrease to an asset account. 4. In 2004, Boeing Company reported total assets of $53,963 million and net sales of $52,457 million. In 2003, they reported total assets of $52,986 million and net sales of $50,256 million. Their 2004 asset turnover ratio was:
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This note was uploaded on 09/23/2009 for the course ACCT 284 taught by Professor Clem during the Spring '08 term at Iowa State.

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clem_284_e1a_s06 - Accounting 284 1. Exam 1 Clem A Spring...

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