Exam 2 - AIM 2301 Exam Two November 3 2008 Question 1(8...

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1 AIM 2301 Exam Two November 3, 2008 Question 1 (8 points) The Spoke Company, a major retailer of bicycles and accessories, operates several stores and is a publicly traded company. The comparative statement of financial position and income statement for Spoke as of May 31, 2007 are as follows: SPOKE COMPANY Comparative Statement of Financial Position as of May 31, 2007 and May 31, 2006 May 31 2007 2006 Assets Cash Accounts receivable Merchandise Inventory Prepaid expenses Total current assets Plant Assets Plant assets Less: Accumulated depreciation Net plant assets Total assets Liabilities and Shareholders’ Equity Accounts payable Salaries payable Interest payable Total current liabilities Long-term debt Bonds payable Total liabilities Shareholders’ Equity Common stock, $10 par Retained earnings Total shareholders’ equity Total liabilities and shareholders’ equity $ 43,250 70,000 210,000 9,000 332,250 610,000 (160,000) 450,000 $ 782,250 $ 123,000 47,250 27,000 197,250 70,000 267,250
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Exam 2 - AIM 2301 Exam Two November 3 2008 Question 1(8...

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