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practice exam 1

practice exam 1 - Version D Name Section Accounting II 2312...

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Version D Name _________________________ Page 1 Section_________________________ Accounting II- 2312 Professor Jeff Austin Exam I Note, this is not in any way a complete guide to what is on the exam. I have provided this practice exam so that you can get a little bit of an idea about the types of questions I might ask on an exam IMPORTANT INFORMATION 1. On this exam you may not use any formula sheets. 2. You will need a pencil and calculator. 3. Show your work with carefully labeled computations so that I may assign partial credit. If I cannot understand your computations I will not assign partial credit. 4. You will be allowed 1 hour and 20 minutes for this exam. Review the points available on each problem and allocate your time wisely. 5. Round all final answers to the nearest dollar. (Do not round intermediate calculations.) 6. Check your exam to insure you have a total of seven pages, including this one. I will neither give nor receive aid on this test. _______________________ Signature SUMMARY OF POINTS Possible points Score Problem I. 19 pts. ____ Problem II. 20 pts. ____ Problem III 18 pts. ____ Problem IV 18 pts. ____ TOTAL POINTS 75 pts. ____
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Version D Name _________________________ Page 2 Problem I (19 pts) The following accounts related to the manufacturing operations of Balloon Inc. were selected from the pre-closing trial balances at December 31, 2001, the end of the current fiscal year: Direct Materials Inventory $ 440,000 Direct Labor 730,000 Miscellaneous Factory Costs 29,400 Miscellaneous Advertising Costs 14,400 Property Taxes on Factory 53,000 Direct Materials Purchases 1,375,000 Indirect Labor 240,000 Depreciation on Factory Equipment 125,000 Sales Salaries 123,000 Depreciation on Factory Buildings 85,000 Factory Heat, Light, and Power 135,000 Marketing Department Supplies 22,300 Factory Supplies Expense 28,000 Finished Goods Inventory 360,000 Factory Insurance Expense 36,000 Work in Process Inventory 447,200 Inventories at December 31, 2001 were as follows: Direct materials $ 485,600 Work in Process 466,600 Finished Goods 409,200 A. The corporate accountant, Andy Mertz, has difficulty adding and subtracting more than four numbers.
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