fall08 - CONCORDIA UNIVERSITY DEPARTMENT OF ACCOUNTANCY...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
CONCORDIA UNIVERSITY FINANCIAL ACCOUNTING DEPARTMENT OF ACCOUNTANCY COMM 217 ALL SECTIONS SUGGESTED SOLUTION MID-TERM EXAMINATION Fall 2008 Question 1 (21 marks) Multiple-choice (1.5 marks per correct answer) 1. c 2. c 3. c 4. d 5. a 6. a 7. b 8. b 9. b 10. d 11. b 12. c 13. c 14. a
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
QUESTION 2 (15 marks; 27 minutes) Part A (5 marks): a. Cash 3,200 Sales revenue 3,200 Cost of goods sold 2,400 Inventory 2,400 b. Retained earnings (or Dividends declared) 30,000 Dividend payable 30,000 c. Cash 156,000 Share capital 156,000 d. Income tax expense 25,000 Income tax payable 25,000 Part B (10 marks): Requirement 1 (6 marks) a. Dec. 31 Office supplies expense . ......................................... 3,450 Office supplies . ................................................ 3,450 Cost of supplies used = $500 + $3,650 – $700 = $3,450 b. Dec. 31 Salaries expense ($800 x 3 days) . .......................... 2,400 Salaries payable . ............................................. 2,400 c. Dec. 31 Rent receivable . ...................................................... 600 Rent revenue . .................................................. 600 d. Dec. 31 Unearned rent revenue ($525 x 2 months) . ............. 1,050 Rent revenue . .................................................. 1,050 Requirement 2 (4 marks) Jan. 5 Salaries payable . ..................................................... 2,400 Salaries expense . .................................................... 1,600 Cash . ......................................................... 4,000 Jan. 31 Cash . ....................................................................... 1,200 Rent receivable . ........................................ 600 Rent revenue . ........................................... 600 2
Background image of page 2
QUESTION 3 (32 marks; 58 minutes) Req. 1 (11 marks) a) Unearned sales revenue . ........................................ 2,000 Sales revenue . .............................................. 2,000 $10,000 x 20% = $2,000 Cost of goods sold . ................................................. 800
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 12/09/2009 for the course ACCO comm 217 taught by Professor Mroz during the Fall '09 term at Concordia Canada.

Page1 / 8

fall08 - CONCORDIA UNIVERSITY DEPARTMENT OF ACCOUNTANCY...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online