prelim 2 answers 2006 - D E 9. A B C D E 10. A B C D E 11....

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EXAM #_______________________ Financial Accounting Prof. David A. Dittman PRELIMINARY EXAMINATION 2 November 2, 2006 7:30 to 10:30 p.m. STUDENT NAME: _____________________________________ CUID NUMBER: __________________________ Academic integrity is expected of all students of Cornell University at all times, whether in the presence or absence of member of the faculty. Understanding this, I declare I have not given, used, or received unauthorized aid on this preliminary examination . Signature: ____________________________
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A nswer Sheet – Prelim 2 TRUE/FALSE QUESTIONS (Each question is worth 1 point. Please X the one you believe to be true. 1. T F 2. T F 3. T F 4. T F 5. T F 6. T F 7. T F 8. T F 9. T F 10. T F 11. T F 12. T F 13. T F 14. T F 15. T F EXTRA CREDIT (1 point each) 1. A B C D E 2. A B C D E 3. A B C D E 4. A B C D E 5. A B C D E 6. A B C D E 7. A B C D E 8. A B C D E 9. A B C D E 10. A B C D E MULTIPLE CHOICE QUESTIONS (Each question is worth 2 point. Please X the one you believe to be correct. 1. A B C D E 2. A B C D E 3. A B C D E 4. A B C D E 5. A B C D E 6. A B C D E 7. A B C D E 8. A B C
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Unformatted text preview: D E 9. A B C D E 10. A B C D E 11. A B C D E 12. A B C D E 13. A B C D E 14. A B C D E 15. A B C D E 16. A B C D E 17. A B C D E 18. A B C D E 19. A B C D E 20. A B C D E 21. A B C D E 22. A B C D E 23. A B C D E 24. A B C D E 25. A B C D E 2 I Answer Problem I below: II. Answer Problem 3 below: III. Answer: Requirement 1: (1) FIFO (2) LIFO 4 A. 10,000 x 6 = $ 60,000 (6,000 x $5) + (4,000 x $6) = $ 54,000 B. $222,000 - $60,000 = $162,000 $222,000 - $54,000 = $168,000 C. $280,000 - $162,000 = $118,000 $280,000 - $168,000 = $112,000 Problem IV. Answer: Requirement 1: Salaries expense 20,000 Wages expense 15,000 Liability for income taxes withheld-employees 7,350 FICA taxes payable-employees ($35,000 x 7.65%) 2,678 Union Dues Payable 175 Cash (take-home pay) 24,797 Requirement 2: Employment benefit (payroll tax) expense 2,678 FICA taxes payable-employer 2,678 5...
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prelim 2 answers 2006 - D E 9. A B C D E 10. A B C D E 11....

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