Practice Final Exam

Practice Final Exam - Accounting201FinalExamFall04 Name_...

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Accounting 201 – Final Exam Fall 04 Name__________________________________ Problem I – 20 points Below is a list of accounts for Dragonfly Enterprises. Prepare a multi-step income  statement in good form for 2005. Dragonfly Enterprises is a calendar year company. Account $ Account $ Accounts Payable 68,430 Bonds Payable 189,000 Additional Paid in Capital 250,361 Treasury Stock 125,300 Miscellaneous Expenses 3,878 Common Stock 522,000 Interest Expense 2,600 Gain on Equipment Sale 10,256 Selling Expense 30,010 Marketing Expense 20,007 Dividends 28,200 Retained Earnings 261,345 Cost of Goods Sold 316,657 Administrative Expense 70,100 Prepaid Rent 6,327 Sales Revenue 523,496 Cash and Cash Equivalents 118,532 Inventory 48,253 Other important information Income Tax 35% Outstanding shares 58,825
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Problem II – 30 points Hunter Jackson Enterprises issued on January 1, 2005, $280,000 of 8%, ten year  bonds to raise funds to buy some special machinery. The bonds were sold to  yield 6% return compounded semi-annually. Hunter Jackson uses the straight- line method to amortize bond discounts/premiums. 1. What is the issuance price 2. Prepare journal entries to record the issuance and the first bond interest  payment
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Problem III  Multiple Choice – circle the correct answer – worth 1 point each 1. Loss on sale of equipment a. Balance Sheet and asset account b. Balance Sheet and liability account c. Balance Sheet and stockholders’ equity account d. Income Statement 2. Depreciation – office equipment a. Balance Sheet and asset account b. Balance Sheet and liability account c. Balance Sheet and stockholders’ equity account d. Income Statement 3. Bonds Payable a. Balance Sheet and asset account b. Balance Sheet and liability account c. Balance Sheet and stockholders’ equity account d. Income Statement 4. Interest Expense a. Balance Sheet and asset account b. Balance Sheet and liability account c. Balance Sheet and stockholders’ equity account d. Income Statement 5. Cost of Goods Sold a. Balance Sheet and asset account b. Balance Sheet and liability account c. Balance Sheet and stockholders’ equity account d. Income Statement 6. Retained Earnings a. Balance Sheet and asset account b. Balance Sheet and liability account
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c. Balance Sheet and stockholders’ equity account
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This note was uploaded on 04/10/2010 for the course BUS A 201 taught by Professor J.keller during the Spring '10 term at IUPUI.

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Practice Final Exam - Accounting201FinalExamFall04 Name_...

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