e1f08 Solutions

e1f08 Solutions - Acct 331 Exam 1 Solutions 1 2 3 4 5 6 7 8...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Acct 331 Exam 1 Solutions 1 d MChoice 2 a MChoice 3 a MChoice 4 d MChoice 5 c MChoice 6 d MChoice 7 d MChoice 8 c MChoice 9 d MChoice 10 d MChoice 11 b MChoice 12 b MChoice 11. $12,000 x 3.99271 = $47,913. 12. $500,000 x .08 = $40,000 (annual interest payment) ($40,000 x 6.1446) + ($500,000 x 0.3855) = $438,534.
Background image of page 1

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

View Full DocumentRight Arrow Icon
13. 1. Materiality constraint. 2. Consistency characteristic. 3. Matching principle or going concern assumption. 4. Monetary unit assumption. 5. Matching principle or going concern assumption. 6. Periodicity assumption. 7. Full disclosure principle. 8. Economic entity assumption. 14. (a) Adjusting Entries ————————————————— a. Insurance Expense . ..................... 2,000 Unexpired Insurance . ................ 2,000 b. Bad Debt Expense . ...................... 3,100 Allowance for Doubtful Accounts . .... 3,100 c. Depreciation Expense . .................. 15,000 .. 15,000 d. Interest Receivable .
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 3

e1f08 Solutions - Acct 331 Exam 1 Solutions 1 2 3 4 5 6 7 8...

This preview shows document pages 1 - 3. Sign up to view the full document.

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