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ExamI-F2005-v2 - Accounting 101 Fall 2005 Name PENN ID...

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Accounting 101, Fall, 2005 Name: Mid-term Examination 1 Page 1 PENN ID: RECITATION SECTION: ACCOUNTING 101, EXAMINATION 1 Fall Semester, 2005 INSTRUCTIONS: 1. There are 15 numbered pages in this booklet. Make sure you have all of the pages. 2. Please print your name and student number in the space provided on top of this page AND on all subsequent pages . 3. This is a 70 point exam. You have 120 minutes to complete it. Budget your time to achieve maximum points. 4. Answer the problems in the space provided within this booklet. Present your work in an orderly fashion to facilitate the awarding of partial credit. For partial credit, you must show your work. Partial credit can only be given for work that is presented in a clear, legible and logical manner. 5. In the interest of fairness to all students, NO questions will be answered during the exam. If you think a question is ambiguous, state an appropriate assumption explicitly and continue. 6. The exam is closed book. You are allowed only ONE 8.5 x 11 inch double-sided cheat sheet. 7. Exams written in pencil will not be considered for a regrade. Use a pen if you think you may like to submit a regrade request. Question Points Allocated Points Scored I 20 II 10 III 10 IV 15 V 15 Total 70
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Accounting 101, Fall, 2005 Name: Mid-term Examination 1 Page 2 Question 1– Transaction Analysis, Adjusting Entries, etc. Each question is independent. 2 points each. No partial credit. (20 total points) 1) A firm provided $304,400 of services to clients on account, received $228,500 in advance for services to be provided in the following year and incurred $170,300 of expenses, all on account. What effect did these transactions have on the balance sheet equation? a. Increase assets $362,600; increase liabilities $228,500; increase shareholders’ equity $134,100. b. Increase assets $532,900; increase liabilities $170,300; increase shareholders’ equity $362,600. c. Increase assets $362,600; increase liabilities $398,800; decrease shareholders’ equity $36,200. d. Increase assets $532,900; increase liabilities $398,800; increase shareholders’ equity $134,100. e. None of the above. 2) On January 1, assets were $2,141,300. On December 31 of the same year, assets were $2,260,100 and liabilities were $945,900. During the year, revenues of $1,017,700 were earned, expenses of $960,500 were incurred, dividends of $47,700 were declared and paid, and $84, 100 of commons stock was issued for cash. What were the liabilities on January 1?
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