ExamII-Questions - NAME PENN ID ACCOUNTING 101 EXAMINATION...

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1 NAME: PENN ID.: ACCOUNTING 101, EXAMINATION 2 Fall Semester, 2005 INSTRUCTIONS: 1. There are 11 numbered pages in this booklet. There is a second booklet with financial information (11 pages total). Make sure you have all of the pages. 2. For all questions requiring an answer in dollars please answer in THOUSANDS of dollars 3. The year ended March 31, 2005 is the 2004 fiscal year. 4. Please print your name and student number in the space provided on top of this page (especially if you un-staple the exam booklet). Please do not unstaple your exam booklet. 5. This is a 70 point exam. You have 120 minutes to complete it. Budget your time to achieve maximum points. 6. 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. 7. 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. 8. The exam is closed book. You are allowed only ONE 8.5 x 11 inch double-sided page of paper for notes. 9. To submit a re-grade request this exam must be completed in ink. Part Points Allocated Points Scored I 15 II 14 III 13 IV 14 V 14 Total 70
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2 PART I (15 points) The following questions relate to the financial statement extracts for Steris Corporation for the fiscal year ended March 31, 2005. For this question assume that there are no foreign currency translation adjustments, merger, acquisition or divestiture activities related to receivable accounts. Steris’s tax rate is 35 percent. On the income statement,
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