ExamI-F2004 - Accounting 101, Fall, 2004 Name: PENN ID:...

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Accounting 101, Fall, 2004 Name: Mid-term Examination 1 Page 1 PENN ID: RECITATION SECTION: ACCOUNTING 101, EXAMINATION 1 Fall Semester, 2004 INSTRUCTIONS: 1. There are 13 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 93 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 15 II 20 III 21 IV 12 V 25 Total 93
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Accounting 101, Fall, 2004 Name: Mid-term Examination 1 Page 2 Question 1 – Balance Sheet, Income Statement and Statement of Retained Earnings (15 total points, 1 point each, no partial credit) Roxio Inc. provides digital media software and services. Selected information from the company’s condensed financial statements is presented below in thousands. Some items are missing and are indicated by “?”. Please fill in the missing items by writing the appropriate amount next to the question mark (“?”). 2004 2003 Balance Sheet ASSETS Cash $ ? $ 53,497 Accounts Receivable 16,279 18,196 Inventories 1,187 460 Other current assets 6,443 8,075 Total current assets 91,045 ? Property, plant and equipment, net ? 9,058 Intangible assets, net 97,622 65,561 Other assets 4,748 3,648 Total assets $ 203,348 $ ? LIABILITIES and STOCKHOLDERS' EQUITY Current Liabilities $ 56,518 $ 35,623 Long-term Liabilities 2,449 6,680 Total Liabilities ? 42,303 Common Stock 34 20 Additional Paid-in Capital 195,503 ? Retained Earnings (Deficit) ? ? Total Stockholders' Equity 144,381 116,192 Total Liabilities and Stockholders' Equity $ 203,348 $ ? Statement of Retained Earnings Balance, beginning of year $ (11,632) $ (1,576) Net Income (Loss) (39,524) ? Dividends ? 112 Balance, end of year $ ? $ ? Income Statement Revenues $ 99,296 $ 120,408 Cost of Goods Sold ? 34,148 Operating Expenses 117,943 95,765 Gain on Sale of GoBack product line 10,622 0 Income Tax Expense 4,961 439 Net Income (Loss) $ (39,524) $ ?
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Accounting 101, Fall, 2004 Name: Mid-term Examination 1 Page 3 Question 2 – Transaction Analysis and Adjusting Entries Each question is independent (except parts 9 and 10 which are related) (20 total points, 2 points each, no partial credit)
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This note was uploaded on 05/20/2010 for the course ACCT 101 taught by Professor Briancadman during the Spring '10 term at Penn College.

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ExamI-F2004 - Accounting 101, Fall, 2004 Name: PENN ID:...

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