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ExamII-2004-Questions - NAME PENN ID ACCOUNTING 101...

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1 NAME: PENN ID.: ACCOUNTING 101, EXAMINATION 2 Fall Semester, 2004 INSTRUCTIONS: 1. There are 11 numbered pages in this booklet. There is a second booklet with financial information (7 pages total). 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 (especially if you un-staple the exam booklet). 3. This is a 82 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 page of paper for notes. 7. To submit a re-grade request this exam must be completed in ink. Part Points Allocated Points Scored I 17 II 17 III 16 IV 15 V 17 Total 82
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2 PART I (17 points) The following questions relate to the financial statement extracts for Teledyne Technologies Inc. for the fiscal year ended December 28, 2003. For this question assume that there are no foreign currency translation adjustments affecting receivables, nor are there any merger, acquisition or divesituture activities related to receivable accounts. Teledyne’s tax rate is 35 percent. There are no surprise reinstatements (i.e., there are no cash collections from accounts previously written off). Net revenue is reported net of bad debt expense and there are no sales discounts or returns and allowances. 1. What is the total amount owed to Teledyne from its customers (US government, prime contractors, commercial and other customers) as at the end of fiscal 2003. (2 points).
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