ExamII-Solutions

ExamII-Solutions - NAME: STUDENT No.: RECITATION SECTION:...

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1 NAME: STUDENT No.: RECITATION SECTION: ACCOUNTING 101, EXAMINATION 2 Fall Semester, 2003 INSTRUCTIONS: 1. There are 10 numbered pages in this booklet. There are two additional booklets with financial information. Booklet for Gap Inc. contains 5 pages. Booklet for Allied Healthcare Products contains 9 pages. 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 75 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. 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. Part Points Allocated Points Scored I 20 II 35 III 20 Total 75
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2 Part I – 20 points You are provided excerpts from Allied Healthcare Corporation’s Annual Report for the fiscal year ended June 30, 2003 (see attached financial information). Use the information contained in those excerpts and the assumptions below to answer the questions below. 1. June 30, 2003 is the last day of fiscal year 2003. June 30, 2002 is the last day of fiscal year 2002. June 30, 2001 is the last day of fiscal year 2001. 2. There were no FCTAs (Foreign Currency Translation Adjustments) in fiscal years 2001, 2002, and 2003, related to accounts receivables. 3. There are no divestitures in fiscal years 2001, 2002, and 2003. 4. There are no recoveries or reinstatements of Accounts Receivables in fiscal years 2001, 2002, and 2003. 1. What is the journal entry Allied made at the end of fiscal year 2003 to record bad debt expense? (2 points) Account title Debit Credit Bad debt expense 36,569 Allowance for doubtful accounts 36,569 (Or reserve for doubtful accounts) 2. What is the journal entry Allied made in fiscal 2001 to record for the Accounts Receivables written off in fiscal 2001? Assume that all write-offs took place at the same time and make one journal entry for the total amount. (2 points)
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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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ExamII-Solutions - NAME: STUDENT No.: RECITATION SECTION:...

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