Final-Questions

Final-Questions - NAME: STUDENT No.: RECITATION SECTION:...

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1 NAME: STUDENT No.: RECITATION SECTION: ACCOUNTING 101, FINAL EXAMINATION Fall Semester, 2003 INSTRUCTIONS: 1. There are 12 numbered pages in this booklet (and two un-numbered pages which contain the present value tables). There are two additional booklets. The first booklet has financial information for Safeway Corporation (6 pages). The second booklet has financial information for Intel Corp (8 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 120 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 sheet of paper for notes. 7. Use the assumptions given in each question for the solution of that question only. Ignore the assumptions provided in the other questions. Part Points Allocated Points Scored I 38 II 17 III 20 IV 27 V 18 Total 120
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2 Part I – 38 points Please refer to the Safeway financial statemens for this question and the following addional information. A. No new leases are entered into in 2003. B. There are no FCTAs or business acquisitions/divestitures that affect Safeway for 2003. C. The amortization of property under capital leases in 2003 is $23.7 million. D. Pre-tax income for 2003 is $1,134.3 million. E. Ignore any income tax effects. F. Provide your answers in millions of dollars. 1. Record all journal entries that Safeway expects to make related to leases in 2003 . Skip a line between the journal entries. (12 points) Account title Debit Credit 2. What is the implicit interest rate on capital leases for 2003? (4 points)
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3 3. Assume Safeway treated all operating leases as capital leases as of the beginning of 2003. Assume that at the beginning of 2003 the present value of Safeway’s operating lease payments is
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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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Final-Questions - NAME: STUDENT No.: RECITATION SECTION:...

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