158_1405_test 2

158_1405_test 2 - 6.1: ', Véungj 'v Thefollowing am is for...

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Unformatted text preview: 6.1: ', Véungj 'v Thefollowing am is for Susie‘s Anna Ben. W PRflcnea -€Kflflq 3‘ 3 Edam: Edam: : 12mm 1281/04 Prepare, in good form. I sulemenx at mi M “In; the hdinfl method. (75 pointy) 5..., » moon 50,000 ' , ' i Accomm may.» «1 000 35,000 saw: Ann Ben: Corponflou ; In 50,0“) 943]» ‘ Statement of Cut Rm 5 my 200:0“, 250 am For the Vet: Ended 12mm l Y . K5 Accumulated Dupmcialion 20.000 30.” g m ‘ 100,000 Beginning Rd. Earl. 70,0”. _ Accounts Puyahle 50,000 60,000 No: Income mm Owning Act-“6e: w,” my.» 10,000 9,000 _ Subtotal 270000 N“ 1mm * s 200,000 buns-Tenn Not: Payable 100,000 30,000 Ending Rex. Bun. < 340m ‘ * Adivumms to Net Into-e: Common 5m (:1 cash) 50.000 110,000 Dividend: 30,000 - :3: gwmnsfiw Era-u ' 18.000 . v : ino- uko nipm! < 4000» gained 5mm? 70,000 . 240M!) ' I y Rs“,- 1.000.000 Chutes 1-: G l 500'” Decrene in Account: levahk 5,000 a,“ o; 20mm inert»: in live-jay < «'00» R *5 363m) Inert-5e in Acton-n Pay-bk ’ 30,000 0:0: Expats 10,000 Derrense in anes Payah'k < I m anrutial'wn hp”: 18,000 Cuh Pruvidtd by Opentln; Amide ‘ 134,” PM ' 10.000 mm B Invalilg AW Income Tax Expense 30.000 6:50 on Sale of Equipment 4,000 Purchnse of Laud § 30,000) . Purchases 01 Equipment . < 65,009 Sale at Equipmt m During 2004 0.: company earned $200,000 ma met» The ma m Icquired on mm. 2004 by _ 0*“ "Rd '0' "NW": NW «34,00!» exchanging 20,000 sham of common mock worth 520.000 Ind cash for 0: helm of the purchase price. The . ' nddilionll common mock (other than 0121 issued for the pm only: hnd) was sold on Sept 30‘ for 5| pa Phi-nun; Activities shun. The company sold I piece of equipmcnl during the year 0m cost $15,000 Ind had accumuhxcd dcprndtlim P'ym'" ” No" '5ka ( 20,90» ammo for a gain «54.000. The retained naming: 0mm: fathom years is arm .0 closing entries hm beau 5* of Com-000 Stock 00,000 made. 11.: market price pa shark :1 Dec 31‘2004 m :25. 11»: Not: Payable requires payments «520.000 P-rmm 9f D'f'fl'ldl. 3.0.2912 principal plus imam: u 10% on December 31' of each year. Baku 5m new: I ‘ Cnb Used (or Financing AfllVififl M Ana: mumm- & Orv-en' m , ‘ Cum! Anus Cum-I mm _ ' lnrreut In Cub m cm 5 50.000 WWI S “M 35.000 Wags: m; an ‘ . v rm M Cm! Parth- dfim Pay. :0,” ‘ B‘Z‘M‘hfi Clflh lmlm 19” Teal Curmx Am 179.060 Tun! Curve-4 unwu- up. , ’ Ending Cub, 1251M - m n,“ A,” bug-Tenn no: - Equip-en! 5 259.000 - M Ply. w Less: Mun- W. M 10a! mm “9..” Net Err-W 210M ; Ltd 15:!!! Our-eff m ‘ Ne! Tlxed Ann: M W 59‘ "9” > > 1.“, 0,“. “I: I M :50 ll! Significant None-sh Tram-don: ? ' hos W 1 Draw war, m r 1"“ M M V Exrhanged 20,000 shun of stock a punk! plymtlt on hid. i In” Prepnre, in good (arm, an income sulemenl for the year ended Dcctrnber 3), 2004. (25 point) _ Mumpk Chm ( a Doha I ) Using the din Irom Suxk‘: Anna Bella Corporation, IIIWQY quad“. )4. Susie's Anna Bella Cnrpanflol Ll) What an: me To“; CW! unbilma u 11mm.) Income Statement ‘ ‘ . For the an Ended 12131104 ' A. S 60.0“) B. 3 69.000 5 Revers-a C. S 89,000 i Sula , _ 5 1,000,000 D. $149,000 Less: Can of Goods Sold 5 00,909 E. None: onhe Ibov: Gross Marti! , 500,000 : 1 L2) WM “"5 "K dd“ 1° equin mic u the end «20:47 Opcnting Expenm ane Expenu I S 200,000 A 43% Run Expense 36,000 8. 100% 5149 00015499 000 a Oflin Expense! ‘ 10,000 C. 30% . y ’ 30 or 3"“ Depreriuion Expelu M D. 23% Teal Openling Expense w E None of thcse Income from Operation! ' 236,000 L3) What was the inventory mm for 20,” Other Revenues Ax <0.qu , Gnin on Sale of Equipment 4,000 A- 634 Time; lnleresl [spent 110.0432 E 5.32 Time: Toni Olher Revenues & (Expenw < 6 m ' C. 13.89 Tim 3500 000 I “850,000+ 594 000 : Taxable Income ' 230,000 D. 10.64 Time: ’ ' y” “va / 572.000 - «94 Tina Income Tax Expense _ mm E 50:11: oxher numba ' Nd Income ' _ i 200,000 ) D d Whalwaslhebockvalu: rshnrcnlu‘md. A s 454 p: ‘ «20:47 Earnings Per Shll'! w B. S 4.38 c. $2.18 53500001 “0 - D. 53.18 ' ’m ’3‘" E. Somc 0mm number 1512.5) What was the ROE? A 8% B. 182% c. 409: $200300 1 "memo + s 35°’°°°)’2” " “WW I $235,000 - .85 or 35% D. 57% E. Some Dlhcr number Calculalion of naming; per sham: 6) i L “5"” "K wmpan carncd 52. hm * . s 200.000 . 5200.000 5200000 A 50 3’ 0° P“ I what would [be 9/5 mm be u xzmm? ‘ u: n Iii: $2552 I‘ _lm 50,000(6/12) -* 70,000(3/l2) ‘1' “(LOWS/12 75,000 4 17,500 * 27,500 70_om D. 41!) E. Some other [1% 2 7) Kuhl Corpomion is buyi l {CHCT-idé g all the assets end assuming the liabilitiu ol'Tuooumzngos The {outwit-ts information is available for TW It the tiny of the purchase: Accounts Receivable 200,0“! Inventory 100,000 Equipment 200,000 Accumulated Depreciation 80M Lind 300.000 The inventory is worth $50,000. the 1 Additionally. the Note Payable debt is pays then the principal is due. Current interest me much oftlte purchue price Will Kohl debit to goodwill? Tsacourmngos. How 5 430,000 5 300.000 5 299.998 . s 307.937 50!”? E. Someotltetnumberwhichisnother: nnAmBW for 40 years. She thinks lhll her ret steam-J: - stunt Accounts payable 40,000 Wages Payable 10,000 rva-stnpoogssm - roam Note Plyable 100,000 rv - 5mm”) - Jug Commn'Stod 300.000 Tent ’ mun Retained Eon-tins: 70,0“) and issvorth 5300.000 and the equipment is worth 300,000. bleirttetemonlyet leetwaorthenextSyearsmd {or similar debtisB‘le Kuhlwillpay $1,000,00thor Ann. lav. , $200,000 tumor: 50.”! help-0' 300.000 Ltd 380,00 Men. Pry. s 40.!!! ‘ W-ca Pug ' "I" Note PA}. 107,901 CHI. b.0030! MI! 107.901 wants to retire in five years. She wants to live on $100,000 per year end she will stay retired irement fundsemeun 12%peryear. lrshetaltesherfimxmmll . check in exsetly five years, how much does she need to deposit todly to accomplish her goal? (Rounded to the nearest dollar) A. 3 467.753 ' , B. 5 4,500,000 S 100,000(8.2438) - S 824,380 C. 5 2,971,726 D. 5 523.893 3 82458006355) 2‘ $523,893 A 9)1lteterm“seasoned"whenreferringtoeloanmeam A. thepaymmtsontheloan havebeenrmdewhen due. B. thepsymemsontheloanhnvenotbecnmadewhmdm. C. the interest payments on the loan have not been made when due. D. thelomhzsbeensold. E theloanhrsbeenpaid The (load: A. an interchangeable term for kiting. 8. mother name for a lock—box. C. equil to the outstanding checks. 1). a deposit in mat. E. Huh? 2 1]) The April I. 20763 they borrowed 31 ‘ 12% plus $10,000 on April 1 eachyeu. Tbuoumal canyon December 31, 20x3 is; A. hierest Expeme Cut: B. Interest Expense Cash C . lmeresl Expense Note Payable Cult D. Interest Expense Interest Payable E. Interest Payable interest Expense Karamun Company prepares annual fimncill mtanmts It December fill of each year. On 00,000 from the bunk. The Brock Company must pay interest of 3 9,000 5 9.000 512.000 512.000 512.000 510.000 522.0“) 5 9.000 S 9.000 5 9.000 3 9.000 a 12) Still Karamon Company, 'Ihejoumal entry on April 1, 2014 is: A. Interest Expense Interest Payable Note Payable Cult 13. Interest Expense lmeresl Payable Note Payable Cash C. Interest Expense Note Payable Cash D. lnteresl Payable Cash F. Interest Expense Note Payable Cash 3 9.000 3 3.000 $10,000 3 3.000 5 9.000 510.000 512.000 510.000 $12,000 5 3,000 310.000 ‘ $22,000 » 522.000 $22,000 512.000 513.000 S/K/Em 3‘ ’E 13) A. S B. S > C. S D. S E. Some other numb: 5.9;}. Suter,hte. bad Iflooti Ending invernorylutywwSlDfllJowyofmefloodmeoom hodpmehnsod $800.000ingoods.mwtstonxdfleoffitefioodwer€5l.000,000. Theeompany keystonanllfltemhnrtdisewbmdetetminingmenlespfice. meueltdidSutalowintheflood'l 1.000300 Beginning Inventory 5 10.000 810,000 Porcine: M 310,000 Tot-I Goods Avelleble [or Sale 310,000 190,000 Cost of Goods Sold ($1,000,00M) M Ending inventory 1M 1m [2 l4) Balej Corp has a beginning balance (1/1/11) )in Accounts Receivable (£550,000 end I begitmina credit balance in the Allowance for Doubtful Aooouxtu «$1.000. Dining 20x1 they sold $900,003 2 17) Stick 3. Ryan will sell you a Thingie for 310,000. The dell is pay for the Thingie in five equal accepted of goods on credit Ind collected $750,000. 1! Bah} minutes the! 2% of its ending W DIE receivable will eventually not be collected. its adjustingjotuml nary for the bad debt expats: will include o credit to allowance for doubtful mm of: . A. 3 4.000 1.000 33 B. S 3.900 C. 3 4.100 4,000 D. 3 3.000 A 3 E. Not enough infomtion to calculate 200,000(.02) s 4,000 E 15) lstlaj lied written off $500 of accounts receivable during 20x1 end 3 customer with I Nina of $200 which had previously been written ofl'eu'ne back and paid during 2011. the debit to bad debt Accepted expense would have beta-t: . . BI E A 5 2.500 v-Ie see me n B. 5 3.290 11mm trio C. 8 3,500 7.0 ' D. 5 3,990 the Debt E. Not enough infon’mtion to calcnllle my. 3,”. 199mm) '3” . S; 16) Still Balnj, after the $500 is writtm off and the 3200 it collected. the average collection period is: It A. 7.21 times ' ' ' . I B. 4.51 times AIR turn -‘ $900,000/l(5501000 '9 5199.500y21- 7.11 tints C. 50.62 days *’ ~ ' ' D. 80.93 days Avg. Collection Period - 35517.21 - 50.62 thy: E. None of the above annual payments lhll include interest at 2%. You celled the bunk end they said that theywould charge you 10% for a similar loan. How much we the poymmts if you uke Slick Ryan's den)? A. 5 2,200.00 . _ a. 5 2,637.97 $10,000 - A ( 4.7135) c. s 2,000.00 A - 310M431” 1). $2,121.57 A-Smnm E. Noneoftbese ‘ g 18) .10er will sell you c Hoochie for six equal payments “$1,584.51 which include interest at 5%. ‘ A. B. C. D E. The bank would charge you 12% for a similw loco. How much. to the nearest dollet, one you rally paying for the Hoochie under Jordnn'l deal? 5 8,042.50 PVA - 51,530.5H4JH‘) 5 6,514.55 PVA ‘ “51055 S 9,507.06 5 7,238.00 None of thae g; 19) lfyou amortize the lordan deal properly. the interest for the first year would be A. B. C. D. E. Q 20) mane? E 11) noon? L;m moon? 5 804.25 5 475.35 3 781.75 5 325.73 None of these $6,5l4.55(.l2) t $701.75 Intangible assets ere reported net of accumulated depreciation. subtracted from current assets to get the quick or Kldotcsl ratio. Assets which include goodwill. patents and such subtracted from accumulated depreciltion plus land. None of that I Cash equivalents include current assets less inventories divided by currmt liabilities sawing; accounts. outstanding checks. iou's None of these Allowance for Doubtful Accounts is s (In) expense account liability account. ' C0an account. revenue mint. None of thee: } I '93 ‘I'ICHemza glqu 1 For (b: an! thm questions, as: the Iollowiug elm: On January 1. 2011Kyli: Company had 8 Thingia which cost you swash in you: mimicry. During the year, the following transactions oecuned: Sula: Jan) SoIdBThingics fmSZOach _ m‘3@szo-sw FcblbolSThingics@SHach 3n 4@szz. u Mulsoidl'nzingics@522udl ‘ 6/1 5@522- no JmlsoldS'Ihingics forSZ2ea-ch 12/1 1@824-__4§ Sept 111013 @ $12 each ToulSIks m Declwld2®$24cach . I wlflSLWU—Jflm—fi—u I 8@5]0 mm 80 30 ll] 3@5!0 5 1 a 23) Cost (3st SoldUnchl-‘H’Owouldbe: a 8@Sn 2/: as to 3/1 4@sno A. Sl46 4 54 6,] ., B. 3:52 ’ z ' l®m ‘95" C. 5160 D. SIM E. Noncofthsc E 24) Th: Ending Inventory under LIFO would be: accepted noun/L 5152 *MJm“ B. S 52 8@310 ll] 80 30 3/] 3 c. sue ‘5 I @m D. S 58 4 _ E. Nonccfm 8@Sll 2!] 88 M 3/1 4@Sl] c 54 6/1 4 A 25) TolzISales uridchIFO 0 I _ @anqgflo A‘ $306 3@511 9f! 36 24 I'm :qu B. S X60 C. 3204 D. ID @ 320 E None ofthcse Exln Credil- 3 points What was the wide "11-: Right (& Lcfi) Way In Look ll Anxiety" (page 32 of“, Map) 3mm? worn. “a pnk, Anxious apprchcnsion (worry) is difltl'tnl than anxious arousal (punk), each origins”: in s dm‘nm p," of a" bum. Worrying is primarily I verb-I activity and originates in the It“ sidc 1 [hr bnin whirl; conlrols speech produclion. Panic origin-Ia in lb: right side 0! [be bnin which ivy such :5 intranscd tannin-l, "venting and production of stress hormones. Some rcguhflcs physics} acliv abililics, while modern: lrvcls of arousal impmvc processing u'visnnl Ind spam] worry sharptn: verbs! interruption. , “My” ...,.——-...—...~ ._.‘. ...
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158_1405_test 2 - 6.1: ', Véungj 'v Thefollowing am is for...

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