Midterm 2 Solution Sect 1 292[1]

Midterm 2 Solution Sect 1 292[1] - Langara College Summer...

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Langara College Summer 2009 Financial Accounting Overview: Financial Management 2293 Mid Term 2 Section 1 10:30 – 12:25 T/R Student Name _________Key_____________ Student # __________________ Date : July 2009 Time Allotted : 85 min Total # of Pages : 4 Instructor : Ellen Hamer Total # of Marks : 50 INSTRUCTIONS TO STUDENTS : Answer all questions in the exam booklet. Programmable and cell phone calculators are not permitted Show calculations for part marks Explanations are not required for journal entries. Question # Subject Marks Marks Allocated Obtained # 1 .............................................................................. 12 . ................... ______ # 2 .............................................................................. 10 . ................... ______ # 3 ................................................................................ 8 . ................... ______ #4 .............................................................................. 10 . ................... ______ #5 .............................................................................. 10 . ................... ______ 50 20% of Final Grade Good Luck !
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Question 1 ( 12 Marks) Required: (1) Prepare any necessary journal entries related to the Feb – October activities. (2) Prepare the entry, if necessary, to record the proper valuation of the temporary investments as of December 31, 2006. (3) What value will be shown on the December 31, 2006 Balance Sheet for temporary Investments. What will be disclosed on the Income Statement for 2006.
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Midterm 2 Solution Sect 1 292[1] - Langara College Summer...

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