310F-ExIPostKey - Accounting 310F - Exam I Solutions -...

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Accounting 310F - Exam I Solutions - Summer 2010 SECTION I - MULTIPLE CHOICE (60 points - 3 points each) 1. c 6. b 11. c 16. a 2. c 7. a 12. d 17. a 3. d 8. b 13. c 18. d 4. d 9. a 14. b 19. b 5. a 10. b 15. d 20. b SECTION II - PROBLEMS (40 points) - This section of the exam consists of 2 problems. 1. Transaction Analysis (10 points) ASSETS = LIABILITIES + OWNERS' EQUITY Item # Account name Cash Other Assets Contributed Capital Retained Earnings 1. Cash -450 Advertising payable -450 2. Sales revenue +7,350 Accounts receivable +7,350 Inventory -3,600 Cost of goods sold -3,600 3. Cash -2,000 Accounts payable +1,000 Misc expense -3,000 4. Cash -2,000 Prepaid rent expense +2,000 5. No entry required (1 pt ) 6. Wages payable +1,200 Wage expense -1,200 7. Cash +2,500 Unearned revenue +2,500 8. Cash -1,500 Interest expense payable -1,000 Interest expense -500 Note: Each numerical item is worth ½ point (except #5, which is worth 1 pt)
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2. Income Statement Items (16 points) A. (12 pts) Calculate net income
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310F-ExIPostKey - Accounting 310F - Exam I Solutions -...

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