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# TeamEx-1 - Acc 310F Summer 2010 Class 11:30(7.19.10 Team...

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Acc 310F - Summer 2010 Team Exercise #1 Class: 11:30 (7.19.10) Team #: Team Member Name (please print): Team Member Signature: Your team's solution must be turned in on the answer sheet provided. Also, each team member must sign their individual sheet and turn it in with the team's solution to receive credit for the exercise. Please ***alphabetize *** these sheets (or lose 1 point) before they are stapled behind your answer sheet. Consider each of the five independent situations below. 1. Rainbow Soda Company purchased a 3-month property insurance policy on April 1 at a cost of \$12,000. The insurance became effective immediately although payment was due and paid 45 days later. 2. On March 1, Cartwright Wagon Company signed a contract with a customer. Cartwright agreed to deliver each month, for 3 months, goods priced at \$25,000. The first delivery was made on May 1. The customer paid \$75,000 for these goods on June 15. 3.

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TeamEx-1 - Acc 310F Summer 2010 Class 11:30(7.19.10 Team...

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