2006 Exam - University of Waterloo Final Examination Term:...

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University of Waterloo Final Examination Term: Fall Year: 2006 Student Name UW Student ID Number Course Abbreviation and Number AFM 101 Course Title Core Concepts of Accounting Information Section(s) 001, 002, 003 Instructors Duane Kennedy, Tom Schneider Date of Exam Thursday, December 14, 2006 Time Period Start time: 4:00 pm End time: 6:30 pm Duration of Exam 2.5 hours Number of Exam Pages 28 (including this cover sheet) Exam Type Special Materials Additional Materials Allowed Cordless calculators may be used. The calculator must be standalone with no communication or data storage features. Both the examination paper and multiple choice card must submitted. M ARKING S CHEME : Question Score Question Score 1 (12 marks) 6 (8 marks) 2 (11 marks) 7 (12 marks) 3 (12 marks) 8 (8 marks) 4 (10 marks) 9 (40 marks) 5 (12 marks)
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Total score: 125 marks 2
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Question 1 (12 marks) A review of the financial records for Murray Company revealed the following information for 2006: Cash dividend on preferred shares $2,800 Amortization of premium on bonds payable1,650 Cash balance, January 1, 2006 12,250 Amortization expense for equipment 7,000 Net income 25,000 Stock dividend on common shares 4,200 Expenditure for the purchase of equipment9,000 Net decrease in accounts payable 1,100 Net decrease in accounts receivable 1,900 Purchase of office equipment in exchange for note payable 2,700 Cash received from sale of delivery truck 4,800 (net book value $6,100) Required: Prepare the statement of cash flows for Murray Company for 2006 using the indirect method. Please use the following table to complete this question.
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Murray Company Statement of Cash Flows ____________________ Operating Activities: _________________________ __________ _________________________ __________ _________________________ __________ _________________________ __________ _________________________ __________ _________________________ __________ _________________________ __________ _________________________ __________ Net cash flow from operating activities __________ Investing Activities: _________________________ __________ _________________________ __________ _________________________ __________ Net cash flow from investing activities __________ Financing Activities _________________________ __________ _________________________ __________ _________________________ __________ Net cash flow from financing activities __________ _________________________ __________ _________________________ __________ Cash balance on December 31, 2006 __________ Non-cash Investing and Financing Activities _________________________ _________________________ _________________________
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Question 2 (11 marks) You were recently hired as an accountant at Steele Corporation. As one of your first responsibilities, you are asked to prepare the bank reconciliation for November, 2006. You obtain the following information from the company records and the bank statement: October 31 balance in the cash account in Steele’s ledger was $35,200
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2006 Exam - University of Waterloo Final Examination Term:...

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