Final_Exam Spring_2009 Answers

Final_Exam Spring_2009 Answers - CHANG SU(Carrie GGU ID...

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CHANG SU ( Carrie ) GGU ID#: 0555053 ACCTG-100A August 15, 2009 Final Exam Problem 1: 30 Points Adjusting and Reversing Entries. (a) 1. Prepaid insurance…………………………………. .$5,000 Insurance expense……………………………………. .$5,000 2. Rent revenue……………………………………….$15,000 Unearned rent revenue…………………………………$15,000 3. Depreciation expense………………………………$31,200 Accumulated depreciation……………………………. ..$31,200 4. Sales………………………………………………. .$10,000 Accounts receivable……………………………………. .$10,000 5. Salaries expense……………………………………$4,200 Salaries payable………………………………………….$4,200 6. Bad debt expense…………………………………. .$4,368 Allowance for doubtful accounts………………………. .$4,368 7. Interest receivable………………………………….$2,625 Interest revenue………………………………………….$2,625 8. Rent expense……………………………………….$20,000 Prepaid rent………………………………………………$20,000 (b) 1. Insurance expense………………………………….$5,000 Prepaid insurance………………………………………. ..$5,000 2. Unearned rent revenue……………………………. .$15,000 Rent revenue……………………………………………. .$15,000 5. Salaries payable…………………………………….$4,200 Salaries expense. ................................................................ $4,200 7. Interest revenue. ......................................................... $2,625 Interest receivable. ............................................................. $2,625 8. Prepaid rent. ............................................................... $20,000 Rent expense. ...................................................................... $20,000
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Problem 2: 30 Points Future Value and Present Value. Case 1: n = 4; i = 8%; fv = $800,000, so pmt = $177,537 The amount of each of these contributions is $177,537 Case 2: n = 5; i = 6%; fv = $800,000, so pmt = $141,917 The amount of each of these contributions is $141,917 Case 3: n = 5; i = 10%; pv = $50,000, so pmt = $13,190 The amount of each of these payments is $13,190 Case 4: (a) n = 5; i = 8%; pmt = $30,000, so pv = $119,781
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This note was uploaded on 12/08/2010 for the course ACCOUNTING 50C taught by Professor Fakoor during the Spring '09 term at Golden Gate.

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Final_Exam Spring_2009 Answers - CHANG SU(Carrie GGU ID...

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