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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