CACC414 - Mid-term Test - W09 - DE - Version A

CACC414 - Mid-term Test - W09 - DE - Version A - CACC414...

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CACC414 Mid-Term Test W’09 February 27, 2009 INTERMEDIATE ACCOUNTING I CACC414 Mid- Term Test February 27 th , 2009 Version A Winter 2009 INSTRUCTIONS: 1. This is a closed book test. 2. You have 2 hours to complete and to submit the test into the drop box available in blackboard. 3. Naming your file – please use the following format Course name, semester (W09), your first name in full, last name in full, MT, Version. (For example my file would be: CACC414_W09_Annie_Papazian_MT_VA) 4. No test will be accepted for marking unless it is uploaded into the drop box by 8:45pm. Any test submitted after this time will receive a mark of zero. Please also e-mail me a copy of your test as backup (this is very important step, please ensure not to omit). 5. It is recommended that you print the test. Please complete your problems in the excel spreadsheet provided . Remember to save your spreadsheet on your hard drive on a regular basis. 6. Please ensure to type your name in the excel spreadsheet where indicated. 7. There are 7 questions to this mid-term test. Question Marks Awarded Maximum Possible Marks 1 13 2 16 3 12 4 5 5 11 6 18 7 5 Total 80 Page 1 of 10
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Mid-Term Test W’09 February 27, 2009 QUESTION 1 (13 marks) Ryan Boardwalk has provided you with the unadjusted trial balance for Boardwalk Ltd. as at January 31, 2009. Debit Credit Cash $55,000 Accounts Receivable 316,000 Allowance for Doubtful Accounts $24,850 Merchandise Inventory 240,250 Prepaid Insurance 18,000 Notes Receivable 85,000 Equipment 310,000 Accumulated Amortization 126,400 Accounts Payable 285,000 Unearned Revenue 98,000 Preferred Shares 150,000 Common Shares 200,000 Retained Earnings 22,000 Sales 1,025,000 Cost of Goods Sold 650,000 Loss on sale of equipment 20,000 285,000 Sales discounts 17,000 Rent Revenue 80,000 Sales returns and allowances 15,000 2,011,250 2,011,250 Required: (1) Prepare the necessary correcting and adjusting entries for the year-ended January 31, 2009 for Boardwalk Ltd. If an adjusting/correcting entry is not needed, indicate no adjusting entry is needed. (9 marks) Additional Data: 1. A nine-month notes receivable, issued on September 1st, 2008 bears an annual interest rate of 9%. Interest and principle are due on maturity of the note. The note matures on June 1 st 2009. 2. Based upon an aging of the accounts, the controller estimates that 5% percent of the net sales balance on January 31, 2009 will become uncollectible. 3. The company currently has two insurance policies: Policy 1 - original cost of $8,000, 1- year term taken out on August 1, 2008. Policy 2 – original cost of $10,000, 2-year term taken out on December 31, 2008. Page 2 of 10
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This note was uploaded on 12/13/2010 for the course CACC 414 taught by Professor X during the Fall '08 term at Ryerson.

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CACC414 - Mid-term Test - W09 - DE - Version A - CACC414...

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