ADMS2500F.FL95 - ATKINSON COLLEGE AK/ADMS 2500.03...

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1 ATKINSON COLLEGE AK/ADMS 2500.03 INTRODUCTION TO FINANCIAL ACCOUNTING Final Examination December 7, 1995 NOTE: OMISSIONS ARE INDICATED AT THE RESPECTIVE QUESTIONS. INSTRUCTIONS: 1. ANSWER ALL QUESTIONS ON THE COMPUTER MARK SENSE SHEETS PROVIDED. KEEP THIS EXAM FOR PERSONAL REFERENCE. RECORD YOUR NAME AND ID# ON THE GRADE SHEET AT THE START OF THE EXAM. 2. CALCULATORS ARE THE ONLY AID ALLOWED. 3. THE EXAM IS THREE HOURS IN LENGTH AND WILL RUN FROM 7:15 PM TO 10:15 P.M. 4. AVOID RAPID BREATHING AND REMAIN CALM THROUGHOUT THE TEST. 5. IT IS PRUDENT PRACTICE TO TRANSFER YOUR ANSWERS TO THE GRADING SHEET AFTER EACH QUESTION, AND TO PROOF YOUR TRANSFERS. THE PROCTORS WILL ANNOUNCE WHEN THERE ARE 10 MINUTES REMAINING TIME. NO ONE IS TO LEAVE THEIR SEATS IN THE LAST 10 MINUTES. WHEN TIME IS CALLED, THE PROCTORS WILL GO DOWN THE ROWS COLLECTING YOUR ANSWER SHEETS. THEY WILL NOT WAIT AND THEY WILL NOT ACCEPT YOUR SHEET ONCE THEY HAVE PASSED. ANY VIOLATION OF THIS PROTOCOL WILL RESULT IN A GRADE OF ZERO RECORDED FOR THE EXAM. 6. YOU ARE REMINDED THAT CHEATING IS A SERIOUS OFFENCE WHICH CAN RESULT IN EXPULSION FROM UNIVERSITY.
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2 1. Part of question is missing ...Market rate interest is 8%. Interest is paid semi-annually on June 30 and December 31. What entry will Jones Co. record on January 1, 19x1 (to the nearest $1)? a) dr. Cash 100,0000 cr. Bonds payable 100,00 b) dr. Cash 108,530 cr. Bonds payable 100,00 cr. Premium on bonds 8,53 c) dr. Cash 108,425 cr. Bonds payable 100,00 cr. Premium on bonds 8,42 d) dr. Cash 91,153 dr. Discount on bonds 8,847 cr. Bonds payable 100,00 e) None of the above 2. The following data relates to the month of July for Pote Inc.: July 1 July 5 July 8 July 12 July 12 July 20 July 25 July 30 Beginning inventory Sold Purchased Purchased Sold Sold Sold Purchased 2,000 units @ $3 each 500 units 1,000 units @ $4 each 300 units @ $3 each 400 units 800 units 500 units 500 units @ $5 each The July 31 ending inventory at cost under a periodic inventory system using a FIFO cost flow assumption would be: a) 6,600 b) 4,800 c) 6,800 d) 8,600 e) none of the above
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3 3. Part of question is missing ...house. She expects to earn 8% interest in each of the 7 years. How much does Barbara need to set aside at the end of each of the 7 years in order to reach her goal (rounded to the nearest $1)? a) $14,286 b) $19,207 c) $11,207 d) $13,632 e) $8,336 4. The comparative balance sheet of XYZ Co. shows the following data: Common Shares Retained Earnings Total Shareholders' Equity 19X2 $1,320,000 $ 400,000 $1,720,000 19X1 $1,200,000 $ 460,000 $1,600,000 During 19X2, common shareholders received $60,000 in cash dividends and $120,000 in stock dividends. A gain on sale of investments of $30,000 was credited directly to retained earnings and a loss of $5,600 on the retirement of a capital asset was debited directly to retained earnings. What was the correct amount of net income for 19X2 (ignore income taxes)? a)
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This note was uploaded on 01/24/2011 for the course ADMS 2500 taught by Professor Warner during the Spring '08 term at York University.

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ADMS2500F.FL95 - ATKINSON COLLEGE AK/ADMS 2500.03...

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