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midterm_s2005_answer_key

midterm_s2005_answer_key - Answer Key Question 1(35...

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Answer Key Question 1 (35 Marks) (Question 6) 1. D 2. B 3. D 4. D 5. D 6. C 7. B 8. C 9. D 10. B 11. B 12. C 13. B 14. C 15. A 16. A 17. D 18. C 19. A 20. D 21. E 22. C 23. A 24. B 25. B 26. C 27. C 28. B 29. D 30. C 31. D 32. C 33. C 34. B 35. C Page 1
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Question 2 (10 Marks) (Question 5) 1. I; 2. H; 3. E; 4. A; 5. D; 6. F; 7. G; 8. C; 9. B; 10. K Question 3 (6 Marks) (Question 3) T r a n s a c t i o n D e b i t C r e d i t A . A l l o w a n c e f o r d o u b t f u l a c c o u n t s 8 0 0 + 3 , 0 0 0 6 0 0 $ 3 , 2 0 0 B . B a d d e b t e x p e n s e 1 5 0 , 0 0 0 x 2 % $ 3 , 0 0 0 C . A c c o u n t s r e c e i v a b l e 5 0 , 0 0 0 1 4 8 , 5 0 0 + ( 2 0 0 , 0 0 0 x 7 5 % ) – 6 0 0 $ 5 0 , 9 0 0 Question 4 (16 Marks) (Question 4) 1. SE, Cr 2. A, Dr 3. SE, Cr 4. L, Cr 5. A, Dr 6. A, Dr 7. L, Cr 8. A, Dr Page 2
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Question 5 (8 Marks) (Question 2) ( A ) T r a n s a c t i o n A s s e t s L i a b i l i t i e s S t o c k h o l d e r s ’ E q u i t y B e g i n n i n g f i n a n c i a l p o s i t i o n $ 7 5 , 0 0 0 $ 2 5 , 0 0 0 $ 5 0 , 0 0 0 B o r r o w e d $ 2 0 , 0 0 0 c a s h u s i n g a n o t e p a y a b l e , f a c e a m o u n t $ 2 0 , 0 0 0 .
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