Mid Term Test Answers

Mid Term Test Answers -...

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Mid-term exam practice #5  adjusting entries of TB    Xu, Wei 2/6/2011 Below are my answers to #5. Welcome your comments. Thanks! 1.  Prepaid expenses:   DB 4,950 (prepaid policy 2 insurance from Jan to Sep 2011)           Insurance expense:  CR 4,950 (prepaid policy 2 insurance from Jan to Sep 2011 )                  2.   Rent Revenues:   DB18,000 ( for the next 15month) Unearned rent revenue :  CR 18,000 (for the next 15 months)   3.   Depreciation expenses:   DB 5000 (of retired fixed assets) Accumulated depreciation:   CR 5000 (of retired fixed assets)   4.  Sales:  DB 10,000 Accounts receivable:  CR 10,000   5.  Salaries expense DB 4,200 Accrued salaries :  CR 4,200   6.  Allowance bad debt : CR 4,296 Bad debt expenses : DB 4,296   7.  Accrued interest expenses :  CR 2,250 ( for 5 months from Aug 1 to Dec 31) Interest expense :   DB 2,250 (for 5 months from Aug 1 to Dec 31)   8.  Prepaid rent:  CR 27,000 ( for 9 months of 2010) Rent expense : DB 27,000 ( for 9 months of 2010)  
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Mid-Term exam #3 cash flow statement Xu, Wei 2/6/2011 Hi, below is my answer to #3, please comment. Thanks Cash Flows from Operating Activities Net Income           $ 170,000 Adjustment to Reconcile Net Income to       Net Cash Provided by Operating Activities     Depreciation Expense       153,000 Gain on Sale of Investment portfolio    
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Increase in Accounts Receivable     (68,000) Decrease in Inventory       (51,000) Increase in Prepaid Expenses       Decrease in Accounts Payable       76,500 Decrease in Accrued Expenses Payable   Net Cash Provided by Operating Activities   $ 280,500 Cash Flows from Investing Activities       Purchase of Land
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        Purchase of Equipment       (238,000) Sale of Investment portfolio
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This note was uploaded on 02/14/2011 for the course ACCT 251 taught by Professor Bouker during the Spring '11 term at Bergen Community College.

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Mid Term Test Answers -...

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