Submit the completed final exam to the
There are 17 multiple choice questions and each question is worth 10 points.
There are two problems. Each problem is worth 25 points. There are a total of 220 available
points for this exam.
The correct answer appears in one of the multiple choice answers for each question. If you do
not arrive at any of the answers, re-read the question and information located in the electronic
It is recommended that you show your computations in the problem section, if appropriate, to
ensure the opportunity to earn partial credit if you do not arrive at the correct solutions.
The Final Exam is due Sunday, March 6, 2011.
Questions # 1- 17
– For each question,
use the yellow highlight tool and the bold font to
indicate your answer
. There is a highlight feature in Microsoft Word Formatting Toolbar. On
the drop down menu, click the yellow color.
Your answer for each question must be
indicated (highlighted) to earn points for this section. If you are unable to use the highlight
feature, please make sure you clearly indicate your answer for each question.
On January 1, 2008, Brunson Company, a calendar-year company, issued $400,000 of
notes payable, of which $100,000 is due on January 1 for each of the next four years. The
proper balance sheet presentation on December 31, 2008, is
a. Current Liabilities, $400,000.
b. Long-term Debt , $400,000.
Current Liabilities, $100,000; Long-term Debt, $300,000.
d. Current Liabilities, $300,000; Long-term Debt, $100,000.