FINAL EXAM - ACC/281 Final Exam Instructions: Submit the...

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ACC/281 Final Exam Instructions : Submit the completed final exam to the Assignments link. Points available : 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 textbook . 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. 1. 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. c. Current Liabilities, $100,000; Long-term Debt, $300,000. d. Current Liabilities, $300,000; Long-term Debt, $100,000.
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2. Santo Company typically sells subscriptions on an annual basis, and publishes six times a year. The magazine sells 30,000 subscriptions in January at $15 each. What entry is made in January to record the sale of the subscriptions? a. Subscriptions Receivable 450,000 Subscription Revenue 450,000 b. Cash 450,000 Unearned Subscription Revenue 450,000 c. Subscriptions Receivable 75,000 Unearned Subscription Revenue 75,000 d. Prepaid Subscriptions 450,000
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This note was uploaded on 03/28/2011 for the course ACCT 349 taught by Professor Goyal during the Spring '09 term at University of Phoenix.

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FINAL EXAM - ACC/281 Final Exam Instructions: Submit the...

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