Exam#3.VersionA.Solution - Name: _VERSION A_ Professor: _...

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Name: _____VERSION A___________ Accounting 101 Professor: ______________________________ Fall 2009 Section Number: _________________________ Instructions: 1. READ CAREFULLY! Failure to follow instructions can result in substantial loss of points. 2. There are 11 pages in this exam. Make sure you have all of the pages before you begin. 3. All work is to be done on the attached pages. 4. For problems requiring computations, work must be shown in order to get credit. Zero points will be given to any correct answer showing no supporting calculations. Showing your work is also necessary for partial credit. Therefore, label all your work and make it as neat as possible. 5. If journal entries are required, use descriptive account titles (no abbreviations or acronyms) that indicate you know what you are doing. Be sure the journal entry is in the proper form, including the date. Explanations for the entry are not required. 6. Write your name on the back of the last page prior to handing in the exam. 7. You may use a four function or a business (financial) calculator only. No graphing calculators, PDAs, or cell phones are permitted. 8. During the exam, the proctors will not answer any questions. If you are unclear and make an assumption when answering a question, state the assumption you made clearly at the beginning of your answer. I have received nor given any aid in taking this exam. ___________________________ Question 1: ______/18 Question 5: ______/2 Question 9: ______/14 Question 2: ______/4 Question 6: ______/2 Question 10: ______/11 Question 3: ______/2 Question 7: ______/5 Question 11: _____/18 Question 4: ______/3 Question 8: ______/10 Question 12: _____/11 Total Score: _____/100 1
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1. (18 Points – 3 Points Each; Budget approximately 6 minutes for this question) In the columns below, indicate whether each transaction caused an increase (I), a decrease (D), or no change (NC) in assets, liabilities, and shareholders ’ equity. You must place a response in each blank. Transaction Assets Liabilities Equity a. On January 1, 2007, KLA Company signs an operating lease for an office building and makes the January rent payment on January 31, 2007. D NE D b. KLA Company issued a 50% stock dividend. NE NE NE c. KLA Company declared a cash dividend to its preferred stockholders. NE I D d. KLA Company purchased an office building by making a 10% downpayment and financing the remainder with a mortgage. I I NE e. KLA Company leases an office building by signing a capital lease. The first annual lease payment is due at the end of the year. I I NE f. KLA Company is being sued for patent infringement. KLA’s lawyers believe it is probable that KLA will lose the lawsuit and they can reasonably estimate the amount of the loss. NE
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This note was uploaded on 04/10/2011 for the course ACCT 101 taught by Professor Yang during the Spring '08 term at Georgetown.

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Exam#3.VersionA.Solution - Name: _VERSION A_ Professor: _...

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