Test_1_Review_-_KEY - Accounting II Test Review Chapters...

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Accounting II Test Review Answers: 1. E 2. A 3. Rice $60,000 60/150 = .4 or 40% X $75,000 Hepburn $50,000 50/150 = .33 or 33% X $75,000 DiMarco $40,000 40/150 = .27 or 27% X $75,000 $150,000 Rice $30,000 Hepburn $24,750 DiMarco $20,250 4. $44,500 to Nguyen; $60,500 to Hansen Nguyen Hansen Net Income $155,000 Salaries $45,000 $60,00 0 105,000 50,000 Interest Allowances 5,000 6,000 11,000 Remainder Divided Equally 19,500 19,500 39,000 Total Shares to each 69,500 85,500 Income Summary 155,000 Nguyen, Capital 69,500 Hansen, Capital 85,500 5. Cash $50,000 Wright, Capital $50,000 Building $90,000 Mortgage Payable $30,000 Chen, Capital $60,000 6. Preferred Common Y1 $1,200 Y2 $1,200 $11,600 $2,400 preferred $11,600 common
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Accounting II Test Review 7. 9,500 shares x $.75 = $ 7,125 8. $750,000 x (9% / 2) = $33,750 9. May 5 Building $135,000 Preferred Stock $100,000 Paid In Capital in Excess of Par Value, PS $35,000 July 20 Cash $77,500 Preferred Stock $77,500
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This note was uploaded on 04/11/2011 for the course ACCT 2 taught by Professor Jone during the Fall '10 term at Johnson County Community College.

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Test_1_Review_-_KEY - Accounting II Test Review Chapters...

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