Test_1_Review_-_KEY

# 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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