A3352 Test F01 T1 - ACCT 3352 Test#1 Fall 2001 Student Name...

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ACCT 3352 Fall, 2001 Student Name_____________________________ Test #1 Professor Greg Kordecki I.. Take-home, open-book, open-notes, but independent, individual work. You may not render nor receive any assistance from/to any other person. Enter responses to all 50 questions by blackening one bubble each on green Scantron. Due on M, 9/10, at beginning of class, or sooner. Keep this question booklet—do not turn it into the professor. (25 pts) II. Use your own paper and answer the following problems from our Spiceland textbook(25 pts): A. Ch 2, P2-7, Vito’s Pizza B. Ch 3, P3-1, Whalen Company C. Ch 3, P3-6, Diversified Portfolio (and do both direct and indirect methods) D. Ch 4, P4-8, Askew Industries (do 3-line approach on ratio computations) E. Ch 5, Real World Case 5-8, IBM Start each of the five at the top of a new sheet of 8-1/2 X 11 inch paper; write only on one side of each sheet of paper. Make sure your name is on at least the first page. Collate in sequential order, clearly marking each part as A, B, etc. Staple at upper left corner. III. Turn in legible, actual size photocopy of your Linx card (0 to negative 1,000 points) *************************************************************************** 1. On September 15, 2000, Lasting Peace Mortuary received a $6,000, nine-month note bearing interest at an annual rate of 10% from the estate of Jay Hendrix for services rendered. Lasting Peace has a December 31 year-end. What adjusting entry would the company record on December 31, 2000? a) Interest receivable 175 Interest revenue 175 b) Interest receivable 230 Interest revenue 230 c) Interest receivable 175 Notes receivable 175 d) Interest receivable 600 Interest revenue 175 Cash 425 2. Millie's Auto Detailers maintains its records on the cash basis. During 2000, Millie's collected $72,000 from customers and paid $21,000 in expenses. Depreciation expense of $5,000 would have been recorded on the accrual basis. Over the course of the year, accounts receivable increased $4,000, prepaid expenses decreased $2,000, and accrued liabilities decreased $1,000. Millie's accrual basis net income would be: a) $38,000. b) $54,000. c) $49,000. d) $42,000. 3. Permanent accounts would not include: a) Interest expense. b) Wages payable. c) Prepaid rent. d) Unearned revenues. Page 1
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4. Fox Run Leasing received $6,000 for 12 months rent in advance. How should Fox Run record this transaction? a) Prepaid rent 6,000 Rent revenue 6,000 b) Rent revenue 6,000 Unearned rent revenue 6,000 c) Cash 6,000 Unearned rent revenue 6,000 d) Prepaid rent 6,000 Cash 6,000 5. An example of a contra account is: a) Depreciation expense. c) Sales revenue. b) Accounts receivable. d) Accumulated depreciation. 6.
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A3352 Test F01 T1 - ACCT 3352 Test#1 Fall 2001 Student Name...

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