MBA800X11 - _____________________________ Please Print Name...

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Unformatted text preview: _____________________________ Please Print Name MBA 800 Exam I Summer 2004 Instructions: 1. Read each question carefully and answer fully. All firms use a calendar year. 2. Problems (other than multiple choice) not supported by relevant and readable computations are subject to point loss. Where appropriate, terms like A net income, @ A net loss, @ etc. must be included with number answers. 3. Budget your time carefully. It is generally better to finish half of each problem than to complete all of half the problems. Students who continue to work on exams after instructed to stop will receive a zero on this exam. 4. It is the student's responsibility to verify that all the listed problems and pages are contained is this booklet. Unanswered questions receive zero points regardless of reason. Problem Pages Approximate Points Approximate Time I 2-3 35 22 27 minutes II 4-5 30 19 23 minutes III After 5 75 49 58 minutes Total 140 90 - 108 minutes 2 Problem I The Jensen Company had the following balance sheet on 31 December 2003: Cash $900 Accounts Payable $280 Accounts Receivable 200 Inventory 300 Equipment 500 Common Stock 800 Accumulated Depreciation (50) Retained Earnings 770 Total Assets $1850 Total Liabilities & Equity $1850 Part A. The following transactions occurred during 2004. REQUIRED: Record them in journal form. Only present adjustments requested. a. Supplies were bought for cash of $60. b. $120 in cash was paid for 2004 rent. c. Inventory costing $350 was purchased on account. d. Inventory was sold for $180 cash. e. Inventory was sold for $210 on account. f. Cash collections from customers totaled $390. g. Cash payments on account totaled $335. h. Dividends of $116 were paid. 3 i. Jensen borrowed $40 issuing a three-year note. j. Jensen bought additional equipment for $100 in cash. k. ADJUSTMENT: Jensen found there was $33 in supplies left at the end of 2004. l. ADJUSTMENT: Jensen found there was $431 in inventory left at the end of 2004. m. ADJUSTMENT: Jensen calculated that $60 of additional depreciation for 2004. n. Jensen made all closing entries. Part B. REQUIRED: Provide a Cash Flow Statement using the direct method....
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MBA800X11 - _____________________________ Please Print Name...

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