MBA800X12 - _____________________________ Please Print Name...

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Unformatted text preview: _____________________________ Please Print Name MBA 800 Exam I Summer 2005 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 2-4 40 25 31 minutes II 5-6 25 16 19 minutes III After 6 75 49 58 minutes Total 140 90 - 108 minutes Problem I The Jensen Company had the following balance sheet on 31 December 2004: Cash $2100 Accounts Payable $1500 Prepaid Rent 200 Wages Payable 100 Inventory 600 Equipment 700 Common Stock 250 Accumulated Depreciation (140) Retained Earnings 1610 Total Assets $3460 Total Liabilities & Equity $3460 Part A. The following transactions occurred during 2005. REQUIRED: Record them in journal form a. Inventory costing $900 was purchased on account. b. Sales were $2700, with $650 in cash and the remainder on account. c. Cash payments on account were $1200. d. Cash received on account was $1800. e. Cash paid for wages was $940. f. On June 1, the firm paid $1200 for rent from June 1 2005 until May 31 2006. The lease reflected in the balance sheet expired on 31 May 2005. g. Paid cash for utilities of $120. h. Paid a cash dividend of $200. i. ADJUSTMENTS: Make all necessary adjustments given the facts above and those that follow. The only amount Jensen has yet to pay in wages is $70 for the last days of Decemeber 2 2005. Utilities of $40 have been used but no bill has been received. Inventory is valued at $200. The Equipment is depreciated over 10 years with zero salvage value. j. Jensen made all closing entries. 3 Part B. REQUIRED: Provide a Cash Flow Statement using the direct method....
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This note was uploaded on 07/28/2011 for the course MBA 800 taught by Professor Wallin during the Summer '11 term at Ohio State.

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MBA800X12 - _____________________________ Please Print Name...

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