MBA800X15 - LastName |_|_|_|_|_|_|_|_|_|_|_|_| FirstName

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Last Name | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | First Name | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | MBA 800 Exam I Summer 2008 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 “net income,” “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.     For   problem   III,   only  answers encoded on scan sheets by the end of the exam time will be  graded.   No answers written on this exam booklet will be used for  problem III. Problem Pages Approximate Points Approximate Time I 2-5 40 26 – 31 minutes II 6 20 13 – 15 minutes III 7-14 80 51 – 62 minutes
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Total 140 90 - 108 minutes 2
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Problem I The Taylor Company had the following balance sheet on 31 December 20x1: Cash 10,000 $ Accounts Payable 7,000 $ Accounts Receivable 6,000 Inventory 8,000 Common Stock ($1 par) 1,000 Equipment 50,000 Additional Paid-in Capital 16,000 Accumulated Depreciation (9,000) Retained Earnings 41,000 Total 65,000 $ Total 65,000 $ Part A. The following transactions occurred during 20x2. REQUIRED: Record them in journal form 1 Jan. Sold all the Equipment for $30,000. 1 Jan. Purchased new equipment for $30,000, having a 10-year life with zero salvage. 1 Apr. Paid the next 12 months rent for a total of $6,000. 1 May. Borrows $10,000 from bank, issuing a note. Interest is 12% p.a., with the first payment on 1 May 20x3. 23 May. Purchased $4,000 inventory on account. 14 Jun. Sold 500 shares of common stock for $16,000. 3
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21 Jun. Had sales of $29,000, all on account. 18 Jul. Paid $8,000 of amounts owed on account. 4 Aug. Received $17,000 on amounts owed on account. 8 Sep. Paid a dividend of $3,000. 31 Dec. ADJUSTMENTS: Make all necessary adjustments given the facts above and those that follow. A physical count revealed inventory costing $2,000 remained. 4
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31 Dec. Make all closing entries. Part B. REQUIRED: Provide an income statement for 20x2. 5
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REQUIRED: Provide a Balance Sheet on 31 Dec 20x2. Part D.
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MBA800X15 - LastName |_|_|_|_|_|_|_|_|_|_|_|_| FirstName

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