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KIC000087 - Accounting 284 Exam 2 Clem Spring 2009...

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Accounting 284 Exam 2. - Clem Spring 2009 Name (please print), ) usb j/\ )-lD )V11 Ilam Signatu re'~~~!k::~---lJ.!~~:::'-_--- Class Time (circle) Row # _-= _ Exam Instructions: I. Use.a number 2 pencil to complete the answer sheet. 2. BE SURE YOUR NAME AND 9 NUMBER UNIVERSITY ill are on the answer sheet. Only put your name on the exam. 3. There are 30 questions on the exam. Make sure you have 30 questions and that you answer them all. 4. You need to circle the answers ON YOUR EXAM as well as filling them out 011 the answer sheet. You will not get the answer sheet back. 5. When you finish the exam, please bring it to the front of the room with your answer sheet and your photo lD, along with rest of your personal belongings. Plan to leave the room without returning to your seat. , --
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On July I, 2008, Icespresso Inc. si~e~ a two-~et€ rec.eiva~le with percent i rest. At its due date, July 1,2010, the prmclpal-mm interest Will be received m full. In erest revenue should be reported on Icepresso's income statement for the year ended December 31, 2008, in the ~ amountof A) $1,440. - In-w~'CCfJOj.. .CA~ 5 B) $720. ..Q $420. (Q)) $360. I. A high accounts receivable turnover ratio indicates: (ARTO = Net credit sales ~Average net accounts receivable) _~ the company's sales are increasing. customers are making payments very quickly. _ ) a large proportion of the company's sales are on credit. / ~ the company is taking longer to sell inventory. 2. Nell Computers, Inc. purchased a new mfir ~hiCh co t $25,0 O. In addition, Nell had to pay shipping charges rel:g. to the computer. f $500 Trainin os s for employees related to using the machine totaled '$I~~~. Fina.lly, Nell pal an additional $250 per year to insure the machine. At what amount shoillo1ne machine be recorded? 0 ~ $25,000 L c: (j 0" l-' '> 00 .... \<:;00 ~ (,1 0 $25,500 $27,000 $27,250 " 3. Which of the following is the report filed with the SEC when a major event occurs? A) 10-K i 10-Q C 8-K 18-Q 4. ~ ' der the periodic inventory system: ) a transaction by transaction unit inventory record is maintained. 1'9> a separate account for purchases is used. ) the cost of goods sold for each sale is recorded at the time each sale is made. D) a continuous inventory record provides the amount of ending inventory and the cost of goods sold throughout the period. 5. 6. ~( ~iJ Lf_\.~(U .~ When goods are sold to a customer with credit terms of 2110, n130, the customer will A) receive a 10% discOllnt if they pay within 2 days. " B) receive a 2% discount if they pay 10% of the amount due within 30 days. ~ rece~ve a 1 0% ?iscoun~ if they pay ~it~in 30 days.
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