Sample_Exam_1_problems-Kieso - CAUTION This is a sample of...

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CAUTION This is a sample of questions given in my previous exams. DO NOT assume that the same topics will be covered in your exam. They may or may not be covered. Other topics may be covered in your exam as well. This sample should only make you familiar with the format of my questions and the manner of preparing your answers so you do not lose points because of poor, incomplete, and irrelevant answers or because of running out of time. The level of ease and difficulty may vary for each type of questions from one exam to another. This is to prevent students from preparing for my exams based on my old exams assuming I repeat them. To prepare for my exams, you should study the book, the homework, and the notes you took from my lectures. It will be a GREAT MISTAKE if you just study the PowerPoint slides. Hints: 1. Answer to my essay questions should be specific and right to the point without repeating and wandering. I give no credit for irrelevant answers. If you do not know the answer, writing something irrelevant only wastes your valuable exam time. 2. Long problems should not take more 10-15 minutes to solve in my exams. Time yourself when practicing at home. To save time in writing journal entries, use abbreviations that make sense for account titles. (see my solutions below) 3. For multiple choice questions, you should spend an average of 1-1.5 minutes per question. Practice on that. 4. Keep track of time during the exam. Allocate your time to each type of question. If you are taking too much time on a question, leave it and come back to it after trying all the other questions. DO NOT leave any problem blank. Thus, be careful not to spend too much time on the multiple-choice questions. *************************************************************
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FOLLOWING ARE QUESTIONS TAKEN FROM DIFFERENT EXAMS. THEY ARE NOT THE CONTENT OF ONE EXAM! A—Long-term Liabilities On July 1, 2008, Molly, Inc., issued $100,000 of its 12-year, 10% bonds for $87,696. Bonds are dated January 1, 2008. Interest is payable semi-annually on June 30 and December 31 and the market rate was 12% on July 1, 2008. Issuance costs were $2,300. Required: 1. Prepare an amortization schedule, in good form, for calculation of interest expense, discount/premium amortization, and carrying value of the bond for 2008-2009 (two years only). Use the effective interest method. (Round to the nearest dollar) 2. Prepare the entry to record the issuance of the bonds and any other necessary journal entries for 2008 only. The issue cost is amortized on a straight-line basis. Date each journal entry. 3.
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Sample_Exam_1_problems-Kieso - CAUTION This is a sample of...

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