This preview shows pages 1–3. Sign up to view the full content.
6A:002 Spring 2009 – Final Exam
Page 1
SOLUTION
6A:002
Managerial Accounting
Spring 2009
Final Exam
Instructions:
1.
This exam contains 40 questions.
Each question is worth 2 1/2 points.
There are 100 total points on
the exam.
2.
There is no partial credit.
But, in some cases we may look for carrythrough errors.
You should show
your work clearly so that you, and we, can understand the logic of what you are doing.
3.
Round numbers bigger than 1,000 to the nearest whole number.
Round numbers less than or equal
to 1,000 to four decimal places.
4.
Write your answers on the appropriate lines on the answer sheet on the last page of the exam.
5. This is a "closed book, closed notes" exam.
You may NOT use your book, notes, or any other
references during the exam.
6.
You have two hours to complete the exam.
7. This exam has 23 pages including this cover sheet (don’t be alarmed – there’s lots of extra room to
write and several pages of tables).
Check your exam and notify the proctor if pages are missing.
8. The proctor can answer simple questions clarifying the English language.
Other types of questions
will not be answered.
9. Remember  You need only a pencil, eraser, and simple calculator for this exam.
Using or viewing
any other material, including cell phones,
will be considered cheating regardless of the
circumstances
.
In such cases, you will receive 0 points for the exam.
After completing your exam, sign and date the Honor Pledge below.
If you cannot truthfully sign
the pledge, you must contact your professor or a proctor before handing in your exam.
On my honor, I pledge that during this examination I neither gave nor received any
assistance.
__________________________
_____________
________________
Signature
Date
ID
This preview has intentionally blurred sections. Sign up to view the full version.
View Full Document 6A:002 Spring 2009 – Final Exam
Page 2
Remember
When necessary, round your answers.
Round numbers bigger than 1,000 to the nearest
whole number.
Round numbers less than or equal to 1,000 to four decimal places.
Write your answers on the answer sheet on the last page of the exam.
1.
Finley Computers made the following sales estimates in planning for the first four months of 2009.
January
February
March
April
Sales
$100,000
$110,000
$150,000
$170,000
Based on past experience, Finley expects 70% of its sales to be credit sales.
Collections of credit sales are
estimated to occur as follows:
•
25% collected in the month of sale
•
72% collected in the month after sale
•
3% uncollectible
Compute the amount of cash that Finley expects to collect in March
.
Remember, you are trying to determine the amount of cash collected in March.
This will include March cash
sales, the percentage of March credit sales that are collected in March, and the percentage of February credit
sales that are collected in March.
This is the end of the preview. Sign up
to
access the rest of the document.
This note was uploaded on 09/29/2011 for the course 06A 002 taught by Professor Stuff during the Spring '11 term at University of Iowa.
 Spring '11
 stuff

Click to edit the document details