Final Spr2009 Solution

Final Spr2009 - 6A:002 Spring 2009 Final Exam Page 1 SOLUTION 6A:002 Managerial Accounting Spring 2009 Final Exam Instructions 1 This exam contains

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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 carry-through 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
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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.
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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.

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Final Spr2009 - 6A:002 Spring 2009 Final Exam Page 1 SOLUTION 6A:002 Managerial Accounting Spring 2009 Final Exam Instructions 1 This exam contains

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