UCB UGBA102A MidTerm Exam Summer 2009

UCB UGBA102A MidTerm Exam Summer 2009 - University of...

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Unformatted text preview: University of California, Berkeley Walter A. Haas School of Business UGBA102A Introduction to Financial Accounting MidTerm Exam; Summer 2009 Student Name: ____________________ Student ID ____________________ Please answer five (5) out of the following six (6) questions. Space is provided for answers on these sheets. Question 1. (20 points) The following information are the ending balances for certain accounts on December 31, 2008 or for the year ended December 31, 2008. Required: Calculate the following: 1. Net income for the year ended December 31, 2008? 2. Retained earnings on December 31, 2008? 3. Total assets on December 31, 2008? 4. The balance in cash on December 31, 2008? Salaries Expense 4,000 $ Commissions Earned 20,000 $ Accounts Payable 7,000 $ Retained Earnings, Dividends 6,000 $ December 31, 2008 ? Accounts Receivable 8,000 $ Utilities Expense 2,000 $ Inventories 22,000 $ Retained Earnings, Cash ? December 31, 2007 16,000 $ Salaries Payable 1,000 $ Common Stock 10,000 $ Space for answer to Question 1. UGBA 102A Introduction to Financial Accounting / Geyer / Summer 2009 2 Question 2. (20 points) The following accounts are applicable to Pinnacle Painters, Inc. 1. Accounts Payable 2. Accounts Receivable 3. Cash 4. Common Stock 5. Painting Revenue 6. Painting Supplies 7. Prepaid Insurance 8. Trucks 9. Unearned Painting Revenue...
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UCB UGBA102A MidTerm Exam Summer 2009 - University of...

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