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UCB UGBA102A MidTerm Exam Summer 2009 Inserts _ Solns

UCB UGBA102A MidTerm Exam Summer 2009 Inserts _ Solns -...

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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
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NP10 1.190 1. Net Income (5 points) Commissions earned $20,000 Salaries expense $4,000 Utilities expense $2,000 Total expenses $6,000 Net income $14,000 2. Retained Earnings, December 31, 2008 (5 points) Retained earnings, Dec. 31, 2007 $16,000 Net income $14,000 Dividends $6,000 Retained earnings, Dec. 31, 2008 $24,000 3. Total Assets (5 points) Accounts payable $7,000 Salaries payable $1,000 Total liabilities $8,000 Common stock $10,000 Retained earnings, Dec.31, 2008 $24,000 Total stockholders' equity $34,000 Total assets $42,000 4. Cash Balance, Dec. 31, 2008 (5 points) Total assets $42,000 Accounts receivable $8,000 Inventories $22,000 Total noncash assets $30,000 Ending cash balance $12,000
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NP10 2.185 Tr. Dr. Cr. a. 3 4 (2 points) b. 7 3 (2 points) c. 8 1 (2 points) d. 3 9 (2 points) e. 10 3 (2 points) f. 1 3 (2 points) g. 3 5 (2 points) h. 2 5 (2 points) I. No entry (2 points) j. 3 2 (2 points)
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NP10 3.41 31-Dec Office Supplies Expense $1,200 (3 points)
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