UCB UGBA102A MidTerm Exam Summer 2009 Inserts _ Solns

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

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 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 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 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) NP10 3.41 31-Dec Office Supplies Expense...
View Full Document

This note was uploaded on 10/24/2011 for the course UGBA 102A taught by Professor Udpa during the Summer '07 term at University of California, Berkeley.

Page1 / 9

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

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online