test2 key - t Accounting 350 Exam 2 Fall, 2001 Name. SSN#....

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t Accounting 350 Exam 2 Fall, 2001 Name. SSN#. Verify that you have all 10 pages of this exam. For full credit on numerical problems, show computations. Use the space below to indicate questions about which you made clarifying assumptions, or of which you found the wording to be unclear and feel a need to explain your answer. Please no questions during the exam.
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Question l(22 Points): Comparative Statement of Financial Position As of May 31,ZOOl and May 31,200O. ASSMS Cash Accounts receivable (net) Prepaid expenses I”Ve”tWy Total cwi-enf assets Fixed assets Accumulated depreciation Net plant assets Total assets $20,000 $44,250 50,000 70,ooo 7,000 9,000 25o.ooo 21o.ooo 327.ooo m4 535,000 575,000 (1jO.ooo) 1145.ooo) 405xQg 43o.ooo zuuQQ xuz Liabilities and Shareholders’ Equily $115.000 72,CQO &Q&l 212,000 Accounts payable Salaries payable Interest payable Total current liabilities Long-term debt Bonds payable Total liabilities Shareholders’ Equity Capital stock, $10 par Retained earnings Total shareholders equity Total Liabilities & Equity 280,COO 350,000 14o.ooo 146.ooo 42o.ooo 496.ooo rauQ!J z&&ra!J Income Statement For the Year Ended May 31,200l Sales Cost of goods sold Gross margin EXpe”SM Salary expense Interest expense Other expenses Depreciation expense Total expenses Operating income Gain on sale of equipment Income tax expense Net Income 2001 $1,255,250 (712,000~ 543.250 252,100 75,OeJ 8.150 h 360.250 183.000 $123,c00 47,250 m 197,250 1) Plant assets costing $90,000 were purchased during the year 2) All income taxes incurred during the year were paid during the year 3) I” order to supplement its cash, Buddy issued 9,000 shares oIwmmon stock at par value Required: Prepare the statement of cash flows for 2000. You should USE the indirect method. You may need to infer certain transactions from the data provided.
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Here’s a worksheet to get you started ~~~
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Ouestion 2 (24 points) Accounts/Notes Receivable (4 noints each) Clive Teleconferencing Enterprise’s balance sheet at October 31, 2000 (fiscal year end) includes the following: Accounts receivable $379,000 Less: Allowance for uncollectible accounts (33,000)
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This note was uploaded on 01/20/2012 for the course ECON 380 taught by Professor Joyce during the Spring '11 term at University of Ottawa.

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test2 key - t Accounting 350 Exam 2 Fall, 2001 Name. SSN#....

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