1004Test1 - BUSI 1004 Financial Accounting for Business...

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BUSI 1004 – Financial Accounting for Business Students Fall 2010 Test 1 – October 22, 2010 There are 45 marks available on this exam Name: Student #: Question 1 (1 mark) (2 minutes) Please tick off the section you are registered for: Section B – Mon/Wed 13:00 – Sakka C – Tue/Thu 8:30 – Maurice D – Tue/Thu 10:00 – Sheriff E – Mon/Wed 13:00 – Sheriff For all questions, show your work. Question 2 – Short Answers (7 marks) (14 minutes) Each of the following are independent situations. a. On January 1, 20x3, the ledger of Global Corporation correctly showed supplies inventory of $500. During 20x3, supplies purchases amounted to $700. Supplies inventory on hand at December 31, 20x3 is $400. What is supplies expense for the year ended December 31, 20x3? b. At the end of 20x4, Libby Company reported an ending balance for retained earnings of $50,000. During 20x4, the company reported the following amounts: Dividends paid, $30,000 and net income, $40,000. What is the beginning Retained Earnings balance? c. The beginning of the year total shareholders’ equity for a firm was $40,000. During the year, the firm issued common stock for $20,000; earned $10,000 net income and paid $5,000 in dividends. If ending total liabilities are $100,000 what are ending total assets?
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Question 3 (6 marks) (12 minutes) At January 1, 2010, the Statement of Financial Position included the following: Prepaid Rent $16,000 dr. Supplies Inventory 8,000 dr. The following occurred during the year: Payments for rent $18,000 Payments for supplies 11,000 At December 31, 2010, the Statement of Financial Position included the following: Prepaid Rent $ 8,000 dr. Supplies Inventory
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1004Test1 - BUSI 1004 Financial Accounting for Business...

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