Final_Solutions2006

Final_Solutions2006 - NAME: PENN ID.: ACCOUNTING 101, FINAL...

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1 NAME: PENN ID.: ACCOUNTING 101, FINAL EXAM Fall Semester, 2006 INSTRUCTIONS: 1. There are 15 numbered pages in this booklet. There is a second booklet with financial information and present value tables (18 numbered pages and three blank pages for your use for scratch paper). Make sure you have all of the pages. 2. The year ended April 29, 2006 is the 2006 fiscal year, the year ended April 30, 2005 is the 2005 fiscal year, the year ended April 24, 2004 is the 2004 fiscal year. 3. Please print your name and Penn-ID in the space provided on top of this page and all the other pages (especially if you un-staple the exam booklet). Please do not unstaple your exam booklet. 4. This is a 100 point exam. You have 120 minutes to complete it. Budget your time to achieve maximum points. 5. Answer the problems in the space provided within this booklet. For open-ended questions, present your work in an orderly fashion to facilitate the awarding of partial credit. For partial credit, you must show your work. Partial credit can only be given for work that is presented in a clear, legible and logical manner. We will not collect the pages handed out for scratch paper. Hence work shown on those pages will not be graded. 6. You will not be granted partial points for “none of the above” if it is the wrong answer. If your answer is very close, but not exactly the same as one of the available choices, do not select “none of the above”, pick the closest choice. In other words, do not select “none of the above” for rounding errors. 7. In the interest of fairness to all students, NO questions will be answered during the exam. If you think a question is ambiguous, state an appropriate assumption explicitly and continue. 8. The exam is closed book. You are allowed only ONE 8.5 x 11 inch double-sided page of paper for notes. 9. To submit a re-grade request this exam must be completed in ink. Part Points Allocated Points Scored I 24 II 35 III 19 IV 22 Total 100
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2 PART I (24 points): The following questions relate to the financial statement excerpts of LA-Z-BOY, INC. Assume that there were no foreign currency translation adjustments or business combination (i.e. merger, acquisition or divestiture) activities associated with marketable-securities, that LA-Z-BOY purchases marketable securities only with cash, and receives only cash when it sells marketable securities. All amounts are shown in thousands, except per share data (as reported by LA-Z-BOY). Please answer in thousands of dollars. 1) Which of the following must be LA-Z-BOY’s ending balance (net book value) of available-for-sale securities as of the end of fiscal year 2006 ? Circle your answer. (2 pts) Answer a) 2,747 b) 2,717 c) 30 d) 12,573 e) 19,400 f) 32,386 (footnote 5) g) None of the above 2) What is the journal entry LA-Z-BOY must have made for available-for-sale securities in fiscal year 2006 to mark them to market value? Use the net of tax numbers as reported by LA-Z-BOY. (3 pts) Account Name Debit Credit Allowance to adjust to market: available-for sale securities 1,020 Other comprehensive income 1,020 3)
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Final_Solutions2006 - NAME: PENN ID.: ACCOUNTING 101, FINAL...

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