Virginia Tech Pamplin College of Business
Intermediate Financial Accounting Quiz 1 – Spring Semester 2011
READ AND HEED:
This quiz is due on or before class period on Friday, February 4, 2011.
This quiz will not be accepted after this time
– no exceptions, no excuses. If I do not have it
you will receive a zero. This is an open book quiz. It is ok to work with your classmates on this.
Name: ANSWER KEY
Please round all calculations to the nearest dollar.
Below is an unadjusted trial balance for Acme Machine Tool Company as of December
Cost of Goods Sold
The Acme Machine Tool Company needs to prepare financial statements at the end of
December, 2011 for presentation to its bank. Acme Machine Tool began operation on
January 1, 2011 and is completing their first full year of operations.
You have just acquired Acme Machine Tool as a new client for your CPA firm. The owner
told you about the following events that have occurred: