Exam C - Name Student Number Section ACCT 2220 Financial...

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Name:______________________________ Student Number:______________________ Section:______________________ ACCT 2220 Financial Accounting Term Exam 1C WINTER 2012 Instructions: Answer all questions in the exam booklet. You must hand in the exam (with your name on it) with your exam booklet. Short Answer (4 questions) ______/10 Problem 1 ______/20 Problem 2 ______/16 TOTAL 46 marks Exam time: 75 Minutes Number of Pages: 4
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Short Answer Question 1 (2 marks) On January 1, 2008 Ron Incorporated purchases equipment with an estimated useful life of 10 years for $50,000. The company uses the straight-line depreciation method (like in class). What is the carrying amount of the equipment as of December 31, 2010? $35,000. Question 2 (2 marks) Identify two external users of accounting information. Investors (1 marks); Creditors (1 mark). May refer to some of the “others” : government agencies, etc. Question 3 (1 marks) ABC Inc. is a delivery company. On June 30, 2010 they purchased a delivery truck for $29,000. What type of business activity is this? Investing. Question 4 (5 marks) You have been provided with the following information for 123 Incorporated: Required: 1. Using the appropriate
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