quiz-3-solution(ch789&10) - 70-122 Fall 2007

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Unformatted text preview: 70-122 Fall 2007 Name_______________Introduction to Accounting Section_____________Professor Nan Quiz 3Instructions: This is a close-book, close-notes quiz. You are allowed to use a non-programming calculator. There are two required parts with totally 100 points (Part I and II). Partial credits will be awarded for Part II. Make sure your name and section are legible and your answer is neatly presented.Part I: Circle the right answer (30 points, 6 points each)1. Sara Lee Co. has 10,000 shares of common stock outstanding, the closing price of which was $5 per share on Dec 31, 2004. Sara Lee's balance sheet as of Dec 31, 2004 showed a total of $30,000 for Common Stock and Additional Paid-In Capital. Retained Earnings was $15,000. These were the only equity accounts. What is the market-to-book ratio at Dec 31, 2004?A. 1.50 B. 0.90C. 1.11 D. 1.672. Ohiopyle Inc. had $100,000 gross accounts receivable and $10,000 allowance for doubtful accounts on July 1, 2005. On July 15 Ohiopyle found that $5,500 of accounts receivable became accounts on July 1, 2005....
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This note was uploaded on 04/09/2008 for the course ACC 70122 taught by Professor Nam during the Fall '07 term at Carnegie Mellon.

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quiz-3-solution(ch789&10) - 70-122 Fall 2007

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