View the step-by-step solution to:

{REPLACE THIS TEXT WITH YOUR NAME! Multiple choice (69 points) 1. Cash flow statement categories (13 points) 1. Accounts receivable transactions (18...

Read the questions on Exam 2 then answer them on the Answer Sheet.

for Question III. (Include Explanations to each transaction).

Make sure all answers are correct!

(Please do not go passed the assigned time!)

Name: {REPLACE THIS TEXT WITH YOUR NAME!} I. Multple choice (69 poinTs) 1. 7. 13. 19. 2. 8. 14. 20. 3. 9. 15. 21. 4. 10. 16. 22. 5. 11. 17. 23. 6. 12. 18. II. Cash fow sTaTemenT caTegories (13 poinTs) 1. 8. 2. 9. 3. 10. 4. 11. 5. 12. 6. 13. 7. III. AccounTs receivable Transactons (18 poinTs) Holbrook, Inc. General Journal Tranx # Accounts Debits Credits 1. 2. 1
Background image of page 1
3. 4. 5. 2
Background image of page 2
1 Fall 2016 Professor Gramlich ACCT 330 - Financial Reporting I Second Exam Name: ___________________________________ Overall instructions: You may use one 8.5” x 11” piece of paper with notes on both sides and a calculator (i.e., a simple computing device that does not contain extended memory or the ability to communicate with another machine or person—a cell phone that contains a calculator cannot be used). Clarification assumptions should be clearly written and referenced to the appropriate exam question and indicated on the front page with a large *. You have 75 minutes to complete the exam; penalty points will be assessed if not submitted on time. I. Multiple choice (69 points) Darken the circle on the answer sheet corresponding to the best answer for each question. 1. Which of the following is a contra account? a. Premium on bonds payable b. Unearned revenue c. Patents d. Accumulated depreciation 2. Treasury stock should be reported as a(n) a. current asset. b. investment. c. other asset. d. reduction of stockholders' equity. 3. Presented below are data for Linda Corp. 2017 2018 Assets, January 1 $8,850 $9,720 Liabilities, January 1 4,860 ? Stockholders' Equity, Jan. 1 ? ? Dividends 1,620 1,215 Common Stock 1,458 1,296 Stockholders' Equity, Dec. 31 ? ? Net Income 1,920 1,296 Stockholders' Equity at January 1, 2018 is a. $5,748. b. $3,990. c. $4,290. d. $5,910.
Background image of page 1
2 4. When a company has cash available in another account in the same bank at which an overdraft has occurred, the company will: a. offset the overdraft against cash account. b. report the same in the notes to financial statement. c. report the bank overdraft amount as account payable. d. classify the bank overdraft as compensating balance. 5. Presented below are data for Bob Corp. 2017 2018 Assets, January 1 $4,200 $5,040 Liabilities, January 1 2,520 ? Stockholders' Equity, Jan. 1 ? ? Dividends 840 630 Common Stock 756 672 Stockholders' Equity, Dec. 31 ? ? Net Income 840 672 Stockholders' Equity at January 1, 2017 is a. $1,056. b. $1,140. c. $1,680. d. $2,436. Items 6 and 7 apply to the appropriate use of present value tables. Given below are the present value factors for $1.00 discounted at 10% for one to five periods. Each of the items 69 to 72 is based on 10% interest compounded annually. Present Value of $1 Periods Discounted at 10% per Period 1 0.909 2 0.826 3 0.751 4 0.683 5 0.621 6. What amount should be deposited in a bank today to grow to $10,000 three years from today? a. $10,000 ÷ 0.751 b. $10,000 × 0.909 × 3 c. ($10,000 × 0.909) + ($10,000 × 0.826) + ($10,000 × 0.751) d. $10,000 × 0.751 7. What is the present value today of $15,000 to be received six years from today? a. $15,000 × 0.909 × 6 b. $15,000 × 0.751 × 2 c. $15,000 × 0.621 × 0.909 d. $15,000 × 0.683 × 3
Background image of page 2
Show entire document
Sign up to view the entire interaction

Top Answer

View the full answer
Answer Sheet.docx

Name: {REPLACE THIS TEXT WITH YOUR NAME!}
I. Multiple choice (69 points)
1.
2.
3.
4.
5.
6. d
d
a
a
d
d 7.
8.
9.
10.
11.
12. c
b
a
a
c
c 13.
14.
15.
16.
17.
18. b
c
c
a
b
d 19.
20.
21.
22.
23. c
c...

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Ask a homework question - tutors are online