08 Jun Question Final Examination Booklet
Question
Final Examination Booklet
Financial Accounting
EXAMINATION NUMBER:
06158300
Complete the following exam by answering the questions and
compiling your answers into a word-processing document. When
you’re ready to submit your answers, refer to the instructions at
the end of your exam booklet. It’s not necessary to type the
questions. Type only the solution to the question. Be certain to
indicate the proper question number before each of your
answers. Remember to show your work if an answer requires a
mathematical solution.
Answer each of the following questions. Each answer is worth 4
points.
1. A company has Liabilities of $23,500 and Stockholders’ Equity
of $56,500. How much does the company have in Assets?
2. Beginning Retained Earnings are $65,000; sales are $29,500;
expenses are $33,000; and dividends paid are $3,500. How
much is the net income or loss for the company?
3. The account “Salaries Expense” began with a zero balance and
then had the following changes: increase of $450, decrease
of $175, increase of $600, and an increase of $350. What is
the final balance of the “Salaries Expense” account, and is it
a debit or credit?
4. A $375 purchase of supplies on account was recorded by
debiting Supplies for $375 and crediting Cash for $375.
What is the journal entry needed to correct this error?
5. Allied, Inc. bought a two-year insurance policy on August 1 for
$3,600. What is the adjusting journal entry on December 31?
Examination
Examination
Financial Accounting
1
6. A company started the year with no supplies. During the year they bought $200 worth of
supplies on account and later paid $150 of this debt. If there were $40 worth of supplies
left at the end of the year, what is the supply expense for the period?
7. ABC Corporation has received an invoice for $4,500 with terms of 3/15, n/50. If ABC
pays the invoice on the seventeenth day, what is the effect on the Cash account and
will the Cash account be debited or credited?
8. Bond and Associates has the following account balances listed in alphabetical order:
Accumulated Depreciation, $23,000; Accounts Payable, $8,500; Accounts Receivable,
$12,000; Cash, $3,500; Equipment, $44,000; Land, $21,000; Mortgage Payable,
$45,000; Prepaid Insurance, $7,500; Supplies, $2,000; Unearned Revenue, $6,000;
Wages Payable, $4,500. How much are Bond and Associates’ current liabilities?
9. Olympic Enterprises has the following inventory data:
Date
Quantity
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