ACC230 Uses of Accounting Information I At Home Midterm – Part 2

/in /by

his part is worth 75 points.

Please make sure you have answered all questions prior to submitting. Once submitted, you will not be able to return. After 1.5 hours have passed, part 2 of the exam will automatically be saved and submitted. There is a timer in the upper right hand corner of the exam to help you keep track.

 

Part 2

 

 

Question

1  of 37

Question

2  of 37

Question

3  of 37

Question

4  of 37

Question

5  of 37

Question

6  of 37

Question

7  of 37

Question

8  of 37

Question

9  of 37

Question

10  of 37

Question

11  of 37

Question

12  of 37

Question

13  of 37

Question

14  of 37

Question

15  of 37

Question

16  of 37

Question

17  of 37

Question

18  of 37

 

Cost of goods available for sale $1,074,450
Ending inventory (FIFO) 85,430
Replacement cost of ending inventory 91,730

What amount must be reported for cost of goods sold on the income statement?

Question

19  of 37

Question

20  of 37

Question

21  of 37

 

  1. Compute each account’s adjusted balance by combining the trial balance and adjustment figures. Enter each account’s adjusted amount in the Adjusted Trail Balance columns.
  2. Enter the account titles and their unadjusted balances in the Trial Balance columns of the worksheet and total the columns.
  3. Extend (copy) the asset, liability, and owner’s equity amounts from the Adjusted Trial Balance to the Balance Sheet columns. Copy the revenue and expense amounts to the Income Statement columns. Total the statement columns.
  4. Enter the adjusting entries in the Adjustments columns and total the amounts.
  5. On the income statement column, compute net income. Enter net income as the balancing amount on the income statement and balance sheet columns. Total the income statement and balance sheet columns.

Question

22  of 37

Question

23  of 37

Question

24  of 37

Question

25  of 37

Question

26  of 37

Question

27  of 37

Question

28  of 37

Question

29  of 37

Question

30  of 37

Question

31  of 37

Question

32  of 37

 

Sales revenue $460,000
Costs of goods sold 300,000
Operating expenses 85,000
Sales discounts 20,000
Sales returns and allowances 15,000
Interest Revenue 5,000

Refer to Table 5.1. What is gross profit?

Question

33  of 37

Question

34  of 37

Question

35  of 37

Question

36  of 37

Question

37  of 37
  1. James Patel, the owner, deposited $3,000 in the company’s new checking account.
  2. Mr. Patel paid the first month’s rent of $400.
  3. Mr. Patel purchased equipment by signing a note payable of $11,000.
  4. Cash sales for the month were $4,500.
  5. Mr. Patel purchased cooking supplies for $1,400.

After the accountant posts these entries to the general ledger, what is the balance in the cash account?
 
Do you need a similar assignment done for you from scratch? We have qualified writers to help you. We assure you an A+ quality paper that is free from plagiarism. Order now for an Amazing Discount!
Use Discount Code "Newclient" for a 15% Discount!

NB: We do not resell papers. Upon ordering, we do an original paper exclusively for you.