Write an essay in response to both of the writing prompts below. The maximum time that you can spend in the exam is three hours, 30 minutes. Please provide short answers to the following questions:. The Final Exam is open book, open notes. Points : 30 Set 2 Question Please prepare the following journal entries.
The citizens approve the following budget for the year:. It is easy to apply the revenue recognition principle because revenue issues are always easy to identify and resolve. No study notes, text books, dictionaries or electronic devices will be permitted. The maximum time you can spend in the exam is 3 hours, 30 minutes. It is to be depreciated by the straight-line method. Points : 5 profit margin and debt-to-total-assets ratio profit margin and asset-turnover ratio times interest earned and debt-to-stockholders equity ratio profit margin and free cash flow 14. If you run into a wall, don't turn around and give up.
Questions 1 thru 20 are worth four 4 points each. Using the information provided prepare a Balance Sheet. Explain the rules of debits and credits in a way that will help him or her understand them. Points : 5 the most common form of distribution is a cash dividend the Dividends account will be increased with a credit the Retained Earnings account will be directly increased with a debit the Dividends account will be decreased with a debit 3. If you are making comparisons within a company to detect changes in financial relationships and significant trends, you are performing what type of analysis? Assume that unit purchases exceed unit sales.
Record the depreciation for this year. Include in your answer the effect of the choice on both the income statement and balance sheet. As a result of these events, the company's merchandise inventory Points : 3 increased by 89,580. Also separate the current liabilities from the non-current liabilities and provide a total for each. Do you think this act has more importance for the accounting profession.
No network connections until you post your answer files to Blackboard. Points : 5 net sales salary and wages expense in a previous year gross profit net income 12. Goforit carries significant electronics inventory in a competitive environment where prices are actually falling. Required: 1: Using the information provided prepare a Balance Sheet. Also separate the current liabilities from the non-current liabilities and provide a total for each. What is the amount of depreciation for the first full year, during which the equipment was used 3,300 hours? What was the 2014 earnings per share? To qualify for full credit, you must state the formula you are using, show your computations, and explain your findings. The controller approves of the purchases and makes the payment since he or she is familiar with the purchases.
You should state specific internal control procedures from the textbook and relate your answer to his barber shop business. Each essay answer is worth 50 points. Points : 5 Question 13. Points : 5 Horizontal analysis Circular analysis Vertical analysis Ratio analysis 10. Prepare a multiple-step income statement 2.
Points : 5 Question 9. Points : 5 common-size analysis horizontal analysis vertical analysis ratio analysis Question 10. Briefly explain 1 the nature of an account, 2 the different types of accounts, and 3 the manner in which an account is increased and decreased, and the normal balance of each type of accounts. This is most common market in the U. All employees may operate cash registers.
This is an open book, open notes, and open computers exam. Points : 5 net sales salary and wages expense in a previous year gross profit net income 11. You should click the Save Answers button in the exam. Points : 5 liquidity marketability profitability solvency 14. Points : 5 Question 6.
Points : 5 nonlinear analysis vertical analysis trend analysis common-size analysis 10. The vehicle will be depreciated using the double declining balance method of depreciation. You should click the Save Answers button in the exam. Click, Final examination, Management 1133 Words 3 Pages In-Class Portion of Final Exam 50 points Dr. Using the information provided prepare a Balance Sheet. Goforit carries significant electronics inventory in a competitive environment where prices are actually falling.
The final exam will examine some core learning outcomes which I am listing below. Points : 3 Music store specializing in piano sales Custom jewelry store Antique shop Hardware store Question 27. If you have not clicked the Submit for Grading button by then, you will be exited from the exam automatically. Which of the following is an advantage of corporations relative to partnerships and sole proprietorships? Points : 5 when they are incurred, whether or not cash is paid when they are incurred and paid at the same time if they are paid before they are incurred if they are paid after they are incurred 5. There were no preferred stock dividends. The eighth amendment bars what? There were no preferred stock dividends. Question 21 is worth twenty 20 points.