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ACC 290 Final Exam

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ACC 290 Final Exam Select the type of financial statement that is used to show cash generated from operations? 2. What is the correct order that the four main financial statements should be prepared? 3. When classifying financial transactions, what is true about assets? 4. How do you increase an expense account? 5. A public corporation issues 100 shares of $1 par common stock at $5 per share, how would you make a journal entry for this event? 6. In the first month of operations, the total of the debit entries to the cash account amounted to $1,400 and the total of the credit entries to the cash account amounted to $600. The cash account has a 7. On which ledger will you find control accounts? 8. Jones is a customer of XYZ Corporation. Jones normally buys merchandise from XYZ on his credit account. Which ledger should XYZ use to keep track of these transactions? 9. What is true about the cash basis of accounting? 11. The Old School Car Wash Company purchased $6,500 worth of car wash supplies on Aug 2 and recorded it as an asset. On Aug 30, an inventory of the car wash supplies indicated that $2,000 was left on hand. How would you make the adjusting entry for this scenario? 12. A business purchased office supplies costing $4,000 and debited the Office Supplies account at the total price. At the end of the period, an actual count of office supplies revealed $1,100 on hand. How would you make the adjusting entry? 13. What is the purpose of an adjusted trial balance? 14. Take a look at the following trial balance: Debit Credit Cash $781 Accounts receivable 1,049 Inventory 1,562 Prepaid rent 43 Property, plant & equipment 150 Accumulated depreciation 26 Accounts payable 41 Unearned revenue 61 Common stock 103 Retained earnings 3,305 Service revenue 134 Interest revenue 28 Salary expense 80 Travel expense 33 Total $3,698 $3,698 What is the net income for the year? 15. Take a look at adjusted trial balance below. What will be the totals for the debit and credit columns of the post-closing trial balance? Debit Credit Cash $1,562 Accounts receivable 2,098 Inventory 3,124 Prepaid rent 86 Property, plant, & equipment 300 Accumulated depreciation $52 Accounts payable 82 Unearned revenue 172 Common stock 206 Retained earnings 6,610 Service revenue 218 Interest revenue 56 Salary expense 160 Travel expense 66 Totals $7,396 $7,396 16. Consider the following adjusted trial balance: Debit Credit Cash $781 Accounts receivable 1,049 Inventory 1,562 Prepaid rent 43 Property, plant & equipment 150 Accumulated depreciation 26 Accounts payable 41 Unearned revenue 61 Common stock 103 Retained earnings 3,305 Service revenue 134 Interest revenue 28 Salary expense 80 Travel expense 33 Total $3,698 $3,698 What will be the retained earnings balance after closing entries have been completed? 17. Where is net income is recorded on the work sheet? 18. At the start of the fiscal year, Lulu Athletic showed inventory of $400,000. Throughout the year, the firm bought inventory costing $1,500,000. If Lulu Athletic reported ending inventory of $600,000 and sales of $2,000,000, what is their cost of goods sold and gross profit rate? 19. Celine’s Puppy Store merchandise inventory decreased by $30,000. If the firm’s cost of goods sold for the year was $450,000, what would purchases be? 20. Wild Red’s Athletic Store had inventory of $200,000. The company purchased merchandise costing $700,000. Let’s say Wildcat Athletic reported ending inventory of $300,000 and sales of $1,000,000. What is the company’s cost of goods sold and gross profit rate? 21. What journal entry would be used for a sale of $900 with terms of 2/10 and n/30?

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