Untitled Studocu is not sponsored or endorsed by any college or university Đề thi Kế toán 1 KTTT62 AEP Kinh tế quốc dân Financial Accounting 1 (Đại học Kinh tế Quốc dân) Studocu is not sponsored or en.
lOMoARcPSD|7762758 Đề thi Kế toán KTTT62 AEP Kinh tế quốc dân Financial Accounting (Đại học Kinh tế Quốc dân) Studocu is not sponsored or endorsed by any college or university Downloaded by Th?y Tr?n (tranthuy10112002@gmail.com) lOMoARcPSD|7762758 MINISTRY OF EDUCATION AND TRAINING FINAL EXAM NATIONAL ECONOMICS UNIVERSITY INTRODUCTORY ACCOUNTING Mode of study: Full time Intake: 62 School of Advanced Education Programs Version: 01 Exam place: LMS Exam date: Exam time: Allowed time: 90 minutes Part I - Adjusting Entries (CLO 3.3 - 20 points) Jim Bryast, D.D.S., opened an incorporated dental practice on January 1, 2018 During the first month of operations the following transactions occurred: Performed services for patients who had dental plan insurance At January 31, $1,500 of such services was completed but not yet billed to the insurance companies Utility expenses incurred but not paid prior to January 31 totaled $1,425 Purchased dental equipment on January for $120,000, paying $30,000 in cash and signing a $90,000, 3-year note payable (Interest is paid each December 31) The equipment depreciates $600 per month Interest is $750 per month Purchased a 1-year malpractice insurance policy on January for $27,000 Purchased $2,625 of dental supplies (recorded as increase to Supplies) On January 31 determined that $825 of supplies were on hand Instructions: Prepare the adjusting entries on January 31 Account titles are: Accumulated Depreciation - Equipment, Depreciation Expense, Service Revenue, Accounts Receivable, Insurance Expense, Interest Expense, Interest Payable, Prepaid Insurance, Supplies, Supplies Expense, Utilities Expense, and Accounts Payable Part II - Journal Entries (CLO 4.2 - 20 points) Goldenrod Warehouse distributed hard back books to retail stores and extends credit terms of 2/10, n/30 to all of its customers During the month of June the following merchandising transactions occurred June Purchase books on account for $960 (including freight) from Barnum Publisher, term 2/10, n/30 Sold books on account to the Flint Hills bookstore for $1,200 The cost of the merchandise sold was $720 Received $60 credit for books returned to Barnum Publisher 15 Paid Barnum Publisher in full Received payment in full from the Flint Hills bookstore Downloaded by Th?y Tr?n (tranthuy10112002@gmail.com) lOMoARcPSD|7762758 17 Sold books on account to Town Crier Bookstore for $1,400 The cost of the merchandise sold was $840 20 Purchased books on account for $720 from Good Book Publishers, term 1/5, n/30 24 Received payment in full from Town Crier Bookstore 26 Paid Good Book Publishers in full 28 Sold books on account to Home Town Bookstore for $1,300 The cost of the merchandise sold was $780 30 Granted Home Town Bookstore $150 credit for books returned costing $90 Instructions: Journalize the transactions for the month of June for Goldenrod Warehouse, using perpetual inventory system Part III - Multiple-Step Income Statement (CLO 4.3 - 15 points) Below is a partial listing of the adjusted account balances of Yates Co at year-end on December 31, 2018 Cost of Goods Sold $212,000 Freight-out 7,000 Insurance expense 12,000 Salary expense 62,000 Rent expense 32,000 Sales discounts 8,000 Sales returns and allowances 17,000 Sales 370,000 Instructions: Using whatever data you believe appropriate, prepare a multiple-step income statement for Yates Co for the year ended December 31, 2018 Assume a 25% a tax rate Part IV - Periodic Inventories (CLO 4.4 - 15 points) Montel sells a snowboard, Spurt, that is popular with snowboard enthusiasts Below is information relating to Montel purchases of Spurt snowboards during September During the same month, 120 Spurt snowboards were sold Montel uses a periodic inventory system Date Sept Sept 12 Sept 19 Sept 26 Transaction Units Unit Cost Inventory 20 $100 Purchases 45 103 Purchases 20 104 Purchases 50 105 Totals 135 Instructions: (a) Compute the ending inventory at September 30 using the FIFO and LIFO methods Prove the amount allocated to cost of goods sold under each method (b) For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold What you notice about the answers you found for each method? Downloaded by Th?y Tr?n (tranthuy10112002@gmail.com) lOMoARcPSD|7762758 Part V - Receivable (CLO 5.2 - 15 points) On January 1, 2018, Moline Company had Accounts Receivable $154,000; Notes Receivable of $12,000; and Allowance for Doubtful Accounts of $13,200 The note receivable is from Hartwig Company It is a 4-month, 9% note dated December 31, 2017 Moline Company prepares financial statements annually During the year, the following selected transactions occurred Jan Sold $10,000 of merchandise to Flint Company, terms n/15 20 Accepted Flint Company’s $10,000, 3-month, 9% note for balance due Feb 18 Sold $4,000 of merchandise to Zinck Company and accepted Zinck’s $4,000, 6month, 8% note for the amount due Apr 20 Collected Flint Company note in full 30 Received payment in full from Hartwig Company on the amount due May 25 Accepted Aberd Inc.’s $9,000, 6-month, 8% note in settlement of a past-due balance on account Aug 18 Received payment in full from Zinck Company on note due Sept Sold $5,000 of merchandise to Cosier Company and accepted a $5,000, 6-month, 9% note for the amount due Instructions: Journalize the transactions (Omit cost of goods sold entries.) Part VI - Plant Asset Disposal Entries (CLO 5.2 - 15 points) Here are selected transactions for Halverson Corporation for 2018 Jan Mar 31 Dec 31 Retired a piece of machinery that was purchased on January 1, 2008 The machine cost $47,000 and had a useful life of 10 years with no salvage value Sold a computer that was purchased on January 1, 2015 The computer cost $43,400 and had a useful life of years with no salvage value The computer was sold for $25,000 Discarded a delivery truck that was purchased on January 1, 2015 The truck cost $30,000 and was depreciated based on a 6-year useful life with a $3,000 salvage value Instructions: Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable Halverson Corporation uses straight-line depreciation THE END Downloaded by Th?y Tr?n (tranthuy10112002@gmail.com) ... prepare a multiple-step income statement for Yates Co for the year ended December 31, 2 018 Assume a 25% a tax rate Part IV - Periodic Inventories (CLO 4.4 - 15 points) Montel sells a snowboard,... Multiple-Step Income Statement (CLO 4.3 - 15 points) Below is a partial listing of the adjusted account balances of Yates Co at year-end on December 31, 2 018 Cost of Goods Sold $ 212 ,000 Freight-out... Tr?n (tranthuy1 011 2002@gmail.com) lOMoARcPSD|7762758 Part V - Receivable (CLO 5.2 - 15 points) On January 1, 2 018 , Moline Company had Accounts Receivable $15 4,000; Notes Receivable of $12 ,000; and