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Acct 220:
Final Exam

Student
Name:

Brandon Tong

ACCT 220 Final Exam Answer Sheet


Question 1 (40points)
a. General Journal Entries:
Date
12/30/15

12/31/15

12/31/15

Account
Cash A/C
Accounts receivables
Suspense Account
Merchandise Inventory A/C
Cost of goods sold A/C
Suspense Account

Debit
$1,500

$3,500

$3,500

Credit

$1,500

$3,500

$3,500

b. Adjusting Entries:
Date
12/31/15

12/31/15

12/31/15

12/31/15

12/31/15

12/31/15

Account
Interest Receivable
Interest Income
Interest expense on long-term debt (5%*75,000*1/2)
Interest payable
Buildings depreciation expense (3%*150,000)
Accumulated Depreciation
Equip. Depreciation expense (15%*50,000)
Accumulated Depreciation
Salary expense
Salary expense payable
Bad Debt expense [(5%*52,000)-(1,500)]
Allowance for doubtful debts

Debit
$150

$1,875

$4,500

$7,500

$5,500

$4,100

Credit

$150

$1,875

$4,500

$7,500

$5,500

$4,100

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Acct 220:
Final Exam

Student
Name:

Brandon Tong

c. Adjusted Trial Balance:

Adjusted Trial Balance

Account
Cash
Accounts Receivable
Allowance for Doubtful Accounts
Notes Receivable
Merchandise Inventory
Land
Building
Accumulated Depreciation, Building
Equipment
Accumulated Depreciation, Equipment
Goodwill
Accounts Payable
Salaries Payable
Interest expense payable
Long-Term Notes Payable
Common Stock, $10 par, 2,000 shares authorized and
outstanding
Retained Earnings
Sales Revenue
Interest Income

Debit

Credit

$45,000
52,000
$2,600
30,150
51,500
20,000
150,000
19,500
50,000
28,500
26,000
25,000
5,500
1,875
75,000
20,000
147,000
700,000
150

:
Acct 220:
Final Exam

Student
Name:

Salaries Expense
Utilities Expense
Depreciation expense-building
Depreciation expense-equipment
Bad debt expense
Interest expense-long-term debt
Cost of Goods Sold
Administrative Expenses
Sales Expenses
Totals

Brandon Tong

155,500
3,500
4,500
7,500
4,100
1,875
353,500
55,000
15,000
$1,025,125

_______
$1,025,125

:
Acct 220:
Final Exam

Student
Name:

Brandon Tong

d. Classified Balance Sheet:

XYZ Company
Balance Sheet
As of December 31, 2015
Current Assets
Cash

$45,000

Accounts Receivable

$52,000

Allowance for Doubtful Accounts

(2,600)

Notes Receivable
Interest Income Receivable

49,400
30,000
150

Merchandise Inventory

51,500

$176,050

Fixed Assets
Land

20,000

Building

150,000

Accumulated Depreciation, Building

(19,500)

Equipment

50,000

Accumulated Depreciation, Equipment

(28,500)

Goodwill

130,500
21,500
26,000

Total Assets

198,000
$374,050

Current Liabilities

Accounts Payable

$25,000

Salaries Payable

5,500

Interest expense payable

1,875

$32,375

Long-term Liabilities

Long-Term Notes Payable

75,000

Shareholders Equity

Common Stock, $10 par, 2,000 shares


authorized and outstanding
Retained Earnings
Total Equities and Liabilities

20,000
246,675
$374,050

:
Acct 220:
Final Exam

Student
Name:

Brandon Tong

e. Closing Entries:
Date

Account

Debit

Cash
12/31/2015
12/31/2015 Accounts Receivable
12/31/2015 Allowance for Doubtful Accounts

$45,000

12/31/2015 Notes Receivable


12/31/2015 Merchandise Inventory

30,150

12/31/2015 Land
12/31/2015 Building

20,000

12/31/2015 Accumulated Depreciation, Building


12/31/2015 Equipment
12/31/2015 Accumulated Depreciation, Equipment
12/31/2015 Goodwill

Credit

49,400
4,100
51,500
130,500
19,500
21,500
28,500
26,000

12/31/2015 Accounts Payable


12/31/2015 Salaries Payable
12/31/2015 Interest expense payable

$25,000
5,500

12/31/2015 Long-Term Notes Payable


12/31/2015 Common Stock, $10 par, 2,000 shares authorized
and outstanding
12/31/2015 Retained Earnings
12/31/2015 Sales Revenue
12/31/2015 Salaries Expense
12/31/2015 Utilities Expense

75,000

1,875
20,000
700,000
155,500
3,500

12/31/2015 Depreciation expense-building


12/31/2015 Depreciation expense-equipment

4,500

12/31/2015 Interest expense-long-term debt


12/31/2015 Cost of Goods Sold

1,875

12/31/2015 Administrative Expenses


12/31/2015 Sales Expenses

55,000

Question 2 (8points)

7,500
353,500
15,000

:
Acct 220:
Final Exam

Student
Name:

Brandon Tong

a. Cost of Goods Available for Sale

$7,995

b. Sales

$7,900

c. Value of:

Ending Inventory

COGS

(1) LIFO method

$2,857.50

$5,137.50

(2) FIFO method

$3,206.25

$4,788.75

(3) Average-cost method

$3,045.71

$4,949.29

:
Acct 220:
Final Exam

Student
Name:

Brandon Tong

Question 3 (7points)
Date

Jan. 1
Jan. 15
Jan. 15

Jan. 31

Apr. 15

Account

RunTimeCo
Accounts Receivable- RunTimeCo

Notes Receivable-

Equipment
Notes Payable-

$15,000

$10,000

XYZ

Notes Receivable- Warner

Debit

Co.

Cash

Interest Receivable

RunTimeCo
Interest Income- Warner
Interest Income-

Cash
Notes Receivable-Warner Co.

$30,000

$1,232.88

Cash
Notes Receivable-RunTime Co.

$30,739.73

Notes Payable-

XYZ

Interest Expense
Cash

$10,000

$30,000

$493.15

$30,000
$739.73

$15,493.15

Interest Income

Oct. 15

$15,000

$739.73

Interest Income

May 1

Credit

$15,000.00
$493.15

$10,000
$900

$10,900

:
Acct 220:
Final Exam

Student
Name:

Brandon Tong

:
Acct 220:
Final Exam

Student
Name:

Brandon Tong

Question 4: (9points)
a. Answer:

Year

Depreciation Expense

Total Accumulated

End-of-Year

Depreciation

Book Value

$11,000

$11,000

$54,000

$11,000

$22,000

$43,000

$11,000

$33,000

$32,000

$11,000

$44,000

$21,000

$11,000

$55,000

$10,000

b. Answer:

Year

Depreciation Expense

Total Accumulated

End-of-Year

Depreciation

Book Value

$26,000

$26,000

$39,000

$15,600

$41,600

$23,400

$9,360

$50,960

$14,040

$4,040

$55,000

$10,000

$0

$55,000

$10,000

c.
Answer

$7,975.5

:
Acct 220:
Final Exam

Student
Name:

Brandon Tong

Question 5 (7points)
Date

Account

Gross salaries expense

Debit

$25,000

FICA Social Security (6.2%*25,000)


State income tax (5%*25,000)

15

Federal income tax payable(15%*25,000)

1,250
3,750
200

FUTA taxes Payable (0.8%*25,000)

1,350

SUTA taxes Payable (5.4%*25,000)

16,537

Cash

Payroll-tax expense

$1,550
363

FICA Medicare (1.45%*25,000)


January

Credit

$8,463

FICA Social Security (6.2%x25,000)

$1,550
363

FICA Medicare (1.45%x25,000)


January

State income tax (5%x25,000)

1,250

15

Federal income tax payable (15%x25,000)

3,750

FUTA taxes Payable (0.8%x25,000)

200

SUTA taxes Payable (5.4%x25,000)

January
22

Payroll Tax expense


Cash

1,350

$8,463

$8,463

:
Acct 220:
Final Exam

Student
Name:

Brandon Tong

Question 6 (4points)
Date
12/31/201
5
12/31/201
5

Account
Bad debt expense [(2,500,000-25,000) x0.5%]
Allowance for doubtful accounts
Bad debt expense [(5%x200,000) -(-1,500]
Allowance for doubtful accounts

Debit
$12,375

Credit

$12,375

$11,500
$11,500