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ACCT 212 Final exam.docxACCT 212 Final exam.docxACCT 212 Final exam.docx

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Business

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1. 
 !"#
$%& (Points : 20)
2. !'&$
 #(&
) !"*+
"* (Points : 20)
3. ,-'#
*
 !"
* (Points : 20)
4. .-""#"
*/0/-0 !
""""1
'2  (Points : 20)
5. "2*
'"3456 
year or, occasionally, at the end of each
accounting period.
2)In order to close Utilities Expense, the follow ing
journal entry is used:
Debit (DR) Income Summary
* Credit all liabilities (like accounts payable, accrued
expenses)
* All assets should be debited and all liabilities and
capital should be credited.
average cost to determine the value of COGS and
ending inventory.
2)In our bakery example, the average cost for
inventory w ould be $1.125 per unit, calculated as
[(200 x $1) + (200 x $1.25)]/400.

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!"*35#
* (Points : 20)
1. 7)#8*#"59$!  $
:;$! "". $ )#8<
5<"*:!$. 
5"=$ 2$=$, $,$, 
$=$ 
5!  3! #>
%#3
*8*3#*
('
033*3#*$

!?*5"@
?)#8@
)#8 (Points : 25)
2. A)-+,+!B
#5>
'%5>AC$": $ $ 
%5>:"$, $ 
efficient. A low ratio implies the company should
re-assess its credit policies in order to ensure the
timely collection of imparted credit that is not
earning interest for the firm.
1a. Straight-line Method ($19200 - $2400)/ 4 = $5600
1b. Double-declining method: 1st = $9,600 2nd= $4,800 3rd = $2,400
1c. Depreciation Cost = Original Cost - Salavage Value = $16800
Depreciation per Unit = $16800 / 30000 miles = 0.56
Yr 1 - .56 x 8000 = 4480, Yr 2 .56 x 8500 = 4760, Yr 3 .56 x 5500 = 3080, Yr 4
.56 x 8000 = 4480
2. Which best tracks the w ear and tear on the van? Units of production method
3. Which method BagODonuts prefer to use for income tax purposes? Explain
w hy BagODonuts chose this one: Double Declining Balance w ould be chosen
because it provides the greatest reduction in taxable income. This w ill free up
more money to grow the business and invest in more assets.

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##>
+;+!D- $ 5:A
++!D-$ 5:,
++!D6 $ 5:!!
!++!D8":;,$ 
6>
'&*"
!-$E*5
(Points : 25)
3. ,0$
#&#-
#""*(#
"*
5!*
0#
(Points : 25)
(Issued preferred shares)
11/1 Stock Repurchase 660,000.00
Cash 660,000.00
Reacquired common shares
12/1 Dividends 95,000.00
Cash 95,000.00
Declared and paid cash dividends
2. Preferred stock is a type of capital stock w hich has specific dividends that is
distributed first before common stockholders can receive any dividends
declared and paid. In the event of liquidation, preferred stockholders are
prioritized first before common stockholders can receive any remaining assets of
the company. Common stock enjoys voting rights w hich preferred stock don't
have. Common stock receives dividends only after the preferred dividends are
satisfied first. And if the business is liquidated, it receives any remaining assets
only after creditors and preferred shareholders have been paid or satisfied.

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