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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.

!"*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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1.?(TCO 3) At the end of the period it is necessary to close all temporary accounts. (1) Explain why this process is required (10 points) and (2) provide an example of the closing of an expense account, Supplies Expense in the form of a journal entry. (10 points)?(Points : 20) ?????? ?????? 2.?(TCO 2) As required to complete Course Project 1, one must follow the cycle that includes 10 steps to complete the accounting cycle. (1) Explain how to construct an Unadjusted Trial Balance (10 points) and (2) provide an example of the application of the debit/credit rules in the development of the trial balance. (10 points)?(Points : 20) ?????? ?????? 3.?(TCO 5) Internal Control Procedures are required to safeguard company assets and to ensure ethical operation of the business. (1) Explain how limited access can satisfy the purpose of internal control (10 points) and (2) provide an example of how this control could be implemented. (10 points)?(Points : 20) ?????? ?????? 4.?(TCO 4) Inventory valuation methods determine the cost of goods sold and the inventory balance. (1) Explain how the Last in First out (LIFO) method is applied (10 points) and (2) provide an example of the impact that this method of inventory valuation will have on Gross Profit. (10 points)?(Points : 20) ?????? ?????? 5.?(TCO 1) To evaluate the financial operation and health of a business ratio analysis is used. (1) Provide the formula for the Acid-test (or Quick) Ratio and explain how it is computed (10 points) a ...
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