ACC 220 UMUC Finals Section 1 LATEST VERSION

Aug 7th, 2016
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Acct220: Principles of Accounting I – Section 1 of 2 Do not forget, this is only Section 1 of your Final Exam. Section 2 consists of the 25 multiple choice questions located in the Final Exam location. Section 2 is worth 25% (1 point per question). USE THE SEPARATE DOCUMENT, Final Exam Answer Sheet to complete and submit your answers. Ensure to include correct dollar signs and commas. Question 1: 40% points: Flip Company's December 31, 2014 trial balance is as follows: Question 2: 8 points: Inventory Flip uses the periodic method and had the following inventory events during January Question 3: Prepare Flip's Supply Co. general journal entries for the following transactions: Question 4: Flip Company purchased a refrigerated delivery truck for $65,000 on April 1, 2016. The plan Question 5 Medina Company received its February bank statement on March 6. The statement showed a balance of $316,500 Question 6: Company at the end of the fiscal 2014 year has the following infor

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Solution of 1st questionFlip CorporationTrial Balance31-Dec-14AccountCashAccounts ReceivableAllowance for Doubtful AccountsNotes ReceivableMerchandise InventoryLandBuildingAccumulated Depreciation, BuildingEquipmentDebit$43,50053,500150030,00055,00020,000150,00050,000Accumulated Depreciation, EquipmentGoodwillAccounts PayableLong Term Notes PayableCommon Stock, $10 par, 2,000 shares authorized &outstanding26,000Retained EarningsSales RevenueSalaries ExpenseUtilities Expense150,0003,500Cost of Goods Sold350,000Administrative Expenses55,000Sales Expenses15,000Totals$1,003,000Flip is a small company and records adjusting entries & closing entries only at fiscal (calendar)Additional Information:a. Notes Receivable is a 3-months, 6% note accepted on December 1, 2014b. Long Term Notes Payable is a 5-year, 5% note, that was signed on July 1, 2014. Interec. Building is depreciated at 3% per year. There is no salvage value.d. Equipment is depreciated at 15% year. There is no salvage value.e. Flip discovered, on December 30th, that the inexperienced bookkeeper recorded in thef. The year-end physical count for Merchandise Inventory reflected a value of $52,500. Ag. Salaries for the last half of December, payable in January, amount to $6,500.h. Flip determined that the balance in the Allowance for Doubtful Accounts should be $2Required:a. Prepare in journal form, any required correcting entriesb. Prepare in journal for

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