ACC511 Mid-term exam

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Description

ACC 511 PROF. PARKASH
EXAM #1

PROBLEM
Individual Project
Multiple Choice – 20 questions
Problem
Total

ALLOCATED
120
90
40
250

Exam I
Part I – Individual Project
The following accounts were taken from the records of Beta Co. on the year end (December 31, 2010) after
adjusting entries being recorded and posted; all accounts have normal balances:
Account payables
Account receivables
Cost of goods sold
Capital stock
Cash
Sales Revenue
Land
Salaries expense
Salaries payable
Interest expense
Utilities expense
Investment (long-term) in ZYX, Inc shares
Depreciation Expense-Equipment
Sales Discounts
Accumulated Depreciation-Equipment
Inventory
Bonds Payable
Retained Earnings
Dividends
Equipment
Additional information:
Total assets (end of the year)
Total assets (beginning of the year)

$ 5,200
6,400
8,300
18,700
5,400
24,800
15,000
4,300
1,400
1,980
720
5,700
2,400
1,000
3,600
8,000
16,500
2,500
?
?

48,900
47,100

Number of share outstanding during the year is 6,100. No new shares were issued during the year. The stock
was selling at $10 per share at the year end.
No additional entries are required.
REQUIREMENT:

(Show your detailed work)

(a) Prepare Classified Balance Sheet, Multiple Income Statement and Statement of Retained
Earnings using the proper format and all the required accounting conventions.
(b) Prepare the closing entries for Beta.
(c) Calculate the ratios (discussed in the class) for Beta’s profitability, liquidity and credit risk
/solvency.

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