ࡱ> >@= bjbj 48Pd746666666$N8;6"6E6F66~186 "A-v4X6607Q5;0;6;6p66$7; : SAN JOSE STATE UNIVERSITY COLLEGE OF BUSINESS DEPARTMENT OF ACCOUNTING & FINANCE BUS 020FINANCIAL ACCOUNTING Take Home Bookkeeping Exam-Spring 2015 This Exam is due on Tuesday, February 10, 2015 (100 points) Professor William F. O'Brien February 5, 2015 Name:___________________________________ Date:____________________________________  Small World Day Care. January 1, 2011 is the first day of operations for Small World Day Care. The following items summarize the 2011 financial events for the company: On January 1, 2011 common stock was issued to equity investors for $20,000. An interest-free government loan of $20,000 was received on January 3, 2011. The loan is to be repaid on January 3, 2012. Paid $24,000 for furniture and equipment on January 4, 2011. During 2011, $30,000 was paid for miscellaneous operating activities. All of these payments were made in cash. The payments were for a combination of services and food supplies. Small World inventories its food supplies. $1,500 of food supplies was on hand at December 31, 2011. During 2011, Small World billed the parents of their clients $40,000 for services provided. On December 31, 2011, the parents still owed $15,000. The furniture and equipment is being depreciated over 4 years using the straight-line depreciation method. Items received in the first half of a month are charged a full months depreciation expense. Small World annually pays cash dividends to its owners equal to 40% of net income. Small World is an income tax-exempt business. Instructions: Prepare the entries for Small World. Close the T-accounts Prepare a Closing Worksheet Using the Closing Worksheet Prepare a classified balance sheet Prepare a multi-step income statement     Santa Jose State University Professor William F. 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