ࡱ> ceb !bjbj 4F44444HHH84dH*948888888$^:=84b]"bb844E8bv448b8~3883 D6X880*9M7=fN=8=48"88N*9bbbb= : SAN JOSE STATE UNIVERSITY COLLEGE OF BUSINESS DEPARTMENT OF ACCOUNTING & FINANCE BUS 20FINANCIAL ACCOUNTING EXAM #1-SPRING 2015 Take Home Exam Professor William F. O'Brien February 12, 2015 Name:___________________________________ Instructions: This exam should be TYPEWRITTEN. This exam is due on Tuesday, February 17, 2015. Work on this exam in lieu of class on Thursday, February 12, 2015. This exam is worth 100 points. There is to be NO COLLABORATION, including the use of tutors, on this exam. 6. Attach this page to the exam. Scoring: Question 1 __________ (10 points) Question 2 __________ (8 points) Question 3 __________ (10 points) Question 4 __________ (10 points) Question 5 __________ (8 points) Question 6 __________ (8 points) Question 7 __________ (10 points) Question 8 __________ (10 points) Question 9 __________ (10 points) Question 10 __________ (10 points) Question 11 __________ (6 points) Raw Score __________ (100 points) Curve Adj. __________ Total __________ 1. Using the basic accounting equation, the income statement model and the balance sheet model, fill-in the missing amounts for each independent case below. Assume the amounts given are at the end of the company's first year of operation.  Randolph: Net Income (Loss) __________ Stockholders' Equity __________ Newman: Total Assets __________ Total Expenses __________ Wiseman: Total Revenue __________ Total Liabilities __________ Martin: Net Income (Loss) __________ Stockholders' Equity __________ Van Tassel: Total Revenue __________ Total Assets __________ For each of the following items that appears on the balance sheet, identify each as an asset (A), liability (L), or element of stockholders' equity (SE). For any item that would not appear on the balance sheet, write the letter, N.  Tomas Corporation began operations at the start of 20C. During the year, it made sales totaling $875,000 and collected $850,000 in cash from its customers. It purchased inventory costing $460,000, paid $20,000 for dividends and the cost of goods sold was $430,000. In addition, the corporation incurred the following expenses:  Required: 1. Prepare an income statement showing revenues, expenses, pretax income, income tax expense, and net income for the year ended December 31, 20C. 2. Based on the above information, what is the amount of accounts receivable on the balance sheet prepared at the end of 20C? (Hint: Use a T-account) 3. Based on the above information, what is the amount of retained earnings on the balance sheet prepared at the end of 20C? (Hint: Use a T-account) Scott, Kim and Koko organized the SKK Corporation on January 1, 20A. Each of these owners invested $27,000 cash and received shares of stock. Below are selected transactions that were completed during January. (1) Sold stock to the owners. (2) Borrowed $70,000 on one-year note payable. (3) Purchased land by signing a $30,000 note payable. (4) Purchased two service vehicles, $18,000 each on credit. (5) Paid $10,000 of accounts payable. (6) Purchased $12,000 of supplies on credit. SKK uses a Supplies Inventory account. Required: Prepare the appropriate Journal Entries and complete the following table based only on the 6 transactions above: Assets$Liabilities$Stockholders' equity$ Describe the three objectives of financial reporting as presented in SFAC #1 and updated in SFAC #8. What is meant by transparency in terms of financial reporting? Provide an example and explain why it is important. (The following information relates to Questions 7-9): On June 1, 20D, Global Services, Inc., was started with $30,000 invested by the owners as contributed capital. On June 30, 20D, the accounting records contained the following amounts: The dividends have already been paid during the month of June, 20D. Remember the headings. Prepare an income statement for June 20D, the first month of Global Services operation. Ignore income taxes. Prepare a statement of stockholders' equity for June 20D, the first month of Global Services' operation. Ignore income taxes. Consider both Contributed Capital (another name for Common Stock) and Retained Earnings. Prepare a classified balance sheet (current assets, non-current assets, current liabilities, long-term debt and equity) for June 20D, Global Services first month of operations. Four transactions are given below that were completed during 20A by Wren Company. The annual accounting period ends December 31. Each transaction requires an adjusting entry at December 31, 20A. You are to provide the adjusting entries required for Wren Company. A. On December 31, 20A, Wren Company owed employees $1,750 for wages that were earned by them during December and were not recorded. December 31, 20A--Adjusting entry: B. During 20A, Wren Company purchased office supplies that cost $500 which were placed in the supplies room for use as needed. The purchase was recorded as follows:  At the beginning of 20A, the inventory of unused office supplies was $75. At the end of 20A, a count showed unused office supplies in the supply room amounting to $100. December 31, 20A--Adjusting entry: C. On December 1, 20A, Wren Company rented some office space to another party. Wren collected $900 rent for the period December 1, 20A, to March 1, 20B. The rent collected was recorded as follows:  December 31, 20A--Adjusting entry: D. On June 1, 20A, Wren Company borrowed $2,000 cash on a one-year, 6% interest-bearing, note payable. The interest is payable on the due date, May 31, 20B. The note was recorded as follows:  December 31, 20A--Adjusting entry: Demographics: On a scale of 1-10, with 1 being low and 10 being high, how would you rate the teaching effectiveness of this class to date? __________ On a scale of 1-10, with 1 being little and 10 being a great deal, how would you rate what you have learned in this class to date? __________ On a scale of 1-10, with 1 being unfair and 10 being fair, how would you rate the fairness of this examination? __________ What other comments do you have for enhancing your learning experience in this class.     San Jose State University Professor William F. 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