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(Answered)-: Acct 220: Final Exam Student Name: ACCT 220 Final Exam Answer


Please Answer on the attached Answer?sheet and correct my mistakes if any!!!!
:

 

Acct 220:

 

Final Exam

 


 

Student

 

Name:

 


 

ACCT 220 Final Exam Answer Sheet

 

Question 1 (40points)

 

a. General Journal Entries:

 

Date

 


 

Account

 

Accounts receivable

 


 

Debit

 


 

Credit

 


 

1500

 


 

cash

 


 

1500

 


 

Inventory

 


 

3500

 


 

COGS

 


 

3500

 


 

b. Adjusting Entries:

 

Date

 


 

Account

 

Accrued Interest Income Rec

 


 

Debit

 


 

Credit

 

296

 


 

Interest Income

 


 

Interest Payable

 


 

296

 


 

1875

 


 

Interest Expense

 


 

Accumulated Depreciation

 


 

1875

 


 

4500

 


 

Building Depreciation Expense

 


 

Accumulated Depreciation

 


 

4500

 


 

7500

 


 

Equipment Depreciation Expense

 


 

Salaries Payable

 


 

7500

 


 

5500

 


 

Salaries Expense

 


 

Bad Debt Expense

 

Allowance for Doubtful Accounts

 


 

5500

 


 

4100

 

4100

 


 

:

 

Acct 220:

 

Final Exam

 


 

Student

 

Name:

 


 

c. Adjusted Trial Balance:

 


 

Adjusted Trial Balance

 


 

Account Titles

 


 

Debit

 


 

Credit

 


 

Cash

 


 

45000

 


 

Accounts Receivable

 


 

52000

 


 

Notes Receivable

 


 

30000

 


 

Merchandise Inventory

 


 

51500

 


 

Accrued Income Receivable

 

Land

 

Building

 


 

296

 

20000

 

150000

 


 

Equipment

 


 

50000

 


 

Goodwill

 


 

26000

 


 

Salaries Expense

 


 

155500

 


 

Utilities Expense

 


 

3500

 


 

COGS

 


 

353,500

 


 

Admin Expenses

 


 

55000

 


 

Depreciation Expense

 


 

12,000

 


 

Sales Expense

 


 

15000

 


 

Bad Debt Expense

 


 

4100

 


 

Interest Expense

 


 

1875

 


 

Allowance for Doubtful

 


 

2600

 


 

Accumulated Depreciation Building

 


 

19500

 


 

Accumulated Depreciation Equipment

 


 

28500

 


 

Accounts Payable

 


 

25000

 


 

Interest Payable

 


 

1875

 


 

Salaries Payable

 


 

5500

 


 

Long-Term Notes Payable

 


 

75000

 


 

Common Stock

 


 

20000

 


 

Retained Earnings

 


 

147000

 


 

Sales Revenue

 


 

700000

 


 

Interest Income

 

Totals

 


 

296

 

$1,025,271

 


 

$1,025,271

 


 

:

 

Acct 220:

 

Final Exam

 


 

Student

 

Name:

 


 

:

 

Acct 220:

 

Final Exam

 


 

Student

 

Name:

 


 

d. Classified Balance Sheet:

 


 

:

 

Acct 220:

 

Final Exam

 


 

Student

 

Name:

 


 

e. Closing Entries:

 

Date

 


 

Account

 


 

Debit

 


 

Credit

 


 

Question 2 (8points)

 

a. Cost of Goods Available for Sale

 

b. Sales

 

c. Value of:

 

(1) LIFO method

 

(2) FIFO method

 

(3) Average-cost method

 


 

Ending Inventory

 


 

COGS

 


 

:

 

Acct 220:

 

Final Exam

 


 

Student

 

Name:

 


 

Question 3 (7points)

 

Date

 


 

Account

 


 

Debit

 


 

Credit

 


 

:

 

Acct 220:

 

Final Exam

 


 

Student

 

Name:

 


 

Question 4: (9points)

 

a. Answer:

 


 

Year

 


 

Depreciation Expense

 


 

Total Accumulated

 


 

End-of-Year

 


 

Depreciation

 


 

Book Value

 


 

1

 


 

11000

 


 

11000

 


 

54000

 


 

2

 


 

11000

 


 

22000

 


 

43000

 


 

3

 


 

11000

 


 

33000

 


 

32000

 


 

4

 


 

11000

 


 

44000

 


 

21000

 


 

5

 


 

11000

 


 

55000

 


 

10000

 


 

b. Answer:

 


 

Year

 


 

Depreciation Expense

 


 

Total Accumulated

 


 

End-of-Year

 


 

Depreciation

 


 

Book Value

 


 

1

 


 

26000

 


 

26000

 


 

39000

 


 

2

 


 

15600

 


 

41600

 


 

23400

 


 

3

 


 

9360

 


 

50960

 


 

14040

 


 

4

 


 

4040

 


 

55000

 


 

10000

 


 

c.

 

Answer

 


 

$7975.50 or if rounding up $7960

 


 

Question 5 (7points)

 

Date

 


 

Account

 


 

Debit

 


 

Credit

 


 

:

 

Acct 220:

 

Final Exam

 


 

Student

 

Name:

 


 

Question 6 (4points)

 

Date

 


 

Account

 


 

Debit

 


 

Credit

 


 

 

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