(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

 

 

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Final Exam

 

 

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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

 

 

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Final Exam

 

 

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Acct 220:

 

Final Exam

 

 

Student

 

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d. Classified Balance Sheet:

 

 

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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

 

 

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Final Exam

 

 

Student

 

Name:

 

 

Question 3 (7points)

 

Date

 

 

Account

 

 

Debit

 

 

Credit

 

 

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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

 

 

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Acct 220:

 

Final Exam

 

 

Student

 

Name:

 

 

Question 6 (4points)

 

Date

 

 

Account

 

 

Debit

 

 

Credit

 

 



 

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DATE ANSWERED

Oct 07, 2020

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