Accounting 2100 Final exam attached questions PDF

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Summary

These are the attached questions that need work to be done to solve the problems. Also from Martin Varon and answer are included...

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#4

15% return on contributn 50%/50% split of remndr

Fred 40,000

Barney 64,000

6000 30200

9600 30200

36200

39800

#6

36,000 -24,000 162,000

$ $

#15

15600 If the partnership makes net income, 60400 each partner will receive a 15% return on their capital contribution, and then 50%/50% split on remainder 76000 76,000 net income -15,600 return of capital 60,400

sole proprietorship captial account at year end 150,000

#9

total 104,000 capital contributon into the partnership

330,000 800,000 8.00

deposits 150,000 into business checking account borrows 60,000 from bank earns 36,000 of net income withdraws 24,000 cash from the business

common stock account paid in capital in excess of par par value per share

three outstanding checks debit memo showing a bank service charge deposit in transit NSF check received from a customer certified check we issued credit memo from bank interest income

how many shares are outstanding? $41,250 shares outstanding

subtract from bank balance subtract from company balance add to bank balance subtract from company balance add to bank balance add to to company balance

#16 company register

28,250 deposits in transit service charge interest income outstanding checks NSF check from customer

subtract it here add it here subtract here

#27

ban statement

current ratio

add to here

subtract it here

current assets current liabilities cash up acct rec down

#28

working capital

34,351

company collects $10,000 on a receivable from a customer Impact on current ratio

current assets LESS current liabilities

company pays its employees a sales commission cash down expense up equity down

#29 cash accts rec inventory equipment current liabilities

80,000 120,000 64,000 200,000 96,000

working capital

current assts LESS current liabilities 80,000 less 120,000 64,000 264,000

96,000

#30

current assets inventory current liabilities

92,000 20,000 (included within the current assets) 40,000

current ratio current assets current liabilities

92,000 40,000

2.3

#31

assets cash accts rec inventry prepd exp equipment land total assets quick ratio

liabilities accts payable salaries payable bonds payable (due 10 yrs)

5400 15500 18000 1600 20200 15650 76350

SE common stock Retained earnings cash plus a/r current liab

20900 16000

1.31

4500 11500 19000

20000 21350 76350...