practice questions Essay

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__________________________________
ACCT 2121

Question
Suggested Time
Marks Available
Marks Achieved
1 MC
36 minutes
20

2
36 minutes
20

3
27 minutes
15

4
18 minutes
10

5
14 minutes 8

6
18 minutes
10

7
14 minutes 8

8
9 minutes
5

9
8 minutes
4

Total
180 Minutes
100

STUDENT NAME

ID NUMBER

Signature

Instructor

Lecture Section

Lecture Time

Please ensure that you have the complete 25 page examination booklet

Question 1 Multiple Choice (20 marks 36 minutes)
NOT AVAILABLE

Question 2 (20 marks, 36 ,minutes)

Presented below are incorrect financial statements for Johnson Ltd. The statements have been prepared Harry Newton who has no accounting training. The chief accountant has hired you to correct these statements. He has indicated to you that the balances shown in each of the accounts are correct. However, some of the accounts are not reflected in the correct statements.
Johnson Ltd.
Statement of Earnings
For the year ended March 31, 2008

Revenues

Sales
$3,813,600
Retained earnings, April 1, 2007
305,210
Accounts receivable
148,250
Unearned revenue
77,000
Gain on sale of equipment 27,810
Total revenues
$4,371,870

Expenses

Cost of goods sold
$2,635,150
Accumulated amortization
344,000
Income tax expense
206,080
Accounts payable
113,800
Amortization expense
34,400
Freight out
33,500
Interest expense
42,240
Other operating expenses
222,700
Sales returns and allowances
49,100
Prepaid rent 3,600
Total expenses
$3,684,570

Net earnings
$ 687,300

Johnson Ltd
Balance Sheet
March 31, 2008

Assets

Plant and equipment
$860,000
Merchandise inventory
530,470
Long-term investment
265,000
Short-term investments
81,000
Land
68,000
Patents
36,450
Cash 23,560
Total assets
$1,864,480

Liabilities

Net earnings
$687,300
Loan payable ($40,000 due in October 2008)
360,000
Common shares
140,000
Income tax payable
86.080
Dividends 28,000
Total liabilities
$1,301,380

Shareholders’ equity 563,100
Total liabilities and shareholders’ equity
$1,864,480

Required:
1. Prepare, in proper format, a multiple step statement of earnings. (10 marks)

2. Prepare, in proper format, the statement of retained earnings. (3 marks)

3. Prepare, in proper format, only the asset section of the balance sheet (7 marks)

Prepare your statement of earnings on this page.
Show More

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