FA 1 OCR Final

Welcome Nikhl'l Gawada!
1’ v Prom-st Introduction III! | ”ducal-Ila I MIMI- fiWlfiMhP-J gm

x » Welcome to financial Accounting
t Terms and Conceal:
v 40. The next six quanions reIer to Carma Company‘s 20M Income Statement.
5 The Balanco snout
_ The I swam“ Canita's 2014 gross marg‘n percentage Is
> Amunl‘mg Records 50%

-/ - Tho Slalom-1m: 01 Cash Flow: 33%
/ v Final Exam t InIIoducIlon 30%
m:—
/ .. Flnal Examz Introdumlon
' 25""
v’ I‘ Revenue and Rum‘nrables
F Inventories and Cost 0! Sales
’ DoormmtlonandNonvCurmmAssels r mung. mgu'

J J J
* Liabililm and financing Com gut ICIrTearEF-ZII": L>I_-I_'~;-n'|t:er31,3014
D Investments and Invo‘a‘Imonl Income $120,000
90.000
x .. Begum-d ram: and Tax Expense Gm: Margin................. ' 530.000
, , Owners' Emmy Leas: walling Expensa.....__ 10.000
cwmlmm Opemung lame....._ _ smfibo
Less' Ink-res: Expmse........... 2.000
/ b final Emma Innoducllon Income Besxes.....u 513.1110
Leas: Tax Ewe ............ 6pm
Nel Income. .__________.. S11E00
EN!” [BE] Jmnplolneomclquutlon: — : mum-1'7”“: EH HM”,
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0’ F Prutmt Introduction ntu | Duncan-u | mum (lemma-endow gm

a > Welcome to Financial Accounting
t Terms and Domain

v 39. Tu rnadot a. Sons is a small wholesaler of decorative cast iron objects. The toilowtng events, related to a special
r The Balanco Shoot customer order. occur as described Delaw:
- Tho lnoomo Statement
- August 5. 2015: Turnedot receives the special order for 200 oulddor planters at a selling price oil 550
> Accounting Records each. Including delivery at a future convenient time and location. The customer, with whom Tornado!
has had a long-lerm. trouble-[fee relationship. days $3.000 as a deposit and agrees to pay the rest on
-/ - The Statement at Cash Flows delivery. Turnadol immedateiy orders 54.000 worth oi planters from its Supplier and pays a 51.000
/ V Final Exam l Introduction deposit tor them.
. August 2?. 2015: Turnaaot pays $3.000 balance due to the supplier upon delivery or the planters to Its
warehouse.
- September 5. 2015: The customer calls for delivery of the planters. and pays the balance of 57000
I .. Final Examz Introduction
when the)r arrive at the customer site.
. I‘ Revenue and Roco‘nrabios
On August 5. acts. which one or the following accounting entries. related to the $10,000 spears! order. should be
F Inventories and Cost of Sales recorded in Turnadot's financial amounting system?
* Democratron and NonvCurrdnl Assets
Debit accounts receivable SIODDOL credit reven ues 510.000
* Liabilities and Financing Costs
Debit cash 53.000: crerm revenues $3.000
5 Investments and investment Income . Debit cash $3000: credit a liability 'advances from customers' 53.000
x . Dalton-ed Toms and Tail Expense- Dela-t cash $3.000: debit accounts receivable 3?.000; credit revenues 51 0.000
-/ ' Owners Equity
Congratulafiotu'.
1' 5 Final Exnmalnlroducllon
Em. [Elli] Jtnnptolnoorrect question: — : Due-don 3—9 "I40 4-: l 1 mtwr:

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x» Prutmtlmroduction no. | aeration-mt | man mannerisms-enema gm

x > Welcome to Financial Accounting
a) 38. Juan Foods purchases a computer system In 2015 lor 520.000. its expected useful tile is 5 years. At the and of
I» The Balance Snool 2015, it has to record depreciation on the computer system of $2.000.
- T income Stat mon . _
M e 1 What is the correct journal entry to record the deprecratlon?
> Accounting Records
./ . m, 55.9mm at cm Flaw, Dehtcomputer System 52.000; cradltdapreclallon expense $2.000

/ , Final Exam t Immmlon Debit accumulated depreclatlon 52.000; cred;t computer system $2.000
- Debit depreciation expense $2.000: credit accumulated depreciation 52.000
W Debit computer system $2.000: credit accumulated depreciation 52,000
V’ * Flnal Exam 2 Introduction
. I‘ Flo-«mm and Roco‘nrables
F Inventories and Cost of Sales
* Damnation and Non~Curroni Assols

* Liabilities and Financing Costa
* Investments and investment Income

/ . Deferred Tom: and To» Expense
/ ' Owners' Equity
Congratulatiom
1' 5 Final Exnmalnttoductlon
I1: “51 [BE] Jtnnplolncorrectquasuon: — : Question E ‘14:: W! mm [3:]
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1’ F Prutmt Introduction use | serum-re | mum (immanent-dram

x > Welcome re financial Accounting
t Terms and Domain
v 37. The reaizaiion concept slates mar revenue ls recorded when
.. The Balance Shoo!
- The Income Slaternenr - It has been eemed and realized or realizable.
> Amounrlng Records all the associated costs have been pa-‘cl lrI cash.
-/ - Tho Slalom-en: 01 Cash Flows It has been received In cash.
/ ' Final Exam t Inlroducllon
I .. Flnal Exam2In1roducrlon
v’ I' Flavours and Rum‘wables
F Inventories and Cost of Sulos
* Damnation and Non~Currenl Assam

* Llnbililvoa and Financing Coal:
D lnvcatmen‘ls and lrweslmenl Income
f . Deferred Tam: and Terr Expense
-/ ' mm' Equlty
Congrumlafiom
1' 5 Final Exmnalnuoducllon
111,451 [Bil Jump lo Incorrect question: — Question E ‘140 W! mrherrf

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1’» Prom-st Introduction MI! I 8010“ I MIMI- fiMIIMhP-J m

x > Welcome to financial Accounting
v 36. On its June 30. 2015, balance sheet. Barrows Corpaatlon has total assets 01' 5100.000, current fiabllltles of
" "'3 33W 5"°°‘ 540.000. and owners' equm,’ or 560.000.
- The Income Slatemanl
Whlch one of the [allowing statements must be true on June 30. 2015?
> Amounllng Records
-/ - Tho Slalom-m: cl Cash Flow: It has current assets of 540.000

/ , Final Exam t “manna“ - It has no long—term Ilabltllles
m ll has a cash balance of 540.090 raised through short-term debt
None of the above
I .. Flnal Examz Introductlon
v’ I‘ Hmomu and Ruco‘nrabtes
* Damnation and Non~Curmnl Assam

* Liabililvoa and financing Goal:
5 Investments and tnv051monl Income
f '- Deferred Tam: and Tax Expense
-/ ' Owners Equlty
Congratulafiom
1' * Flnal Exm'nalnuoducllon
[1:“51 [BE] Jmnplolneorreclquasuon: — . W ‘— 7 7 mafia“ 35' '“u Fl CWT} El
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x. Prma-stunmaucllon III! | ”ducal-Ila I mum “WIIMIM gm

x 35. Carma began 2014 wlln a taxes payable aooomt balance of $3.000. On December 31, 2014, ns taxes payable
5 The Balanco Snool
account balance is 5?.000. How much did Carma pay to the tax aulhonlies during 019 year?
> Amounllng Records 23%

-/ - Tho Slalom-m: 01 Cash Flows 54'000
/ ' Final Exam t Inlroducllon Camel be calculated

v’ I‘ Hmomu and Rum‘nrables
b Inventories and Cost nlSulos

.. _, ._ .. ___. .
v Doe'ccmtlon and NonvCurmnl Asst!!!
I If.“ “1-. m) LIV-LU J
* Liabililvoa and financing Coal: || l_._;u- - ' Il-glll larl'earEF-e': L>l_-I_'~;-n'lt:er31,3014
, __ _ m $120,000
D lnvnslmen‘ls and lnvoslmonl Income
Less! Coal of Goods Sold 90 000
/ '- Deferred Tam: and Tax Expense Gm: ”JUL--------------
J , cum”. Equity
_ 530-000
Less: Opemlirlg Expenaa.....___...._.............._ 10.000
_ Opamling Income....._
C “’9'“1 "‘ lane .___ 527(17b
.
M Lee! Ink-res: Expmse......... 2.000
/ b final Emma Innoducllon Income Besxes.....w.....__..., $13,000
Leas: Tax Ewe ................... 6pm
Nel Income. _________ __.~___ 5111.1!)
Eu“ [BE] Jmnplolneomclquutlon: — : Ounflm'grlw Ell suhrnl: E
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I» Prutmt Introduction all | melanoma I mum fiOummMnP—J gm

t Terms and Demon
a) 34. Jackie's Crafts is a successiul retailer of fabric by the yard and other sewing supplies. if Jackie were 10 ohm
- The Balance Sneol down the slam, the bolls oi faoncs and me bins of lace and (rim. inventory valued 31 520.000. on average. a! any
, The [W summon, point in lime. would have to be sold for about 10% ol the: value. Bull Jackie‘s aooountanl does not leelthe need
to reduce [he value a! [he invenlorl.r on the books.
> Amouniing Records
./ . m: Slalom”: 01cm Flam This ls a tenecllon ol the _ concept.
m:—
/ ' Final Exam t IMIDOUCIIOFI
mm,
consistency
7/ D Final Exam2 Inlloducllon histmcal com

, . - golng-concem
. I‘ Hmomoand Flammable;
F lnvonwios and Cost of Solos
' Damnation and Non~Curronl Assols

* Liabililvoa and Financing Coal:
* lnvoelmen‘is and lnveslmonl Income

f . Deferred Tom: and Tax Expense
/ ' mm' Equity
Cmgrumlafiom
I1: “51 [BE] Jmnplolnoorreclquasuon: — : W fi— 7 7 Question 31—74:: W! mm [:9]
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1’ F Prutmt Introduction as | semen-nut | mum «Gamma-amuse

v 33. Canila's 2014 return on sales percentage Is
.. The Balance Sheet
- The Income Smemam 25%
> Amounling Records 15.51"“:
-/ - Tho Slalom-1m: 01 Cash Flows 15%
- 10%
/ ' Final Exam t Inhoducllon

F Inventories and Cost 0! Sulos

, 11mg. man-.1 s.) ]
* Damnation and NonvCurmnl Assam
* Liabililvoa and Financing Casi: :HI rar Year Eran": L>I_-I_W;-n'|t:er 31,3 01-1
D Investments and Invo‘flmonl Income $120,000
90.000
/ '- Deferred Tam: and Tax Expense Gm: Margin................. ' 530.000
V ' Owners' Equity Less: Opemling Expensa.._____ 10.000
Opemling Income..... _ _ 520;b
Congramlafiom
Less' lnleres: Expmse........... 2.000
1' * FlmlExnmflaoducllon
Income BefmaTsxes....... $18,000
Leas: Tax Expense ............ 6,011!
Nel Income. ___________._.. S11E00
@1451 [BE] Jump to Incorrect quastlon: —
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a’ v Fromm Introduction Hi! I 8&0“ I mamas fiWlfiMhP-J mg

t Terms and Comm:
J 32. Paniim‘s 2015 cash flow lrom Invashng actlvnles Ia
- Tho Balanco Snoot
- The lncom Smemam a no! outflow of 51000.
- Announling Records a nel Inflow 0! 53.000.
-/ - Tho Slalom-1m: 01 Cash Flows 5 nel Inflow 0! 57.000. '
- a nel outflow of 53,000.
/ .. Flnal Examz Introdudlon
v’ I‘ Revenue and Rocc‘nrabies
’ Damnation and NonvCurronl Assols Inm- Yuma I m

2:: 5m 1 m
* Liabililvoa and Financing Casi: Cm"
- lnvnstmen‘ls and fnvos1monl Income cm!: mma":mm
"1 225.000
z‘ . Deferred Taxes and TM Ewan“. cum-nan 60.000 44.000 Pawn-smut: Iuppllel’!
Canmm “DC“ HUM 20.000 11000 Purchalu at madlinrry
./ . Owners' Equity
Five-qua: bans Ind-n 75.000 manna Snlnrluu pad
_ 52!: or mad van 10.000 moon lmnas [no-d
Congramlanom soon 1mm [mm-ml
I’ * Final Emma Inuoducllon
Ed1zm— Elfin] ”mn— Glrm ”my pm” I
=‘ =—
Etm [EL—t] Ju'Mflmiqum'flm - = (lumen 32—?“ El
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a’v Prom-st Introduction MI! I Duluth-Id I mums fiMlfiMhP-J w

a} 31. Lucky Lee, a video—game stora it New York my, purchases a game machine directly from Taiwan for 530,000. tn
.. The Balance Snool the us... the same machine will ptobably cost at least 535.000. Fuck the most appropriate accounting action tor
- The income Stateroom LUCKY Lee.
' ‘mumm "mm Record the machine 31 535.000
-/ - The Statement at Cash Flows - Record the machine 31530.00!)
/ v Final Exam t Introduction Record the machine for [t530.000+536,0001ta] = 533.000
m Have the machine examined by an independent appraiser and record it at the appraised value
I .. Final Exam2 Introduction

. I‘ Revenue and Rocc‘nrablos
F Inventories and Cost of Solos
* Damnation and Non~Curroni Assols


/ ' Owners' Equity
Congratulatiom
1' 5 Final Emmalnuoductlon
[1:“51 [BE] Jmnplolnoomclqttasuon: — : mafia“ 3; ‘Ma Fl E’m [3:]
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Weimm Nikhi'l Gawada!
1’ F Prutmt Introduction as | notation-nu | man “Dalmatian-Idiom M

m@
x > Welcome in Financial Accounting
t Terms and Domain
v 30. Neura Pharma, inc. has purchased a drug patent mm a remaining useful his or 13 years. How should this new
.. The Balance Snooi asset be classified?
- The income Siatcmani
A cuneni IBF‘IQIDIB 8558!
> Amouming Records
A non-Current tangible asset
-/ - Tho Slalom-1m: 01 Cash Flows
- A non—currem iniangibie 3558'!
/ ' Final Exam t Inlioducilon A curreni intangible Essa!
I .. Final Exam? Introduciion

v’ I' Hmomu and Rum‘wables

D lnvcaimen‘is and lrwoslmonl Income
f - Deferred Tums and Tax Expense
-/ ' Owners Equity
Congrumlafiom
111,451 [BE Jmnplolncomcl question: — : auuum To ‘14:: F” mm [:9]
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v 29. Tu madm 5. Sons is a small wholesaler of decoralrve cast iron objects. The following events, related to a special
.. The Balance Shoot customer order. occur as descrlbed below:
- The Income Slaternant
- Augusl 5. 2015: Tumadol receives the special order for 200 ouldoor planlers at a selling price of 550
> Amounrlng Records each. Including delrvery a: a future convenient timer and locatlon. The customer, with whom Turnadol
has had a long-term. trouble-[fee relallonship. pays $3.000 as a deposit and agrees to pay the rest on
-/ - The Slalom-rm: cl Cash Flows defivery. Turnadol immedataly orders 54.000 worth at planters from its Supplier and pays a $1,000
/ ' Final Exam t Inlroducllon deposit tor them
. August 2?. 2015: Turnador pays $3.000 balance due to the suppller upon delivery or the planters In Its
warehouse.
- September 5. 2015: The wstnmer calls for delivery of the planters. and pays the balance of 57,000
I .. Flnal Examz Introducllon
when they arrive a: the customer slle.
. 5 Revenue and Rum‘wables
Whal ls lhe dollar gross margln earned by Tun-radar on the special order for 200 planlers?
* Damnation and NonvCurmnl Assam 52.000

* LlnDiIiIvoa and financing Coal:
57.000
59.!!!)
* Investments and lrwoslrnonl Income
- 55.000
f . Deferred Tam: and Tax Expense
/ ' Owners' Equlty
Congratulatiom
1' 5 Final Exnmalntroducllon
113,451 [Eli] Jmnplolnoomctquasunn: — . Question E '140 {an H mlmr: [up]
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1’ F Prutmt Introduction an | saloon-nu | mum (Hamlin-firm mg
a’ > Welcome to financial Accounting

x 28. Ouemln's 201-: net Income was 55,000. No dlvidends were declared or pald during 2014. What was Quentin‘s
I» The Balanco Snool retained eamlngs balance on December 31. 2013?
539.000
> Amoumlng Records
- swoon
534.000
/ ' Final Exam t Inlloducllon Cannot be esfimaled
m:
I ..
—
Flnal Examz Introducllon
v’ 5 Revenue and Rumhrables
* Damnation and Non~Curmnl Assam Quentin Company

* Liabililvoa and financing Coal: Balance Sheet asor December 31,2014
D lnvcalmen‘ls and lmoslmonl Income 3- 5555 Ll:=. «was
Current Assam Currern Limlmea
3 '- Deferred Tam: and Tax Expense 342.000 Accounts payable-..“ 3 30.000
3mm Shaft—firm defl—............. 420m
-/ ' Owners' Equlty IZDED Tuhl cunenl lillillllfl....... 5 12m]!
Tau aura-I! lsuu.....‘___ EILEEN
Congralu lafiom Non-umzrll Unblliliu
Non—amt Asset! Bond pantie ............ 34.00)
Flnal Exam 3 Inuoducllon Plan and W (nel)..- . ms' Eculty
Palm (MI I _..._......... 24.00:: Gunman shall ..........._ 20.000
Total Assels ........w..... Reina-Had "lungs—_.._.. 441300
Tonal Liabllmes and
' Emmy ..............3 1731111
@1451 [BE] Jmnplolneonoclquutlon: — :

Question 23 'I4U [Ellsuhmlll 5*
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1’ F Prutmt Introduction FBI I ”dam I MINI- “Mlimhm mg

lflEI
v 27. The next six qufitions reter to Quentin Company's December 31, 201 a, Balance Sheet.
I» The Bamboo Shoot
- The Income Statement Quentin began 2014 with the following non-current asset balances: Plant and equtpment (not) 559.000: Patent
(net) 523.000. No long-term assets were purchased or sold during the year. How much amortization and
> Amounting Records deprecianon expense did Quentin record during 2014?
-/ - Tho Slalom-on: ct Cash Flows
$3.000
/ ' Final Exam t Introduction
m:—
54 m
v’ - Flnal Emma introduction

weCannot be estimated
I’ It Hmomo and Rocc‘nrabtes
F Inventories and Cost ct Solos
* Damnation and Non~Cutroni Assam Q" G I] tin C 0 r" p a I] y

b Liabilities and Financing Coal: Balance Sheet as of December 31 , 201 4
- Investments and investment income “(53:55 LaMuriel-m" lee
[rent Assets IT‘em I
x :- Dotorred rams and To» amuse Cash.......... . 342.000 Awhpayaue__> 3 30.000
3mm snort—term oeoL............. 420m
/ - Owners Equity Tau _12.000 Total cuneni lilbllltlu....... 5 72mm
_ outrun! lsuu......___ S 90 0M - — _
. ' Non-until"! Unblllbu
cwmmmm NOW! A559" aw pay-bee.____....... 3mm
f > Final Exmna introduction :maindl—— “mu C._.,.n..,.5- Eculty
—---—--------- -- . - Gannon sleek ..........._ 20.00::
Total A5533 .......~......... n u.w;____“ “pm
Total Liabilities and
'Equl'v ..........,..3|TD—flll
195 “51 f ' ‘. l Jtnnplolnoomct question: — : Dilation ?II4U [E] l suhmlt I E
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Welcome Nikhl'l Gawede!
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d’ F Prutmt Introduction “ | Damon-u | mum (lemma-endow gm

a > Welcome to Financlul Accounting
t Terms and Concepts

\i 26. Tu rnadot 5. Sons is a small wholesaler of decorative cast iron objects. The following events, related to a special
r The Balance Shoot customer order. occur as described Delaw:
- The Income Statement
- August 5. 2015: Tumedot receives the speclal order for 200 ouldoor planters at a selllng price of 550
> Accounting Records each. Includlng delivery at a future convenient time and location. The customer, with whom Tornado!
has had a long-term. trouble-tree relationship. pays $3.000 as a deposit and agrees to pay the rest on
-/ - The Statement 01 Cash Flows delivery. Turnadot immedatsly orders 54.000 worth at planters from its supplier and pays a 51.000
/ V Final Exam t Introduction deposit tor them.
. August 2?. 2015: Turnaaot pays $3.000 balance due to the supplier upon delivery at the planters to Its
warehouse.
- September 5. 2015: The customer cells for delivery of the planters, and pays the balance of $7.000
when theyr arrive at the customer site.
. I‘ Revenue and Roco‘wablos
On September 5. 20 I 5. when the planters are delivered and the balance of 57.000 due from the customer is
F Inventories and Cost of Sales collected. which one at the Iollow'mg Journal entries best reflects the full economic Impact ol Ihe special order on
Tu rnadot's finanoal condition?
* Doc-recruiton and NonvCurronl Assets
* Liabilities and Financing Costs DL Cash 7.000. Cr. Revenues ?.000 and
Dr. COGS #300. CI: Inventory 4,000
5 Investments and Investment Income
Dr. Cash 7000. Cr. Revenues 7.000 and
x '- Datum-d Toms and To» Expense Dr, Inventory 4.000. Cr. COGS 4.000
-/ ' Owners Equity - Dr. Cash 7000, Dr. Advances lrom customers (Iiability)3.000. Cr. Revenues 10.000 and
Dr. COGS 4.000. Cr. Inventory 4.000
Congratulafioru'.
1' 5 Final Emmalntroducllon
firm [Elli] Jmnptolnoorrect question: — : Question :6 "I40 4-: l 1 mlwtt

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Welcom NikhflGawada! ll] LEI - ‘EI
1’» Prom-5i Introduction Hi! I Baum I MIMI- fimnulihht-J m

x 24. Paniim‘s prepaid expense acmum consists only of garage rental prepayments. Ils 2015 beginning and ending
I» The Balance Sheet balance were the same. Which one of me lollawlng stalements must be true?
> The Imam Siaternani
Panilrn nan no garage renla! expenses during 20:5
> Amounling Records
- Panjim's prepaid expense accou n1 balance never varied during 2015
-/ - Tho Slalom-en: 01 Cash Flows
Panjim's prepaid expense account balance varied during 2015
/ ' Final Exam t Inlroducllon None of the above stalernenls is true
/ .. Final Examz Introdudlon
v’ I‘ Revenue and Hocohrabies
’ Damnation and Non~Curmnl Assam I'm-I runne- cmlm 1mm

2015
* LlnDiIiIioa and Financing 00:13 my.
D lnwatmems and invos1rnonl Income
Cm METJ1 225‘“
: m
,- . Du-urred
; cum-rim 50.000 MDDD Pawn-min IJ suppliers
Tam: and Tax Expense
Commm slack aimed 20,000 11000 Purchalu ul' madlinrry
/ . Owners' Equlty
Five-par hauls Ind-n 75.000 imam Sill-1m“ pad
Sale or inn-1 van 10300 4.0m: lmnas rum
Congralulafiom smn Inlmnl mmnnl
I’ * Final Emma Inuoducilon 1 mn G-r mural arr-ml
531231 22100:] W pm”
=‘ =—
Erm [EL—t] Ju'Mflmiqumlflm - = cunnon Y'all Fl
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Weloom ~1t Gawada! l ? E l
x» Prutmtlmroduction nu | notation-not | mum «comma-undone.» mu

t Terms and Demons
x 23. Weldon Engineering owes one of Its cradnors $20 .000. To same the debt, Weldon pays $5,000 cash and 6050
b The Balance Sheet issues common s'ock valued Bl 515.000 to the credllor.
' Tm I I: a 51mm” How wouid lhls tepaymenl or the $20,000 debl be recorded in Waldon‘s books?
> Accouming Records
-/ - The Slolemn: o1Co3n Flows Dem debt owed 520.000: credu cash 55.000: cred: common stock 515.000
/ , Final Exam ' Immmlon - Dem common stock $15,000; 09t cash $5.000: mednl debt owed $20,000
Debit common stock 515.000: debit debt owed 55.000: cradll cash 520.000
m Debit dam owed 55.000: credil cash 55.000
V’ * Flnal Exam 2 Inuoducflon
. I‘ Revenue and Roco‘nrablos
* Damnation and Non~Curronl Assols

* Liabililvoa and financing Casi:
* Investments and rnves1monl Income

/ - Deferred Tom: and To» Expense
/ ' Owners' Equity
Congrumlafiom
1' 5 Final Exnmalnuoducflon
I1: “51 [BE] Jmnplolnooneclqnasuon: — : Question E ‘14:: W! mm [3:]
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x» Prutmtlmroduction as | autumn-u | mum fiMlIMhP-J mu

x > Woioomo to Financial Accounting
t Terms and Domain
v 22 The nail seven questions are based on Panlim Trading Com pany‘s cash T-accnuni for 2015.
- The Balance Sheet
, The [W 51mm,“ Based on Panjlm's 2015 can T-aooount. which one at me following staiemenis must be we?
' “mum” Records Dufing 2015. Panjlm's loial merchandise sales were 560,000. -
-/ - Tho Slalomn: oi Cash Flows During 2015. Panjim's total merchandise purchase; were $44300.
/ Ir Final Exam t mum-4mm” ' During 2015. PanJIrn issued 575.000 of debt.
m Panjirn dld not record any tax expense for 2015.
I .. Final Exam? Inirodudion
v’ I‘ Revenue and Rocchrables
* Damnation and Non~Curmnl Asst!!! ram-I Hume. I m

2:: 5m 1 m
* Liabililvoa and Financing 00:13 am"
. Investmen'is and invosimon: Income ' a": "1
Claim: mm mm
35'0““
X . Deferred Tom: and To: Exoonso
mm“
COMMIT! “DC“ HUM some
20.000 «mo Pnymm U madlinrry
”when
11000 Purchalu at
_/ . mm' Equity
Five-1‘3: bans loan 75.000 100.000 Snlnrluu pad
_
Salaam-:1 van 10mm 4.0:»: lmnas [Is-d
Congruiulanom
5.00” lnlmnl [mm-ml
/ b Hm] Exam 3 Inuoducllon
as 12m ——223 mu ——‘ non cum mm prawn-"I
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1’ v Fromm Introduction III! I semen-nu I MIMI- (KW-Hit)

x » Welcome In financial Accounting
* Terms and Conceal:
. -
v 21. Carma began 2014 wI‘Ih a relalned earnings aooounl baIance 015132.000. During 2014. n declared and oak!
I» The Balanco Shoot dividends of $5.000. Ils December 31. 2014. relalned earnings amoun'l halame .
- The Income SIatemanI
I I .
> Amunl‘mg Records '6 :1: fl
5 .
-/ - Tho Slalom-1m: 01 Cash Flows . Is 5139 00,0
/ v Final Exam t InIroducIlon canmt be calculated
b Inventories and Cost DI Sulos

, .5.“ 1:. m .1.u'
__ f,
'
1.
’ Damnation and NonvCurmnl Asst!!!
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> Liabililvoa and Financing (Joan M ' ' 311'!” rar I'EarEF-ZII": UL'IJJITICIEI' BI _30 I -'I
Sa'les_~___‘._ 5120‘000
D Investments and Invo‘a‘Imonl Income
LBSS' Goal of Goods Sold. 90'0”]
/ '- Deferred Tam: and Tax Expense GM! MIFIJIFL--------------- ' 530.000
w , cum”. Equity Less: Opemling Expenaa.....___...._.............._ 10.000
Opa
mu ng
Income....._ .___ V7H
520,000
Congramlafiom
Lea! lnleres: Expmse......... 2.000
/ > Final Exam 3 lnuoducllon
Income BerneTsxes.......u....__.... $18 000
Less: Tax Expense ................... 6,011!
Nel Income. ......_..._._..... WW___ S1111!)
EN!” [BE] Jmnplolneomclquutlon: — : Ouuflm'Tflfll EH subrnlt E
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,’ b Prutmt Introduction III! I ”dam I Ill-INSI- “WIKMDM w

v 20. Panill'n began 2015 will: salaries payable balance 015715.000. It had 2015 salary expense of $80,000. lls 2015
n» The Balance Sheet ending salarlas payable balance must be
- Amounling Records 595' .

' 555.000 |
-/ - Tho Slalom-m: 01 Cash Flows 5'55 000
/ ' Final Exam t Inlloducllon $105,000
v’ * Flnal Exam? Introducllon
v’ I‘ Hmomu and Rm‘nrables
* Damnation and Non~Curmnl Assam F T 6 2:1?” I m

* LlnDiIiIloa and Financing 00:13
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D lnvcatmen‘ls and lrwoslrnonl Income Ba] "1 35'0““
cmnm hum
x D Deferred Tam: and Tax Expense mm“
Canmm “DC“ HUB“ 50.000 44.000 Pnymmb ”Wham
20.000 11000 Purchalu at madlinrry
_/ . mm' Equity
mlnflfl 75.000 100.500 Sill-1r!!! pad
_ Salaam-:1 van 10.000 4.0m: lmnas [Is-d
Congrumlanom
5.00” lnlmnl [mm-ml
" * Hnal Exam 3 aoducllon
Eat 12m ——fln—
21m] Gum "In“ pm”. I
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1’» Prom-st Introduction Hi! I Baum I MIMI- fimnulihht-J M

x > Woioomo to Financial Accounting
t Terms and Comm:
x 19. Paniim recorded an interest expense at $6.000 [or 2015. Which one oi‘ the following fine items would be included
- the Batanco snout in the operating section of mo Pan,|m's 2015 indirect method statement of cash flows?
- The Income Staternont
Add Increase In Interest payabieufit .000
D Amounting Records
- Subtract Increase In interest payabie...(5|,000)
-/ - The Statement 01 Cash Flows
Add increase it Interest payabie...55.000
/ ' Final Exam t Introduction Subtract decrease In interast payable...[$5.000}
v’ I‘ FIO‘I‘OMD and Hoco‘nrabios
’ Damnation and Non~Curmnl Assam F T 6 2:1?” I m

* Liabilities and Financing Costa cm.
. Investments and investment Income cm ' a“: ‘” 225.000
: mm mm
c” '- Deferred Tune. and Tax Expense mm“ some “mo Paymm U ””1"“
COITtmII‘t ENC“ HUM 20.000 11000Purchalu at madtinrry
/ . Owners' Emmy
Five-fear bath Ina-n 75.000 Imam Snlnrluu pad
_
Sale or Illll1 tmn 10.000 4.0m: Dwimnas pant
Congratulanom snort lnlmnl pawn-tn!
x > Final Exams Introduction BdumfiflLG-rm mm pm” 5 I
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1’ F Prutmt Introduction an | semen-nu | mamas (Hamlin-Indium

t Terms and Comm
v 18. Ouemin's current raiio on December 31. 2014, is
I' The Balanco Snooi
- The Income Siatemani - 1.25

> Amouniing Records 0-50
-/ - Tho Slalom-1m: 01 Cash Flows 0'53
/ ' Final Exam t Iniioducilon L125
u:—
v’ * Flnal Examz Introduciion
v’ I' Hmomu and Rum‘nrabies
* Damnation and Non~Curmni Assam Q" 9 I] tin C 0111') a I] y

b Liabilities and Financing Casi: Balance Sheet as of December 31 , 201 4
D Investmenis and invos1monl Income 133:?” Ass!!! Lafisimmm
x > Deferred Taxes and Tax Expense 535“ mum-"3 gig mm::$:-—m5 3?":
r' - OwNirs' Equity Tau mm “swam—u £32:a Tuhlcunenl mania.“_______ 51m
cmm'm Nam: Am ' ”fiiflfl': ....... 34pm
1’ . Final Exam 3 lnuoducilon :mamfmjj 24:00:: Cmgflg mm
Total Assets .......-..... Rammed ulna-igs__._.. «Inca
Tm ”23'8“ ...........~: Imam
[E “51 [E [T] Jinnplolneomcl question: — : auauon The: [E] | submli I E
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1’ F Prutmt Introduction PAS! I sane-nu I MINI- “Mlimhm M

m@
a’ > Welcome in Financial Accounting

x 1?. On December 3|. 2014. Traci-c Record Inc.'s sales people have lurm Ginslandlng orders totaling $156 million,
I» The Balanco Shoot which. it has guaranteed as cuslomms. will be lul‘lIIIed during the manlh of January 2015,
- The Income Siatemani
it Track Record includes me $156 million in its sales figures for 2014, i: will be viola-lira the concepL
> Amouming Records
-/ - Tho Slalom-1m: 01 Cash Flows materiality

/ ' Final Exam t Inlroducilon - histoncal c051
m: —
dual-aspect
reafizallon
I .. Final Examz Introducilon
v’ 5 Revenue and Ruco‘nrables

* Liabililvoa and Financing Goal:
5 lnvcatmen‘ls and lrwoslmonl Income
f . Deferred Taxes and Tax Expense
-/ ' Owners' Equity
Congramlafiom
1' 5 Final Exm'nalnuoducllon
111,451 [Bil Jumplolneorrecl question: — ‘ Question —l; 1140 F” mihwil

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1’ F Prutmt Introduction as | semen-nut | man “Gunman-Idiom

t Terms and Domain
v 16. Which oi the ioiiowing is the iunciameniai accmnilng equaiion?
.. The Balance Snooi
- The income Siatcmani Currant asseis + Curreni llabiities = Owners' equity
> Amouniing Records Assets 4- Owners' eqq = Liabiliiies
-/ - Tho Slalom-1m: 01 Cash Flows Cash = Debts + Common stock
- Asseis = Uabflities + Owners' equity
/ ' Final Exam t Iniioducilon

. I‘ Hmomu and Rum‘wables
* Damnation and Non~Curmni Assam

* Liabililvoa and Financing Casi:
D lnvcatmen‘is and invos1moni Income
-/ ' mm' Equity
Congrumlafiom
111,451 [BE] Jmnplolncorrecl question: — ‘ Question T6— ‘140 W! FEP!"”."H

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1’ v Fromm Introduction III! I lumen-nu I MIMI- fiMlfiMhP-IJ

v 15. During 2014, Cama's campamor Farslde had douhle the sales of Carma. but It also earned a gross mangin of
I» The Balanco Snoot saonoa What was Farside‘s 2014 gross margin percentage?
- The Income Smernam
> Amounling Records 25%

SW.
-/ - Tho Slalom-1m: 01 Cash Flows . ‘2 5%
lnsuffimem Information: cannot be caiculated
b Inventories and Cost DISulos H __ f, ‘ __ ____ _ 1,

’ Damnation and NonvCurmnl Asst!!! ‘ -._._ll 1:) fan) 'Jvu- ' '
J J
* Liabililvoa and Financing Casi: || ‘_._;u- - ' aunt ranm'earEr-zw": L>I_-I_'~;-n'|t:er31,3014
D Investments and Invo‘flmonl Income
LBSS' Goal of Good: Sam 90'0”]
J ' OWN“, Emmy _ 530-000
Less: Opemling Expenaa.....__....._............... 10.000
_
Opemling Income....._ .___ 520,000
Congramlamm
Less' lnleres: Expmse......... 2.000
/ b final Emma Innoducllon Income Besxes.....w.....__..., 513.1110
Leas: Tax Expense ................... 6,011!
Nel Income. ___________ _*___ S1111!)
Eu“ [BE] Jmnplolneomclquutlon: — : Ounflm'mlfll Ell subrnlf E
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1’ F Prutmt Introduction as | semen-nu | man “Gunman-Idiom

t Terms and Domain
v 14. Which one or the ioiinwing is an iiam oi uwnars'equity?
- The income Siatcmani Bank loan
> Amouniing Records Sumilers' mmaiary ciai ms
Prepaid expenses
- Earnings generaied by the entity

. I' Hmomu and Rum‘wables

D lnvcatmen‘is and invosimoni Income
-/ ' mm' Equity
Congrumlafiom
111,451 [BE] Jmnplolncorrecl question: — ‘ auuum 14 ‘140 F” mimn

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1’ F Prutmt Introduction as | notation-nut | man “Gamma-ulnar”

EEI
t Terms and Comm:
v 13. Paniim‘s 2015 cash flow irom operations is
I» The Balanco Snooi
- The Income Siatemani - a nai ouiiiow of 590.000.
> Amouniing Records 3 nei inflow 0! 590.000.
-/ - Tho Slalom-1m: 01 Cash Flows 5 nei Inflow 01555.000.
a nei ouiflorw of 535.000.
/ .. Final Examz Introduciion

v’ I‘ Hmomu and Ruco‘nrabies

_
’ Damnation and NonvCurmnl Asst!!! rnuu Yuma lm Immm
2015
* Liabililvoa and Financing Casi: Cm"
- Invosimenis and invosimoni income CMVIU‘ETNJQ 225.000
/ D Deferred Taxes and Tax Expense Icuslomm 50.000 44.000 Pnyrr-amn IJ Iuppliers
Common aback saund 20.000 13.000 Purchmn at maid-inn}
_/ . OWNM'S' Equity
Five-yum baulmn 75,000 100 000 Sill-1f!!! pad
Saint-if inn-1 van 101100 4.00" lmnds [mi
Congramlafiom
5 non Inlnrnsl payment
I’ * Final Exam 3 Inuoducllon 1 mn Game: inmai preparlllnl
5312mm _
=‘ =—
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x» Prutmtlntroduction In. | notation-nut | mum fiMlfiMhP-J gm

t Tom-ts and Domain
3:: 11. Consider the same scenario as in the previous qu est-on:
- The Balance Sheet
, The [W 51mm,“ June Smith. a process engineer. has sold her tiyear patent for a new etching process to Silica Labs. Inc. in
return. she has received 5500.000 in cash and. based on its value on the sale date. $200,000 in common stock
> Amounting Records in Silica Lens. The stock is iorecasted to double in market value over the next two months.
"I ' Th” “mm": °i cm F'm‘" Assuming lhal Silica Labs holds some long-term debL which of the following describes the effect at the
/ v Final Exam t mmmlon transaction on Silica Labs?
m Current ratio will demeese and total debt to equity ratio will increase
I " ”Ml 5‘“ 2 '"1'05‘1‘3'0" - Current ratio wull Increase and total debt to equity ratio will decrease
. » Revenue and Receivables Current ratio will increase and total debt to equity ratio will increase
, [menu-,0, and Com m Sums Curtant ratio will decrease and total debt to equity ratio will decrease
* Damnation and Nort~Curronl Assets


/ . Dolurred Tom: and Tall Expense
/ ' Owners' Equity
Congratulatiom
1' 5 Final Exntnalntroducllon
i1: “51 [BE] Jtnnplolnoorrect dilution: — : Dilution 11—1140 W Chum [3:]
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x» Prutmtlmruduction no. | notation-net | man «commons-dunno gm

v 10. To be recorded as an asset. an item must meet four specific conditions. Three of them am: .it must have been
- Tho Batanco Shoot acquired at measurable cost. it must be obtained or controlled by the enuty. and it must have been obtained or
, The [W summon, controlled In a past transaction.
- Accounting Records Which one of the loilowlng is the lounh oondnim?
-/ - Tho Slalom-on: oi Cash Flow:
The item must have a measurable resale value
/ ' Final Exam t Introduction
- it must be expected to have Mure economic benefits
m it must have been fully paid for
I - Final Exam 2 Introduction The entity must have a legal document oontlrmlng ownership oi the item
I’ I‘ Revenue and Rocc‘nrablos
* Damnation and Non~Curroni Assets

/ ' Owners' Equity
Congratulatiom
1' 5 Final Exnmalnttoductlon
I1: “51 [BE] Jtnnptolnoorrectqoasuon: — : Question To ‘14:: W! mm [:9]
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1’ F Prutmt Introduction In! | Indiana-ml | ml“ fimmmmanP-u

t Terms and Comm
v 9. Ouemin's imai debt in equity take on December 31, 2014, is
- The Balance Sheet
- The Income Siatemani 2.12
> Amouniing Records 1-52

-/ - Tho Slalom-1m: ciCnsn Flows ' 1'19
0.53
/ .. Final Examz Introduciion
v’ I' Hmomu and Rum‘nrabies
’ Damnation and Non~Curmni Asst!!! Q" G I] tin C 011‘”) a I] y

. Liabilities and Financing Casi: Balance Sheet as or December 31 _ 201 4
D l nvcatmen‘is and invos1monl Income 3555-5, LI‘:. i -I||ti—:-s
Cu l a Is Cu Lidililiea
x 5 Deferred Taxes and Tax Expense Cash 341nm Accountspayabie_.._, 3 39.003
36.000 Short—tam: defl—............. 420m
/ - OwNirs' Equity
_IZDDD Tuhl cuneni lilhlllilu....... s 12:10:!
_ Tau aura-I! lsuu.....‘___
, S 90 ' 0M Non-umzrll Unbilibu- -
cmm‘mmm Mm! A569" Bond pay-bee.____....... 3mm
l' . Final Exam 3 lnuoducilon Plfllmwhel]..- . ‘.. ‘ ,,-- n. .
Cn 2‘1 L.
Pall"! (mu_..._ ......... 24m: can...” ’ .51 5:151 ___________ _ mono
T0131 A5593 ....W...,..... 7 Rammed ounngs__._.. «mo
Tulal Liabilities and
'Equiiy ...........J "Mm
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1’ F Prutmr Introduction III! | notional-ml I was!“ fimmmmnm mg
X 8. Complele the following semance : The Conservatism Concept directs an entity to consider recognizing a liability
.. The Balanco Snool when it IS
- The Income Slaternanl
abeoiulely certain economic resources may be sacrificed in the future
> Amounrlng Records
- remorely possible economic resources may be sacrificed in me future
-/ - Tho Slalom-rm: 01 Cash Flows
fee-W133)” mssible economic resources may be sacrificed In the luture
/ ' Final Exam t Inlroducllon
reasonably cenaln economic resources may be sacrificed In lhe future
/ .. Final Exam2In1roducllon
v’ Ir Flavours and Rumhrabies
F Inventories and Cost oi Sulos

D lnvcaimen‘ls and invoslmonl Income
-/ ' Owners' Equity
Congralulafiom
1' 5 Final Exnmalnuoducllon
111,451 [BE] Jumplolneorrecl question: — ‘ Duration 3 ‘14:: WNW

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mam. MkhflGawnda! l3 LEI - ‘3]
x. Prma-stunmaucllon III! | ”ducal-Ila I mum “WIIMIM gm
v 7. Carma began 2014 wlln anlntarasl payable account balance of 513000. Durlng 2014. it paid $5,000 In interest
I» The Balanco Snool to its lenders On December 31. 2014. M181 ls its interest payable account balance?
I
> Amoumlng Records 213%
-/ - Tho Slalom-m: 01 Cash Flows $15000
/ ' Final Exam t Inlroducllon Camel be calculated

v’ I‘ Hmomu and Rum‘nrables
b Inventories and Cost nlSulos

.. _, ._ .. ___. . .
v Doe'ccmtlon and NonvCurmnl Asst!!!
I If.“ “1-. m) Mj J
* Liabililvoa and financing Coal: || l_._;u- - ' Il-glll larl'earEF-e': L>l_-I_'~;-n'lt:er31,3014
, __ _ m $120,000
D lnvnslmen‘ls and lnvoslmonl Income
Lesa Coal of Goods Sold. 90 000
J , cum”. Equity
_ 530-000
Less: Opemlirlg Expenaa.....___...._.............._ 10.000
_ Opamling Income....._
C “’9'“1 "‘ lane .___ 527(17b
.
m Lesa lnleres: Expmse......... 2.000
/ b final Emma Innoducllon Income Besxes.....w.....__..., 513.1110
Leas: Tax Ewe ................... 6pm
Nel Income. _________ __.~___ 5111.1!)
EN!” [BE] Jmnplolneomclquutlon: — : augum'T—fug EH sulvnll E
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d’ F Prutmt Introduction “ | notation-at l mum (Madman-Idiom gm

WEI- (6-.
t Terms and Gamma

x 6. Tu medal 5. Sons is a small wholesaler of decorative cast iron objects. The [allowing events, related to a special
r The Balanco Shoot customer order. occur as described Delaw:
- The lncomo Statement
- August 5. 2015: Turnedot receives the special order for 200 outdoor planters at a selling price of 550
> Accounting Records each. Including delivery at a future convenient timer and location. The customer, with whom Tornado!
has had a long-term. trouble-[fee relationship. pays $3.000 as a deposit and agrees to pay the rest on
-/ - The Statement 01 Cash Flows delivery. Turnaddt immedataly orders 54.000 worth ot planters from its Supplier and pays a 51.000
/ V Final Exam t Introduction deposit for them
. August 2?. 2015: Turnadot pays $3.000 balance due to the supplier upon delivery or the planters to Its
warehouse.
- September 5. 2015: The customer calls for delivery of the planters. and pays the balance at 57000
when they arrive at the customer site.
. I‘ Revenue and Receivables
On August 5. 20 t 5. which one or the following accounting entries. related to the $1 .000 deposrt paid to the
F Inventories and Cost of Sales supplier tor the planters. she uld be recorded in Tu made! '5 financial munting system?
* Doc-recruiton and NonvCurronl Assets
Debit the current asset advances to suppliers' $1.000; credit cash 51 .000
* Liabililvoa and Financing Costs
. Deb-t inventory 51.000: credt cash 51.000
5 Investments and lrwoslmonl Income Debit cost of goods sold 54,000; credit cash St .000: credit amounts payable $3.000
x - Datum-d Tam: and To» Expense Deb-roost of goods sold 51.000: crecm revenues 51 .000
-/ ' Owners‘ Equity
Congratulalioru'.
firm [Elli] Jmnptolnoorrectquution: — :

Ouatlon 6 "I40 4-: H mtwi:
l l
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d’ F Prutmt Introduction “ | notation-u | mum (Madmen-Idiom gm

t Terms and Domain

of 5. Tu rnadot 5. Sons is a small wholesaler of decorative cast iron objects. The following events, related to a special
r The Batanco Shoot customer order. occur as described Delaw:
- The income Statement
- August 5. 2015: Turnedol receives the special order for 200 ouldoor planters at a selling price of 550
> Accounting Records each. Including delivery at a future convenient time and location. The customer, with whom Tornado!
has had a long-term. trouble-tree relationship. pays 53.00:: as a deposit and agrees to pay the rest on
-/ - The Statement at Cash Flows delivery. Turnadot immedately orders 54.000 worth at planters from its supplier and pays a 51 ,Don
/ V Final Exam t Introduction deposit for them
. August 2?. 2015: Turnadot pays 53.000 balance due to the supplier upon delivery at the planters to Its
warehouse.
- September 5. 2015: The customer calls for delivery of the planters, and pays the balance of Stone
I .. Final Exam? Introduction
when they arrive at the customer site.
. I‘ Revenue and Roco‘wabios
On August 27. 20 I5. upon delivery of planters to Tumadot‘s warehouse and payment of $3.000 balance due to
F Inventories and Cost of Solos the auppfier. whid't one of the following journal entries best reflects the economic Impact oi the transaction?
* Doc-vocation and NonvCurronl Assets
Debit inventory 53.000: cred! cash $3.000
* Liabilities and Financing Costs
- Dem inventory 54.000: credt the current asset ‘advanoes to suppliers' 51 .000: credit cash $3,000
5 Investments and lnvoslmdnt Income Dem cost of goods sold 54,000: credit cash 53.000: credit accounts payable $1.000
x . Datum-d Tom: and Tax Expense- Debut inventory $4,000: cram revenues $4.000
-/ ' Owners Equity
Congratulatioru'.
firm [Elli] Jmnptolnoerrect question: — : Question _5— "Mn 4-: l 1 mtwn

l l
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1’ F Prutmt Introduction as | notation-nu | man «madman-Idiom

t Terms and Domain
v 4. Winch one or the iuiinwing basi describes a valance sheal?
- The income Siaternani A description at ihe entity‘s operaiions over a period of lime
> Amouniing Records - A snapshot ai a pom: in tune oi an enmy's assets, liabilities and owners' equity
-/ - Tho Slalom-1m: 01 Cash Flows A reconcilation of an emiiy's bani-c account balance
A description of lhe company‘s cash flows over a period of time

v’ I' Hmomu and Rum‘wables

D lnvcatmen‘is and invos1moni Income
-/ ' mm' Equity
Congrumlafiom
111,451 [BE] Jinnplolnoorrecl question: — : auuum 7 "an F] | mm

E1
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t Terms and Comm:
v 3. Paniim‘s 2015 cash flow lrom [manning amlvllles la
b The Balanco Snool
- The Incom Smomm a no! outflow of 591.000.

- Amounling Records a nel inflow 0! 365.000.
-/ - Tho Slalom-on: c1Cnsn Flows a "9‘ ”mm" 0’ 535-00“. |
- a nel inflow of $91,000.

/ .. Flnal Exam2Inuoducuon
v’ I‘ Revenue and Roco‘nrabios
F Inventories and Cost 0! Solos
’ Damnation and NonvCurmnl Asst!!! I PM Hume cmlm 1mm

2015 '
* Liabililvoa and Financing Casi: Cam
5 lnvoatmen‘ls and Invos1monl Income
Cml 3.11m 225.000
: mm mm
1‘ D Do’urred
' Tom: and Tax Ea: ‘3 Onso
mm“
Comm-m snack sun-ad 60.000
20.000 44.000
13.000 Pnymmb ”WISE
_/ . OWNM'S' Equity Purchaln at madlinrn
Fm-fuar bails lunn 75,000 manna Sill-1r!!! pad
_
Saint-1f Ina-1 vnn 10000 4.000 lmnds [no-d
Congramlanom
5.000 Inlmnl payment
I’ * Flnal Exam 3 Inuoducllon 1 W
Ed 12m 223 000 on" Gun. ”my pm” I
=‘ =—
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Welmm Nikhl'l Gawada!
l3 El I El
1’ F Prutmt Introduction In! | notional-ml I ml“ fimmmMInP-u mg
t Terms and Comm
~2- 2. Ouenun's December 31. 2013. inventory T-acowm dealt balance was 556,000. Durlng 201-1, its Inventory
- The Balance Sheet purchases amaunled to 525.000.8nd1nere were no Invenlonr-related wri‘le—d-nwns or asses. What was Ouenun's
- The Income Smernam 2014 cost 0! goods sold expense?
D Amounling Records
55.000
-/ - Tho Slalom-1m: c1Cn3n Flows 567.000
/ v Finalsxamtlnnoaucuon 520.000
- 545.000
v’ 5 Revenue and Rum‘nrabies
’ Damnation and Non~Curmnl Asst!!! Quentin Company

* Liabililm and financing 00:1: Balance Sheet asor December 31,2014
, lnwstmen‘ls and rrwcs1mont Income “(53:55 1| LEIIIIUESLMHIHS
f '- Deferred Tam: and Tax Expense Cash 3 42.000 M Parab‘e_-—> 3 39.000
30.000 Shaft—firm defl—............. 420m
/ - Oes' Equity
congramlmjom _IZDDD Tuhl currenl lilhllltlfl....... 5 120m
Tau aura-I! lsuu......___ VS QUJM Mum's"! Unblliliu
Non—amt Assets aw pay-bee.____ ....... 34,000
I' * Flnal Emma lnuoducllon 5mm“?! E "("61" 24-min C‘n'nL-rs' EC'JIW
—---—--------- - Gunman sunk .._____ 20.00::
Total ASSEE .........~..... 7 n "rungs _____ “pm
Tulal Lilbllrbes and
' Equity ...........J 170.10
[EH51 [BE] Jrnnplolneorroclquutlon: — : Duaflon Tina [BIS-Mm” E
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1’ F Prutmt Introduction In! | notional-ml | ml“ fimmmmnm mg
a’ > Welcome in Financial Accounting
t Terms and Comm

-/ 1. Ouemin Compamfs year-end 2014 Intel assets equals Its year-end 2014 total liabilities and owners‘ equiry. This
- Thu Balanco Shoot is most ikely the team! or Ina company [allowing me:
- The Income Siaternani
Histoncal Cost concept
> Amouming Records
- Dual-asses! concept
Material!” concept
/ ' Final Exam t Iniroducilon Money measurement concept
u:—
v’ |' Final Examz Introducrlon
v’ 5 Revenue and Rumhrabies
F Inventories and Cost oi Sulos
* Damnation and Non~Curmnl Assam Quentin Company

* Liabililvoa and Financing Casi: Balance Sheet as or December 31 _ 201 4
- lnwstmen‘is and invcs1mont Income “(53:55 1| LEIIIIUESLMHIHS
x 5 Deferred Taxes and Tax Expense Eashm ___ _ _ Accountspayabie..._, 3 39.003
nwnm.__.._._
r' - OwNirs' Equity P?“ Ema-Isa — Tuhlcunenllilhillilfl_______ 5m
_ 06 cum ass-u... ..‘___ . . _
Non-umzrll Unbilibu
cwm‘ulmm NOW! A559" Bond pay-bee.____....... 3mm
I' * Final Emma lnuoducllon :maw (11:211.-.. 24-min C‘.‘.'i1':iS' EC'JIW
—"'—""""""" ~ - Gunman shall ..........._ 20.00::
Total A5533 ~~~~~~~ S ”n Reamer! urnngs‘ ___... “1300
Toni Liabilities and
' Ecru"? .,~3fl
195 “51 f ' .‘. | Jump to Incorrect question: — : Duaflon 1 ‘140

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Welcome Nikhl'l Gawada!

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