2011 PBL National Leadership Conference Accounting for Professionals Test

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1 2011 PBL National Leadership Conference Accounting for Professionals Test 1. Turn off all electronic devices. 2. Please print your name, school, and state on your event envelope. Each page of the test should include a header or footer containing your name, school, state, and job number, or you may write the information required. 3. The test must be taken on a computer using any spreadsheet or accounting software. Calculators may not be used. Templates may be brought to use. 4. You will have one hour to complete this test. Additional time will be allowed for general directions and warm-up. There is a possibility that you may not complete the entire test. Judges will consider the overall quality, as well as quantity, of your work when judging this event. Some of the problems may build upon prior work. Problems may be completed in any order. Job No. Document Type Point Value 1 Financial Statements 20 2 Adjusting Entries 10 3 Bank Reconciliation 15 4 Inventory Methods 20 5 Depreciation Methods 10 6 Journalizing Receivables and Payables Proofread all work because results are based on accuracy of printed copy. Your documents will be evaluated by a panel of judges for this event. All decisions of the judges are final. 6. After the test begins, no help may be given to you concerning the normal operation of the equipment. However, if your machine fails, call the proctor. 7. When you have completed the exam, you will need to turn in all of your materials, including this test and any printouts including those you do not wish judged. Cross through the jobs you don t want scored. 8. Remember that you will be required to complete the second portion of the competition, an objective test covering theory during the National Leadership Conference. The objective test counts 50 percent of your final score and the production test counts 50 percent. Both portions of the event must be completed to be eligible for an award. 9. The test copy must be returned in the envelope or the test will not be scored. DO NOT OPEN THE TEST UNTIL GIVEN PERMISSION TO DO SO. GOOD LUCK!

2 JOB 1: FINANCIAL STATEMENT (20 points) Prepare a single step income statement and balance sheet from the data shown below. ACCOUNT TITLE DR BALANCE Cash $20,000 Accounts Receivable $15,000 Allowance for Bad Debts $220 Notes Receivable $10,000 Inventory $3,000 Prepaid Insurance $900 Computers $3,500 Accounts Payable $5,000 Ben, Capital $40,000 Ben, Drawing $2,500 Motorcycle Repair Revenue $28,330 Wages Expense $1,500 Advertising Expense $5,400 Rent Expense $9,000 Telephone Expense $2,400 Miscellaneous Expense $350 Totals $73,550 $73,550 Print Job 1-A: Income Statement Print Job 1-B: Balance Sheet CR 2

3 JOB 2: ADJUSTING ENTRIES (20 Points) 1. Based on the trial balance below, journalize the following adjusting entries: Two months remain on insurance policy purchased on September 1, 2010 The computer equipment with a 5-year useful life was purchased on April 1, 2010 for $3,500 and a salvage value of $500 and is depreciated using double declining balance method Wages earned but unpaid as of December 31, 2010 are $500 Based on past experience, 3% of accounts receivable are determined to be uncollectable ACCOUNT TITLE BALANCE DR CR Accounts Receivable $18,000 Allowance for Bad Debts $800 Notes Receivable $9,000 Prepaid Insurance $900 Computers $3500 Accum Deprec- Computers Wages Payable Insurance Expense Deprec Expense- Equipment Print Job 2: Adjusting Entries 3

4 JOB 3: BANK RECONCILIATION (15 Points) Prepare the bank reconciliation and adjusting entries for Kyri Enterprises based on the information below: 1. Book balance on November 30 is $2, Bank Statement ending balance is $2, Deposits in Transit a. 11/29/ $ b. 11/30/ $ Outstanding Checks a. No $17.00 b. No $ c. No $ Unrecorded ATM withdrawal of $ (Withdrawal was for personal use) 6. Bank Service Charge of $ NSF Check of $ Error on Check No. 321 Checkbook shows it was for $64.00, but it was actually written for $ Accounts Payable was debited. Print Job 3-A: Bank Reconciliation Print Job 3-B: Adjusting Entries JOB 4: INVENTORY METHODS (20 points) Job 4 (20 points) Units Unit Price Total Cost Units Unit Price Total Cost January 1, 2010 Beginning Inventory 1,100 $8.00 $8,800 March 5, st Purchase 900 $9.00 $8,100 April 16, nd Purchase 400 $9.50 $3,800 June 3, rd Purchase 700 $10.25 $7,175 August 18, th Purchase 600 $11.00 $6,600 September 13, th Purchase 800 $12.00 $9,600 November 14, th Purchase 400 $14.00 $5,600 December 3, th Purchase 500 $14.05 $7,025 Ending Inventory is 1000 units 5400 $56,700 Using FIFO and LIFO, calculate the cost of goods sold and the ending inventory balances. Print Job 4-A: LIFO Ending Inventory Print Job 4-B: FIFO Ending Inventory 4

5 JOB 5: DEPRECIATION METHOD (10 points) A truck was acquired on July 1, 2008, at a cost of $120,000. The truck had a 10-year useful life and an estimated salvage value of $20,000. The straight-line method of depreciation was used. On January 1, 2010, the truck was overhauled at a cost of $10,000, which extended the useful life of the truck for an additional two and one half (2½) years beyond that originally estimated (salvage value is still estimated at $20,000). In computing depreciation for annual adjustment purposes, expense is calculated for each month the asset is owned. Instructions Prepare the appropriate entries for December 31, 2008, January 1, 2010, and December 31, Show all calculations. Print Job 5: Depreciation Entries JOB 6: JOURNALIZING RECEIVABLES and PAYABLES (25 points) Eddie Edwards and Phil Bell own and operate the Secondhand Equipment Shop. The following transactions involve notes and interest that were completed during the last three months of 2010: October 1 Issued a $6,800, 60-day, 10% note to Mac Farm Equipment for purchase of merchandise October 15 Received a $2,000, 60-day, 12% note from R. Chambers in payment for sale of merchandise November 1 Discounted the note received from R. Chambers at Merchants National Bank. The discount rate is 14% November 1 Borrowed $5,000 from First National Bank on a three-month, non-interest bearing note that was discounted at 10% November 20 Received a $4,000, 90-day, 9% note from L. Revsine in payment of an account receivable November 30 - Issued a check to Mac Farm equipment in payment of note issued on October 1, including interest December 10 - Issued a $3,000, 90-day, 9% note to Remak Tractors to extend time for payment of an account payable December 16 Received notification from Merchants National bank that note discounted was dishonored. A check is issued to cover the note plus a $20 bank fee 1. Prepare general journal entries for the transactions Print Job 6: Journal Entries 5

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