ACCOUNTING (BAT4M) FINAL EXAMINATION

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1 Canadian International Matriculation Programme Sunway University College Date: 21 May, 2007 Time: 11.30am 1.30pm Length: 2 hours Lecturers: Ms Vinaya & Ms Evelyn ACCOUNTING (BAT4M) FINAL EXAMINATION Please read the following instructions carefully before you begin the examination: 1. This exam paper has 12 printed pages (including cover page). 2. The examination is worth 30 percent of your final mark. 3. The examination consists of three parts. PAR TS CONTENT MARK S A Multiple Choice Questions 20 B Thinking and Problem 69 Solving C Knowledge and 11 Understanding TOTAL All work is to be done in the answer booklets provided. Please hand in both the booklet and exam paper before leaving the exam hall. 5. Answers must be written in standard English format for an academic audience. 6. Answers must be double-spaced. 7. Answers must be written in black or blue pen only. 5

2 Part B Question 1 The trial balance of Mexx Corporation has the following accounts at December 31, the end of the company s fiscal year: Mexx Corpoartion Trial Balance 31 December 2006 Debit Credit $ $ Cash 24,300 Accounts Receivable 15,400 Merchandise Inventory 23,600 Building 85,000 Accumulated Depreciation-Building 50,000 Equipment 45,000 Accumulated Depreciation-Equipment 9,000 Prepaid Insurance 5,400 Notes Payable 60,000 Accounts Payable 16,600 Chandra J., Capital 65,000 Chandra J., Drawings 2,300 Sales 92,300 Sales Return and Allowances 6,600 Sales Discounts 1,500 Cost of Goods Sold 43,200 Salaries Expense 15,000 Rent Expenses 12,000 Advertising Expense 5,600 Utilities Expense 4,000 Repair Expense 2,400 Storage Expense 1, , ,900 Adjustment data: 1. Depreciation is $8,500 on the Building and $4,500 on the Store Equipment. 2. The notes payable interest rate is $3, Insurance policy is for one year, dated 1 st March

3 Other data: 1. Salaries expenses is 60% Selling and 40% Administrative. 2. Rent Expense, Insurance Expense and utilities expense are 50% selling and 50% administrative. 3. Repair expenses are 70% Selling and 30% Administrative. 4. $45,000 of notes payable is due for payment next year. 5. Store Equipment is used by the Selling department. 6. Building is 60% used by administrative and 40% used by selling department. Instructions Prepare the multiple-step income statement and owner s equity statement for the year ended 31 December 2006 and a classified balance sheet as at 31 December (26 marks) Question 2 Easy Co. opened for business on 1 January Its trial balance before adjustment on 31 December 2006 is: Easy Co. Trial Balance 31 December 2006 Debit Credit $ $ Cash 42,500 Accounts Receivable 23,600 Supplies 5,500 Prepaid Insurance 9,800 Furniture 45,000 Accumulated Depreciation - Furniture 6,750 Accounts Payable 18,600 Unearned Revenue 8,450 Mortgage Payable 60,000 Easy Ross, Capital 12,000 Easy Ross, Drawings 5,200 Service Revenue 32,000 Salaries Expense 6, , ,800 7

4 Other data: 1. A count of supplies shows $1,750 supplies have been used. 2. Easy Ross paid the 1-year insurance premium on the 1 October. 3. The mortgage interest rate is 12%. (The mortgage was taken out on 1 st July.) 4. Utilities expenses of $800 are unpaid. 5. Invoices representing $5,800 of services performed during the December have not been recorded as of 31 December. 6. $800 of the balance in the unearned service revenue account remains unearned at the end of the 31 December. 7. Easy Co. used 5% of total accounts receivable to estimates its bad debts expense. Instructions Journalize the adjusting entries that were made. Show all the workings. No narration required. (14 Marks) Question 3 Max Co. has been in business since 2003 and its fiscal year is 30 June. The following are the details of the assets used in his business Asset Cost Purchase Useful Salvage Depreciation Date Life Value Method Equipment 50,000 1/1/ $7,500 Straight line Machinery 75,000 1/7/ $12,000 Double Declining balance Date Disposal Disposed Amount 30/6/ ,000 30/6/ ,000 Instructions a) Prepare a complete depreciation schedule for the Machinery, from the date of purchased to the disposal date.(answers to be rounded to the nearest dollar). b) Prepare the journal entries to record each of disposal transactions above. Update the depreciation on assets disposed of at the time of sale. (19 marks) 8

5 Question 4 The Income Statement and Balance Sheet for Apex Healthcare Berhad for the year 2005 are as follows: 9

6 10

7 Instructions Compute the following ratios for Apex Healthcare Berhad (All working must be shown):- i) Current Ratio ii) Inventory Turnover Ratio iii) Profit Margin iv) Asset Turnover v) Return on Assets vi) Return on Common Stockholder s Equity vii) Debt to Total Assets Ratio viii) Times Interest Earned ix) Earnings Per Share x) Acid-Test Ratio (10 Marks) PART C a) Compare and contrast TWO characteristics of corporation, partnership and proprietorship. (6 marks) b) Describe the difference between straight-line method, units-of-activity method and declining-balance method of depreciation. (3 marks) c) What is the difference between accrued revenues and unearned revenues? (2 marks) 11

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