Baruch College – CUNY
Stan Ross Department of Accountancy
Accountancy 3000 - Section TR24 –B
Fall 2003 – Prof Jan Sweeney
Q1 Balance Sheet Classification (8 points)
_ Inv 1. Cash
in Bond sinking fund
_ CA
2. Allowance for
Doubtful Accounts
CS/PiC
3. Contributed Capital in excess of par
CA 4. Trading
securities
CL
5. Rent Revenue collected in advance
IntA 6.
Patents
_P&E
7. Accumulated Depreciation
_ CL _ 8.
Customer Accounts with credit balances
Question 2 —Statement of cash flows (7 points).
c 1. Repayment of
long-term note
c 2. Issuance of bonds at a premium
a____ 3. Collection
of accounts receivable
d
4 Cash dividends declared
b___
5 Sale of real estate held as
a long-term investment
b____ 6. Sale
of available-for-sale securities (long-term)
a____ 7. Payment
of employees' wages
1.. Cash $2,940
Discount for Prompt Payment 60
Accounts Receivable $3000
2. Cash
$3,000
Accounts Receivable $3000
1. ______A/R___________ ______ADA_________
$500 | $22 |
| |
2. Bad Debt Expense $87
ADA $87
3. $500
-$65 = $435
4. $435
Baruch College – CUNY
Stan Ross Department of Accountancy
Accountancy 3000 - Section TR24 – C
Fall 2003 – Prof Jan Sweeney
Q1 Balance Sheet Classification (8 points)
Inv___ 1. Securities
Available for Sale
Inv 2.
Land Acquired for building future factory.
CS/PiC 3. Contributed Capital in excess of Par
N/A__ 4. Bad
Debt Expense
CA___ 5. Inventory
RE___ 6. Appropriation
for Plant expansion
Inv _
7. Cash in Sinking Fund
IntA 8. Goodwill
Question 2 —Statement of cash flows (7 points).
a____ 1. Purchase
of inventory
c____ 2. Issuance
of bonds at a premium
a____ 3. Collection
of accounts receivale
d____ 4. Cash
dividends declared
d____ 5. Issuance
of stock to acquire land
b____ 6. Sale
of available-for-sale securities (long-term)
a____ 7. Payment
of employees' wages
1.. Cash $4,900
Discount for Prompt Payment 100
Accounts Receivable $5000
2. Cash
$5,000
Accounts Receivable $5000
1.
______A/R___________ ______ADA_________
$400 | $12 |
| |
2. Bad Debt Expense $68
ADA $68
3. $400
-$56 = $344
4. $344
Baruch College – CUNY
Stan Ross Department of Accountancy
Accountancy 3000 - Section TR24 –D
Fall 2003 – Prof Jan Sweeney
Q1 Balance Sheet Classification
(8 points)
CA___ 1. Allowance
for Doubtful Accounts
CS/PiC 2.
Treasury stock
P&E 3.
Recently acquired equipment
N/A__ 4. Bad
Debt Expense
CL___ 5. Cash
dividends declared this period and payable in the next period
CL___ 6. Rent
Revenue collected in advance
Inv
_ 7.
Cash in Sinking Fund
N/A 8.
Amortization of Goodwill in
current period.
Question 2 —Statement of cash flows (7 points).
b.____ 1. Sale
of available-for-sale securities (long-term)
a____ 2. Payment
of employees' wages
c____ 3. Issuance
of common stock for cash
a____ 4. Payment
of income taxes payable
b____ 5. Purchase
of equipment
c ____ 6.
Purchase of treasury stock (common)
b
___ 7. Sale of real estate held as a long-term investment
1.. Cash $3,920
Discount for Prompt Payment 80
Accounts Receivable $4,000
2. Cash
$4,000
Accounts Receivable $4,000
1.
______A/R___________ ______ADA_________
$300 | |
$22
| |
2. Bad Debt Expense $43
ADA $43
3.
$300 -$65 = $235
4. $235
Baruch College – CUNY
Stan Ross Department of Accountancy
Accountancy 3000 - Section TR54 –A
Fall 2003 – Prof Jan Sweeney
Q1 Balance Sheet Classification (8 points)
CA___ 1. Accrued
revenue on Temporary Investments
CS/PiC 2. Treasury
stock
CS/PiC 3. Contributed Capital in excess of Par
N/A__ 4. Bad
Debt Expense
CA___ 5. Inventory
CL___ 6. Salaries
which will be paid to company employees next period
CA _
7. Factory Building Retired
from use and held for sale
IntA 8.
Patents
Question 2 —Statement of cash flows (7 points)
a 1. Collection of accounts receivable
d____ 2. Cash
dividends declared
b____ 3. Sale
of available-for-sale securities (long-term)
c____ 4. Issuance
of common stock for cash
a____ 5. Payment
of income taxes payable
b____ 6. Purchase
of equipment
b ____ 7.
Sale of real estate held as a long-term investment
1.. Cash $5,880
Discount for Prompt Payment 120
Accounts Receivable $6,000
2. Cash
$6,000
Accounts Receivable $6,000
1. ______A/R___________ ______ADA_________
$200 | $8 |
| |
2.. Bad Debt Expense $23
ADA $23
3. $200
-$15 = $185
4. $185