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Acct 220 Principles of Accounting I Final Examination

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Acct 220 Principles of Accounting I Final Examination
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University of Maryland University College
Final Examination
Acct220: Principles of Accounting I
For this exam, omit all general journal entry explanations.
Ensure to include correct dollar signs, commas, underlines & double underlines where required.
Question 1: 40% points:
Flip Company's December 31, 2014 trial balance is as follows:
Flip Corporation
Trial Balance
December 31, 2014
Account Debit Credit
Cash $43,500
Accounts Receivable 54,500
Allowance for Doubtful Accounts 500
Notes Receivable 30,000
Merchandise Inventory 55,000
Land 20,000
Building 150,000
Accumulated Depreciation, Building $15,000
Equipment 50,000
Accumulated Depreciation, Equipment 21,000
Goodwill 26,000
Accounts Payable 25,000
Long Term Notes Payable 75,000
Common Stock, $10 par, 2,000 shares authorized & outstanding 20,000
Retained Earnings 147,000
Sales Revenue 700,000
Salaries Expense 150,000
Utilities Expense 3,500
Cost of Goods Sold 350,000
Administrative Expenses 55,000
Sales Expenses 15,000 _______ Totals $1,003,000 $1,003,000 Flip is a small company and records adjusting entries & closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded. Additional Information: a. Notes Receivable is a 3-months, 6% note accepted on December 1, 2014. b. Long Term Notes Payable is a 5-year, 5% note, that was signed on July 1, 2014. Interest is payable annually. c. Building is depreciated at 3% per year. There is no salvage value. d. Equipment is depreciated at...

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