UT Knoxville ACCT 200 - Exam 2 Practice Test (25 pages)

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Exam 2 Practice Test



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Exam 2 Practice Test

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Pages:
25
School:
University of Tennessee
Course:
Acct 200 - Foundations of Accounting
Foundations of Accounting Documents

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A200 Exam 2 Ch 6 7 8 Version A 100 Points possible Student name Last 4 digits of ID number Section number Instructor s name FILL OUT THE ENTIRE HEADING ON THIS EXAM FILL OUT YOUR SCAN FORM AS YOUR INSTRUCTOR INDICATES MARK ON YOUR SCAN FORM THE BEST ANSWER TO EACH QUESTION ONLY THE ANSWERS YOU MARK ON YOUR SCAN FORM WILL BE GRADED 1 Kauffman Corporation s 12 31 09 balance sheet reports 100 000 shares of 30 par value common stock outstanding What is the meaning of par value a the current market price per share of Kauffman s common stock b the legal value per share of Kauffman s common stock c the market price per share of Kauffman s common stock when the company was founded d the minimum price per share that Kauffman s common stock will sell for 2 On the balance sheet total stockholders equity a includes long term liabilities and capital stock b includes retained earnings plus paid in capital c is equal to total assets d is usually equal to cash e both a and b 3 A gain on the sale of a fixed asset will a b c d increase assets and liabilities increase equity but decrease assets decrease liabilities and increase assets increase assets and equity Exam2A Fall09 Pg 2 of 12 4 At the end of the first year of business Stanga Company aged its accounts receivable as follows Age Interval Not past due 1 30 days past due Balance Percent Uncollectible 310 000 3 9300 255 000 8 20400 31 60 days past due 84 000 12 10080 60 90 days past due 47 000 23 10810 91 180 days past due 21 000 56 11760 over 180 days past due Total accounts receivable 8 000 82 6560 725 000 How will Stanga record the year s provision for doubtful accounts a increase uncollectible accounts expense by 68 910 and decrease accounts receivable by 68 910 b increase uncollectible accounts expense by 68 910 and increase allowance for doubtful accounts by 68 910 c increase uncollectible accounts expense by 656 090 and increase allowance for doubtful accounts by 656 090 d increase uncollectible accounts expense by 656 090



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