Complete the excel sheet
Student Identification Student identification Student number student last name Student first name I will not give or receive aid on this exam. This includes viewing the exams of others, sharing answers with others. I know that plagiarism is forbidden. Ex 1 DateAccounts and ExplanationDebitCredit Ex 2 TIGER ajusted trial balance December, 31st 2018Income Statement DebitCreditBalance Sheet Cash33,750 Accounts Receivable175,000 equimpent262,500 Accumulated depreciation office equimpent50,000 Notes payable0 Accounts payable100,000 unearned revenue0 Income taxe payable50,000 Interest payable0 Common stock125,000 retained earnings100,000 Dividends42,500 sales commision earned542,500 Advertising expense80,000 rent expense110,000 Utilities expense76,250 Salaries expense112,500 Depreciation Expense office equipment25,000 Income taxe expense50,000 Statement of retained earnings $967,500 $967,500 Ex 3 Accel’s has 10,000 common shares outstanding during 2018. The market price of Accel shares is $35 1/ current ratio 2/ Quick ratio 3/ debt ratio 4/ Account receivable turnover 5/ Inventory turnover 6/ earning per share 7/ price -earning ratio b) Ex 4 AMY’S LEARNING CENTER Statement of Cash Flows Year Ended June 30, 2018 Cash Flows from Operating Activities: Receipts: Collections from Customers Interest and dividend received Total Cash Receipts Payments: To Suppliers To Employees Total Cash Payments Net Cash Provided (Used for) by Operating Activities Cash Flows from Investing Activities: Cash Receipts from sale of Land Cash Purchase of Equipment Net Cash Provided by Investing Activities Cash Flows from Financing Activities: Cash Receipts from issuance of Stock Cash Payments of Notes Payable Cash Payment of Dividends Net Cash Used for Financing Activities Net Increase (Decrease) in Cash Cash Balance, June 30, 2017 Cash Balance, June 30, 2018 Ex 5 a)Straight-Line Depreciation Schedule Depreciation for the Year YearComputationDepreciationAccumulatedBook ExpenseDepreciationValue b) Double Declining Balance Depreciation Schedule Depreciation for the Year YearComputationDepreciationAccumulatedBook ExpenseDepreciationValue 2 dateaccounts namedebitcredit SKEMA Business School - Campus de Sophia Antipolis 60, rue Dostoïevski – CS 30085 06902 Sophia Antipolis cedex - France Association loi 1901 – N° d’existence W 595008501 STUDENT NUMBER: STUDENT’S FULL NAME: SIGNATURE: FRANCE | AFRIQUE DU SUD | BRÉSIL | CHINE | ÉTATS-UNIS Tél. : +33 (0)1 93 95 44 44 www.skema-bs.fr | www.skema.edu Other instructions: Students are not allowed to share a calculator. A correct answer with no explanation may not get full credit but a wrong answer with correct intermediate steps (method or calculation) may get partial credit Reminder: Exams must be out of a total of 100 points (not including bonus points) Include the number of points for each question Validation du Responsable de cours Course Manager Validation Programme / Program: BBA Ex 1 /20 Ex 2 /20 Ex 3 /20 Ex 4 /20 Ex 5 /20 Result / 100 Campus / Campus: Sophia Antipolis Année académique / Academic Year: 2019/2020 Semestre / Semester: Fall Nom du cours / Course title: Financial Accounting Code cours / Course code: BAC.EAINA.FIBUS.2202 Type d’épreuve/ Type of exam: Final Exam Nom du professeur / Professor: Gaëlle Celeschi / Mark Mantock Responsable cours / Course Manager: Audrey Dalmasso Date / Date: 11/04/2020 INSTRUCTIONS / INSTRUCTIONS YES NO Sujets ramassés / Question papers to be returned with answer papers ☒ ☐ Calculatrice personnelle autorisée / Personal calculator allowed ☒ ☐ Open book exam * Urkund address included on exam paper ☒ ☐ 2 EXERCISE 1 (20 POINTS) Xintia co. carried out the following transaction during December 2019: 1- On December 2nd: Purchased a new truck $ 60,000 by signing a note payable for $40,000 and balance in cash 2- On December 15th: Received the telephone bill, $400 for the month of December to be paid in January 3- On December 18th: Performed a service for a customer for $ 12,500. Half the amount is paid cash by the customer and the rest is due in 1 month. 4- On December 30th: Paid the rental of office space for Dec $2,500. And the following adjusting entries at the end of December 2019: 5- Accrued and unrecorded revenues earned as of December 31 amount to $6,400. 6- Records show that $6,600 of cash receipt originally recorded as unearned revenue had been earned as December 31. 7- The company purchased a 12-months insurance policy on June 1, 2019 for $27,000. 8- Office supplies on hand at December 31, amount $2,000. This account showed a balance of $3,200 at the beginning of the month. 9- Equipment was purchased $ 58,000 when the business first formed. The estimated useful life of the equipment was 4 years and residual value was $4,000. The company use straight-line method. 10- On October 1, 2019 the company borrowed $10,000 by signing an eight-month, 9 percent note payable. The entire note, plus eight months accrued interest, is due on June 1, 2020. Register the interest for Dec 2019 Question : journalize the transactions and the adjusting entries for the month of December 2019 (excluding explanation). Date Accounts title Debit Credit 3 EXERCISE 2 (20 POINTS) Use the adjusted trial balance below to answer to the question 1 to 3 4 Question 1: Prepare an income statement Question 2: Prepare a statement of retained earnings 5 Question 3 Prepare a balance sheet (accounting format) EXERCISE 3 (20 POINTS) Accel’s Companies, a home improvement store chain, reported the following summarized figures: -$ -$ 6 Accel’s has 10,000 common shares outstanding during 2018. The market price of Accel shares is $35 Question 1: compute the following ratios for Accel’s companies in 2018 1- Current ratio 2- Quick ratio 3- Debt ratio 4- Inventory turnover 5- Account receivables turnover Round. Assume all sales were on account 6- Earning per share 7- Price/earning ratio. The market price per share of Accel’s stock is $12.50. 7 Question 2: explain whether you consider the company to be in a strong or weak current position. EXERCISE 4: (20 POINTS) Amy’s Learning Center has assembled the following data for the year ended June 30, 2018: Payments to suppliers $ 90,000 Cash payment for purchase of equipment 90,000 Cash payment for expenses 85,000 Payments to employees 47,000 Payment of notes payable 15,000 Payment of dividends 10,500 Cash receipt from issuance of stock 45,000 Collections from customers 205,000 Cash Sales 30,000 Credit Sales 60,000 Interest and dividend received 65,000 Cash receipt from sale of land 60,000 Cash balance, June 30, 2017 37,000 8 Question: Prepare the statement of cash flows for the year ended June 30, 2018, using the direct method. Cash Flows from Operating Activities: Receipts: Collections from Customers Interest and dividend received Total Cash Receipts Payments: To Suppliers To Employees Total Cash Payments Net Cash Provided (Used for) by Operating ActivitiesCash Flows from Investing Activities: Cash Receipts from sale of Land Cash Purchase of Equipment Net Cash Provided by Investing Activities Cash Flows from Financing Activities: Cash Receipts from issuance of Stock Cash Payments of Notes Payable Cash Payment of Dividends Net Cash Used for Financing Activities Net Increase (Decrease) in Cash Cash Balance, June 30, 2017 Cash Balance, June 30, 2018 AMY’S LEARNING CENTER Statement of Cash Flows Year Ended June 30, 2018 9 EXERCISE 5 (20 POINTS) On January 2 nd , 2015, Twin-Cities, Inc., purchased a building for $ 600,000.the estimated useful life was 25 years with residual value of $ 100,000 Question 1: Calculate the annual depreciation for the first five years assuming that: A) Twin-City use the strait-line depreciation method B) Twin-City use the 200% declining balance method Question 2: Journalize the depreciation expense recorded by Twin-cities on December 31 st , 2018 if the company use the declining balance method. date accounts name debit credit Depreciation Accumulated Book Expense Depreciation Value Straight-Line Depreciation Schedule Depreciation for the Year Date Computation Depreciation Accumulated Book Expense Depreciation Value Double-Declining-Balance Depreciation Schedule Depreciation for the Year Date Computation