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F. Naz
F. Naz, Chartered Accountant
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FINANCIAL ACCOUNTING PROCTORED FINAL EXAM (MTH7) Part. A- solve each of the following problems using the information provided. show and label all calculatios. Each problem is worth 20 points: 1. Little power shop presented the stockholders equity section of its balance sheet on january 1,2008, as follows: common stock, 2dollars par, 10,000shares assured and outstanding $20,000 Additional Paid Capital-Common 40,000 Retained Earnings 10,000 Total Stockholders Equity --------------- $70,000 All common shares were originally sold for $6each. The following transactions occured during 2008. Feb. 16 Re acquired 3,000 shares of common stock at $15 per share june 1 sold 2,000 share of treasury stock at $20 per share Required: A. Prepare the journal entries to record the transactions B How many shares of stock are outstanding at june 1, immediately after the sale of 2,000 shares of treasury stock? show your calculations. Part B: Answer each of the following questions from he information provided. show and label all calculations. Each problem is worth four point. 1. Write a brief explanation of how a general ledger is used in a bookeeping system. 2 A company completed the following purchase transactions during april. Credit terms for all purchase are 1/10,n/30.The company uses the periodic inventory system. April 1 Purchased merchandise on credit for $7,000 April 30 Paid for the April 1 purchase Prepare the required journal entries. 3. What is the purpose of the current ratio? How does the quick ratio differ from the current ratio? 4. Rocky´s cars ,inc. started the year with total assets of $400,000 and total liabilities of $185,000. Net income for the year is $65,000 and dividends declared and paid during the year are $20,000. What is the amount of Rocky´s total stockholders; equity at the end of the year? show your calculations. 5. A tracking company purchased at a cost of $75,000 on january 1, 2007. The truck has an estimated useful life of nine years and a $12000 salvage value and has been depreciated using the strait- line method. What is the depreciation expense and total accumulated depreciation for the year ended December 31,2010? show your calculations for both figures. 6. Write the three journal entries that would be used to record a capital lease. 7. Explain the concept of leverage. Why is the concept important for management? 8. A company has a current ratio of 3.1 to 1 in 2008 and 2.00 to 1 in 2007. The profit margin for 2008 is 22%. For 2007, the margin profit is18%.Suppose the company had a decrease in cash from 2007 to 2008.Would the other current asset amounts have increased or decreased? Explain. 9. Calculate the inventory turnover ratio for 2008 and 2007,rounded to decimal, from the following data: TOTAL COST 2008 2007 2006 Cost of gold $1,205,000 $952,000 $945,000 inventory 360,000 420,000 440,000 net income 65,000 25,000 16,000 10. Explain the link between the statement of retained earnings and the balance sheet
Submitted: 4 years ago.
Category: Homework
Expert:  F. Naz replied 4 years ago.
What is your deadline, thanks.
Customer: replied 4 years ago.
my deadline is monday... very urgent plssssss
Expert:  F. Naz replied 4 years ago.

ok will give it to you before the deadline :)
Expert:  F. Naz replied 4 years ago.

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Customer: replied 4 years ago.
thanks.. ave accepted the answer
Expert:  F. Naz replied 4 years ago.
You are always welcome, take care.

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