Acc 290 Final Exam New – 100% Correct

ACC 290 Final Exam NEW – 100% Correct

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Question 1
Jackson Company recorded the following cash transactions for the year:
Paid $135,000 for salaries.
Paid $60,000 to purchase office equipment.
Paid $15,000 for utilities.
Paid $6,000 in dividends.
Collected $245,000 from customers.
What was Jackson’s net cash provided by operating activities?
Question 2
Which of the following describes the classification and normal balance of the Unearned Rent Revenue account?
Asset, debit
Expense, debit
Liability, credit
Revenues, credit
Question 3
involves transferring all debits and credits on a journal page to the trial balance.
is accomplished by examining ledger accounts and seeing which ones need updating.
should be performed in account number order.
accumulates the effects of journalized transactions in the individual accounts.
Question 4
The following is selected information from L Corporation for the fiscal year ending October 31, 2014.
Cash received from customers  $300,000
Revenue earned              390,000
Cash paid for expenses 170,000
Cash paid for computers on November 1, 2013 that will be used for 3 years          48,000
Expenses incurred including any depreciation     216,000
Proceeds from a bank loan, part of which was used to pay for the computers     100,000
Based on the accrual basis of accounting, what is L Corporation’s net income for the year ending October 31, 2014?
Question 5
La More Company had the following transactions during 2013.
• Sales of $4,500 on account
• Collected $2,000 for services to be performed in 2014
• Paid $1,325 cash in salaries
• Purchased airline tickets for $250 in December for a trip to take place in 2014
What is La More’s 2013 net income using cash basis accounting?
Question 6
Which one of the following is not a justification for...