Mock test 201 Cuối kỳ NLKT

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<b>Mock Test (final exam)</b>

<b>Question 1 (chapter 14): Classify each transaction as cash flows from operating activity,</b>

investing activity, financing activity, or noncash activity: a. Purchase inventory for $2,000 on account

b. Direct issuance of common stock to purchase equipment cost $20,000 c. Pay salaries for employee for $4,000 cash

d. Conversion of $10,000 bonds payable into common stock. e. Issuance of common stock for $10,000 cash

f. Issuance of note payable to purchase inventory cost $10,000 g. Declare and pay cash dividends of $8,000

h. Sign a long-term note payable to borrow $2,000 cash from Bank of America i. Receive dividends from stock invesment for $1,000 cash

j. Receive interest from bank saving account for $100 cash k. Purchase property for $30,000 cash

l. Pay income tax $6,000 cash to the government m. Pay interest on note payable for $50 cash n. Depreciation expense is $200

o. Purchase supplies for $4000 cash

p. An old equipment which had book value of $2,000 had been sold for $5,000 cash q. Purchase a 5-year bond for $1,000 cash

<b>Question 2 (chapter 5) Latvia opened Lava Company on June 1, 2021. Lava Company </b>

completed the following merchandising transactions in the month of June.

<b>Jun 1. The owner invests $10,000 cash in exchange for common stock.Jun 2. Hire 3 new employees </b>

<b>Jun. 3 Purchased inventory from Minco for $3,800, FOB shipping point, terms 1/10, n/30.</b>

The appropriate party also made a cash payment of $50 for freight on this date.

<b>Jun 6. Purchase an equipment for $5,000 cash</b>

<b>Jun 12. Sold merchandise to Maxco for $4,200, FOB destination, terms 2/10, n/30. The </b>

appropriate party also made a cash payment of $50 for freight on this date. The inventory sold had a cost of $2,200.

<b>Jun 14. Grant Maxco $200 credit for low quality merchandise allowanceJun 19. Receiving payment from Maxco in full, less discount if any.Jun 24. Paid Minco in full, less discount if any.</b>

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<b>Jun 30. Depreciation expense (equipment) of the month is $100Jun 30. Accrued salaries and wages expense is $1,000</b>

<b>Jun 30. Paid $250 for utilities bill of June</b>

<b>Jun 30 Declared and paid cash dividend for $200</b>

<b><small>(a)</small></b> Journalize the June transactions under perpetual inventory system

<b><small>(b)</small></b> Prepare closing entries for June, 2021

<b><small>(c)</small></b> Prepare Multiple-step income statement of Lava company for June, 2021.

<b><small>(d)</small></b> Prepare Classified balance sheet of Lava company on June 30, 2021.

<b>Question 3 (Chapter 6): Ziad Company had a beginning inventory on January 1 of 150 units</b>

of Product X at a cost of $20 per unit. During the year, the following purchases were made. Mar. 15 400 units at $23

July 20 250 units at $24 Sept. 4 350 units at $26 Dec. 2 100 units at $29

During the year, 1,000 units were sold. Ziad Company uses a periodic inventory system.

<b>(a) Determine the cost of goods available for sale. </b>

<b>(b) Determine (1) the ending inventory, and (2) the cost of goods sold under each of the </b>

assumed cost flow methods (FIFO, and average-cost).

<b>Question 4 (chapter 6): Ziad Company had a beginning inventory on January 1 of 150 units </b>

of Product X at a cost of $20 per unit. During the year, the following purchases were made. Mar. 15 400 units at $23

July 20 250 units at $24 Sept. 4 350 units at $26 Dec. 2 100 units at $29

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During the year, 1,000 units were sold. Feb 2 100 units

June 1 200 units Aug 5 300 units Oct 10 400 units

Ziad Company uses a perpetual inventory system.

<b>(a) Determine the cost of goods available for sale. </b>

<b>(b) Determine (1) the ending inventory, and (2) the cost of goods sold under each of the </b>

assumed cost flow methods (FIFO, and average-cost).

<b>BE14.4, BE14.5, BE14.6 Cash flows</b>

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