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Accounting 350 NameQuiz #3, Fall 2010

1. Olmsted Company as te !ollo"ing items common stoc$, %&20,000' t(easu(y stoc$,%)5,000' de!e((ed ta*es, %100,000 and (etained ea(nings, %3+3,000. at total amountsould Olmsted Company (epo(t as stoc$olde(s- euity/A %)),000.

%),000.

C %1,0),000.

%1,1),000.

2. . 4(esented elo" a(e data !o( Ant"e(p Co(p.2010 2011 2012

Assets, 6anua(y 1 %2,)00 %3,3+0 /7iailities, 6anua(y 1 1,+)0 / %2,01+

8toc$olde(s- 9uity, 6an. 1 / / 2,100i:idends 5+0 ;20 ;&+Common 8toc$ 50; ;;) 5008toc$olde(s- 9uity, ec. 31 / / 1,5+Net

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;. u(ing 2010 te 7 Company ad a net income o! %50,000. net %2;,000?(ading secu(ities +,000Accumulated dep(eciation on euipment and!u(nitu(e

15,000

Cas 11,000

7/23/2019 Fall 2010 Quiz 2 Ch 5.doc

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@se te !ollo"ing to ans"e( uestions +)?e !ollo"ing t(ial alance o! =eese Co(p. at eceme( 31, 2010 as een p(ope(ly adBusted e*cept !o( teincome ta* e*pense adBustment.

=eese Co(p.?(ial alance

eceme( 31, 2010 (. C(.

Cas % &&5,000Accounts (ecei:ale >net 2,+5,000net &,3++,000Accounts payale and acc(ued liailities % 1,&01,000

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). ?e !inal (etained ea(nings alance isA %;,;51,000.

%;,53+,000.

C %;,&+,000.

%;,05,000.

. Fulton Company o"ns te !ollo"ing in:estments

?(ading secu(ities >!ai( :alue %+0,000A:ailale!o(sale secu(ities >!ai( :alue 35,000eldtomatu(ity secu(ities >amo(tized cost ;&,000

Fulton "ill (epo(t in:estments in its cu((ent assets section o!A %0.

e*actly %+0,000.

C %+0,000 o( an amount g(eate( tan %+0,000, depending on te ci(cumstances.

e*actly %5,000.

10. Fo( G(immett Company, te !ollo"ing in!o(mation is a:ailale

Capitalized leases %200,000?(adema($s +5,0007ongte(m (ecei:ales &5,000

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12. 4(esented elo" a(e data !o( Ca(acas Co(p.

2010 2011 2012Assets, 6anua(y 1 %3,)00 %;,5+0 /7iailities, 6anua(y 1 2,2)0 / %2,&3+8toc$olde(s- 9uity, 6an. 1 / / 2,)50

i:idends &+0 5&0 +;+Common 8toc$ +); +0) +508toc$olde(s- 9uity, ec. 31 / / 2,1++Net

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Answer Key

1. B

2. C

3. B

4. A

5. D

6. D

7. A

8. C

9. C

10. A

11. B

12. D

4age +