# Essay on Acct 2 Final Exam Best Version

2082 Words Nov 20th, 2014 9 Pages
ACCT 2102 Summer 2010
Final Exam – Version A Name:___________________________ Instructor:________________________
The exam is 42 questions worth 7.5 points apiece. Maximum score is 300
SELECT THE BEST ANSWER. MARK THE SCANTRON WHEN YOU ARE COMPLETELY FINISHED (to avoid erasures). ANSWERS RECORDED ON THE SCANTRON ARE FINAL. THE BOOK EXHIBIT OF IMPORTANT FINANCIAL RATIOS IS ATTACHED TO THIS EXAM. USE THESE RATIOS FOR THE EXAM CALCULATIONS.
Use the information for Pets, Inc. (provided separately) to answer questions 1-18.

1. Compare the speed with which Pets Inc. collects cash from its customers to the industry average for 2008 and 2007. How did Pets Inc. compare to the industry? 2008 2007
a. Better Better
b. Worse Worse
c. Worse
Has issued preferred stock in the past four years
e. Is falsifying their financial statements
23. Jeffrey Morow made \$64,000 on an investment which yielded a 7% return after 1 year. How much did Jeffrey invest?
a. \$581,888
b. \$640,000
c. \$800,000
d. \$914,286
24. Enderby Industries purchased a piece of equipment for \$75,000, FOB shipping point. The company paid freight of \$2,250, annual insurance of \$1,000 and installation costs of \$4,850. During the first six months of operation, the equipment was damaged requiring \$6,505 in repair costs. The total cost assigned to the equipment should be:
a. \$75,000
b. \$77,250
c. \$82,100
d. \$88,605 e. \$90,205

25. The Dunbar Company acquired a tract of land on 12/31/2005. The total cost of the land was \$1,500,000. Carlton estimated that the land would be used for 20 years and then sold. Assuming the company uses straight-line depreciation, the total depreciation taken on the land for the year ended December 31, 2008 should be:
a. Amount cannot be determined without additional information
b. \$75,000
c. \$150,000
d. \$70,000
e. \$0

26. Eads Incorporated acquired a new computer on January 1, 2008. The total capitalized cost of the computer equipment was \$315,000. Eads estimated that the equipment would be used for 8 years before being sold for an estimated \$43,000 salvage. Assuming the use of straight-line depreciation, the total depreciation expense for the year ended December 31, 2008 was:
a. \$25,200
b. \$34,000
c. \$39,375

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