Accounting exam

Name
Instructor
Course
Date
PART A
Question 1
Details Amount
1-Oct Opening Balance $1,200.50
6-Oct Deposit $300.00
12-Oct Paid Phenom -$382.65
16-Oct Deposit $400.00
28-Oct Paid Opus -$185.99
31-Oct Paid Penton, Inc. -$88.92
Closing balance $1,242.94

Question 2
(100%- 18%) * (100%-2%)
=0.82 * 0.98
=0.8036
1 -0.8036 = 0.1964 or19.64%
discount = $1400* 0.1964 = $ 274.96
net cost price – discount
= $ 1400 – $274.96
= $1125.04
Single EQ rate is 18 %
=$1400 -18%
= $1148.
Amount of trade discount is
=$1400 – $1125.04
=$275.96
Total price – trade discount = net price
= $1400 -$275.96
= $1125.04
Question 3
Year 1: $25000*0.2=$ 5000
Year 2: $ 20000*0.2=$ 4000
Total depreciation expense= $5000+4000
=$ 9,000
Book value= 25000-9,000
=$16,000
PART B
Question 1
Increase by 1/3
1/3 of 144,600
Increase =48,200
Sales for new year= 144,600+48200
= $192,800
Question 2
If the beds produced in shift 1 is x
then beds produced in shift 2 will be 5*x which is 5x
x+5x = 240
=>6x =240
x=40
bed produced in shift one =40
bed produced in shift 2 = 200
Question 3
Income before taxes=$ 60,000
Taxes=45%
45%*60,000= 27,000
60,000-27000
= $33,000
Question 4
=$85.00*(100-45%)
=$46.75
Question 5
=9,000*110.5%
=$9,945
Question 6
Note days = 120
Due Date = May 12 + 120 days
= 09-Sep
Gap between due date & Discount date
= [09-Sep] – [8-Jul]
= 63 days
Discount rate for 63 days
= Interest rate per annum * 63/ 365
= 9% * 63/365…