10/30/2015 TheAceStudent: Acct220: Principles of Accounting I Final Examination Complete Solution A+++ data:text/html;charset=utf8,%3Ch3%20class%3D%22posttitle%20entrytitle%22%20itemprop%3D%22name%22%20style%3D%22margin%3A%200px… 1/2 Acct220: Principles of Accounting I Final Examination Complete Solution A+++ University of Maryland University College Final Examination Acct220: Principles of Accounting I For this exam, omit all general journal entry explanations. Ensure to include correct dollar signs, commas, underlines & double underlines where required. Question 1: 40% points: Flip Company’s December 31, 2014 trial balance is as follows: Flip Corporation Trial Balance December 31, 2014 Account Debit Credit Cash $43,500 Accounts Receivable 54,500 Allowance for Doubtful Accounts 500 Notes Receivable 30,000 Merchandise Inventory 55,000 Land 20,000 Building 150,000 Accumulated Depreciation, Building $15,000 Equipment 50,000 Accumulated Depreciation, Equipment 21,000 Goodwill 26,000 Acct220: Principles of Accounting I Final Examination Complete Solution A+++

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Acct220: Principles of Accounting I Final Examination Complete Solution A+++Acct220: Principles of Accounting I Final Examination Complete Solution A+++University of Maryland University CollegeFinal ExaminationAcct220: Principles of Accounting IFor this exam, omit all general journal entry explanations.Ensure to include correct dollar signs, commas, underlines & double underlines where required.Question 1: 40% points:Flip Company’s December 31, 2014 trial balance is as follows:Flip CorporationTrial BalanceDecember 31, 2014AccountDebitCreditCash$43,500Accounts Receivable54,500Allowance for Doubtful Accounts500Notes Receivable30,000Merchandise Inventory55,000Land20,000Building150,000Accumulated Depreciation, Building$15,000Equipment50,000Accumulated Depreciation, Equipment21,000Goodwill26,000Accounts Payable25,000Long Term Notes Payable75,000Common Stock, $10 par, 2,000 shares authorized & outstanding20,000Retained Earnings147,000Sales Revenue700,000Salaries Expense150,000Utilities Expense3,500Cost of Goods Sold350,000Administrative Expenses55,000Acct220: Principles of Accounting I Final Examination Complete Solution A+++

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10/30/2015 TheAceStudent: Acct220: Principles of Accounting I Final Examination Complete Solution A+++

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Acct220: Principles of Accounting I Final Examination Complete Solution A+++

University of Maryland University CollegeFinal ExaminationAcct220: Principles of Accounting IFor this exam, omit all general journal entry explanations.Ensure to include correct dollar signs, commas, underlines & double underlines where required.Question 1: 40% points:Flip Company’s December 31, 2014 trial balance is as follows:Flip CorporationTrial BalanceDecember 31, 2014AccountDebitCreditCash$43,500

Accounts Receivable54,500

Allowance for Doubtful Accounts500

Notes Receivable30,000

Merchandise Inventory55,000

Land20,000

Building150,000

Accumulated Depreciation, Building

$15,000Equipment50,000

Accumulated Depreciation, Equipment

21,000Goodwill26,000

Acct220: Principles of Accounting I Final Examination CompleteSolution A+++

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