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+++
10/30/2015 TheAceStudent: Acct220: Principles of Accounting I Final Examination Complete Solution A+++
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Accounts Payable
25,000Long Term Notes Payable
75,000Common Stock, $10 par, 2,000 shares authorized & outstanding
20,000Retained Earnings
147,000Sales Revenue
700,000Salaries Expense150,000
Utilities Expense3,500
Cost of Goods Sold350,000
Administrative Expenses55,000
Acct220: Principles of Accounting I Final Examination Complete Solution A+++
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