Reference no: EM132558342

Complete the following exam by answering the questions and compiling your answers into a word-processing document. When you're ready to submit your answers, refer to the instructions at the end of your exam booklet. It's not necessary to type the questions. Type only the solution to the question. Be certain to indicate the proper question number before each of your answers. Remember to show your work if an answer requires a mathematical solution. Answer each of the following questions. Each answer is worth 4 points.

Question 1: A company has Liabilities of $23,500 and Stockholders' Equity of $56,500. How much does the company have in Assets?

Question 2: Beginning retained earnings are $65,000; sales are $29,500; expenses are $33,000; and dividends paid are $3,500. How much is the net income or loss for the company?

Question 3: The account "Salaries Expense" began with a zero balance and then had the following changes: increase of $450, decrease of $175, increase of $600, and increase of $350. What's the final balance of the "Salaries Expense" account, and is it a debit or credit?

Question 4: A $375 purchase of supplies on account was recorded by debiting Supplies for $375 and crediting Cash for $375. What journal entry is needed to correct this error?

Question 5: Allied, Inc. bought a two-year insurance policy on August 1 for $3,600. What's the adjusting journal entry on December 31?

Question 6: A company started the year with no supplies. During the year they bought $200worth of supplies on account and later paid $150 of this debt. If there were $40 worth of supplies left at the end of the year, what's the supply expense for the period?