Sample Final Exam
QUESTION 1 – (16 Marks) – 28 minutes
The following data is from the accounts of Fleury Corporation on December 31, 2005, the end of the current reporting year.
Dr. Cr.
Cash $ 116,000
Accounts receivable, trade 337,000
Short-term investment in marketable securities 440,000
Inventory of merchandise, FIFO 1,295,000
Prepaid expense (short term) 11,000
Investment in Hydro One Bonds
(Held to Maturity – June 30, 2008) 147,000
Advances to suppliers (short term) 24,000
Dividends (cash) declared during 2005 120,000
Rent receivable 34,000
Investment in shares of Life Systems Corporation (long term, at market) 322,000
Unamortized discount on bonds payable 42,000
Loans to employees (company president; payment date uncertain) 225,000
Land (building site in use) 3,300,000
Building 7,450,000
Equipment 3,236,000
Trademark 610,000
Deferred equipment rearrangement cost (long term) 74,000
Total debits $17,783,000
Mortgage payable (due 2009 14%) 6,500,000
Accounts payable, trade 426,000
Dividends (cash) payable (payable 1 March 2006) 10,000
Deferred rent revenue 63,000
Future income tax 544,000
Accumulated amortization, building 4,210,000
Accumulated amortization, equipment 420,000
Allowance for doubtful accounts 32,000
Bonds payable (12.5%, maturity 2013) 2,200,000
Common shares (50,000 shares outstanding) 1,400,000
Accumulated other comprehensive income 400,000
Retained earnings, 1 January 2005 1,190,000
Net income for 2005 388,000
Total credits 17,783,000
Required:
1. Prepare a complete balance sheet. Assume that all amounts are correct, and round to the nearest thousand dollar. Use the account titles as given.
QUESTION 1: (16 MARKS)
Fleury Corporation (0.5)
Balance Sheet (in 000’s) (0.5)
31 December 20x5 (0.5)
Assets
Current assets: (0.5) Cash (0.5) $ 116 Short-term
The following data is from the accounts of Fleury Corporation on December 31, 2005, the end of the current reporting year.
Dr. Cr.
Cash $ 116,000
Accounts receivable, trade 337,000
Short-term investment in marketable securities 440,000
Inventory of merchandise, FIFO 1,295,000
Prepaid expense (short term) 11,000
Investment in Hydro One Bonds
(Held to Maturity – June 30, 2008) 147,000
Advances to suppliers (short term) 24,000
Dividends (cash) declared during 2005 120,000
Rent receivable 34,000
Investment in shares of Life Systems Corporation (long term, at market) 322,000
Unamortized discount on bonds payable 42,000
Loans to employees (company president; payment date uncertain) 225,000
Land (building site in use) 3,300,000
Building 7,450,000
Equipment 3,236,000
Trademark 610,000
Deferred equipment rearrangement cost (long term) 74,000
Total debits $17,783,000
Mortgage payable (due 2009 14%) 6,500,000
Accounts payable, trade 426,000
Dividends (cash) payable (payable 1 March 2006) 10,000
Deferred rent revenue 63,000
Future income tax 544,000
Accumulated amortization, building 4,210,000
Accumulated amortization, equipment 420,000
Allowance for doubtful accounts 32,000
Bonds payable (12.5%, maturity 2013) 2,200,000
Common shares (50,000 shares outstanding) 1,400,000
Accumulated other comprehensive income 400,000
Retained earnings, 1 January 2005 1,190,000
Net income for 2005 388,000
Total credits 17,783,000
Required:
1. Prepare a complete balance sheet. Assume that all amounts are correct, and round to the nearest thousand dollar. Use the account titles as given.
QUESTION 1: (16 MARKS)
Fleury Corporation (0.5)
Balance Sheet (in 000’s) (0.5)
31 December 20x5 (0.5)
Assets
Current assets: (0.5) Cash (0.5) $ 116 Short-term