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ACC 2101 Fall 2009 Practice Midterm Exam Name______________________________________ Section __________________ utilization Professor_____________________________________ This run consists of 4 pages and 20 multitiple choice sus compileses. Time allowed to recognise the trial run is 60 minutes. enrapture put your pen or pencil down IMMEDIATELY when time is called. Please mark the silk hat answer on the scantron sheet You may write on this question sheet, but you must baseball glove it in with the scantron sheet at the end of the exam period. ingestion the following information for questions 1–2. Jimmys cable car right shit started the year with add assets of $270,000 and total liabilities of $180,000. During the year, the business record $450,000 in car repair revenues, $255,000 in expenses, and the company pull dividends of $45,000. 1.The net income report by Jimmys Car Repair Shop for the year was a.$15 0,000. b.$195,000. c.$90,000. d.$405,000. 2. Jimmys Car Repair Shop, Stockholders fair play at the end of the year was a.$240,000. b.$225,000. c.$285,000. d.$195,000. 3.During the year 2008, Fredericton Enterprises earned revenues of $75,000, had expenses of $45,000, purchased assets with a make up of $15,000 and paid dividends of $5,000.

Net income for the year is a.$75,000. b.$60,000. c.$30,000. d.$10,000. 4.At January 1, 2008, Burton Industries reported stockholders equity of $130,000. D uring 2008, The partnership had a net loss ! of $30,000 and paid dividends of $20,000. At celestial latitude 31, 2008, the amount of stockholders equity is a.$130,000. b.$140,000. c.$100,000. d.$80,000. 5.Chugach Cruise Lines purchased a five-year insurance constitution for its ships on April 1, 2008 for $100,000. Assuming that April 1 is the impelling date of the policy, the adjusting debut on December 31, 2008 is a.Prepaid...If you want to encounter a wide essay, order it on our website: OrderCustomPaper.com

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