Mock test 201 Cuối kỳ NLKT

MockTest Classify each transaction as cash flows from operating activity, investing activity, financing activity, or noncash activity (a) Journalize the June transactions under perpetual inventory system (b) Prepare closing entries for June, 2021 (c) Prepare Multiplestep income statement of Lava company for June, 2021. (d) Prepare Classified balance sheet of Lava company on June 30, 2021.

Mock Test (final exam)

Question 1 (chapter 14): Classify each transaction as cash flows from operating activity,

investing activity, financing activity, or noncash activity: a Purchase inventory for $2,000 on account

b Direct issuance of common stock to purchase equipment cost $20,000 c Pay salaries for employee for $4,000 cash

d Conversion of $10,000 bonds payable into common stock e Issuance of common stock for $10,000 cash

f Issuance of note payable to purchase inventory cost $10,000 g Declare and pay cash dividends of $8,000

h Sign a long-term note payable to borrow $2,000 cash from Bank of America i Receive dividends from stock invesment for $1,000 cash

j Receive interest from bank saving account for $100 cash k Purchase property for $30,000 cash

l Pay income tax $6,000 cash to the government m Pay interest on note payable for $50 cash n Depreciation expense is $200

o Purchase supplies for $4000 cash

p An old equipment which had book value of $2,000 had been sold for $5,000 cash q Purchase a 5-year bond for $1,000 cash

Question 2 (chapter 5) Latvia opened Lava Company on June 1, 2021 Lava Company

completed the following merchandising transactions in the month of June

Jun 1 The owner invests $10,000 cash in exchange for common stock.Jun 2 Hire 3 new employees

Jun 3 Purchased inventory from Minco for $3,800, FOB shipping point, terms 1/10, n/30.

The appropriate party also made a cash payment of $50 for freight on this date.

Jun 6 Purchase an equipment for $5,000 cash

Jun 12 Sold merchandise to Maxco for $4,200, FOB destination, terms 2/10, n/30 The

appropriate party also made a cash payment of $50 for freight on this date The inventory sold had a cost of $2,200

Jun 14 Grant Maxco $200 credit for low quality merchandise allowanceJun 19 Receiving payment from Maxco in full, less discount if any.Jun 24 Paid Minco in full, less discount if any.

Jun 30 Depreciation expense (equipment) of the month is $100Jun 30 Accrued salaries and wages expense is $1,000

Jun 30 Paid $250 for utilities bill of June

Jun 30 Declared and paid cash dividend for $200

(a) Journalize the June transactions under perpetual inventory system

(b) Prepare closing entries for June, 2021

(c) Prepare Multiple-step income statement of Lava company for June, 2021.

(d) Prepare Classified balance sheet of Lava company on June 30, 2021.

Question 3 (Chapter 6): Ziad Company had a beginning inventory on January 1 of 150 units

of Product X at a cost of $20 per unit During the year, the following purchases were made Mar 15 400 units at $23

July 20 250 units at $24 Sept 4 350 units at $26 Dec 2 100 units at $29

During the year, 1,000 units were sold Ziad Company uses a periodic inventory system

(a) Determine the cost of goods available for sale

(b) Determine (1) the ending inventory, and (2) the cost of goods sold under each of the

assumed cost flow methods (FIFO, and average-cost)

Question 4 (chapter 6): Ziad Company had a beginning inventory on January 1 of 150 units

of Product X at a cost of $20 per unit During the year, the following purchases were made Mar 15 400 units at $23

July 20 250 units at $24 Sept 4 350 units at $26 Dec 2 100 units at $29

During the year, 1,000 units were sold Feb 2 100 units

June 1 200 units Aug 5 300 units Oct 10 400 units

Ziad Company uses a perpetual inventory system

(a) Determine the cost of goods available for sale

(b) Determine (1) the ending inventory, and (2) the cost of goods sold under each of the

assumed cost flow methods (FIFO, and average-cost)

BE14.4, BE14.5, BE14.6 Cash flows